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Company Research Reports

Company Reports

Result Updates | Jul 26th 2017

Rallis India Ltd

CMP : 237Target Price : 237

For 1QFY2018 Rallis India (Rallis) reported a yoy de-growth of 1.0% in sales to `446cr (v/s. `450cr in 1QFY2017). The performance of Rallis was impacted during the quarter on the back of transition to GST and high channel inventory. On the operating front, the OPM came in at 15.6% (v/s. 16.7% in 1QFY2017). Owing to lower sales growth the ..

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Result Updates | Jul 25th 2017

Wipro Ltd

CMP : 286Target Price : 286

For 1QFY2018 Wipro announced a good set of numbers. The IT services sales came in at US$1,971.7mn v/s. US$1,950mn expected, a qoq growth of 0.9%, while in Constant Currency (CC) terms qoq growth of 0.3%.On operating front, the EBIT margins came in at 16.2% v/s. 14.3% in 4QFY2017.This was against the expectations of 13.0%. The net profit d..

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Result Updates | Jul 25th 2017

Dewan Housing Finance Corporation Ltd

CMP : 456
Target Price : 550

DHFL came out with yet another quarter of good results. AUM growth of 23% and PAT growth of 29.5% was in line with expectations.Stable credit cost and ability to hold on to strong NIM were the key highlights of the quarter. DHFL received Rs1,969 cr, via selling its 50% stake in its life insurance business, thus boosting its CAR by ~400 ..

Result Updates | Jul 25th 2017

Ashok Leyland Ltd

CMP : 105
Target Price : 124

ALL reported 0.5% decline in the top line to Rs4,238cr while 62% yoy decline in the adj. PAT to Rs111cr. Though sales beat the cons. estimates, bottom line missed the estimates by 27% due to the higher RM costs and overheads. This was a one-off quarter due to GST and BSIV led disruption. The results are not comparable due to merger of fou..

Result Updates | Jul 24th 2017

Bajaj Auto Ltd

CMP : 2,815
Target Price : 3,151

Results below estimates on weak sales: Bajaj Auto reported weak Q1 result due to lower volumes sold in the quarter and higher RM cost. Revenue and EBITDA were 1.5% and 13% below the consensus estimates respectively. Though PAT beat the street estimates by 2%, this was due to 71% jump in the other income (dividend by KTM). Net sales and PA..

Initiating Coverage | Jul 20th 2017

CMP : 368
Target Price : 434

Long term barriers a positive for Industry: Radio Industry is protected by licenses for 15 years, thereby restricting the entry of new players. This would support the existing companies to strengthen their position and maintain a healthy growth rate. The new radio stations are being added in the semi-urban areas which is positive for the ..

Result Updates | Jul 18th 2017

CMP : 2,399
Target Price : 2,651

For 1QFY2018, TCS posted below expectation results on the EBIT and net profit fronts. The company posted 3.1% sequential growth in USD revenues to US$4,591mn v/s. US$4,585mn expected, mostly volume lead (3.5% qoq growth). On Constant Currency terms, the company posted a 2.0% qoq growth. On profitability, the EBIT margins came in at 23.4% ..

Result Updates | Jul 17th 2017

Infosys Ltd

CMP : 972
Target Price : 1,179

Infosys posted better than expected results for 1QFY2018, mainly driven by better than expected volume growth during the quarter. On sales front, the company posted a 3.2% sequential growth in USD revenues to US$2,651mn v/s. US$2,657mn expected, mostly volume lead. In constant currency (CC) terms, the company posted a 2.6% qoq growth. EBI..

Initiating Coverage | Jul 07th 2017

L&T Finance Holdings Ltd

CMP : 149
Target Price : 179

L&T Finance Holdings Ltd (LTFH), promoted by L&T Ltd (64.2%) is a leading NBFC with a diversified lending portfolio. Over the last one year the management has restructured its business model and is focusing on selective segments where it has competitive advantage, simultaneously downsizing some products which were making losses. O..

Initiating Coverage | Jul 06th 2017

Syngene International Ltd

CMP : 478
Target Price : 564

Unique investment opportunity in drug research business: While almost all Indian pharma companies are in generic drugs business, Syngene supports its clients to invent new drugs. It has 8 of the top 10 global pharma companies as its clients and also has long term contracts with some big pharma companies. In our view Syngene provides a uni..

Result Updates | Jun 15th 2017


CMP : 849
Target Price : 849

United Phosphorus Ltd. (UPL) posted robust numbers for 4QFY2017. In sales, the company posted gross revenues of `5,341cr v/s `4,434cr in 4QFY2016, growth of 20.5% yoy. The growth was driven by volumes (16% yoy), while growth in pricing was around 2%, which coupled with exchange gains added 2% to the top-line rise. On EBITDA front, the com..

Result Updates | Jun 13th 2017

Cipla Ltd

CMP : 550
Target Price : 461

For 4QFY2017, Cipla posted poor set of numbers primarily related to extra-ordinary items. For the quarter, the sales came in at `3487cr v/s. `3,253cr in 4QFY2016, registering a yoy growth of 7.2%, aided by robust growth in export markets. On the OPM front, the EBDITA margins came in at 11.8% (v/s. 16.8% expected) v/s 5.0% in 4QFY2016. Thu..