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Company Research Reports

Result Updates | Nov 06th 2015

Siyaram Silk Mills Ltd

CMP : 934Target Price : 1,145

For 2QFY2016, Siyaram Silk Mills (SSML) results have come in slightly below our estimates. The company has reported a flattish top-line and bottom-line growth. Flattish top-line growth: The top-line for the quarter came in flat; ie it declined marginally by 0.02% yoy to Rs398cr. Underperformance at the EBITDA level: The EBITDA for the qua..

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Result Updates | Nov 05th 2015

Indian Oil Corporation Ltd

CMP : 410Target Price : 455

Indian Oil Corporation (IOCL)s 2QFY2016 revenue came in 2.4% ahead of our estimate at Rs85,385cr, led by a 5.8% yoy increase in product sales volumes to 19.07MMT as against 18.03MMT in 2QFY2015. Refining throughput increased 2.1% to 13.68MMT as against 13.41MMT in 2QFY2015, while total throughput increased 5% yoy to 19.98MMT as against 19..

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Result Updates | Nov 05th 2015

Amara Raja Batteries Ltd

CMP : 881
Target Price : 1,039

Amara Raja Batteries (ARBL)s 2QFY2016 results have come in line with estimates. The top-line continued to grow in double digits, but the growth was slightly moderated given the decrease in realization. Realization declined on account of passing of lower lead prices to consumers and due to slowdown in the UPS segment. Still, ARBL managed t..

Result Updates | Nov 05th 2015

Garware-Wall Ropes Ltd

CMP : 345
Target Price : 423

Garware Wall Ropes (GWRL)s 2QFY2016 results outperformed our estimates on the bottom-line front. The companys top-line for the quarter grew by a subdued 6% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported strong g..

Result Updates | Nov 05th 2015

Power Grid Corporation of India Ltd

CMP : 132
Target Price : 165

For 2QFY2016, Power Grid Corporation of India (PWGR) reported a 16.8% yoy increase in transmission revenues to Rs4,708cr, which is 3.5% below our estimate of Rs4,878cr, on account of lower than expected capitalisation. For the quarter, capitalisation stood at Rs5,053cr, well below our estimate of Rs6,246cr. Capitalisation was expected to ..

Result Updates | Nov 05th 2015

L G Balakrishnan & Bros Ltd

CMP : 456
Target Price :

LG Balakrishnan & Bros (LGBBL) reported a slightly better-than-expected standalone topline and bottom-line growth for 2QFY2016. The Transmission segment, which contributed ~79% to the company’s total standalone revenue, reported a growth of 11% yoy, while the Others segment reported a decline on the sales front. On the bottom-line (st..

Result Updates | Nov 05th 2015

Elecon Engineering Company Ltd

CMP : 79
Target Price : 85

For 2QFY2016, Elecon Engineering Company (Elecon) reported standalone numbers broadly below our estimates, except at the operating level. The top-line for the quarter declined by 5.5% yoy to `111cr. However, the operating performance improved significantly, led by a 1,516bp yoy decline in raw material cost to 43.9% of sales. Although, thi..

Result Updates | Nov 05th 2015

J K Cements Ltd

CMP : 647
Target Price : 744

JK Cement (JKCem)’s 2QFY2016 reported numbers have come in better than our estimates. The company’s net sales grew by 4.8% yoy to Rs867.9cr (above our estimate of Rs832.2cr). The company’s blended sales volume increased by 2.8% yoy, led by 4.3% yoy growth in the white cement (including putty) business. Blended realization/tonne, at Rs4,74..

Result Updates | Nov 05th 2015

Jagran Prakashan Ltd

CMP : 146
Target Price : 169

For 2QFY2016, Jagran Prakashan (JPL)’s consolidated top-line grew by 19% yoy, mainly due to strong growth in the advertisement segment. The acquisition of the Radio City business in 1QFY2016 added to the advertising revenue. However, circulation revenue showed lower growth during the quarter. The company reported strong profitability on a..

Result Updates | Nov 04th 2015

UPL Ltd

CMP : 451
Target Price : 510

For 2QFY2016, United Phosphorous (UPL) posted a 4.2% yoy growth in sales to Rs2,729cr. The volume growth during the period was of 13% yoy, while price increases contributed around 2% yoy. The exchange rate on the other hand, impacted adversely by 11% yoy. On the operating front, the gross margins came in at 49.9% V/s 50.5% in 2QFY2015, wh..

Result Updates | Nov 04th 2015

Nilkamal Ltd

CMP : 1,172
Target Price :

Nilkamal reported a good set of numbers for 2QFY2016. It posted a top-line growth of 5.1% yoy to Rs482cr and a significant improvement in profitability. The raw material cost as a percentage of sales declined by 603bp yoy to 58.5%. However, the employee cost and other expenses increased by 55bp yoy and 176bp yoy to 6.7% and 24.3% of sales..

Result Updates | Nov 04th 2015

Rallis India Ltd

CMP : 206
Target Price :

Rallis India (Rallis) posted disappointing results for 2QFY2016. Sales for the quarter came in at Rs499.7cr V/s Rs635.9cr in 2QFY2015, a dip of 21.4% yoy. Sales were adversely impacted due to poor monsoon in India, while the international market also faced pressure with Brazil (a key market for the company) witnessing a severe drought. In..