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CMP : 773Target Price : 850

Aurobindo Pharma (APL)’s results for 4QFY2016 have come in marginally lower than our expectations. Sales grew by 16.9% yoy to Rs3,675cr (vs Rs3,800cr expected), driven by formulations (which grew by 34.6% yoy; constitute ~79.5% of sales). The key geographies in terms of formulations - US, Europe & ROW- and the ARV segment posted a yoy..

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CMP : 431Target Price : 613

IPCA Laboratories (Ipca)’s results for 4QFY2016 have come in much lower than our expectations on the sales and the operating front, while a tax write-back led the net profit to outperform our estimates. Sales for the quarter de-grew 1.7% yoy to Rs612cr (V/s Rs680cr expected). On the operating front, the gross margin came in at 64.4% V/s 5..

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Jun 10th 2016

Goodyear India Ltd

CMP : 515
Target Price : 631

Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with it having strong tieups with OEMs as well as a dominant presence in the replacement market. Farm tyres account for ~50% of the company’s overall revenues; however, the segment has been under pressure o..

Jun 10th 2016

Cipla Ltd

CMP : 469
Target Price :

Cipla’s results for 4QFY2016 have come much below our expectations. Sales came in at Rs3,207cr V/s Rs3,274cr expected, a yoy growth of 7.6%. The sales growth was driven by domestic formulations (Rs1,258cr), as expected, which grew 15.9% yoy, while exports posted a yoy growth of 7.4%. On the operating front, the EBDITA came in at 5.0% V/s ..

CMP : 739
Target Price : 944

For 4QFY2016, Sun Pharmaceuticals Industries (Sun Pharma) posted results marginally lower than our expectations. Sales for the quarter, at Rs7,414cr (V/s Rs7,700cr estimated) grew 20.7% yoy. On the operating front, the company posted an OPM of 31.0% V/s 14.3% in 4QFY2015 and V/s our expectation of 34.9%. Thus, the net profit came in at Rs..

CMP : 3,515
Target Price :

For 4QFY2016, GlaxoSmithKline Pharmaceuticals (GSK)’s sales rose by Rs686cr, up 11.8% yoy. On the operating front, the gross margin and the EBITDA margin came in at 55.0% and 17.8% respectively V/s 57.1% and 19.4% during the corresponding period of the previous year. The reported net profit for the quarter thus came in at Rs106cr V/s Rs10..

Jun 08th 2016

PNC Infratech Ltd

CMP : 570
Target Price : 647

For 4QFY2016, PNC Infratech (PNC) reported a top-line growth of 27.4% while the bottom-line grew by a substantial 250% yoy. The top-line growth was driven by strong execution across Agra-Firozabad and other road projects. Stronger execution and yoy decline in employee expenses led to a 31bp yoy expansion in the EBITDA margin to 12.5%. A 3..

CMP : 1,244
Target Price : 1,414

Bharat Electronics Ltd (BEL) reported a mixed set of numbers for 4QFY2016. Its top-line rose by 10.7% yoy to Rs3,135cr, which is below our estimate. The surprise came on the EBITDA margin front which came in ahead of our expectation at an impressive 29.3%, mainly led by savings on stock purchases. However, despite the expansion in EBITDA ..

Jun 03rd 2016

Tech Mahindra Ltd

CMP : 546
Target Price : 700

Tech Mahindra posted sales of Rs6,884cr for 4QFY2016 (V/s Rs6,701cr in 3QFY2016), which is a qoq growth of 2.7%. In US$ terms, sales came in at US$1,023mn (V/s our expectation of US$1,021mn), a qoq growth of 0.8%. In terms of geographies, growth was driven by ROW (accounted for 24.7% of sales V/s 23.2% of sales in 3QFY2016). In terms of i..

Jun 03rd 2016

Blue Star Ltd

CMP : 415
Target Price : 495

Blue Star’s standalone numbers for 4QFY2016 were subdued on the margin and bottom-line front mainly on account of the company having to provide for the last leg of the legacy orders. Sans the provision for legacy orders, the operating profile was in-line with our estimates. The top-line grew by 9.8% yoy while the margin contracted by 170b..

Jun 01st 2016

Va Tech Wabag Ltd

CMP : 575
Target Price : 681

For 4QFY2016, VA Tech Wabag (Wabag) reported a 2.6% yoy decline in sales to Rs553cr, reflecting weak execution across the EPC-Municipal business. The EBITDA grew 19.2% yoy to Rs93cr while the EBITDA margin expanded by 306bp yoy to 16.8%. In-line with the EBITDA margin, the PAT margin expanded to 10.2% during the quarter vs 9.1% in 4QFY201..

CMP : 200
Target Price : 265

Navkar Corporation (Navkar) reported a good set of numbers for 4QFY2016. The consolidated top-line grew by 8.5% yoy. On the operating front, the company reported a margin expansion on account of sharp decline in other operating expenses. The net profit grew by ~107% yoy due to significantly higher other income and a better operating perfo..