Latest broker research reports with buy, hold and sell recommendations along with target prices forecast and upside.
Browse thousands of reports and search by company or broker.
We maintain BUY with SOTP-based TP of Rs 299/sh. Adoption of IND AS 115 had a negative impact on reserves of Rs 4.1bn. Revenue for 1QFY19 came in at Rs 7.0bn. Due to IND AS 115, revenue was higher by Rs 1.2bn. EBIDTA margins increased 293bps YoY to 25.7%. Interest cost increased 3.4% YoY to Rs 628mn. APAT came in at Rs 631mn. During 1QFY19, 2 real estate projects of 0.7mn sqft (BEL 0.6mn sqft share) were launched.
Due to limited upside we maintain NEU with a NAV based TP of 315/sh. Kolte Patil Developers Ltd. (KPDL) had to adjust Rs 2.2bn (net) in retained earnings on transition to IND AS 115. 1QFY19 Revenue came in at Rs 3.9bn (+43.3 YoY, +78.9% QoQ). Due to IND AS 115, revenue is higher by Rs 1.1bn. Pre-Sales were majorly driven by Stargaze, Ivy Estate, Life Republic, Downtown and Bengaluru projects.
Maintain BUY with Rs 211/sh TP. ITD Cementations (ITD) APAT came in 22.9% ahead of our estimates at Rs 289mn. Consolidated EBITDA margins expanded 204bps YoY to 13.2% (vs. 10.1% est.) led by better profitability in standalone and 100-150bps contribution from residual profits in completed marine projects.
Maintain BUY with a TP of Rs 689 (2.5x Mar-20 ABV of Rs 276). Post a recovery in the previous quarter, REPCO posted yet another decent set of numbers. While asset quality deteriorated, it was a 1Q phenomenon and lacked the typical spike (GNPAs up 41% QoQ vs ~54% in FY18 and ~75% in FY17). The relatively subdued growth (+12% YoY) was also owing to the conscious decision of slowing down LAP growth (flat sequentially).
Sector: Auto Ancillaries /Mid-Cap | Earnings Update 1QFY19 Background: Balkrishna Industries (BIL) is focused solely on 'off-highway' tyres catering to agricultural & industrial segments. A low ~5% share of the global market makes us believe reasonable room exists for several years of growth. While OTR forms ~65% of the global market, for BIL, it only contributes ~33% to its revenue. With the completion of the new 140,000 MT facility at Bhuj, BIL is looking to expand in the OEM, OTR segments. The company has been undertaking vari ous actions like setting up warehouses in markets in North America and Europe to be closer to the customer and have a just in time (JIT) system. The company sales to over 130 countries through Distribution network in Americas, Europe, India and Rest of the world. BIL has also strong partnership with OEMs. Mining tyres accounted for 13% of the company's revenue in FY18....
Preparing For The Future; IIP Recovery = Strong Operating Leverage We had a meeting with the senior management of Blue Dart during the Institutional Equities Conference hosted by us last week. The management spoke about recent trends in the logistics industry and presented a strong case for Blue Dart's superior competitive position. The company is currently under the capex mode to expand its reach and equip itself to meet the upcoming challenges. The management pointed out an ongoing shift from air to land logistics and indicated that most of the incremental cargo movement will take place via road than trains. Current investment in expanding...
We had a meeting with the management of Cipla at the Institutional Equities Conference hosted by us last week. The key message we got from the management is that Cipla continues its efforts to get leaner as an organisation and is focused on prioritising its efforts and optimizing the product portfolio so as to be able to grow faster from now on. Following are the key takeaways from the meet: Exiting products in the US: Cipla will exit from products that are unprofitable in the US market after considering fully-loaded costs. The products that it is exiting garner US$30mn (includes about US$7mn already given up) in sales. These products account for around...
Lemon Tree Hotels reported a net profit of Rs22mn for 1QFY19, down 80.9% QoQ and up from a loss of Rs31mn in 1QFY18. The decline in earnings on QoQ basis was because of: 1) Decline in other income from Rs78mn in 4QFY18 to Rs19mn in 1QFY19. However, on YoY basis the company reported positive earnings on account of: 1) Rise in ARR (average revenue per room) from Rs3,373 in 1QFY18 to Rs3,899 in 1QFY19, up 15% YoY. 2) Rise in occupancy rate by 336bps to 76.8% in 1QFY19. Rise in ARR and occupancy rate led RevPar (Revenue Per Available Room) to increase by 19% to Rs2,994. 3) Addition of 678 rooms since 1QFY18. 572 rooms have been added under management contract and 106 rooms have been added under the owned and leased...
Encouraging Caravan Music Sales Outlook; IP Monetisation Continues We had an interaction recently with Mr. Vikram Mehra (MD) and Mr. Vineet Garg (CFO) of Saregama India (SIL) during the Institutional Equities Conference hosted by us last week. During the presentation, the management of SIL sounded confident of meeting the targeted sales of 750,000 Caravan music sets during the year. The management stressed that the opportunity size is 25mn sets across India. The company continues to monetise intellectual property (IP) rights of major Bollywood songs from the 1980's era....
Growth Path Remains Intact Despite Soft Performance; Maintain BUY Ahluwalia Contracts (ACIL) has reported a soft performance in 1QFY19. Led by slow execution in new projects, ACIL's revenue declined by 20% YoY (-10% YoY GST adjusted) to Rs4bn vs. our estimate of Rs4.2bn. Further, EBITDA declined by 2% YoY and 1.5% QoQ to Rs526mn, while EBITDA margin improved by 238bps YoY and 107bps QoQ to 13%. Net profit stood at Rs282mn (-4.5% YoY and -9% QoQ). ACIL received order inflow of Rs20bn in FY19 YTD taking its total order backlog to Rs47bn (2.9x FY18 revenue). Upgrading order inflow guidance to Rs24bn from Rs20bn, the Management has maintained revenue growth guidance of 20% with EBITDA...
Subdued Performance on Cost Pressure & Dismal Realisation Led by subdued realisation and higher gas prices, Asian Granito India (AGIL) has reported a weak performance in 1QFY19, with its reported revenue growing by a moderate 6% YoY (+11% GST adjusted) to Rs2.4bn. EBITDA fell by 30% YoY and 44% QoQ to Rs204mn, while EBITDA margin contracted by 445bps YoY and 71bps QoQ to 8.6%. While sales volume grew by a strong 23% YoY (-35% QoQ) to 8msm, a substantial 14% YoY and 6% QoQ decline in blended realisation to ~Rs298/sm along with ~16% YoY jump in gas prices dragged its quarterly operating performance. Further, 2QFY19 performance is also expected to be affected by transport strike...
Consolidated revenue of Power Mech Projects (PMPL) surged by 28.9% YoY to Rs4.6bn, aided by higher revenue from ETC (+ 25.9% to Rs1.8bn) and Civil & Other Works (+ 60.2% to Rs1.4bn business. Further, revenue from O&M; segment rebounded by 5.8% YoY to Rs1.2bn post the Rs200mn impact led by temporary project shutdown in 4QFY18. Looking ahead, we believe dominant position in power EPC business, impressive order book and superior execution capabilities will drive PMPL's profitability. We maintain our BUY recommendation on the stock with an upwardly revised Target Price of Rs1,178 (from Rs1,080 earlier). Robust Revenue on Improved Execution...
Uflex Ltd. reported a good set of numbers in Q1FY19. Sales for the quarter increase by 17.4% YoY to Rs 1904.9 Cr. During the quarter, the company witnessed a strong overall sales volume growth of 14.9% YoY, with packaging business volumes growing 11% and film volumes growing at 15.9% YoY. The management has maintained its guidance for double digit overall sales volumes growth in FY19 with improved margins of 15%, given the stability in crude prices. EBITDA margins saw a dip from 14.3% in Q1FY18 to 13% in Q1FY19 and remained flat on a QoQ basis. The negative impact on EBITDA margins was primarily...
Mixed bag Revenue growth robust; margins disappoint Revenue from operations for the company grew by 34% YoY to Rs. 778 Cr vs Rs. 582 Cr in Q1FY18 and Rs. 721 Cr in Q4FY18 (up 8%). EBITDA stood at Rs. 73.1 Cr as against Rs. 44.3 Cr same time last year (growth of 65%) and Rs. 81.8 Cr sequentially. MCL witnessed 180 bps EBITDA margin expansion YoY at 9.4% for the quarter, however it declined by 200 bps on sequential basis on the back of a steep increase in raw material costs. Net profit came at Rs. 37.6 Cr vs Rs. 24.6 Cr same time last year, growth of 53%....
Minda industries Ltd. (MIL) had another healthy quarterly performance. Revenue from operations for the company grew by 51% YoY to Rs. 1,430 Cr vs Rs. 945 in Q1FY18 and Rs. 1,371 Cr in Q4FY18 (up 4% sequentially). EBITDA stood at Rs. 170 Cr as against Rs. 101 Cr same time last year (growth of 68%) and Rs. 170 Cr sequentially. MIL witnessed 120 bps EBITDA margin expansion YoY at 11.9% for the quarter. Adj. net profit came at Rs. 70 Cr vs Rs. 48 Cr...
We maintain BUY with a SOTP of Rs 489/sh (EPC segment at 476sh (EPC segment at 10x Mar-20E EV/EBITDA, Kota BOT 1x P/BV). AHLU 1QFY19 net revenue at Rs 4.0bn was 3.5% below our estimates (Rs 200mn miss in CPWD redevelopment project in Delhi tree felling issue and Rs 150mn in West Bengal NBCC project redesigning). EBITDA at Rs 0.5bn was 1.6% below estimates. EBIDTA margins expanded 238bps YoY to 13.0%.
We maintain BUY with a TP of Rs 1,434/sh (10x FY20E EV/EBITDA and BOT at 1x equity invested). DBL delivered strong execution with 1QFY19 revenue beat of 3.7%. Revenue for 1QFY19 came in at Rs 24.4bn. Margins continued to be higher than industry at 17.8%. APAT at Rs 2.5bn was 30.9% above our estimates on account of deferred tax reversal impact of Rs 173mn. Adjusted for deferred tax APAT was 22.0% above estimates. There was no early completion bonus in 1QFY19.
We value the stock Rs. 289(20xFY20E EPS) vs 296 earlier. Maintain BUY Suprajit Engineering (SEL) consol EBITDA and PAT numbers were slightly below estimates in 1Q. Net sales at Rs. 3.6bn (+12% YoY) led by 19% growth in core automotive cable business, offset by muted growth in Phoenix (+4% YoY) and Wescon business(+4% YoY). Consol EBITDA rose 21% YoY at Rs. 554mn with margin at 15.3% (+107bps YoY/-275 bps QoQ).
Minda Corp reported strong set of numbers, which was marginally ahead of our estimates. Its consolidated net revenue and PAT grew by 33.8% and 63.3% yoy. The growth was led by robust growth witnessed across all three verticals and improved operational performance.
