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Company Research Reports

Company Reports

Result Updates | Apr 24th 2017

HDFC Bank Ltd

CMP : 1,533Target 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..

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Result Updates | Apr 19th 2017

Infosys Ltd

CMP : 922Target 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..

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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..

Initiating Coverage | Mar 27th 2017

Navin Fluorine International Limited

CMP : 2,957
Target Price : 3,650

Navin Fluorine (NFIL), part of the Arvind Mafatlal group, is a leader in fluorine based chemicals in India. It operates mainly in four segments i.e. Refrigerant, Organic Fluoride, Specialty Chemicals and CRAMs. While Refrigerant segment will continue to generate strong cash flows, the incremental focus of the company is the high margin an..

Result Updates | Mar 10th 2017

Sanofi India Ltd

CMP : 4,301
Target Price :

For 4QCY2016, Sanofi India posted results which were below expectations on the sales front. The sales came in at Rs552cr v/s. Rs570cr expected, posting a yoy growth of 5.6%. On the operating front, the EBITDA margin came in at 12.2% (12.3% expected) v/s. 12.7% in 4QCY2015. This came in-spite of GPM (Gross Profit Margin), which came in at ..

Initiating Coverage | Mar 09th 2017

Natco Pharma Ltd

CMP : 786
Target Price : 926

Natco Pharma is a Hyderabad based pharma company with focus on limited competition and high margin products. It has presence in domestic and global markets and has two main business segments i.e. API and Formulations. Natco’s topline and bottomline is set to grow at 36% and 61% CAGR over FY16-FY19E due to 1) strong performance of domestic..

Result Updates | Mar 06th 2017

Dishman Pharmaceuticals and Chemicals Ltd

CMP : 222
Target Price : 143

Dishman Pharmaceuticals posted results lower than expected for 3QFY2017, with sales at Rs356cr v/s. Rs386cr in 3QFY2016, down by 7.6% yoy, mainly on the back of CRAMS. CRAMS sales (Rs246.7cr) de-grew by 16.5% yoy, constituting 69.2% of sales in 3QFY2017; while others (Rs110cr) posted a growth of 21.2% yoy. On the operating front, the gros..

Initiating Coverage | Mar 03rd 2017

Repco Home Finance Ltd

CMP : 642
Target Price : 825

REPCO Home Finance is a midsized Housing Finance Company (HFC), with focus on the underserved self-employed segment. While the current operations of the company are predominately concentrated in Southern market (90%), the management intends to gradually venture into other geographies over the next 5 years. The target segment of REPCO is h..

Initiating Coverage | Feb 28th 2017

Akzo Nobel India Ltd

CMP : 1,496
Target Price : 1,720

Akzo Nobel India Ltd (Akzo) is one of the leading paint manufacturers in India under the brand name ‘Dulux’. Akzo has ~11% share by revenue among the top 5 players. It manufactures and markets a wide range of coatings (contributes ~90%) and specialty chemicals & others (~10%). Akzo has six manufacturing facilities in Hyderabad, Bengal..

Result Updates | Feb 23rd 2017

Aurobindo Pharma Ltd

CMP : 686
Target Price : 877

For 3QFY2017, Aurobindo Pharma (APL) posted numbers which were almost inline with expectations on sales and net profit front, with sales marginally higher than expected and net profit marginally lower than expected. On sales front, the company posted sales of Rs3844cr (v/s. Rs3,715cr expected) v/s. Rs3,432cr in 3QFY2016, posting a yoy gro..

Result Updates | Feb 22nd 2017

Ipca Laboratories Ltd

CMP : 544
Target Price : 613

IPCA Labs posted results lower than expected for 3QFY2017 on both sales and net profit fronts, however OPM’s were in-line with expectations. In sales, the company posted sales of Rs731cr, a yoy growth of 8.3% v/s Rs815cr expected. On EBITDA front, the company posted EBITDA of 13.9% (v/s 13.5% expected) v/s 11.6% in 3QFY2016. Consequently,..

Result Updates | Feb 22nd 2017

Dr Reddys Laboratories Ltd

CMP : 2,899
Target Price :

Dr. Reddy’s Laboratories (DRL) posted lower than expected results for 3QFY2017. In INR terms, the consolidated revenues came in at Rs3,707cr (v/s. Rs4,000cr expected) v/s. Rs3,989cr in 3QFY2016, down 6.6% yoy, mainly driven by pressure on the generic market. The global generic market with sales at Rs3,064cr (down 9.0% yoy), was mainly lea..