Latest broker research reports with buy, hold and sell recommendations along with target prices forecast and upside.
Browse thousands of reports and search by company or broker.
Due to limited upside we maintain NEU with a NAV based TP of 315/sh. Kolte Patil Developers Ltd. (KPDL) had to adjust Rs 2.2bn (net) in retained earnings on transition to IND AS 115. 1QFY19 Revenue came in at Rs 3.9bn (+43.3 YoY, +78.9% QoQ). Due to IND AS 115, revenue is higher by Rs 1.1bn. Pre-Sales were majorly driven by Stargaze, Ivy Estate, Life Republic, Downtown and Bengaluru projects.
We had a meeting with the management of Cipla at the Institutional Equities Conference hosted by us last week. The key message we got from the management is that Cipla continues its efforts to get leaner as an organisation and is focused on prioritising its efforts and optimizing the product portfolio so as to be able to grow faster from now on. Following are the key takeaways from the meet: Exiting products in the US: Cipla will exit from products that are unprofitable in the US market after considering fully-loaded costs. The products that it is exiting garner US$30mn (includes about US$7mn already given up) in sales. These products account for around...
Minda industries Ltd. (MIL) had another healthy quarterly performance. Revenue from operations for the company grew by 51% YoY to Rs. 1,430 Cr vs Rs. 945 in Q1FY18 and Rs. 1,371 Cr in Q4FY18 (up 4% sequentially). EBITDA stood at Rs. 170 Cr as against Rs. 101 Cr same time last year (growth of 68%) and Rs. 170 Cr sequentially. MIL witnessed 120 bps EBITDA margin expansion YoY at 11.9% for the quarter. Adj. net profit came at Rs. 70 Cr vs Rs. 48 Cr...
Revenues grew 4.1% YoY to | 217.5 crore (I-direct estimate: | 277.1 crore). The 50.1% YoY growth in domestic formulations to | 149.7 crore (I-direct estimate: | 159.5 crore), led by lower base of GST impact in Q1FY18, was largely offset by 51.8% YoY decline in export formulations to | 41.4 crore (I-direct estimate: | 88.3 crore) EBITDA margins rose 470 bps YoY to 5.3% but lower than I-direct estimate of 15.8% mainly due to poor export formulations revenues Net loss fell 44.7% YoY to | 12.0 crore (I-direct net profit estimate:...
ICICI Securities Ltd | Retail Equity Research Coal India's Q1FY19 numbers were higher than our estimates on all fronts. The sales volume came in at 153.4 million tonne (MT) (up 11.7% YoY), wherein blended realisations were at | 1476/tonne (up ~10% YoY). Fuel supply agreement (FSA) sales volumes came in at 130.4 MT (up 21.7% YoY) while FSA realisations during the quarter were at | 1313/tonne (up 9.3% YoY). E-auction volumes came in at 19.4 MT (down steeply by ~29% YoY). However, e-auction...
ICICI Securities Ltd | Retail Equity Research Greaves Cotton's (GCL) reported revenues came in at | 458.2 crore, up 12.8% YoY nearly in line with our estimates of | 461.4 crore. The engine segment revenues came in at | 433.4 crore, down 1.3% while other segment revenues were at | 24.8 crore, up 66.3% During Q1FY19, EBITDA came in at | 60.9 crore, up 10.1% YoY (vs. our estimate: | 66.6 crore). EBITDA margins came in at 13.3%, down marginally by 30 bps YoY. Hence, it was below our estimate of...
Revenues for the quarter grew 8.4% YoY to | 1700 crore (I-direct estimate: | 1639.4 crore). Revenues from textile segment grew 7% YoY to | 1625 crore while on a low base acrylic fibre reported healthy revenue growth of 47% YoY to | 99.5 crore Gross margins for the quarter improved 91 bps YoY to 46.7% (on a sequential basis, gross margins declined 234 bps). Decline in other expenses (down 7% YoY to | 205.3 crore) further supported EBITDA growth. EBITDA margins for the quarter expanded 310 bps YoY to...
ICICI Securities Ltd | Retail Equity Research Revenues de-grew 11% YoY to | 140 crore (I-direct estimate: | 150 crore). Revenue growth appears to have contracted after growing 17% YoY in Q4FY18, due to lower utilisation of fleet EBITDA margin declined 33 bps to 23.3% (I-direct estimate: 22%), mainly due to higher other expenses to sales ratio (58.7% in Q1FY19 vs 58.5% in Q1FY18). Absolute EBITDA de-grew 13% to | 33 crore (Idirect estimate: | 33 crore) Subsequently, PAT de-grew 28% to | 3 crore and was higher than Idirect estimate of | 2 crore...
Cox and Kings' reported a mixed set of numbers. Revenues increased 15.8% YoY to | 817.3 crore (vs. I-direct estimate of | 813 crore) mainly led by 41.1% YoY growth in the Meininger segment & 22.6% YoY growth in Leisure - international However, EBITDA declined 20.2% YoY to | 297.9 crore (below Idirect estimate of | 380.8 crore) mainly led by forex loss of | 91 crore (vs. forex gain of | 35 crore in Q1FY18). Excluding the forex impact, the company reported EBITDA growth of 15% YoY to | 389 crore with strong rebound in operating margin of leisure international...
Glenmarks's Q1FY19 results were a mixed bag, while the sales and EBITDA were 9.9%/ 10.9% below our expectations; APAT was up 7.8% over IDBIEst. given higher Other Income which included Rs125Cr of forex gain. Sales were down 8.4% YoY (-5% QoQ) at...
Abbott India's (BOOT) Q1FY19 sales were above our expectations by 6.8% while EBITDA /APAT were a miss by 19.5%/31.3% respectively against our expectations. Total revenues were up by 19.7% YoY (7.2% QoQ) at Rs8.5bn driven by higher volumes growth. EBITDA margins were at 13.2% (est. of 17.5%) flat QoQ. from 20.7% given...
Oil India (OIL) Q1FY19 result came as a mixed bag where Revenue and EBITDA was largely in line with our estimates while net profit was a miss to our estimates owing to higher tax expenses and lower other income. Revenue was up 45.4% YoY to Rs33.9bn, while EBITDA was up by 61.1% YoY to Rs14.1 bn and PAT was up 56.2% YoY to Rs7bn. Oil production remained flattish YoY to 0.844mmt while gas production volume declined 4% YoY to 696mmscm. Oil net realization was up 49% YoY to US$72/bbl while calculated gas realization was up 25% YoY to Rs7.4/scm. We raise our EBITDA/EPS estimates by 36%/33% for FY19E and 15%/14% for FY20E on higher crude oil price and...
Volume Growth Surprises Again; Guidance Revised Upwards Balkrishna Industries' (BIL's) 1QFY19 performance was stronger than expected as the company reported robust sales/EBITDA/PAT, with net sales coming in much stronger than expected on account of higher-than-expected volume growth and realisation, whereas EBITDA margin was lower than estimates because of higher other expenditure. Lower YoY growth in other income and a higher YoY tax rate led to lower earnings. Net sales at Rs14.1bn grew by a strong 36% YoY and were 6% above our estimate because of a strong 23% YoY volume growth and 11% realisation growth led by a favourable mix and currency-related hedging. EBITDA margin at 29.1%...
Sector: Agri-Input /Small-Cap | Earnings Update 1QFY19 Background: Kaveri Seeds is the largest producer of hybrid cotton seeds in India with a market share of ~15%. Kaveri Seeds has access to 60,000 acres under seed production, with farms in Karnataka, Andhra Pradesh and across the country. In the last five years (FY13-18), company's standalone revenue and PAT have grown at a CAGR of 1.6% and 10.4% respectively. The company has a pan-India presence with a strong distribution network of ~15,000 distributors (direct & in-direct) and retailers across 15 key states in India (up from 11,000 - 4 years ago). Kaveri has 26 warehouses at strategic location with a combined storage space of ~600,000 sqft. The company has a marketing team of ~200 professionals....
Indraprastha Gas (IGL) reported Q1FY19 numbers that were in line with our estimates on the profitability front. Revenues recorded an increase of 22.7% YoY at | 1287.4 crore, slightly below our estimate of | 1324.2 crore. Volumes posted growth of 12.5% YoY to 5.5 mmscmd, in line with our estimates. While CNG volumes were at 4.1 mmscmd, PNG volumes came in at 1.42 mmscmd Net realisations came in marginally below our estimate at | 28.3/scm (our estimate: | 29/scm). Gross margins came in a tad below our...
Revenues for the quarter came in at | 3912.3 crore vs. our estimate of | 4047.1 crore. The miss was mainly due to lower voice revenues, which came in at | 1026.8 crore (down 33% YoY) vs. our estimate of | 1113.2 crore, with volumes of 8.7 billion minutes (down 19.4% YoY) and realisation of | 1.18 (16.9% YoY decline). Data revenues came in at | 2885.5 crore (up 3.9% YoY) EBITDA came in at | 555.4 crore, with margins of 14.2% vs. our estimate of | 550.4 crore (13.6% margin). Both voice and data margins...
ICICI Securities Ltd | Retail Equity Research Amara Raja Batteries' (ARBL) revenues grew 18.8% YoY to | 1,779 crore vs. our estimate of | 1,747 crore. According to the management, automotive battery business achieved strong volume growth (~31% YoY) across its business segments. Its industrial segment stayed flat YoY, after ARBL saw double digit de-growth in telecom space. However, it was offset by growth in other segments. EBITDA margin contracted 49 bps YoY & 95 bps QoQ to 12.4% vs....
Reported rating revenues of the company witnessed a decline of 6.3% YoY to | 57.4 crore vs. >| 60 crore estimate. This was due to 2.1% YoY decline (after several quarters) in total volume of debt rated to | 382000 crore. Further, corporate/long term bond ratings (which are high yielding in nature) fell 43.5% YoY In Q1FY19, MTM gains on FMPs were lower vs. Q1FY18. This resulted in lower accrual of other income at | 4.2 crore vs. | 6.5 crore last year. Staff cost was higher due to Esop charge of | 3.66 crore...
ICICI Securities Ltd | Retail Equity Research PVR Ltd has announced the acquisition of south India based multiplex player SPI Cinemas, a leading exhibitor in South India for an EV of | 1043 crore. The company, in FY18, reported a topline of ~| 310 crore and EBITDA of | 63.3 crore, with margins of 20.4%. It operates in all southern states (major player in Chennai) and also has a presence in Mumbai (five screens). Total number of operational screens are 76 (including four screens each in Hyderabad, Bengaluru to be opened in the next 12...
