Buy

KNR Constructions (KNR) reported strong set of 1QFY2017 numbers. On the top-line (standalone) front, it reported 73.9% yoy increase to Rs304cr (ahead of our estimate of Rs249cr). 48% of 1QFY2017 revenues were from (1) Madurai- Ramanathapuram project (Rs68cr), (2) Trivandrum bypass project (Rs44cr) and (3) Penchalakona-Yerpedu project (Rs3..

For 1QFY2017, Radico Khaitan's results have come in line with our estimates. The company's top-line grew by ~3% yoy to Rs430cr on back of higher sales of premium products while the bottom-line grew by ~25% yoy to Rs22cr on the back of a strong operating performance and lower taxes. Top-line grew ~3% yoy: Volume growth during the quarter w..

ICICI Securities Ltd | Retail Equity Research Net sales came in at | 6119.9 crore as per the new Ind AS. This was ahead of our estimate of | 5800 crore. The key beat came in from transmission segment revenues, which came in at | 5838.2 crore, up 29.3% YoY, way ahead of our estimate of | 5470.9 crore. Consultancy...

ICICI Securities Ltd | Retail Equity Research TajGVK's results are not directly comparable with our estimates as the company reported standalone numbers vs. our forecasted consolidated numbers. In Q1FY17, standalone revenues de-grew 6.1% YoY (down 24.5% QoQ) to | 58.3 crore EBITDA margins increased 57 bps YoY to 21.7% in Q1FY17 due to a decline in RM cost and other expenses Net profit came in at | 2.5 crore in Q1FY17. However, after adjusting...

United Breweries' net revenues for Q1FY17 (strongest quarter) grew 7.5% YoY (up 29% QoQ) to | 1562 crore (I-direct estimate: | 1602 crore). The company continues to retain its market share of ~50% Volume growth for the quarter was at 6%, higher than industry volume growth of 4%. Q1FY17 was the first quarter post the complete ban in Bihar. Despite the same, eastern India grew 18%, led by a revival in West Bengal, Odisha, Jharkhand. Markets in North and West grew modestly with subdued consumption in Delhi, Haryana and UP...

9 Dalmia Bharat has continued to deliver robust operating performance in Q1 and continuestobeatconsensusby12%/largelyinlinewithourestimatesonEBITDAfront. ThoughitbeatsusonEBITDA/tonneestimateby4%. 9 Dalmia Bharat continues to beat consensus consistently for the past many quarters now.Givencementpricesupportreturns,earningsupgradecannotberuledout....

risk to our FY18 export volume growth of 17%. While we increase our EPS estimates marginally (by 3%) for FY18, we up our target multiple by 10% from 16x based on improved exports business outlook and a revival in the 2W (twowheeler) industry in...

Ramkrishna Forgings (RKFL) 1QFY17 EBITDA at Rs 429mn (-10% YoY) missed estimates by 15% as net sales witnessed 8% YoY decline on weak export volumes and 2% dip in net ASPs. EBITDA margin expanded 20bps QoQ as higher power and fuel costs ( 125bps) was offset by softer commodity prices.

PGCILs 1QFY17 APAT at Rs 18bn (33%YoY growth) was 5% ahead of our estimates of Rs 17.1bn. Beat was driven by better-than-expected telecom, consultancy and other income. Transmission income at Rs 58.4bn (29%YoY growth) was largely in line with our estimates of Rs 58.9bn.

KNRC surprises us. We feared slower pace of projects. That is not the case anymore. We see greenshoots for residual tranche land acquisition problems. With an order book of Rs49 bn, translating into a stellar book-bill of 4x FY17E revenues, we think our forecasts are conservative.We deliberately intend to so because time-overruns can spoil the show. Yet the risk-reward ratio is compelling. Thereby, we upgrade the stock to BUY from HOLD....