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Company Research Reports

Company Reports

Result Updates | Nov 13th 2015

Punjab National Bank

CMP : 134Target Price :

Punjab National Bank (PNB) reported a mixed set of numbers for 2QFY2016 with subdued operating performance, while its asset quality improved marginally. Loan growth remains modest; NIM improves qoq During 2QFY2016, advances and deposits grew by 6.7% and 14.0% yoy, respectively, with the CD ratio at 70.6%. Domestic advances growth was slug..

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Result Updates | Nov 13th 2015

NCC Ltd

CMP : 77Target Price :

For 2QFY2016, NCC reported a favorable standalone earnings performance, reflecting better than expected execution, and lower yoy interest expenses owing to decline in debt. On the top-line front, NCC (standalone) reported a 6.6% yoy decline to Rs2,096cr. On a sequential basis, the top-line grew 21.7%. Stronger execution seen across Water,..

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Result Updates | Nov 13th 2015

Eicher Motors Ltd

CMP : 1,587
Target Price : 1,903

Results in line with estimates: Eicher Motors Ltd (EML)s 3QFY2016 results (company has changed accounting year from December to March) have come in line with our estimates. EML’s consolidated revenues grew 37% yoy to Rs3,123cr (in line with our estimate of Rs3,105cr). The growth was led by Royal Enfield (robust growth of 59% yoy to Rs1,30..

Result Updates | Nov 10th 2015

Radico Khaitan Ltd

CMP : 109
Target Price : 128

For 2QFY2016, Radico Khaitan (RKL)s results have come in above our estimates. The company’s top-line grew by 2% yoy, mainly due to growth in Prestige and above products segment. On the operating front, the company reported margin expansion, primarily on account of lower selling & distribution and other expenses. Further, on the bottom..

Result Updates | Nov 10th 2015

Tree House Education & Accessories Ltd

CMP : 249
Target Price : 314

Tree House Education & Accessories (THEAL)’ 2QFY2016 results underperformed our estimates on all parameters. The top-line growth was decent mainly due to strong addition of 73 new pre-schools. On the operating profit front, the company reported flattish growth yoy which resulted into lower growth in profitability. Top-line grew ~15% y..

Result Updates | Nov 10th 2015

M M Forgings Ltd

CMP : 516
Target Price : 614

For 2QFY2016, MM Forgings (MMFL) reported disappointing numbers on the topline and bottom-line fronts. The top-line during the quarter grew marginally by 1.8% yoy to Rs128cr. The raw material cost declined by 111bp yoy to 38.2% of sales, but the benefits were offset by an increase in employee and power costs. Employee and power costs rose..

Result Updates | Nov 10th 2015

Mahindra & Mahindra Ltd

CMP : 1,254
Target Price : 1,410

Results ahead of estimates: Mahindra & Mahindra (M&M)’s 2QFY2016 numbers beat our estimates on account of better-than-anticipated operating performance. For MM+MVML (Mahindra Vehicle Manufacturers Ltd), revenues for the quarter dipped 3% yoy to Rs8,794cr, largely in line with our estimate of Rs8,490cr, owing to a 10% volume declin..

Result Updates | Nov 10th 2015

Sadbhav Engineering Ltd

CMP : 312
Target Price :

Sadbhav Engineering (SEL) reported a strong set of numbers for 2QFY2016. On the top-line front, SEL reported a strong 25.4% yoy growth to Rs746cr in 2QFY2016. This was mainly on account of execution of in-house BOT projects (mainly Rohtak-Hissar project, which contributed ~Rs190cr) and lower base of the corresponding period of last year. ..

Result Updates | Nov 10th 2015

Lupin Ltd

CMP : 1,838
Target Price :

For 2QFY2016, Lupin posted a poor set of numbers, with the OPM coming in lower than expected, and consequently the net profit as well. The company posted a 2.0% growth in sales to Rs3,178cr V/s Rs3,272cr estimated, mainly driven by the European markets. On the operating front, the Gross margin came in at 64.5% V/s 65.7% expected. Further,..

Result Updates | Nov 10th 2015

Alembic Pharmaceuticals Ltd

CMP : 675
Target Price :

For 2QFY2016, Alembic Pharmaceuticals (Alembic Pharma) posted numbers well ahead of our expectations. It posted an 84.5% yoy growth in sales to end the period at Rs1,008cr V/s Rs750cr expected. On the operating front, the OPM came in at 37.2% V/s 27.8% expected and V/s 19.5% in 2QFY2015. R&D expenditure during the quarter was 9.4% of ..

Result Updates | Nov 10th 2015

Bank of Baroda

CMP : 171
Target Price :

For 2QFY2016, Bank of Baroda reported a PAT decline of 88.7% yoy to Rs124cr, largely due to higher-than-expected provisions. Slippages spike, NIM dips qoq During the quarter, the loan book and deposits grew by 7.6% and 8.0% yoy, respectively. Advances growth was slower than the last 4 years’ average growth. Total CASA deposits growth was ..

Result Updates | Nov 09th 2015

Indoco Remedies Ltd

CMP : 305
Target Price :

Indoco Remedies posted lower than expected numbers for 2QFY2016. The company posted a 9.4% yoy growth in sales to Rs248cr V/s Rs272cr expected and V/s Rs226cr in 2QFY2015, on back of domestic and exports posting a growth of 1.2% and 23.6% respectively. On the operating front, the EBITDA margin came in at 15.5% V/s 20.9% expected and V/s 2..