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Result Updates | Nov 03rd 2015

Blue Star Ltd

CMP : 380Target Price :

Blue Star reported an in-line set of numbers for 2QFY2016, posting an 11.6% yoy increase in top-line to Rs717cr. On the operational front, net raw material cost as a percentage of sales increased by 330bp yoy to 70.2%. However, this was offset by a 102bp yoy and 199bp yoy decline in Employee and Other expenses to 8.9% and 17.1% of sales, ..

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Result Updates | Nov 03rd 2015

ITC Ltd

CMP : 337Target Price : 382

ITC posted a poor set of numbers for 2QFY2016, both on the top-line and bottom-line fronts. The top-line was subdued due to underperformance across segments, barring other FMCG and Hotel businesses, which in turn resulted in a lower profitability of the company. Key highlights: ITC’s net sales for the quarter declined by 1.3% yoy to Rs8,9..

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Result Updates | Nov 02nd 2015

Bharat Forge Ltd

CMP : 862
Target Price : 1,025

For 2QFY2016, Bharat Forge Ltd (BFL)s results have come in below our estimates. The top-line declined marginally, led by a steep decline in industrial exports which is owing to weakness in the oil and gas segment. A subdued top-line and adverse mix (industrial exports have high machining component) negated most of the benefits of lower st..

Result Updates | Nov 02nd 2015

Glaxosmithkline Pharma Ltd

CMP : 3,295
Target Price :

For 2QFY2016, Glaxo Smithkline Pharma (GSK Pharma) reported a disappointing set of numbers, due to lower- than-expected sales. Sales came in at Rs692cr (V/s Rs720cr expected), a dip of 6.4% yoy, which was due to supply constraints. On the operating front, the company’s gross margins for the quarter came in at 56.4% V/s 53.5% in 2QFY2015. ..

Result Updates | Nov 02nd 2015

Wipro Ltd

CMP : 573
Target Price : 719

Wipro posted a 2.1% qoq growth in IT revenue to US$1,832mn for 2QFY2016 (V/s an expected US$1,826mn). In Constant Currency terms (CC), the company posted a 3.1% qoq revenue growth. On the EBIDTA front, margins came in at 21.7% V/s an expected 21.3%. The EBIT margin came in at 19.0% V/s (18.7% expected), a qoq expansion of 44bp. The IT ser..

Result Updates | Nov 02nd 2015

Larsen & Toubro Ltd

CMP : 1,411
Target Price : 1,646

Standalone numbers disappoint: For 2QFY2016, Larsen & Toubro (L&T) reported a 4.1% yoy increase in its standalone top-line to Rs13,234cr. The revenue growth was subdued, reflecting revenue de-growth across Metallurgical and Material Handling (MMH) and Heavy Engineering (HE) segments. The EBITDA margin for the quarter is down 290bp..

Result Updates | Oct 31st 2015

Transport Corporation of India Ltd

CMP : 280
Target Price :

Transport Corporation of India Ltd (TCIL)s earnings has come in below our estimates, for 2QFY2016. The top-line was flat on a yoy basis, mainly due to poor performance of all business segments, barring Seaways, which reported a growth of ~11% yoy. On the operating front, the company showed a slight improvement in margins. Further, lower i..

Result Updates | Oct 31st 2015

Gujarat Pipavav Port Ltd

CMP : 161
Target Price :

Gujarat Pipavav Port Ltd (GPPL) reported a poor set of numbers for 2QFY2016, with its top-line declining by 10.6% yoy/18.8% qoq to Rs140cr. The top-line degrowth on yoy basis was owing to (1) 24% decrease in Container volumes (to 145,000 TEUs), and (2) 39% decrease in Bulk business (to 628,000MT). EBITDA for the quarter stood at Rs68cr, d..

Result Updates | Oct 30th 2015

Cadila Healthcare Ltd

CMP : 425
Target Price :

For 2QFY2016, Cadila Healthcare (Cadila) posted better than expected on the OPM front. Sales came in at Rs2,374cr (V/s our estimate of Rs2,500cr), a yoy growth of 15.0%. In terms of geographies, US, India and Emerging Markets grew by 25.2%, 10.3% and 34.9% yoy, respectively. On the operating front, the GPM came in at 66.0% V/s 60.2% in 2Q..

Result Updates | Oct 30th 2015

Ambuja Cements Ltd

CMP : 207
Target Price : 233

For 3QCY2015, Ambuja Cements (ACEM) reported an in line set of numbers on the operational front. The company reported a 1.7% yoy growth in cement volumes to 4.9mt (marginally below our estimate of 4.95mt). The realization/tonne declined by 5.8% yoy to Rs4,276 (below our estimate of Rs4,345). The EBITDA fell by 21.2% yoy to Rs310.1cr (in l..

Result Updates | Oct 30th 2015

MRF Ltd

CMP : 39,692
Target Price : 45,575

For 4QFY2016, MRF beat our estimates on the EBITDA and bottom-line fronts. The top-line for the quarter remained flat on a yoy basis at Rs3,330cr (it declined marginally by 0.9% yoy). Raw material cost as a percentage of sales declined by 589bp yoy to 53.6%, thus aiding EBITDA margin expansion by 530bp yoy to 23.4%. Depreciation expense g..

Result Updates | Oct 30th 2015

Hitachi Home & Life Solutions (India) Ltd

CMP : 1,346
Target Price :

Hitachi Home & Life Solutions (India) Ltd (HHLS) reported a disappointing set of numbers for 2QFY2016. Although the decline in the top-line is of 1.2% on a yoy basis to Rs251cr, but the same is far lower than our expectation of Rs320cr. HHLS reported an EBITDA loss of Rs4.5cr for the quarter as against a positive EBITDA of Rs16.3cr in..