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Company Research Reports

Company Reports

Initiating Coverage | Apr 05th 2016

Dewan Housing Finance Corporation Ltd

CMP : 189Target Price : 270

Dewan Housing Finance Corporation Ltd (DHFL) is the third largest housing finance company in India with a market share of ~4%. With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense. With strong asset quality and healthy r..

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Company Updates | Apr 04th 2016

MBL Infrastructures Ltd

CMP : 154Target Price : 285

MBL Infrastructures (MBL) reported having won 2 NHAI road projects worth Rs2,126cr on Hybrid Annuity model. The first project entails 4-laning of Chutmultpur-Ganeshpur section of NH-72A to Roorkee-Chutmalpur-Gagalheri section of NH-73, covering a stretch of 53.3kms. MBL won this project at a bid price of Rs942cr, against the NHAI base pri..

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Result Updates | Mar 18th 2016

Va Tech Wabag Ltd

CMP : 509
Target Price :

VaTech Wabag (Wabag) reported a 26.6% yoy increase in sales to Rs371cr in 3QFY2016, reflecting strong execution across its AP Genco project. The EBITDA for the quarter grew 11.7% yoy to Rs37cr. The EBITDA margin declined 132bp yoy to 9.9%, owing to a sharp increase in other expenses to Rs22cr (vs Rs5cr in 3QFY2015). In-line with the EBITD..

Result Updates | Mar 03rd 2016

Bank of Baroda

CMP : 145
Target Price :

Bank of Baroda (BoB) took aggressive steps to clean up its balance sheet and recognized all the RBI identified weak accounts as NPA during the quarter (3QFY2016). Consequently the provisions went up substantially and the bank reported a loss of Rs3,342cr. Substantial rise in provisions and decline in loan book resulted in loss at the net ..

Result Updates | Feb 24th 2016

Cipla Ltd

CMP : 523
Target Price : 605

Cipla has posted a lower-than-expected set of numbers for 3QFY2016. Sales came in at Rs3,027cr (V/s `3,367cr expected) V/s Rs2,625cr in 3QFY2015, a yoy growth of 15.3%, mainly led by exports. On the operating front, the OPM came in at 12.0% V/s 19.9% expected and V/s 15.7% in 3QFY2015. According to the Management, the revenues took a 2.5%..

Result Updates | Feb 24th 2016

Cadila Healthcare Ltd

CMP : 330
Target Price : 352

For 3QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,342cr (V/s Rs2,600cr expected), growing by 8.4% yoy. On the operating front, the OPM came in at 21.0% V/s 21.4% expected and V/s 19.3% in 3QFY2015. The expansion in the OPM was driven b..

Result Updates | Feb 23rd 2016

Tech Mahindra Ltd

CMP : 440
Target Price : 530

For 3QFY2016, Tech Mahindra posted a 0.4% qoq growth in revenues to US$1,015mn V/s an expected US$1,021mn and V/s US$1,011mn in 2QFY2016. On constant currency (CC), the company posted a 1.2% qoq revenue growth. On the operating front, the EBDITA margin came in at 16.9% V/s an expected 17.2% and V/s 16.6% in 2QFY2016, a qoq expansion of 70..

Result Updates | Feb 23rd 2016

Wipro Ltd

CMP : 547
Target Price : 670

Wipro posted lower than expected numbers on all fronts for 3QFY2016. IT Services posted a 0.3% sequential growth in USD revenues to US$1,838mn (V/s an expected US$1,841mn). In constant currency (CC) terms, IT Services posted a 1.4% QoQ growth. On the operating front, the EBITDA margin came in at 20.6% V/s 21.8% in 2QFY2016, ie a downtick ..

Result Updates | Feb 18th 2016

Glaxosmithkline Pharma Ltd

CMP : 3,195
Target Price :

For 3QFY2016, GlaxoSmithKline Pharmaceuticals (GSK Pharma) posted a disappointing operating performance. For the quarter, the company posted sales of Rs729cr (V/s Rs730cr expected), a growth of 12.8% yoy. On the operating front, the company posted a gross margin of 53.1% V/s 55.6% in the corresponding period of the previous year. The OPM ..

Result Updates | Feb 18th 2016

Lupin Ltd

CMP : 1,731
Target Price :

For 3QFY2016, Lupin posted results more or less in line with our expectations. A higher than expected other income aided the net profit to come in higher than our expectation. The company posted sales of Rs3,358cr (V/s Rs3,400cr expected), a growth of 6.8% yoy. On the operating front, the OPM came in at 20.2% (V/s 20.5% expected) V/s 27.0..

Result Updates | Feb 16th 2016

State Bank of India

CMP : 156
Target Price : 177

For 3QFY2016, State Bank of India (SBI) reported a PAT of `1,115cr, which is in line with our expectation. Although the PAT declined by 61.7% yoy and 71.2% qoq, the performance can still be termed satisfactory given the cleaning up of NPAs taken up by the bank and with it having provided for higher provisions during the quarter. Higher pr..

Result Updates | Feb 15th 2016

Ashok Leyland Ltd

CMP : 83
Target Price : 111

Results in line with estimates: Ashok Leyland Ltd (ALL)’s 3QFY2016 results have come in in line with our estimates. Revenues grew 22% yoy to Rs4,085cr, driven mainly by a 23% yoy growth in volumes. MHCV segment volumes (constituting 80% of total volumes) grew strongly by 27% yoy while volumes in the LCV segment grew by 9% yoy. Realisation..