Buy

Century Ply with its strong brand equity, vast distribution reach and end-to-end product portfolio is better placed to garner market share from unorganised players. Introduction of GST can provide further momentum to the shift.

Birla Corps EBITDA/t at Rs 569 (2.5x YoY, 50.5% QoQ, Est. Rs 318) was led by a realization jump (Rs 3,846, 5.6% YoY, 13,1% QoQ), mainly from the North, coupled with strong volume growth (10.8% YoY).

Dhanuka Agritechs (DAL) 1QFY17 revenues grew by 10% YoY to Rs 1.9bn mainly led by higher sales of herbicides. Better product mix resulted in 56bps expansion in EBITDA margin to 14.4% and consequently EBITDA was Rs 287mn ( 15% YoY). Higher tax rate dragged APAT to Rs 193mn ( 4.3%).

BOBs 1QFY17 results were a mixed bag. On operational front, core earnings (Rs 33.7bn, 1% QoQ) were higher than estimates with better NIM performance ( 10bps QoQ), despite moderation in CD ratio and elevated stress. Net earnings beat estimates by 20% on higher treasury gains, controlled opex and lower provisions (albeit PCR maintained at ~60%).

Demerged from IDFC, IDFC bank has formed and forayed into banking business from 2015. It has started its journey by launching 23 branches across India on October 2015. Since 2015, IDFC Bank...

Background: Established in 1975, Motherson Sumi Systems Limited (MSSL), a JV between Samvardhana Motherson Group (36.9% stake) and Sumitomo Wiring Systems, Japan (25.6%), is India's biggest supplier of wiring harness and one of the largest manufacturers of rear view mirrors in the world. With a strong workforce of over 60,000 qualified professionals and 140 manufacturing units spread across 25 countries, MSSL caters to major global OEMs such as...

Background: VA Tech Wabag is a leading company in the water treatment space. The company has vast experience in plant building, planning, execution and operation of drinking water plants and waste water plants for both municipal and industrial sectors. The company has a multinational pedigree and offers customer specific solutions. The company has about 157 patents which include both products and process...

Revenues grew 45.4% YoY to | 325.2 crore (I-direct estimate: | 321.1 crore) due to strong traction from Hepatitis-C segment (300% growth to ~| 135 crore) • EBITDA margins declined 186 bps YoY to 23.8% (I-direct estimate: 22.5%) mainly on account of higher other expenditure. EBITDA grew 34.8% to | 77.3 crore (I-direct estimate: | 72.2 crore) • Adjusted net profit increased 69.8% YoY to | 47.7 crore (I-direct estimates: | 46.1 crore) on account of lower finance costs, depreciation and high other income. ICICI Securities Limited new target price is | 700, which includes base business value of | 345 (25x FY18E EPS of | 13.8) + | 355 for NPV of other FTF/Para IVs.

Mahindra & Mahindra’ (M&M) Q1FY17 results were below estimates on the topline & margin front but a beat on the bottomline front. Revenues came in at 11,041 crore (up 12.3% YoY, 2.6% QoQ) vs. our expectation of | 11,685 crore. Automotive revenues were at | 7826 crore (up 13.8% YoY, down 12.7% QoQ) vs. our expectation of | 6935 crore mainly due to higher than estimated ASPs. Farm equipment revenues at | 4118 crore (up 14.4% YoY, 49.2% QoQ) vs. our expectation of | 4564 crore due to lower-than-estimated ASPs. ICICI Securities Limited value the stock on a SOTP basis, valuing the core business at 9x EV/EBITDA FY18E to | 975 and subsidiaries at | 600 to arrive at an SOTP target price of | 1575. We have a BUY recommendation on the stock.

Revenues increased 13.2% YoY to | 57.4 crore (vs. I-direct estimate: | 60.3 crore) mainly led by improvement in same store sales growth (SSS) of 7.5% YoY and consolidation of Power World Gyms EBITDA margin increased 159 bps YoY to 43.8% (vs. I-direct estimate: 43.0%) due to a rise in share of value added services. As a result, PAT broadly remained in line with our estimates Organic, inorganic expansions driving growth In FY16, the company acquired power world gyms (10 gyms) in Sri Lanka,...