Company Reports

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 …

Wednesday, March 27, 2019
CMP : 2580
Target Price : 2870

Hero Motors, one of the largest player in the Industry in the two-wheeler industry (38% market share as on FY2018); has been facing strong headwinds after its breakup with Honda. The company has been underperforming the industry growth; in spite of strong business fundamentals- like product basket, branding & strong distribution network. The key reason …

Wednesday, March 27, 2019
CMP : 338
Target Price : 370

Cadila Healthcare (Cadila) is on the largest Pharmaceuticals player both in US & Indian markets. However, over the last few years, the company has been going through tough times both in USA & Indian markets. While the Indian formulation market has been under pressure on back of the pricing norms & GST implementation, USA market …

Monday, March 25, 2019
CMP : 776
Target Price : 910

Event: Amber Enterprises’ (Amber) has approved to enter into the definitive agreements for acquiring 80% stake upfront in the equity share capital of Sidwal Refrigeration Industries Private Ltd (“Sidwal”), which will include the business of Sidwal Technologies. Our take on the deal- The acquisition would expand Amber’s portfolio in the HVAC space in mobile …

Wednesday, March 13, 2019
CMP : 773
Target Price : 890

Aurobindo Pharmaceuticals (APL) has a big relief in form of Establishment Inspection report (EIR) for Unit-4 facility in which the USFDA has closed issued Form 483. The Form 483 is issued to a firms management at the conclusion of an inspection when an investigator(s) has observed any conditions that may constitute violations of the Food …

Tuesday, March 12, 2019
CMP : -
Target Price : -

Central Electricity Regulatory Commission (CERC) has finally released the final regulations on the Power Tariff Regulation for FY2020-24. Final regulations favor promoting the economical drivers in the sector and has put to rest all the fears like regulated ROE being reduced for the sector by 1% amongst others. These regulations shall come into force on …

Tuesday, March 12, 2019
CMP : -
Target Price : -

Central Electricity Regulatory Commission (CERC) has finally released the final regulations on the Power Tariff Regulation for FY2020-24. Final regulations favor promoting the economical drivers in the sector and has put to rest all the fears like regulated ROE being reduced for the sector by 1% amongst others. These regulations shall come into force on …

Tuesday, February 19, 2019
CMP : 79
Target Price : 122

For 3QFY2019, Ashok Leyland Ltd (ALL) posted results, which disappointed on both top-line as well as bottom-line fronts. Revenue de-grew by 12% yoy to `6,325cr. However, operating margin improved by 225bps. On the bottom-line front, ALL reported PAT de-growth of 21.5% yoy to `381cr on the back of lower sales. Outlook and Valuation: We …

Saturday, February 16, 2019
CMP : 722
Target Price : 1000

For 3QFY2019, Safari Industries (SIL) posted Strong Result top-line growth, though it disappointed on bottom-line front. Revenue grew ~39% yoy to `144cr. On the margin front, the company reported operating margin contracted by 444bps yoy. On the bottom-line front, SIL reported de-growth of ~27% yoy to ~`5cr due to cost pressures and higher taxes. Outlook …

Saturday, February 16, 2019
CMP : 637
Target Price : 910

For 3QFY2019, Amber Enterprises Ltd (Amber) posted a decent set of numbers given muted demand environment and significant cost pressures. Revenue grew by 14.9% yoy to `338.8cr. On the bottom-line front, Amber reported PAT of `3.9cr against `0.1cr despite cost pressures. Outlook and Valuation: We expect Amber Ltd. to report net profit (reported) CAGR …

Friday, February 15, 2019
CMP : 343
Target Price : 460

ICICI Bank reported net profit of `1,605cr in Q3FY2019, lower than estimates owing to higher provisions (up 19% yoy). Higher provisions due to aging of bad assets, this Led to PCR increasing sharply by 900pbs qoq to 68.5% (considering Technical/prudential write-offs it stood at 76%) Outlook & Valuation: At the current market price, the …

Friday, February 15, 2019
CMP : 626
Target Price : 850

For 3QFY2019, revenues grew by ~13% yoy to `13,070cr. Operating margin declined by 190 bps. On the bottom-line front, M&M reported growth of ~24% yoy to `1,144cr on the back of lower taxes. Outlook and Valuation: We expect M&M to report net revenue CAGR of ~12% to ~`60,634cr over FY2018-20E mainly due to healthy …

Open an account
Open an account