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ICICI Securities Ltd | Retail Equity Research Eicher Motors reported a subdued Q3FY19 performance Consolidated revenues for Q3FY19 were at | 2,341 crore (up 3.4% YoY). ASPs for Royal Enfield (RE) were at | 1.19 lakh/unit, up 10.4% YoY while sales volumes were at 1.94 lakh units, down 5.9% YoY. ASPs were higher due to introduction of ABS in certain models EBITDA came in at | 680 crore (down 5.4% YoY) with corresponding EBITDA margins at 29.0% (down 270 bps YoY, down 126 bps QoQ)...
Gujarat State Petronet (GSPL) reported its Q3FY19 result, which were below our estimates on the profit front mainly on account of higher than estimated other expenses and one-offs on revenue. Revenues increased 29.6% YoY to | 453.8 crore, below our estimate of | 470.6 crore due to write-off of disputed revenue of ~| 20 crore Volumes came in at 34.5 mmscmd, in line with our estimates. However, due to increase in other expenses by 90.8% YoY to | 80.4 crore (our estimate: | 40.9 crore), EBITDA at | 353.2 crore came in...
ICICI Securities Ltd | Retail Equity Research VA Tech Wabag (Wabag) reported dismal Q3FY19 numbers Wabag's revenues fell 23.5% YoY to | 661.9 crore. Lower topline was due to muted execution in both domestic (down 2.3% YoY) & overseas segment (down 23.4%YoY). Overseas segment contributed ~66% whereas domestic segment contributed ~33% to the topline Absolute EBITDA declined 36.5% YoY to | 49.3 crore. EBIDTA margins came in at 7.4% vs. 9% YoY. Lower margins were mostly on...
Shankara Building Products' (SBPL) topline de-grew 3.1% YoY to | 605.3 crore, much less than our expectation of | 696.4 crore on account of revenue de-growth in the channel & enterprise division...
HCL Tech reported strong Q3FY19 results in terms of revenue and deal pipeline; HCL tech reported revenue growth of 5.6% QoQ and 13% on YoY on constant currency basis.
Most Asian markets were trading in the green despite mixed cues from Wall Street overnight with investors focusing on upcoming trade talks between US &China.; Nikkei is trading higher by 2.05% while Hangseng is trading lower by 0.21% and Shanghai is trading higher by 0.13%. Indian indices are expecte
Maintain BUY with a TP of Rs 603/sh (18x Dec-20E EPS). With a large contribution of ~Rs 0.9bn revenue coming from SDB (~Rs 2.3bn in 9MFY19) PSP posted a strong 53/24% YoY/QoQ top line growth. Margins continued to remain at the upper end of the 12-14% guidance band. With no significant interest outgo, PAT came at Rs 215mn (+41/22% YoY/QoQ).
Our TP is at Rs 3,115, we maintain NEUTRAL. BRIT reported a modest quarter (no fireworks) with miss on volume growth despite strong new product pipeline. Net revenues grew by 11% (12.5% in 3QFY18) vs. exp. of 12%. Volumes grew by 7% (exp. of 10.5%) with 2% pricing and 2% mix benefit. Co. achieved a 15 quarter high gross margin led by premiumisation and change in business model of bread. EBITDA/APAT grew by 13/14% (vs. exp of 15/16%).
We Maintain BUY with a revised TP of Rs 208 (16xDec-18). Lumax Auotech (LATL) continued its double digit growth trajectory (Revenue/PAT grew 15/33%) in 3Q despite a slowdown in the OEM segment. LATLs growth is driven by the aftermarket segment as well as higher other income (relating to designing and mould modification charges). We re-iterate our Buy rating due to our expectations of double digit revenue growth (12-13%) over FY20-21 as LATL is diversifying across product segments and margins are expanding on a richer mix (higher aftermarket sales).