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Result Updates | Oct 30th 2015

Cadila Healthcare Ltd

CMP : 425Target 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..

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Result Updates | Oct 30th 2015

Ambuja Cements Ltd

CMP : 207Target 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..

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Result Updates | Oct 28th 2015

Axis Bank Ltd

CMP : 483
Target Price : 630

Axis Bank reported a moderate set of numbers for 2QFY2016 with 8.9% yoy growth in profit to Rs. 1,915.6cr, which is in line with our expectations. However, the asset quality took a severe hit with stressed assets increasing to Rs. 2,866cr (slippages + sale to ARCs + restructuring). However, the bank had pre-emptively made provisions for t..

Result Updates | Oct 28th 2015

Maruti Suzuki India Ltd

CMP : 4,496
Target Price : 4,960

Results in line with estimates: Maruti Suzuki India Ltd (MSIL)s 2QFY2016 results have come in in line with our estimates. Its revenues grew 13% yoy to `13,934cr, in line with our expectations of `14,007cr. Volumes grew 10% yoy while the realization/vehicle grew 3% yoy on account of a better product mix. MSIL maintained its record high mar..

Result Updates | Oct 28th 2015

Wonderla Holidays Ltd

CMP : 316
Target Price :

Wonderla Holidays 2QFY2016 results have come in ahead of our expectations. The top-line growth was strong due to healthy growth in footfalls and increase in average realization. Further, a favorable operating performance led to a higher PAT growth for the quarter. Strong top-line performance, led by healthy growth in footfalls: The compan..

Result Updates | Oct 27th 2015

Idea Cellular Ltd

CMP : 141
Target Price :

Idea Cellular (Idea)s 2QFY2016 results have come in broadly in line with our estimates. The average Minutes of Use (MOU) dipped 5.4% qoq to 386min/subscriber/month (due to seasonality issues and increasing rural penetration), the average revenue per min (ARPM) grew 1.8% sequentially to Rs0.45, and thereby the average revenue per user (ARP..

Result Updates | Oct 27th 2015

Inox Wind Ltd

CMP : 390
Target Price : 505

Inox Wind (IWL) reported a strong set of numbers for 2QFY2016. Its top-line grew by 85.6% yoy to Rs1,008.2cr, led by 212MW of wind turbine generator (WTG) sales (increase of 86% yoy) during the quarter as against 114MW of WTGs supplied during 2QFY2015. The commissioning of the 140MW of WTG (increase of 367% yoy) during the quarter (as aga..

Result Updates | Oct 27th 2015


CMP : 1,397
Target Price : 1,630

ACC’s net sales during 3QCY2015 remained flat yoy at Rs2,740cr, but were above our expectation of Rs2,686cr. Volumes declined by 0.2% yoy to 5.61mt (vs our expectation of 5.56mt); and realization/tonne declined by 1.8% yoy to Rs4,438 (in line with our estimate of Rs4,429), mainly due to muted demand for cement. The EBITDA at Rs313.6cr has..

Result Updates | Oct 27th 2015

Housing Development Finance Corporation Ltd

CMP : 1,275
Target Price :

For 2QFY2016, HDFC posted an 18.2% yoy increase in PAT, which is broadly inline with our expectation. The NII for the quarter grew 6.2% yoy, which is slightly below our expectation due to moderate growth in advances. Loan book growth moderate; Asset quality fairly stable For 2QFY2016, HDFC’s loan book grew by 12.1% yoy, with loans to the ..

Result Updates | Oct 27th 2015

Hindustan Media Ventures Ltd

CMP : 275
Target Price :

For 2QFY2016, Hindustan Media Ventures Ltd (HMVL) reported earnings above our estimates. The top-line growth was healthy with strong growth in advertising and circulation revenue. Advertising revenue growth for the quarter was strong due to pick-up in ad spends by industries. On the operating front, the company’s performance was strong, w..

Result Updates | Oct 26th 2015

Hindustan Zinc Ltd

CMP : 158
Target Price : 175

For 2QFY2016, Hindustan Zinc (HZL) reported a 4% increase in revenue at Rs3,908cr (~6% ahead of our estimate of Rs3,693cr). The outperformance was led by better than expected volumes with refined zinc production at 211,000MT, increasing 17% yoy. The EBITDA came in at Rs2,164cr, 16% ahead of our estimate of Rs1,874cr, led by better than ex..

Result Updates | Oct 26th 2015

Petronet LNG Ltd

CMP : 193
Target Price : 210

For 2QFY2016, Petronet LNG (PLNG)’s EBITDA came in ahead of our expectation at Rs467cr, as against our estimate of Rs389cr, led by higher-than-expected contribution margin. The EBITDA declined 10% yoy but was up 29% sequentially. Contribution margin for the quarter came in at Rs37.4/MMBTU as against Rs42.0/MMBTU in the corresponding quart..