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Company Research Reports

Result Updates | Nov 16th 2015

IL&FS Transportation Networks Ltd

CMP : 89Target Price :

IL&FS Transportation Networks (ITNL) consolidated revenues for 2QFY2016 were up 24.7% yoy to Rs1,872cr, reflecting a 38.7% increase in Construction business income to Rs1,223cr. During the quarter, ITNL’s revenues benefitted from Rs135.6cr of compensation claim. On adjusting for the same, adj. revenues were up 15.6% yoy to Rs1,736cr. ..

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Result Updates | Nov 16th 2015

KNR Constructions Ltd

CMP : 580Target Price : 673

KNR Constructions (KNR) reported strong set of 2QFY2016 numbers. On the top-line (standalone) front, it reported 24.9% yoy increase to Rs213cr (ahead of our estimate of Rs189cr). EBITDA and PAT numbers were ahead of our estimate at Rs35cr and Rs22cr, respectively (v/s our estimate of Rs27cr and Rs11cr, respectively). PAT numbers during th..

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Result Updates | Nov 13th 2015

BEML Ltd

CMP : 1,093
Target Price :

BEML reported standalone sales of Rs621cr for 2QFY2016, up 37.7% yoy (ahead of our expectation of Rs599cr). At the EBITDA level, the company reported losses of Rs13cr, in-line with our expectation. The impact of losses at EBITDA level was seen at the PAT level too, as the company reported a net loss of Rs30cr, against our loss expectation..

Result Updates | Nov 13th 2015

Punjab National Bank

CMP : 134
Target Price :

Punjab National Bank (PNB) reported a mixed set of numbers for 2QFY2016 with subdued operating performance, while its asset quality improved marginally. Loan growth remains modest; NIM improves qoq During 2QFY2016, advances and deposits grew by 6.7% and 14.0% yoy, respectively, with the CD ratio at 70.6%. Domestic advances growth was slug..

Result Updates | Nov 13th 2015

NCC Ltd

CMP : 77
Target Price :

For 2QFY2016, NCC reported a favorable standalone earnings performance, reflecting better than expected execution, and lower yoy interest expenses owing to decline in debt. On the top-line front, NCC (standalone) reported a 6.6% yoy decline to Rs2,096cr. On a sequential basis, the top-line grew 21.7%. Stronger execution seen across Water,..

Result Updates | Nov 13th 2015

Eicher Motors Ltd

CMP : 1,587
Target Price : 1,903

Results in line with estimates: Eicher Motors Ltd (EML)s 3QFY2016 results (company has changed accounting year from December to March) have come in line with our estimates. EML’s consolidated revenues grew 37% yoy to Rs3,123cr (in line with our estimate of Rs3,105cr). The growth was led by Royal Enfield (robust growth of 59% yoy to Rs1,30..

Result Updates | Nov 10th 2015

Radico Khaitan Ltd

CMP : 109
Target Price : 128

For 2QFY2016, Radico Khaitan (RKL)s results have come in above our estimates. The company’s top-line grew by 2% yoy, mainly due to growth in Prestige and above products segment. On the operating front, the company reported margin expansion, primarily on account of lower selling & distribution and other expenses. Further, on the bottom..

Result Updates | Nov 10th 2015

Tree House Education & Accessories Ltd

CMP : 249
Target Price : 314

Tree House Education & Accessories (THEAL)’ 2QFY2016 results underperformed our estimates on all parameters. The top-line growth was decent mainly due to strong addition of 73 new pre-schools. On the operating profit front, the company reported flattish growth yoy which resulted into lower growth in profitability. Top-line grew ~15% y..

Result Updates | Nov 10th 2015

M M Forgings Ltd

CMP : 516
Target Price : 614

For 2QFY2016, MM Forgings (MMFL) reported disappointing numbers on the topline and bottom-line fronts. The top-line during the quarter grew marginally by 1.8% yoy to Rs128cr. The raw material cost declined by 111bp yoy to 38.2% of sales, but the benefits were offset by an increase in employee and power costs. Employee and power costs rose..

Result Updates | Nov 10th 2015

Mahindra & Mahindra Ltd

CMP : 1,254
Target Price : 1,410

Results ahead of estimates: Mahindra & Mahindra (M&M)’s 2QFY2016 numbers beat our estimates on account of better-than-anticipated operating performance. For MM+MVML (Mahindra Vehicle Manufacturers Ltd), revenues for the quarter dipped 3% yoy to Rs8,794cr, largely in line with our estimate of Rs8,490cr, owing to a 10% volume declin..

Result Updates | Nov 10th 2015

Sadbhav Engineering Ltd

CMP : 312
Target Price :

Sadbhav Engineering (SEL) reported a strong set of numbers for 2QFY2016. On the top-line front, SEL reported a strong 25.4% yoy growth to Rs746cr in 2QFY2016. This was mainly on account of execution of in-house BOT projects (mainly Rohtak-Hissar project, which contributed ~Rs190cr) and lower base of the corresponding period of last year. ..

Result Updates | Nov 10th 2015

Lupin Ltd

CMP : 1,838
Target Price :

For 2QFY2016, Lupin posted a poor set of numbers, with the OPM coming in lower than expected, and consequently the net profit as well. The company posted a 2.0% growth in sales to Rs3,178cr V/s Rs3,272cr estimated, mainly driven by the European markets. On the operating front, the Gross margin came in at 64.5% V/s 65.7% expected. Further,..