Company Reports

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 …

Thursday, February 14, 2019
CMP : 697
Target Price : 860

For Q3FY2019, Axis Bank reported PAT of 1,681 Cr, which is the highest in past 11 quarters. This was supported by steady NII growth (18.4% yoy), and recovery of `998cr from written off accounts. Outlook & Valuation: Axis Bank currently trades at 2.1x its FY2021E price to book value (after adjusting value of subsidiaries). We …

Thursday, February 14, 2019
CMP : 589
Target Price : 867

For 3QFY2019, Blue Star posted results below our expectations on the bottom-line front. The company reported ~18% yoy top-line growth, whereas PAT was down ~70% yoy due to losses in JV and higher interest cost. Outlook & Valuation: We forecast Blue Star to report top-line CAGR of ~12% to `5,871cr over FY2018-20E on the …

Thursday, February 14, 2019
CMP : 323
Target Price : 498

For 3QFY2019, TV Today Network Ltd (TTNL) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by 6.3% yoy to `199cr due to subdued ad revenue growth. On the operating front, margins contracted by 127bps yoy, which resulted in flat PAT on yoy basis. Outlook and Valuation: Going …

Wednesday, February 13, 2019
CMP : 1189
Target Price : 1479

For 3QFY2019, Bata India (BIL) posted strong set of numbers, exceeding our expectations on bottom-line front. Revenue grew by ~16% yoy (in-line with our estimate). The company’s operating margins improved by robust 455bps yoy. On the bottom-line front, BIL reported growth of ~52% yoy to `104cr on the back of strong operating performance. Outlook …

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 : 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 : 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 …

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