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Result Updates | Jan 30th 2017

ITC Ltd

CMP : 257Target Price : 284

For 3QFY2017, ITC has reported below estimates numbers, both on the top-line and bottom-line fronts, on the back of lower Cigarettes volume growth due to demonetization of Indian currency. However, healthy growth was witnessed in other businesses like Hotels, Agri Business, etc. We expect ITC to report top-line and bottom-line CAGR of 9% ..

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Result Updates | Jan 27th 2017

Maruti Suzuki India Ltd

CMP : 5,797Target Price : 6,560

MSIL has continued to report double digit numbers due to the strong performance of its utility vehicles. Company expects to launch one model each year, which is likely to sustain its growth momentum in the near term. MSIL has indicated that showroom footfalls have come back to normalcy, which were impacted immediately after the demonetisa..

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Initiating Coverage | Jan 27th 2017

Can Fin Homes Ltd

CMP : 1,728
Target Price : 2,128

Can Fin Homes Ltd (Can Fin) is a south based (74% of business) housing finance company with 43.53% shareholdings owned by Canara Bank. Can Fin has maintained a low-risk profile loan book, predominantly focused on salaried class. We expect Can Fin to deliver RoE of more than 20% on a sustained basis from FY2017 onwards (FY2017-23.6%, FY201..

Result Updates | Jan 27th 2017

UPL Ltd

CMP : 740
Target Price :

UPL posted robust numbers for 3QFY2017. In sales, the company posted gross revenues of Rs3,987cr v/s Rs3,377cr in 3QFY2016, growth of 18% yoy. The growth was driven by volume (18% yoy), while price dip was around 3% and exchange gains added 3% to the top-line rise. On EBITDA front, the company posted an EBITDA of 17.8% v/s 14.7% in 3QFY20..

Result Updates | Jan 25th 2017

Asian Granito India Ltd

CMP : 270
Target Price : 351

Asian Granito’s 3QFY2017 results have come in line with our estimates on the bottom-line front, while the top-line front disappointed. Revenue grew by ~4% yoy, which is lower than our estimate. On the operating front, the company reported margin improvement, primarily on account of lower raw material cost. Further, on the bottom-line fron..

Result Updates | Jan 25th 2017

HCL Technologies Ltd

CMP : 849
Target Price : 1,000

For 3QFY2017, HCL Tech posted numbers almost in-line with expectations. On the revenue front, the company posted a 1.3% sequential growth in USD revenues to US$1,745mn (US$1,749mn expected) v/s US$1,722mn in 2QFY2017. Revenue in Constant Currency (CC) was up 3.0% qoq. On EBIT front, the company posted an EBIT of 20.4% (20.0% expected) v/s..

Result Updates | Jan 25th 2017

Amara Raja Batteries Ltd

CMP : 861
Target Price : 1,009

The 9.6% growth in ARBL’s Q3FY17 revenue indicates that note ban has not severely impacted its revenues. The sharp rise in the lead prices (25% yoy in Q3FY17 and 28% yoy in January-2017) however concerns us in the near term and we expect company to pass these prices to its customers. In view of near tern slower growth due to demonetisatio..

Result Updates | Jan 25th 2017

Rallis India Ltd

CMP : 215
Target Price :

For 3QFY2017, Rallis India (Rallis) reported a yoy growth of 6.5% in sales to₹326cr (v/s ₹306cr in 3QFY2016). On the operating front, the OPM came in at 11.4% (v/s 11.0% in 3QFY2016). Aided by sales growth, a good operating performance and surge in other income (₹8cr v/s ₹3cr in 3QFY2016), the Adjusted Net profit grew by 30.2% yoy to ₹25c..

Result Updates | Jan 24th 2017

Federal Bank Ltd

CMP : 78
Target Price : 85

Federal Bank’s 3QFY17 results were better than our expectations. PAT growth of 26.4% YoY, with stable asset quality and accelerated loan growth were the key developments during the quarter. After witnessing lot of stress in the loan book in FY16, Federal Bank started showing improving in asset quality from the beginning of FY17 and the tr..

Result Updates | Jan 24th 2017

Hindustan Unilever Ltd

CMP :
Target Price :

Considering demonetization, Hindustan Unilever (HUL)’s performance was healthy both on the top-line and bottom-line front during the quarter. The company’s top-line grew flat yoy to `7,706cr, while the reported PAT grew by ~7% yoy to ₹1,038cr.  We expect HUL to post ~8% and ~10% CAGR in its top-line and bottom-line, respectively, over FY2..

Result Updates | Jan 24th 2017

Dewan Housing Finance Corporation Ltd

CMP : 274
Target Price : 350

DHFL reported a strong 32.6% growth in PAT at ₹245 cr for 3QFY17, exceeding our expectations. Strong momentum in loan growth, easing cost of funds with improving NIM and lower credit cost resulted in better than expected results.  DHFL’s performance in the first theree quarters of FY17 has been satisfactory and we don’t see any negative d..

Initiating Coverage | Jan 19th 2017

Cholamandalam Investment & Finance Company Ltd

CMP : 1,000
Target Price : 1,230

Cholamandalam Investment & Finance Company (CIFC), part of the Murugappa Group is one of the dominant players in the Vehicle Finance business with a market share of ~9%. Focused business model, strong management and high corporate governance standards are the key differentiating parameters of CIFC. Cholmandalm is best placed to play t..