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Company Research Reports

Company Reports

Result Updates | Nov 20th 2015

Canara Bank

CMP : 270Target Price :

In its 2QFY2016 results, Canara Bank reported a decline in PAT by 15.6% yoy, mainly due to higher provisions and surge in operating expenses. Loan book grows at a slow pace; NIM rises qoq During 2QFY2016, the bank’s loan book grew by 3.9% yoy with retail loan book growing at a faster pace at 14.3% yoy. The C-D ratio came down to 66.6% fro..

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Result Updates | Nov 20th 2015

NTPC Ltd

CMP : 133Target Price : 157

For 2QFY2016, NTPC’s net sales increased by 6.9% yoy to Rs17,723cr (2.4% below our estimate; and as against Rs16,582cr in the corresponding quarter of last year) led by a 6% yoy increase in coal PLF. Coal PLF improved 407bp to 77.3% as against 73.2% last year. Gas PLF however continued to fall, coming in at 25.7% as against 33.4% last yea..

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Result Updates | Nov 19th 2015

GAIL (India) Ltd

CMP : 309
Target Price :

Gail reported a weak set of numbers for 2QFY2016 with the EBITDA coming in 18% below our estimate. While overall volumes were in line with our expectations, petchem volumes surprised positively, increasing by 68% qoq. The revenue for the quarter, at Rs14,165cr, is in line with our estimate of Rs14,271cr. Gas trading realisations declined ..

Initiating Coverage | Nov 18th 2015

Navneet Education Ltd

CMP : 88
Target Price : 97

Navneet Education’s is primarily engaged in the business of publishing educational material, in both print and digital formats. The company also manufactures paper and non-paper stationary products. Investment Arguments Business expansion to mitigate cyclical risk: NEL’s Publication business is seasonal in nature and any strong growth is ..

Result Updates | Nov 18th 2015

Motherson Sumi Systems Ltd

CMP : 281
Target Price : 313

For 2QFY2016, Motherson Sumi Systems Ltd (MSS)’s results have come in ahead of estimates. The top-line grew strongly by 15% yoy led by robust growth in SMP and pick up in the standalone business. Given the healthy revenue growth and soft commodity prices, the adj net profit grew at a faster pace of 27% yoy. Top-line growth remains strong:..

Result Updates | Nov 18th 2015

Aurobindo Pharma Ltd

CMP : 830
Target Price : 872

For 2QFY2016, Aurobindo Pharma (APL) posted a decent set of results. The company posted a sale of Rs3,280cr (v/s Rs3,320cr expected), a growth of 14.6% yoy. Sales were driven by formulations (which constitute around 79.5% of sales), which grew by 19.9% yoy. The key formulation segments like US, Europe & ROW, and ARV posted a yoy growt..

Result Updates | Nov 18th 2015

Visaka Industries Ltd

CMP : 119
Target Price : 144

For 2QFY2016, Visaka Industries reported a mixed set of numbers. The top-line, at Rs192cr (8.2% yoy decline), was marginally below our estimate of Rs205cr. The EBITDA declined by 21.6% yoy to Rs15cr and the EBITDA margin contracted by 135bp yoy to 7.9%, owing to a 109bp yoy increase in raw material cost as a percentage of sales to 50.2% a..

Result Updates | Nov 18th 2015

Steel Authority of India Ltd

CMP : 45
Target Price :

Steel Authority of India (Sail) reported a weak set of numbers for 2QFY2016 with a loss at the operating and net profit level. While volumes were in line with expectations at 2.74MT (estimate 2.75MT), blended realisations declined 15% yoy to Rs37,388/tonne as against our expectation of a 12% decline. Owing to a higher-than-expected drop i..

Result Updates | Nov 17th 2015

Linc Pen & Plastics Ltd

CMP : 165
Target Price : 185

Linc Pen & Plastics (LPPL)s 2QFY2016 results outperformed our estimates on the bottom-line front. The companys top-line for the quarter grew 5% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported a strong growth ..

Result Updates | Nov 17th 2015

Kirloskar Oil Engines Ltd

CMP : 262
Target Price :

For 2QFY2016, Kirloskar Oil Engines (KOEL) reported a disappointing set of numbers. Its top-line for the quarter declined by 6.0% yoy to Rs590cr. The raw material cost declined by 286bp yoy to 62.3% of sales while employee expense increased by 79bp yoy to 8.5% of sales, and other expenses increased by 405bp yoy to 21.0% of sales. This res..

Result Updates | Nov 17th 2015

Competent Automobiles Ltd

CMP : 144
Target Price :

For 2QFY2016, Competent Auto (Competent) reported a decent set of numbers. The top-line for the quarter grew by 12.2% yoy to Rs220cr, which is slightly lower than our estimate of Rs226cr. The revenue growth is in-line with growth reported by Maruti Suzuki in 2QFY2016, where its top-line grew by 13.1% yoy largely owing to 10% volume growth..

Result Updates | Nov 17th 2015

Sun Pharmaceuticals Industries Ltd

CMP : 742
Target Price : 950

For 2QFY2016, Sun Pharmaceuticals Industries (Sun Pharma) posted results marginally lower than our expectations. Sales for the quarter, at Rs6,803cr (V/s Rs6,600cr estimated) dipped 15% yoy. On the operating front, the company posted an OPM of 27.9% V/s 38.0% in 2QFY2015 and V/s our expectation of 25.4%. The company had benefitted signifi..