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Company Research Reports

Company Reports

Result Updates | Nov 17th 2015

Finolex Cables Ltd

CMP : 258Target Price :

Finolex Cables (FCL) has reported its 2QFY2016 numbers which are below our estimates. The top-line declined by 4.9% yoy to Rs605cr. The decline is on account of lower commodity prices which were passed on, resulting in lower realizations. The raw material cost declined by 178bp yoy to 72.1% of sales but the same was negated by 59bp yoy in..

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Result Updates | Nov 17th 2015

MBL Infrastructures Ltd

CMP : 206Target Price : 285

For 2QFY2016, MBL Infrastructures (MBL) reported a 16.8% yoy top-line growth to Rs406cr. The company reported a yoy decline in EBITDA margin to 11.7% for the quarter. During 2QFY2015, MBL had received Rs5cr as escalation amount from the Guwahati project. On adjusting for the same, the EBITDA margin declined 202bp yoy. Fall in yoy EBITDA m..

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Result Updates | Nov 17th 2015

Simplex Infrastructures Ltd

CMP : 319
Target Price :

Simplex Infrastructures (Simplex) reported in-line set of numbers for 2QFY2016. The company reported a top-line of Rs1,392cr, up 11.5% yoy, but slightly below our expectation of Rs1,399cr. The EBITDA for the quarter stood at Rs143cr, ahead of our estimate of Rs141cr while the EBITDA margin expanded by 7bp yoy to 10.3%, for 2QFY2016. Stron..

Initiating Coverage | Nov 16th 2015

National Buildings Construction Corporation Ltd

CMP : 893
Target Price : 1,089

National Building Construction Corporation (NBCC) a Navratna company, is one of the largest Public Sector Enterprises (PSEs) in the construction space. Its Project Management Contract (PMC) division (~85% of FY2015 revenues) is a cash cow business, which gets large orders on nomination basis and enjoys a negative working capital cycle. Hu..

Result Updates | Nov 16th 2015

Coal India Ltd

CMP : 338
Target Price : 380

For 2QFY2016, Coal India (CIL) reported a strong 8% yoy increase in revenue to Rs16,958cr, in line with our estimate of Rs16,833cr. Off-take volumes were marginally ahead of our expectations at 121.8MT (our estimate was of 119.1MT). Off-take was higher in the FSA segment with e-auction and washeries volumes in line with expectations. FSA ..

Result Updates | Nov 16th 2015

Tata Motors Ltd

CMP : 400
Target Price :

Operating results below estimates: Tata Motors 2QFY2016 results have come in below our estimates on the operating front. Consolidated revenues grew marginally by 1% yoy to Rs61,318cr (coming slightly ahead of our estimates of Rs57,484cr). Growth was subdued, mainly due to flattish top-line at JLR. JLRs volumes grew a healthy 12% yoy durin..

Result Updates | Nov 16th 2015

Power Mech Projects Ltd

CMP : 606
Target Price :

Power Mech Projects (Power Mech) reported flat yoy sales for 2QFY2016. The company reported a top-line of Rs317cr, which is up 0.3% yoy from the year ago levels. The EBITDA, at Rs43cr in 2QFY2016, grew 13.0% yoy. Despite flat sales, the EBITDA margin of the company expanded on a yoy basis to 13.5% for 2QFY2016. In-line with EBITDA growth,..

Result Updates | Nov 16th 2015

Ipca Laboratories Ltd

CMP : 719
Target Price : 900

For 2QFY2016, IPCA Laboratories (IPCA) posted in line sales while the net profit came in lower than our estimates. The company posted a 4.7% yoy decline in sales to Rs739cr V/s Rs750cr expected, on back of domestic and exports posting a dip of 2.3% yoy and 6.9% yoy, respectively. On the operating front, the EBITDA margin came in at 10.6% ..

Result Updates | Nov 16th 2015

Dr Reddys Laboratories Ltd

CMP : 3,384
Target Price : 3,933

For 2QFY2016, Dr Reddys Laboratories (DRL) posted in line sales while the net profit growth exceeded our estimates. The company posted an 11.2% yoy growth in sales to Rs3,989cr V/s Rs4,000cr expected and V/s Rs3,588cr in 2QFY2015, mainly driven by global generics. On the operating front, the EBIT margin came in at 22.4% V/s 18.7% expected..

Result Updates | Nov 16th 2015

IL&FS Transportation Networks Ltd

CMP : 89
Target 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. ..

Result Updates | Nov 16th 2015

KNR Constructions Ltd

CMP : 580
Target 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..

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..