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Company Research Reports

Result Updates | Nov 02nd 2016

Hindustan Unilever Ltd

CMP : 835Target Price :

Hindustan Unilever (HUL)’s performance for 2QFY2017 was below expectations on the top-line front; however, the bottom-line front performed well. For the quarter, the company’s top-line grew by 1.4% yoy to Rs7,843cr, while the reported PAT grew by ~12% yoy to Rs1,096cr. We expect HUL to post ~7% and ~9% CAGR in its top-line and bottom-line..

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Result Updates | Nov 02nd 2016

ITC Ltd

CMP : 240Target Price : 284

ITC posted a healthy set of numbers for 2QFY2017, both on the top-line and the bottom-line front. The top-line was healthy due to decent growth in cigarettes and other FMCG businesses, which resulted in a higher overall profitability of the company. We expect ITC to report a top-line and bottom-line CAGR of 10% and 15%, respectively, over..

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Result Updates | Oct 28th 2016

Asian Granito India Ltd

CMP : 273
Target Price : 351

Considering the various initiatives taken by the government like smart cities, housing for all by 2022, and push towards providing sanitation would create a new demand avenue for entry level or lower priced tiles (ceramic tiles). We expect AGIL to report net revenue CAGR of ~9% to ~ Rs1,182cr over FY2016-18E. On the bottom-line front, we ..

Result Updates | Oct 28th 2016

Dewan Housing Finance Corporation Ltd

CMP : 325
Target Price : 350

Dewan Housing Finance Corporation Limited (DHFL) reported 28.5% growth in PAT at Rs231.5cr for the quarter, better than our expectations. Strong growth in loans, decline in cost of funds and resultant NIM improvement, together with cost rationalization were the key factors that have supported the earnings growth. DHFL’s 1HFY17 performance..

Result Updates | Oct 28th 2016

Hero MotoCorp Ltd

CMP : 3,314
Target Price : 3,541

We believe that HMCL volumes are expected to see further growth this year owing to the improved consumer sentiment. HMCL is expected to emerge as a strong beneficiary of the recovery in the rural economy as it has a strong presence in the rural region. Company holds more than 50% market share in the overall 2W industry which will also ben..

Result Updates | Oct 25th 2016

HCL Technologies Ltd

CMP : 811
Target Price : 1,000

HCL Technologies (HCL Tech) announced its results and they are more or less in line with expectations. The company posted a 1.9% sequential growth in USD revenues to US$1,722mn (V/s US$1,726mn expected and V/s US$1,691mn in 1QFY2017). On Constant Currency (CC) basis, the company posted a revenue growth of 2.8% qoq. The EBIT margins came i..

Result Updates | Oct 25th 2016

Wipro Ltd

CMP : 484
Target Price : 590

On the sales front, Wipro posted a 0.8% sequential de-growth in its IT Services revenues to US$1,916mn (V/s US$1,921mn expected v/s US$1,931mn in 1QFY2017). In Constant Currency (CC) terms, the company posted a qoq growth of 0.9%. In terms of verticals, Healthcare, Life Sciences & Services posted a CC qoq growth of 4.3%; while in term..

Result Updates | Oct 21st 2016

Tata Consultancy Services Ltd

CMP : 2,398
Target Price : 2,620

TCS has announced its 2QFY2017 results and has posted a 0.3% sequential growth in USD revenues to US$4,374mn (V/s US $4,441mn expected). Though the results came in below expectations, the EBIT margins and net profit came in much higher than expected. The constant currency (CC) growth stands at 1.0% qoq, while the volume growth is at 1.3% ..

Result Updates | Oct 20th 2016

Infosys Ltd

CMP : 1,038
Target Price : 1,249

Infosys’ numbers for 2QFY2017 have come in higher than our expectations. Its revenue posted a 3.5% sequential growth to US$2,587mn (V/s US$2,561mn expected). In constant currency terms (CC), the sales grew by 3.9% qoq, while the volume grew by 4.0% (1QFY2017 qoq growth was 2.2%). On the operating margin front, the EBIT margins grew by 78b..

Company Updates | Oct 06th 2016

Axis Bank Ltd

CMP : 536
Target Price : 630

Despite slow down in the industry, Axis Bank continues to deliver strong business growth: Axis Bank has been able to outpace the industry growth delivering 19% CAGR in loan book over FY12-16. The key driving force has been the retail business (39% CAGR), whose share has gone up to 41% from 21% during the same period. The management has be..

Initiating Coverage | Oct 03rd 2016

Asian Granito India Ltd

CMP : 277
Target Price : 351

Asian Granito India (AGIL) is engaged in the manufacturing and sale of ceramic wall, ceramic floor, vitrified tiles, digital polished glazed vitrified tiles, digital wall tiles, marble, and quartz. The company offers more than 1,200 designs and export its products in 50+ countries. It has eight manufacturing facilities spread across Gujar..

Result Updates | Sep 15th 2016

Siyaram Silk Mills Ltd

CMP : 1,250
Target Price : 1,469

Siyaram Silk Mills (SSML)’ results for 1QFY2017 have come in below our estimates with the company having reported a de-growth in its top-line as well as the bottom-line for the quarter. Top-line de-growth: The top-line for the quarter de-grew by ~5% yoy to Rs281cr which can be mainly attributed to lower volume growth. Underperformance at ..