Company Reports

Friday, November 9, 2018
CMP : 749.0000
Target Price : 1000.0000

Strong growth in revenue: For Q2FY2019, Safari Industries (Safari) posted a strong yoy growth of 44% in revenue to `127 cr mainly led by volume growth. The company is garnering market share from the unorganized market and seeing good demand in its backpacks and new categories which is driving such strong growth in its top …

Tuesday, November 6, 2018
CMP : 154.0000
Target Price : 195.0000

NTPC India (NTPC) is the largest power utility in the Indian Power sector, having 24% & 16% market share in the power generation & installed capacity in India respectively. Private sector is in bad shape on back of poor business economics on back of slew of factors; mentioned in the report. On the other hand, …

Tuesday, November 6, 2018
CMP : 256.0000
Target Price : 330.0000

For Q2FY2019, Parag Milk Foods (PARAG) posted decent performance with 14%/22% yoy growth in revenue/ PAT led by 23 bps expansion in margin. The company has maintained its revenue target of `2700 crore+ for FY2020 backed by widening distribution network and product portfolio. We have maintained our earnings estimates in view of new products pipeline …

Saturday, November 3, 2018
CMP : 1008.0000
Target Price : 1243.0000

For 2QFY2019, Bata India (BIL) posted strong set of numbers, exceeding our expectations on bottom-line front. Revenues grew by ~15% yoy (in-line with our estimate). The company’s operating margins improvement by robust 199bps yoy. On the bottom-line front, BIL reported growth of ~30% yoy to `56cr on the back of strong operating performance. Outlook …

Friday, November 2, 2018
CMP : 856.0000
Target Price : 1135.0000

For Q2FY2019, Amber Enterprises (Amber) posted a 15% yoy fall in sales volumes owing to unseasonal rains in April & May which resulted in inventory build up across brands. The company is expecting a recovery in demand in H2 and has maintained the guidance of 2.1 mn volume sales in FY2019, a 10% yoy growth. …

Friday, November 2, 2018
CMP : 349.0000
Target Price : 500.0000

For 2QFY2019, KEI Industries (KEI) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenue grew by ~33% yoy (above our estimate), however, the company reported a marginal dip in operating margins. On the bottom-line front, KEI reported growth of ~45% yoy to`41cr on the back of strong …

Thursday, November 1, 2018
CMP : 565.0000
Target Price : 867.0000

For 2QFY2019, Blue Star posted results above our expectations on the top-line front; however, bottom-line numbers came below expectations. The company has reported 21.5% top-line growth, whereas PAT was down ~14% yoy due to losses in JV and higher interest cost. Outlook & Valuation: We forecast Blue Star to report top-line CAGR of ~13% …

Thursday, November 1, 2018
CMP : 1301.0000
Target Price : 1760.0000

SHTF reported 2QFY19 PAT of `609cr (up 23% yoy/6% qoq), helped by strong AUM growth and marginal improvement in NIM. NII increased 25% yoy with reported NIM increased 6bps (8bps qoq) to 7.52%. Operating profit growth was healthy at 23% YoY to `1,622cr. Asset quality improved QoQ with Gross Stage 3 ratio falling 40bps QoQ …

Tuesday, October 30, 2018
CMP : 329.0000
Target Price : 475.0000

For 2QFY2019, Music Broadcast (MBL) posted muted results both on top-line and bottom-line fronts. Revenues grew by ~5% yoy to `80cr on the back of equal contribution of volume and price hike. The company’s operating margins improved by robust 120bps yoy. On the bottom-line front, MBL reported lower growth of ~5% yoy to`13cr on the …

Tuesday, October 30, 2018
CMP : 349.0000
Target Price : 410.0000

ICICI Bank reported net profit of `909cr in 2QFY2019, driven by strong growth in pre-provision profit (PPP). PPA was helped by strong uptick in margins (+14bps qoq) to 3.3%. Moreover, credit cost continued to moderate for ICICI (3.01% in 2QFY2019), with total provisions down 33% qoq to `3,994cr. Slippages were multi quarter low at `3,117cr, …

Tuesday, October 30, 2018
CMP : 1965.0000
Target Price : 2350.0000

HDFC Bank delivered steady performance for Q2FY19, with PAT growth of 20.6% yoy. On the operating front, the bank reported 20.6% yoy growth in NII. NIM, at 4.37% was down by 17bps qoq & increased by 10bps yoy. The bank managed to reduce its expenses and brought down the cost/income ratio from 41.5% in Q2FY18 …

Monday, October 29, 2018
CMP : 6705.0000
Target Price : 8552.0000

For 2QFY2019, Maruti Suzuki India (MSIL) posted slightly better numbers, in-line with expectation on EBITDA margin front (after adjusting for one time engineering service fee received from Suzuki of `2bn) as well as on the bottom-line front. MSIL reported ~3% yoy top-line growth to `22,433cr on the back of price hike (up ~4.5% yoy). The …

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