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CMP : 135Target Price : 162

Visaka Industries posted a good set of numbers for 4QFY2016. Although the top-line declined, the performance on the operating and bottom-line fronts was favorable. The top-line declined by 3.3% yoy to Rs276cr. On the operating front the EBITDA grew by 6.6% yoy to Rs29cr and the EBITDA margin improved by 96bp yoy to 10.4%. There was an exc..

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CMP : 3,015Target Price : 3,476

For 4QFY2016, Dr Reddy’s Laboratories (DRL) posted results much lower than our estimates. The company posted a 3.0% yoy de-growth in sales to Rs3,756cr V/s Rs4,500cr expected and V/s Rs3,870cr in 4QFY2015. The sales dip mainly happened on account of flat global generics and a 22% dip in the PSAI segment. On the operating front, the EBIT m..

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CMP : 984
Target Price : 1,098

National Building Construction Corporation (NBCC) reported a strong 38.8% yoy increase in revenue for 4QFY2016 to Rs2,251cr, which is above our estimate of Rs2,130cr. Revenue growth during the quarter was on account of 45.6% yoy increase in the PMC segment revenue to Rs2,068cr. The segment accounted for 92% of the company’s 4QFY2016 reven..

May 18th 2016

TVS Srichakra Ltd

CMP : 2,419
Target Price : 2,932

TVS Srichakra (TVSSL) reported a good set of numbers for 4QFY2016. Its top-line grew by 13.0% yoy to Rs525cr. On the operating front, the raw material cost came down significantly, ie by 805bp yoy to 48.1% of sales. Still, the EBITDA margin expanded by a marginal 68bp yoy to 14.5% as raw material cost savings were offset by higher employe..

May 17th 2016

Nilkamal Ltd

CMP : 1,312
Target Price :

Nilkamal (NILK) reported an excellent set of numbers for 4QFY2016. The standalone top-line grew by 2.6% yoy to Rs503cr. On the operating front, the raw material cost declined by 582bp yoy to 56.4% of sales while employee and other expenses increased by 104bp yoy and 146bp yoy to 6.8% and 23.6% of sales, respectively. Aided by lower materi..

CMP : 722
Target Price : 1,000

After this quarter (3QFY2016), the company has migrated to March year-ending. For 3QFY2016, HCL Technologies (HCL Tech) posted lower than expected numbers on the top-line as well as the bottom-line front. It reported a top-line growth of 1.3% QoQ to US$1,587mn V/s US$1,607mn expected. In constant currency (CC) terms, the growth was of 1.7..

May 13th 2016

M M Forgings Ltd

CMP : 460
Target Price : 536

MM Forgings (MMFL)’ numbers for 4QFY2016 have come in marginally below our estimates. Its top-line for the quarter de-grew by 1.7% yoy to Rs124cr, which is below our estimate of Rs129cr. The EBITDA declined by 4.5% yoy to Rs26cr while the EBITDA margin declined marginally by 60bp yoy to 20.5% (against our estimate of 21.0%). Further, the ..

May 12th 2016

Radico Khaitan Ltd

CMP : 92
Target Price : 125

For 4QFY2016, Radico Khaitan (RKL) outperformed our estimates on the top-line front although the bottom-line came in flat yoy. The company’s top-line grew by ~10% to Rs378cr on back of higher sales of premium products while the bottomline came in flat on a yoy basis at Rs15cr due to higher interest costs and taxes. During the quarter the ..

May 12th 2016

Asian Paints Ltd

CMP : 927
Target Price :

Asian Paints posted a healthy performance for 4QFY2016, both on the top-line as well as the bottom-line front. For the quarter, the company’s top-line grew by 12.3% yoy to Rs3,971cr while the reported PAT grew 19.3% yoy to Rs409cr. Key highlights: For 4QFY2016, Asian Paints’ consolidated top-line posted a growth of 12.3% yoy to Rs3,971cr ..

May 11th 2016

ICICI Bank Ltd

CMP : 225
Target Price : 254

For 4QFY2016, ICICI Bank’s reported PAT came in sharply lower at Rs702cr. However, on adjusting for the exceptional contingency provision of Rs3,600cr that the bank made during the quarter, the PAT is in-line with our estimate. Domestic advances grew strong, backed by retail loans: During the quarter, the bank’s advances grew by 12.3% yoy..

May 11th 2016

Wipro Ltd

CMP : 539
Target Price : 680

Wipro’s 4QFY2016 results have come in below our expectations. The company’s IT services posted a revenue of US$1,882mn (V/s US$1,902mn expected) up 2.4% qoq. This is against a revenue guidance of US$1,875mn to US$1,912mn for the quarter. In constant currency (CC) terms, the company posted a qoq revenue growth of 2.7%. On the operating fro..

May 11th 2016

Inox Wind Ltd

CMP : 242
Target Price : 286

Inox Wind Ltd. (IWL) reported below than expected set of revenue and bottom-line numbers. IWL reported top-line of `1,828cr, below our expectations. Inox reported 96.9% yoy top-line increase, reflecting 328MW of Turnkey sale volume. On the back of strong execution IWL reported 83.3% yoy increase in EBITDA to Rs312cr. Reported EBITDA is be..