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Initiating Coverage | Sep 01st 2016

Mirza International Ltd

CMP : 84Target Price : 113

Mirza International Ltd (MIL) is engaged in manufacturing and marketing leather and leather footwear. It exports its products to the European Union, Germany, the United Kingdom, the United States, Italy, and France among other geographies. Its brands include Red Tape and Oaktrak. Strong growth in domestic branded segment to drive overall ..

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Result Updates | Aug 31st 2016

PNC Infratech Ltd

CMP : 120Target Price : 143

For 1QFY2017, PNC Infratech (PNC) reported top-line growth of 18.6% while the bottom-line grew by substantial 145.6% yoy. The top-line growth was driven by strong execution across Agra-Firozabad and Varanasi-Gorakhpur road projects. Despite strong execution, decline in raw material and other expenses led to 81bp yoy decline in EBITDA marg..

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Initiating Coverage | Aug 31st 2016

RBL Bank Ltd

CMP : 300
Target Price : 325

Strong management team & focused approach to drive growth: The new Management led by MD & CEO Mr Vishwavir Ahuja which took charge in 2010 has been instrumental in the outstanding growth of the bank over the years, wherein the bank transformed itself from being a traditional bank to a new age bank. RBL has been largely focusing on..

Result Updates | Aug 25th 2016

Aurobindo Pharma Ltd

CMP : 788
Target Price : 877

For 1QFY2017, the company’s sales came in at Rs3,664cr V/s Rs3,900cr expected and V/s Rs3,664cr in 1QFY2017, a yoy growth of 13.0%, mainly driven by formulations. Formulations (Rs3,032cr) posted a yoy growth of 15.9% and constituted around 80% of overall sales, while API (Rs735cr) posted a yoy growth of 1.6%. On the operating front, the E..

Initiating Coverage | Aug 22nd 2016

Mahindra Lifespace Developers Ltd

CMP : 432
Target Price : 522

Mahindra Lifespace Developers (MLF) is the Real Estate company of Mahindra group. The company benefits from the strong pedigree, brand name, trust and reputation of the Mahindra group. We also believe that over last few years, the company has shaped and executed its business strategy very well, positioning it for strong revenue and earnin..

Result Updates | Aug 18th 2016

Radico Khaitan Ltd

CMP : 101
Target Price : 125

For 1QFY2017, Radico Khaitan’s results have come in line with our estimates. The company’s top-line grew by ~3% yoy to Rs430cr on back of higher sales of premium products while the bottom-line grew by ~25% yoy to Rs22cr on the back of a strong operating performance and lower taxes. Top-line grew ~3% yoy: Volume growth during the quarter w..

Result Updates | Aug 18th 2016

KNR Constructions Ltd

CMP : 699
Target Price : 802

KNR Constructions (KNR) reported strong set of 1QFY2017 numbers. On the top-line (standalone) front, it reported 73.9% yoy increase to Rs304cr (ahead of our estimate of Rs249cr). 48% of 1QFY2017 revenues were from (1) Madurai- Ramanathapuram project (Rs68cr), (2) Trivandrum bypass project (Rs44cr) and (3) Penchalakona-Yerpedu project (Rs3..

Result Updates | Aug 17th 2016

Dishman Pharmaceuticals and Chemicals Ltd

CMP : 170
Target Price : 45

The company posted better than expected results for 1QFY2017 with sales at Rs366cr V/s Rs350cr expected and V/s Rs400cr in 1QFY2016, a yoy de-growth of 8.5%. CRAMS (Rs258cr) posted a growth of 2.3% yoy and the Market Molecules other segment (Rs108cr) posted de-growth of 26.9% yoy. On the operating front, the EBITDA margin came in at 25.3%..

Result Updates | Aug 17th 2016

Sun Pharmaceuticals Industries Ltd

CMP : 783
Target Price : 944

The company’s sales for 1QFY2017 came in higher than expected at Rs8,007cr V/s Rs7,414cr expected and V/s Rs6,526cr in 1QFY2016, a yoy growth of 22.7%, mainly driven by exports. On the operating front, the EBITDA margin came in at 33.5% V/s 29.5% expected and V/s 23.5% in 1QFY2016, mainly driven by gross margin expansion (76.9% in 1QFY201..

Result Updates | Aug 16th 2016

Bajaj Electricals Ltd

CMP : 245
Target Price : 277

For 1QFY2017, Bajaj Electricals (BEL)’ top-line and bottom-line have come in below our estimates. The top-line growth was dampened by the poor performance of the Consumer durables and E&P segments. However, on the bottom-line front, the company reported a modest growth due to slight improvement in the operating performance and lower i..

Result Updates | Aug 16th 2016

Cadila Healthcare Ltd

CMP : 372
Target Price : 400

For 1QFY2017, the company posted lower than expected results. The company posted sales of Rs2,216cr V/s Rs2,607cr expected and V/s Rs2,267cr in 1QFY2016, a yoy de-growth of 2.2%. On the operating front, the EBITDA margin came in at 20.4% V/s 20.9% expected and V/s 20.3% in 1QFY2016. The dip in the OPM was saved in spite of an underperform..

Result Updates | Aug 16th 2016

Lupin Ltd

CMP : 1,580
Target Price : 1,809

For 1QFY2017, the company posted better than expected numbers. Sales came in at Rs4,316cr V/s Rs4,150cr expected and V/s Rs3,081cr in 1QFY2016, a yoy growth of 40.1%. The sales growth came on the back of the US market which posted a yoy revenue growth of 82.3% to Rs2,188.6cr. On the operating front, the EBITDA margin came in at 27.4% V/s ..