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

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

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

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

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

For 3QFY2019, Maruti Suzuki India (MSIL) posted below expectation results both on top-line and bottom-line fronts. MSIL reported ~2% yoy top-line growth to `19,668cr on the back of price hike (up ~2% yoy). The company's operating margins contracted by 594bps yoy. On the bottom-line front, MSIL reported degrowth of ~17% yoy to `1,489cr on the

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

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

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

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

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%

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

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

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

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

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

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

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

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

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