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Result Updates | Oct 26th 2015

Hindustan Zinc Ltd

CMP : 158Target Price : 175

For 2QFY2016, Hindustan Zinc (HZL) reported a 4% increase in revenue at Rs3,908cr (~6% ahead of our estimate of Rs3,693cr). The outperformance was led by better than expected volumes with refined zinc production at 211,000MT, increasing 17% yoy. The EBITDA came in at Rs2,164cr, 16% ahead of our estimate of Rs1,874cr, led by better than ex..

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Result Updates | Oct 26th 2015

Petronet LNG Ltd

CMP : 193Target Price : 210

For 2QFY2016, Petronet LNG (PLNG)’s EBITDA came in ahead of our expectation at Rs467cr, as against our estimate of Rs389cr, led by higher-than-expected contribution margin. The EBITDA declined 10% yoy but was up 29% sequentially. Contribution margin for the quarter came in at Rs37.4/MMBTU as against Rs42.0/MMBTU in the corresponding quart..

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Result Updates | Oct 26th 2015

Bajaj Auto Ltd

CMP : 2,514
Target Price : 2,672

Results marginally ahead of estimates on strong operating performance: Bajaj Auto (BAL)’s 2QFY2016 results have come in marginally ahead of our estimates, owing to a robust operating performance, despite flattish volumes and high competitive intensity. Revenues grew marginally by 2% yoy to Rs6,098cr, coming slightly ahead of our estimates..

Result Updates | Oct 23rd 2015

JSW Steel Ltd

CMP : 906
Target Price :

Steel price declines hurt margins: JSW Steels standalone revenues for 2QFY2016 come in at Rs9,653cr, in line with our estimate of Rs9,345cr. Raw Material expenses for the quarter, at ~Rs5,458cr, are 2.5% below our expectation, led by decline in iron ore and coking coal prices. The EBITDA however declined by 40% yoy, owing to a sharp decli..

Result Updates | Oct 23rd 2015

HDFC Bank Ltd

CMP : 1,095
Target Price : 1,265

HDFC Bank continued its trend of delivering consistent earnings performance quarter after quarter. For 2QFY2016, it registered a net profit growth of 20.5% yoy which is in line with our expectation. Advances grow strongly; Asset quality top-notch: During 2QFY2016, the loan book grew at a rapid pace, ie by 27.9% yoy. Retail growth picked f..

Result Updates | Oct 23rd 2015

Hero MotoCorp Ltd

CMP : 2,619
Target Price :

Hero MotoCorp (HMCL)s 2QFY2016 results have come in ahead of our estimates with the company positively surprising on the operating margin front. Revenues declined by 1% yoy to Rs6,837cr, although they are marginally ahead of our estimate of Rs6,657cr. While volumes declined by 7% yoy, the realization/vehicle grew 6% yoy on account of pric..

Result Updates | Oct 21st 2015

Reliance Industries Ltd

CMP : 955
Target Price : 1,050

Reliance Industries (RIL) net sales declined 35% to Rs70,901cr (15.3% ahead of street estimate) as against Rs109,797cr in the corresponding quarter last year due to fall in crude oil prices. EBITDA however increased 9% yoy to Rs10,704, way ahead of consensus estimate led by strong gross refining margins (GRM) and better than expected EBIT..

Initiating Coverage | Sep 09th 2015

The Byke Hospitality Ltd

CMP : 153
Target Price : 181

The Byke Hospitality Ltd (Byke) is an India based hospitality services company. The company operates under two business segments – 1) managing hotels and 2) room chartering. Investment Arguments Asset light business model: Byke has 11 properties as of now, of which, 9 properties are on a long term lease of over 10-15 years. In the last 5 ..

Initiating Coverage | Aug 31st 2015

Wonderla Holidays Ltd

CMP : 275
Target Price : 322

New amusement park at Hyderabad to boost footfalls: We expect Wonderla Holidays to report a healthy growth in footfalls (~18% CAGR over FY2015-17E) with it setting up a new amusement park in Hyderabad, which would be operational in FY2017. The company also has plans to venture across other parts of India to cater to a wider audience. In i..

Initiating Coverage | Jul 21st 2015

Minda Industries Ltd

CMP : 525
Target Price : 652

Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns, lights, fuel caps, and cylinder valves. It is the market leader in the switch segment with a market share of 67%, and also the horn segment where it has a market share of 47%. New product introductions and increased sourcin..

Initiating Coverage | Jul 14th 2015

Radico Khaitan Ltd

CMP : 82
Target Price : 112

Radico Khaitan Ltd (RKL) is a leading manufacturer of Indian made foreign liquor (IMFL). It has a strong pan-India presence with growing sales in the premium brands category. Raw material prices expected to ease: We expect the price of extra neutral alcohol (ENA), a key raw material for the company, to remain stable and potentially even d..

Initiating Coverage | Jul 10th 2015

KNR Constructions Ltd

CMP : 593
Target Price : 582

Recent order inflows provide revenue growth visibility: KNR Constructions (KNR) is a specialist Roads & Highways EPC player. Over the last 4 months, KNR has reported Rs2,591cr of order wins (excludes Rs555cr of Chittagong order win), which is significantly higher than Rs950cr of order inflows in FY2015. Management has guided for anoth..