Buy

JK Cement surprised positively on the margin front during the quarter. While revenue came in marginally lower, increasing 9.2% YoY to | 886.7 crore (vs. I-direct estimate: | 898.6 crore), EBITDA was ahead of our estimates due to sharp fall in power & fuel cost • Blended cement volumes & realisation both increased 4.1% & 4.9% YoY, respectively. Prices in the north remained healthy where the company has 75% exposure of total sales volume. ICICI Securities Limited have revised target price upwards to | 855/share (i.e. at 11x FY17E EV/EBITDA, $115/tonne on FY18E capacity of 11.8 MT),upgrade their rating on the stock from HOLD to BUY.

Jagran Prakashan Limited - JAGRAN company reported standalone financials in the quarter and has not shared the detailed consolidated financials owing to pending approvals. However, some key consolidated figures have been shared, which have been used here for analysis .Ad revenues (ex-radio) continued to remain healthy with 10.7% YoY growth to | 355.3 crore, higher than our expectations of 9.5% YoY growth. The company posted industry leading growth in the radio segment with revenues at | 55.9 crore, up 19.0% YoY and higher than our expectations of 16.0% YoY growth. Circulation revenues also came in better than expectations at | 107.0 crore, up 6.5% YoY. ICICI Securities Limited maintain BUY with a revised target price of | 220 arrived via SOTP method.

LUPIN revenues grew 40.7% YoY to | 4439.4 crore (I-direct estimate: | 4652.8 crore) mainly due to 83.8% growth in US sales to | 2188.6 crore (I-direct estimate: | 2502 crore). Strong US sales were due to Gavis consolidation, robust sales in Metformin (anti-diabetic). Domestic sales grew 5.2% YoY to | 931.3 crore. (I-direct estimate: | 849.7 crore).EBITDA margins improved 333 bps YoY to 29.5% (I-direct estimate: 33.0%) mainly on account of a strong gross margin performance. EBITDA grew 58.6% YoY to | 1308.0 crore .Net profit grew 55.1% YoY to | 882.0 crore (I-direct estimate: | 930.4 crore) owing to a strong operational performance. ICICI Securities Limited remain upbeat about the FY18 prospects and maintain BUY with a target price of | 1890 based on 25xFY18E EPS of | 75.5.

Trendlyne has 18 reports on LUPIN updated in the last year from 8 brokers with an average target of Rs 1773.9. Brokers have a rating for LUPIN with 5 price downgrades,2 price upgrades,1 upgrade in past 6 months and 1 downgrades,7 price downgrades,2 upgrades,4 price upgrades in past 1 Year.

Backed by better-than-estimated jump in average realization of grey cement (+1.5% yoy & +8.7% qoq) and improved operating synergies, J.K. Cement (JKC) has reported a healthy operating performance in 1QFY17 with its EBITDA surging by 95% yoy to Rs1.66bn topping our estimate of Rs1.52bn. Grey Cement EBITDA spiked by ~135% yoy to Rs1.0bn. Notably, raw material cost/tonne jumped by ~5% yoy & ~20% qoq owing to clinker purchase due to breakdown of Silo at Karnataka plant. However, decline in power and fuel cost (-34% yoy & -9% qoq on per tonne basis) and freight cost (-8% yoy & -2% qoq on per tonne basis) led by...

Credit growth for Canara Bank remained muted with flat negative growth of -0.9% yoy and -1.1% QoQ. Loan book was flattish due to a decline in corporate advances. The bank has also converted Rs 9000 crore of Discom loans to bonds during last two quarters leading to decline in infrastructure loan book. Retail advances backed by strong growth across sub-segments grew 34% YoY. On advances front, the bank is strongly focusing on growing retail advances (Agriculture, MSMEs, Housing & Other Retail Schemes)...

Background: Greaves Cotton (GCL) is one of the largest manufacturers (primarily) single cylinder (diesel, gasoline engines) and dual cylinder engines, which find application in running 3-W vehicles and 4-W small commercial vehicles (SCVs). Over the years, GCL has been able to command an overall 3W auto segment share at about 35% in FY08-14, second only to Bajaj Auto (that has in-house engine manufacturing). In the 3W goods segment (sub 1-tonne category), GCL commands a dominating position of 80-90% share (as of FY13) as the market leader OEM i.e. Piaggio (single largest client of GCL) sells the highest 3W goods carrier in the...

went down qoq to 4.2% as a percentage of sales, which was flattish yoy. Other expenses to sales were down qoq to 10.8% from 12.4%, but were up from 9.9% yoy. Despite higher advertising and publicity expenses, EBITDA margins came in 140...

The Byke Hospitality reported a good set of numbers for 1QFY17 with a 29% growth in revenue at Rs.619 mn vs Rs.481.4 mn YoY. The company reported ~46bps expansion in EBITDA margin to 32% YoY in this quarter. PAT increased by 37% to Rs.64mn from Rs.47mn YoY. The strong revenue performance of the company was supported by growth of 20% in F&B (Foods & Beverages) segment, increasing no. of hotels under asset light model, better utilization of capital through room chartering business and strong sales network.BOB Capital Markets Ltd valued the stock at 30x FY18 EPS and maintain BUY rating with target price of Rs.306.

EBITDA in line but PAT exceeds estimates: SRF’s consolidated revenues were flat YoY at INR12.2b (est. of INR13.2b). Chemicals business (CB) continued its slow growth trajectory of 11.5% YoY, while Technical Textiles (TTB) and Packaging (PB) declined 5.6% and 5.2%, respectively, due to lower realizations. EBITDA margins expanded to 23.3% in 1QFY17 from 21.8% in 1QFY16, driven by margin expansion across the chemicals and technical textile businesses. Accordingly, adj. PAT grew robustly by 24% YoY to INR1,395m (est. of INR1,317m) in 1QFY17.

Strong volume growth: Prism Cement’s (PRSC) standalone 1QFY17 revenues declined 1.3% YoY to INR12.8b (15% miss) due to a fall in TBK revenue. Amid industry volume growth of 4%, PRSC’s cement volumes rose 13.7% YoY (est. of +6% YoY) to 1.55mt, led by a 9.4%/7.9% QoQ/YoY increase in cement realizations to INR4,111/ton. Motilal Oswal SOTP value for PRSC is INR122/share (EV of USD113/ton, and 9.5x FY18E cement EBITDA, 5x FY18E RMC EBITDA and 8x FY18E TBK EBITDA). PRSC is a play on central India recovery, although its longterm growth is likely to lag peers on the back of limited expansion. Profitability of TBK business remains a cause of concern. Maintain Buy.