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Company Research Reports

Company Reports

Result Updates | Jan 27th 2016

HCL Technologies Ltd

CMP : 840Target Price : 1,038

HCL Technologies (HCL Tech) reported better-than-expected results for 2QFY2016. It posted a sales growth of 1.4% qoq to US$1,566mn V/s an expected US$1,568mn. In constant currency (CC) terms, revenue grew 2.1% qoq. On the operating front, the EBITDA margin came in at 21.5% (V/s an expected 20.9%) an uptick of 58bp qoq. Consequently, the P..

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Result Updates | Jan 27th 2016

Hindustan Zinc Ltd

CMP : 151Target Price : 170

For 3QFY2016, Hindustan Zinc (HZL) reported a 11% yoy decline in revenue to Rs3,385cr, in line with estimates, led by a 17% decline in zinc revenues as higher volumes and rupee depreciation benefits were offset by lower realizations on account of a decline in LME prices and zinc premiums. Mined metal production declined 13% yoy to 2,40,00..

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Result Updates | Jan 27th 2016

ITC Ltd

CMP : 310
Target Price : 359

ITC posted a poor set of numbers for 3QFY2016, both on the top-line and bottom-line fronts. The top-line was subdued due to lower growth in Cigarettes & Hotel businesses and de-growth in Agri business, which in turn resulted in a lower profitability of the company. Key highlights: ITC’s net sales for the quarter grew by 2.6% yoy to Rs..

Result Updates | Jan 27th 2016

HDFC Bank Ltd

CMP : 1,040
Target Price : 1,262

HDFC Bank continued its trend of delivering consistent earnings performances. For 3QFY2016, it registered a net profit growth of 20.1% yoy, which is in line with our expectation. Advances grow strongly; Asset quality top-notch During 3QFY2016, the loan book grew at a rapid pace, ie by 25.7% yoy. Retail growth picked further traction; the ..

Result Updates | Jan 27th 2016

UltraTech Cement Ltd

CMP : 2,755
Target Price : 3,107

UltraTech Cement (UltraTech)’s 3QFY2016 numbers have come in better than our expectations on the top-line and operational fronts. The company’s net sales rose by 4.7% yoy to Rs5,747cr, aided by better than expected volume growth of 7.1% yoy. Blended realization was under pressure, down by 2.3% yoy, and was slightly lower than our estimate..

Result Updates | Jan 22nd 2016

Axis Bank Ltd

CMP : 409
Target Price : 531

Axis Bank reported a positive set of numbers on the operating front for 3QFY2016 with PAT growing by 14.5% yoy to Rs2,175.3cr surpassing street as well as our expectations. Asset quality deteriorated with surge in gross and net NPA ratios to 1.68% and 0.75% from 1.38% and 0.48% sequentially. Slippages at elevated levels; Advances growth r..

Result Updates | Jan 22nd 2016

Reliance Industries Ltd

CMP : 985
Target Price : 1,120

Reliance Industries (RIL)’ net sales for 3QFY2016 declined by 27% yoy to Rs68,261cr as against Rs93,528cr in the corresponding quarter last year, due to fall in crude oil prices. The EBITDA however increased by 31% yoy to Rs11,368cr (marginally below our estimate), led by strong gross refining margin (GRM) and better-than-expected EBITDA ..

Result Updates | Jan 21st 2016

Rallis India Ltd

CMP : 150
Target Price :

Rallis India (Rallis) posted a disappointing set of numbers for 3QFY2016. Sales for the quarter came in at Rs306cr V/s Rs385cr in 3QFY2015, a dip of 20.4% yoy. Higher sales return in the domestic segment and cancellation of orders by clients in global markets, along with a dip in the seed business, led to the decline in the top-line. On t..

Result Updates | Jan 20th 2016

Infosys Ltd

CMP : 1,139
Target Price : 1,347

For 3QFY2016, Infosys posted a 0.6% sequential growth in USD revenues to US$2,407mn (V/s an expected US$2,368mn). In constant currency (CC) terms, the company posted a 1.1% qoq growth. Volume growth during the quarter was of 3.1% qoq. On the operating front, the EBITDA margin came in at 27.2% (V/s an expected 27.0%) dipping by 62bp qoq. T..

Result Updates | Jan 20th 2016

Asian Paints Ltd

CMP : 845
Target Price :

Asian Paints’ posted a healthy performance for 3QFY2014, both on the top-line as well as the bottom-line front. For the quarter, the company’s top-line grew by 13.9% yoy to Rs4,160cr while the reported Adj.PAT grew ~35% yoy to `499cr. Key highlights: For 3QFY2016, Asian Paints’ consolidated top-line posted a double-digit growth of 13.9% y..

Result Updates | Jan 19th 2016

LIC Housing Finance Ltd

CMP : 463
Target Price : 592

For 3QFY2016, LIC Housing Finance (LICHF) reported an earnings growth of 21.7% yoy with healthy growth of 35.0% yoy in net interest income, led by healthy growth in advances and stable margins. NII rises yoy; Impressive NIMs LICHF’s loan book grew at a healthy pace of 15.2% yoy to Rs1,17,396cr during 3QFY2016. The individual portfolio, wh..

Result Updates | Jan 18th 2016

Hindustan Unilever Ltd

CMP : 811
Target Price :

Hindustan Unilever (HUL)’s performance for 3QFY2014 was slightly below consensus expectations. For the quarter, the company’s top-line grew by 2.7% yoy to Rs7,981cr while the reported PAT grew ~6% yoy to Rs1,026cr. Key highlights: For 3QFY2016, HUL’s top-line rose by 2.7% yoy to Rs7,981cr. The soaps and detergents division posted a flat y..