Company Reports

Wednesday, February 13, 2019
CMP : 68
Target Price : 110

During the quarter under review, Inox Wind Ltd’s (IWL) revenue de-grew by 11% on qoq basis due to lack of availability of substation for SEC-I & II orders, however situation has improved since February, and management expects to increase the commissioning activities, once substation is ready. On the margin front, EBIDTA margin improved to 15.7% …

Wednesday, February 13, 2019
CMP : 1109
Target Price : 1450

In Q3FY2019, on standalone basis, revenue of Automotive Axles Ltd. (AAL) was up 19% yoy at `486cr despite the slowdown in commercial vehicles during the quarter. However, on qoq basis, revenue was lower by 3%. OPM improved by 63bps yoy to 11.45% on account of better utilization, EBIDTA was higher 26% yoy to `56cr as …

Wednesday, February 13, 2019
CMP : 428
Target Price : -

For 3QFY2019, Sun Pharma posted robust numbers. For the quarter, the sales came in at `7,657cr v/s. `6,598cr in 3QFY2018, registering a yoy growth of 16.0%. India sales at `2,235cr, were up by 7%, while US finished dosage sales at US$362mn up 10% yoy V/s 3QFY2018. On the OPM front, the gross margins came in …

Tuesday, February 12, 2019
CMP : 211
Target Price : 359

For 3QFY2019, Parag Milk Foods (PMFL) posted healthy set of numbers, exceeding our expectations on bottom-line front. The company’s revenue grew by ~16% yoy, while the operating margins contracted by 97bps yoy. On the bottomline front, PMFL reported growth of ~21% yoy to `31cr on the back of lower interest cost and taxes. Outlook …

Tuesday, February 12, 2019
CMP : 1461
Target Price : 2150

In Q3 FY19, Lumax Industry Ltd. (LIL) has reported 16% growth on Y-o-Y basis on revenue front to `431 Cr as compare to `371 Cr in Q3FY18 largely on account of value growth. Growth in revenue is encouraging owing to flattish growth in sales by major OEM in Q3FY19. PAT has grown by 15% on …

Tuesday, February 12, 2019
CMP : 349
Target Price : 486

For 3QFY2019, KEI Industries (KEI) posted good set of results, which are largely in-line with our expectations on both top-line as well as bottom-line fronts. Revenue grew by ~22% yoy, while the company reported a marginal improvement on operating margins front. On the bottom-line front, KEI reported growth of ~24% yoy to `48cr on the …

Friday, February 8, 2019
CMP : 490
Target Price : 542

For Q3FY2019, VIP Industries (VIP) posted a strong yoy growth of 27% in revenue to `430 cr mainly led by 30-35% volume growth. This growth was above our expectation of 21%. Outlook and Valuation: While the growth in volume remains encouraging and is likely to sustain as the company is in sweet spot in …

Friday, February 8, 2019
CMP : 761
Target Price : 890

For 3QFY2019, Aurobindo Pharma (APL), the company posted sales of `5,175cr v/s. `4,269cr in 3QFY2018, a yoy growth of 21.2%. On the operating front, the EBITDA margin came in at 19.2% v/s. 22.5% in 3QFY2018. YoY decline is on the back of sales of certain high margin products in 3QFY18. Sequentially EBDITA margins expanded by …

Thursday, February 7, 2019
CMP : 585
Target Price : 690

RBL bank delivered healthy set of numbers for Q3FY19, with PAT growth of 36% yoy. On the operating front, the bank reported 40% yoy growth in NII. The NIM qoq/yoy increased by 4/23 bps, respectively, driven by rise in advance yield. The bank managed to reduce its expenses and brought down the cost/income ratio from …

Thursday, February 7, 2019
CMP : 842
Target Price : -

For 3QFY2019, sales came in at `4,168cr v/s. `3,900cr in 3QFY2018, a yoy growth of 6.9%. On operating front, the EBITDA margins came in at 8.6% v/s. 15.7% in 3QFY2018, mainly on the back of lower than expected sales during the quarter & dip in the gross margins. Thus, the Adj. PAT came in at …

Thursday, February 7, 2019
CMP : 135
Target Price : 249

Outlook & Valuation: Given the ongoing global trade concerns, we expect steel prices to remain range bound. However, we project that domestic demand will continue to remain positive for steel and power sectors on long term basis, and expect JSPL to perform well in coming years along with the ramp up of Angul plant and …

Wednesday, February 6, 2019
CMP : 750
Target Price : -

Tech Mahindra posted good numbers for 3QFY2019 on all fronts. Revenues rose 3.5% qoq to end the period at US$1,261mn. On CC (constant currency) terms of the 4.3% qoq. In Rupee terms, revenues came in at `8,944cr v/s. `8,630cr in 2QFY2019, up 3.6% qoq. On the operating front, the EBITDA margin came in at 19.3% …

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