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Result Updates | Jul 17th 2017

Infosys Ltd

CMP : 972Target 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..

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Initiating Coverage | Jul 07th 2017

L&T Finance Holdings Ltd

CMP : 149Target 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..

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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..

Result Updates | Jun 12th 2017

Indoco Remedies Ltd

CMP : 193
Target Price : 150

Indoco Remedies posted lower than expected numbers for 4QFY2017. In sales, the company posted revenues of `266cr (`311cr expected) v/s. `255cr in 4QFY2016, growth of 4.2% yoy. The formulation business posted sales of `251.6cr, up 3.3% yoy, while API at `12.0cr was down 4.7% yoy. The domestic formulation at `130.1cr recorded a yoy de-growt..

Result Updates | Jun 12th 2017

Sun Pharmaceuticals Industries Ltd

CMP : 525
Target Price : 712

For 4QFY2017, Sun Pharma posted tepid numbers. For the quarter, the sales came in at `6,825cr v/s. `7,600cr expected, registering a yoy dip of 7.9%. India sales at `1,916cr, were up by 10% as compared to 4QFY2016, US finished dosage sales at US$381mn down by 34% vis-à-vis 4QFY2016. On the OPM front, the gross margins came in at 67.8% v/s...

Result Updates | Jun 12th 2017

Lupin Ltd

CMP : 1,161
Target Price : 1,526

For 4QFY2017, Lupin posted results which were much below expectations mainly on OPM and the net profit front. The revenues came in at `4,162cr v/s. `4,338cr, a yoy growth of 1.3%. On the OPM front, the EBDITA margins came in at 16.6% (v/s. 25.7% expected) v/s. 31.2% in 4QFY2016. Thus, the Adj. PAT during the quarter came in at `380.3cr v/..

Result Updates | Jun 05th 2017

Cadila Healthcare Ltd

CMP : 495
Target Price : 495

For 4QFY2017, Cadila Healthcare posted lower than expected results. The sales came in at `2,418cr (v/s. `2,800cr expected) v/s. `2,270cr in 4QFY2016, a yoy growth of 6.5%. On the operating front, the EBITDA margin came in at 16.7% v/s. 21.4% (v/s. 15.7% expected) in 4QFY2016. The GPM’s came in at 61.6% (v/s. 65.7% in 4QFY2016), which resu..

Result Updates | Jun 05th 2017

Natco Pharma Ltd

CMP : 968
Target Price : 1,060

The bumper earnings in 4QFY17 were mostly expected and there was no surprise element. We however believe that company is almost launch ready for gCopaxone in June-2017. We gain significant confidence that Mylan/Natco are most likely to launch the drug soon which is the most important trigger for the Natco at the moment. Company has respon..

Result Updates | Jun 02nd 2017

Aurobindo Pharma Ltd

CMP : 580
Target 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..

Result Updates | May 31st 2017

Alkem Laboratories Ltd

CMP : 1,868
Target 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..