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Result Updates | Jun 02nd 2017

Aurobindo Pharma Ltd

CMP : 580Target Price : 823

For 4QFY2017, Aurobindo Pharma (APL) posted numbers which were lower than expectations on sales, OPM & net profit fronts. On sales front, the company posted sales of `3,582cr (v/s. `4,460cr expected) v/s. `3,674cr in 4QFY2016, posting a yoy de-growth of 2.5%. On the operating front, the EBITDA margin came in at 18.5% (v/s. 23.4% expec..

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Result Updates | May 31st 2017

Alkem Laboratories Ltd

CMP : 1,868Target Price : 2,161

Alkem reported yoy revenue grew of 9% in 4QFY17. Domestic revenue grew by 7% yoy to Rs856cr while exports grew by 14.5% to Rs385cr. US revenue grew by 19.4% yoy to Rs291cr. Other exports were flat at Rs95cr. Domestic business contributed 69% of the total revenue during the quarter. Exports mix remains unchanged (vs. 3QFY17), with US contr..

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Result Updates | May 31st 2017

Tech Mahindra Ltd

CMP : 388
Target Price : 533

Tech Mahindra posted muted set of numbers for 4QFY2017. For the quarter, sales came in at US$1,131mn v/s 1,129mn expected, registering a qoq growth of 1.3%. In Rupee terms, the sales came in at `7,495cr v/s `7,533cr expected, a qoq de-growth of 0.8%. In Constant Currency (CC) terms, the company posted a 0.9% qoq growth during the quarter...

Result Updates | May 23rd 2017

GlaxoSmithkline Consumer Healthcare Ltd

CMP : 2,428
Target Price : 2,428

GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 4QFY2017. The revenues came in at `763cr v/s `690cr expected, registering a yoy growth of 10.9%. On the OPM front, the EBDITA margins came in at 15.2% (v/s 11.3% expected) as compared to 16.1% in 4QFY2016. The Adj. PAT for the quarter cam..

Result Updates | May 15th 2017

HCL Technologies Ltd

CMP : 847
Target Price : 1,014

The company posted 4QFY2017 results better than expected. In US$ terms, the revenues came in at US$1,817mn (v/s US$1,810mn expected) v/s US$1,745mn in 3QFY2017, a qoq growth of 4.1%. On Constant Currency (CC) basis, company posted a 3.8% qoq growth. On the operating front, EBIT came in at 20.0% (v/s 20.1% expected) v/s 20.4% in 3QFY2017, ..

Result Updates | May 09th 2017

Alembic Pharmaceuticals Ltd

CMP : 593
Target Price : 648

Alembic Pharma posted marginally lower than expected results for 4QFY2017. In Rupee terms, revenues grew by 17.8% yoy to `737cr (`770cr expected) v/s `626cr in 4QFY2016. In sales terms, the company posted growth on the back of international formulations, which grew by 44% yoy, while the Indian domestic formulations grew by 6.0% yoy. On th..

Result Updates | May 09th 2017

Sanofi India Ltd

CMP : 4,181
Target Price : 4,181

For 1QCY2017, Sanofi India posted results which were below expectations on all fronts. The sales came in at `513cr v/s. `550cr expected, registering a yoy de-growth of 1.1%. On the operating front, the EBITDA margin came in at 12.0% (17.6% expected) v/s. 17.7% in 1QCY2016. Despite better GPM (Gross Profit Margin), which came in at 54.2% v..

Result Updates | May 02nd 2017

Wipro Ltd

CMP : 494
Target Price : 570

For 4QFY2017, Wipro’s revenues in IT services came in at US$1,955mn (v/s US$1,937mn expected) v/s US$1,903mn in 3QFY2017, a 2.7% qoq growth, with a 1.7% qoq growth in Constant Currency (CC). In Rupee terms, revenues grew by 2.2% qoq to `13,988cr (v/s `13,561cr expected) v/s `13,688cr in 3QFY2017. On the operating front, EBIT margin came i..

Result Updates | Apr 24th 2017

Tata Consultancy Services Ltd

CMP : 2,311
Target Price : 2,651

For 4QFY2017, TCS posted revenue of US$4,452mn v/s US$4,470mn expected, with 1.5% qoq growth mostly volume led, which was 1.7% qoq. Revenue in Constant Currency (CC) terms came in at 1.0% qoq. In Rupee terms, revenues de-grew by 0.3% qoq to Rs29,642cr v/s Rs29,996cr expected, led by Rupee appreciation. On the operating front, EBIT came in..

Result Updates | Apr 24th 2017

HDFC Bank Ltd

CMP : 1,533
Target Price : 1,650

After some moderation in business growth HDFC Bank is back with strong momentum during the quarter. We believe strong internal capital generation will drive 20% earnings CAGR over FY17-19, which will be backed by stable NIM and moderating credit cost. At the current market price, the bank is trading at 3.3x FY2019E ABV. We Maintain ACCUMU..

Result Updates | Apr 19th 2017

Infosys Ltd

CMP : 922
Target Price : 1,179

For 4QFY2017 the results of Infosys were below expectations, on the sales front the company has posted revenue of US$2,569mn v/s expectations of US$2,589mn, with 0.7% qoq growth. On CC (constant Currency) terms, the revenues have remained flat qoq. The volume growth during the period came in at 1.2% qoq. On the operating margins front, th..

Initiating Coverage | Mar 31st 2017

Karur Vysya Bank Ltd

CMP : 110
Target Price : 140

Karur Vysya Bank (KVB) is one of the oldest private sector banks with strong presence in the Southern parts of India. More than 53% of KVB’s 706 branches are located in Tamil Nadu, however it is gradually branching out in other parts of India also. KVB’s earnings were impacted due to higher provisions and lower business growth, however, w..