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Result Updates | Aug 16th 2016

Cipla Ltd

CMP : 517Target Price :

Cipla posted lower than expected numbers for 1QFY2017. Sales came in at Rs3,500cr V/s Rs3,743cr expected and V/s Rs3,761cr in 1QFY2016, a dip of 6.9% yoy. Domestic sales (Rs1,449cr) rose 5% yoy, while exports (Rs2,051cr) dipped by 14.0% yoy. On the operating front, the EBITDA margin came in at 14.8% V/s 18.6% expected, V/s 26.0% in 1QFY20..

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Result Updates | Aug 16th 2016

Ipca Laboratories Ltd

CMP : 532Target Price : 613

For 1QFY2017, the company posted better than expected sales and OPM while the net profit missed our estimates. Sales came in at Rs822cr V/s Rs680cr expected and V/s Rs751cr in 1QFY2016, ie a yoy growth of 9.4%. Formulations (Rs620cr) posted a yoy growth of 15%, while API (Rs202cr) posted a yoy de-growth of 3%. On the operating front, the ..

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Result Updates | Aug 12th 2016

Jagran Prakashan Ltd

CMP : 184
Target Price : 205

For 1QFY2017, Jagran Prakashan (JPL) reported a 9% yoy growth in its standalone top-line but the growth in PAT was relatively lower mainly due to higher employee and other operating expenditure. On a consolidated basis, the company reported healthy double digit growth numbers on the back of a favorable performance in radio and other busin..

Result Updates | Aug 11th 2016

Linc Pen & Plastics Ltd

CMP : 260
Target Price : 283

For 1QFY2017, Linc Pen & Plastics Ltd (LPPL)’ results have come in in line of our estimates on the top-line as well as the bottom-line front. Its top-line grew 10% yoy while on the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, the net profit grew by ~17% yoy to Rs4..

Result Updates | Aug 11th 2016

Garware-Wall Ropes Ltd

CMP : 468
Target Price : 524

Garware Wall Ropes (GWRL)’ 1QFY2017 results outperformed our estimates on the bottom-line front while the top-line disappointed as it de-grew by ~6% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported strong growth o..

Result Updates | Aug 11th 2016

Bharat Electronics Ltd

CMP : 1,232
Target Price : 1,414

Bharat Electronics Ltd (BEL) reported bad set of numbers for 1QFY2017. Its top-line declined by 20.9% yoy to Rs847cr, which is below our estimate. For the quarter, BEL reported below than expected negative EBITDA of Rs71cr. Negative operating leverage in our view led to EBITDA de-growth. In-line with EBITDA degrowth, PAT de-grew 52.9% yoy..

Result Updates | Aug 10th 2016

Tech Mahindra Ltd

CMP : 495
Target Price : 700

For 1QFY2017, Tech Mahindra’s revenue came in at US$1,032mn V/s US$1,027mn expected and V/s US$1,023mn in 4QFY2016, a QOQ growth of 0.9%, driven by USA (which was 49.0% of sales V/s 46.8% in 4QFY2016), while ROW, constituting ~22.8% of sales V/s 24.7% in 4QFY2016 was a drag. On the operating front, the EBIT margin came in at 12.0% V/s 12...

Result Updates | Aug 08th 2016

HCL Technologies Ltd

CMP : 822
Target Price : 1,000

For 1QFY2017, HCL Technologies (HCL Tech) posted better-than-expected numbers on all fronts. In US$ terms, revenue came in at US$1,691mn V/s US$1,674mn expected and V/s US$1,587mn in 3QFY2016, ie a growth of 6.5% qoq (6.0% qoq in constant currency [CC] terms). On the operating front, the EBIT margin came in at 20.6% V/s 19.4% expected and..

Result Updates | Aug 06th 2016

Greaves Cotton Ltd

CMP : 139
Target Price :

Greaves Cotton reported in-line gross sale numbers at Rs444cr. Reported sales were up 5.1% yoy. Engines segment (96% of 1QFY2017 revenues) reported 3.1% yoy increase in sales to Rs427cr. Others segment (4% of 1QFY2017 revenues) benefitted from strong performance seen across their Farm Equipment business & Auxiliary Power business. Thi..

Result Updates | Aug 05th 2016

UPL Ltd

CMP : 584
Target Price : 684

For 1QFY2017, United Phosphorus (UPL) posted sales of Rs3,452cr V/s Rs3,205cr in 1QFY2016, ie a growth of 7.7% yoy. All markets posted double digit growth except for India and the USA, which posted growth of 1% and 5% respectively. Growth was on the back of 8% volume growth, while price dip contributed 2%, and exchange rate accounted for ..

Result Updates | Aug 04th 2016

Alembic Pharmaceuticals Ltd

CMP : 622
Target Price :

For 1QFY2017, Alembic Pharmaceuticals posted sales of Rs727cr V/s Rs583cr in 1QFY2016, ie a yoy growth of 24.8%. Formulations (Rs607.6cr) grew 29.3% yoy, while API (Rs128cr) grew 7.0% yoy. On the operating profit front, the OPM came in at 21.4% V/s 17.4% in 1QFY2016 and V/s 22.7% expected. Expansion in the OPM was mainly on back of gross ..

Result Updates | Aug 04th 2016

Voltas Ltd

CMP : 349
Target Price : 407

Voltas reported a strong set of numbers for 1QFY2017. Top-line at Rs1,845cr is higher than our expectation and up 18.2% yoy, led by strong UCP segment sales. UCP segment impressed us with 28.9% yoy increase in revenue to Rs1,196cr (65% of overall 1QFY2017 revenues). EBITDA margins for the quarter expanded by 204bps yoy at 10.3%. With most..