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Company Research Reports

Result Updates | Jan 25th 2017

Amara Raja Batteries Ltd

CMP : 861Target 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..

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Result Updates | Jan 25th 2017

Rallis India Ltd

CMP : 215Target 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..

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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..

Result Updates | Jan 19th 2017

Tata Consultancy Services Ltd

CMP : 2,278
Target Price : 2,620

TCS posted numbers slightly better than expected for 3QFY2017 on the sales and EBIT front. The company reported a 0.3% sequential growth in USD revenues to US$4,387mn v/s US$4,383mn expected. On Constant Currency (CC) terms, the growth came in at 2.0%. Volume growth during the quarter came in at 1.0% qoq. On EBIT front, the company record..

Result Updates | Jan 17th 2017

Infosys Ltd

CMP : 1,038
Target Price : 1,249

The Q3FY2017 result of Infosys was better than expected on the EBIT and Net Profit fronts. The company posted a 1.4% sequential de-growth in USD revenues to US$2,551mn v/s US$2,561mn expected. On Constant Currency (CC) terms, de-growth was 0.3%. The volume growth during the quarter was 0.2% qoq. On EBIT front, the company reported an EBIT..

Result Updates | Jan 17th 2017

LIC Housing Finance Ltd

CMP : 532
Target Price : 630

LICHF came out with a positive set of results for 3QFY2017 with the PAT growing by 19.2% yoy. While we were expecting moderation in business growth, due to demonetization, better result was possible backed by growth in non-retail segment. The core retail portfolio continues to be sluggish growing by less than 10%, however, other segments ..

Initiating Coverage | Jan 03rd 2017

Alkem Laboratories Ltd

CMP : 1,620
Target Price : 1,989

Alkem Laboratories is a Mumbai based pharma company engaged in manufacturing and marketing of generic drugs, APIs and neutraceutical products. Company sells its drugs in India and ~50 countries including the US. It has 16 manufacturing facilities of which 14 are in India and two in the USA. The stock at the CMP of Rs1,620 is available at ..

Initiating Coverage | Dec 30th 2016

KEI Industries Ltd

CMP : 124
Target Price : 153

KEI Industries (KEI) is a cable manufacturing company and also engaged in Engineering, Procurement and Construction (EPC) business. It offers high and low tension cables, control and instrumentation cables, house wires, stainless steel wires, and high-technology specialty cables. Its manufacturing facilities are located at Bhiwadi, Chopan..

Result Updates | Dec 05th 2016

T.V. Today Network Ltd

CMP : 315
Target Price : 385

TV Today Network (TTNL) reported a subdued set of numbers for 2QFY2017 with its consolidated top-line growing by ~5% yoy. On the operating front, the company reported margin contraction on account of higher selling & administrative expenses, which resulted in the de-growth of net profit by ~7% yoy. We expect TTNL to report a net reven..