Sell

PNB's Q4FY15 results were sharply below estimates as the earnings declined by 62% YoY (-60% QoQ) to Rs 3.1 bn. Bank reported a loss at PBT level whereas tax reversals led to earnings being positive. NII also declined by 5.3% YoY contributed by lower NIMs (due to interest income reversals) and slower advances growth. Advances grew by 9% YoY and 5% QoQ whereas NIMs declined by 42 bps to 2.79%.

ABB India's PAT was lower than our estimates drivenby lower margins in powerproducts segment and deferment of revenues of Rs1.5bn. Orders inflow was down 6% YoY to Rs 17.8bnduetodelayinbookingofafewexportorderswhereABBIndiaisL1.Management...

Siemens Q215 results were above our estimates led by strong margin expansion. Order inflows at Rs 26bn (+2% YoY) remain depressed as the capex cycle continues to remain weak. We note that while margins are on a recovery path, valuations continue to remain...

Hexaware is a mid-cap IT company (CY13 revenues - USD 388mn) & a leading global provider of application development & maintenance (37.2%), enterprise services (29.3%), testing (13.3%), business intelligence & analytics (10.3%), BPO (4.1%) and Remote infrastructure management services (5.8%). The company has a client base comprising several global 1000 organizations with operations located in North America, Europe and Asia Pacific. The total headcount stands at 8,952...

Marico's Q4FY15 results came below our estimates (1) revenues were up 14.4% to Rs12.3bn (vs. our est of Rs12.9bn) (2) operating profit jumped 11.0% to Rs1.7bn (vs est of Rs1.9bn) and adjusted net profit grew by 24.0% to Rs1.1 bn (vs est of Rs1.2bn). The domestic consumer business recorded 17% growth mainly led by price hikes in recent quarters.

Bhartis 4QFY15 results were a mixed bag as revenue was sub-par, EBITDA better than expected (owing to cost control) and PAT below estimates due to forex fluctuations. Consolidated revenue of Rs 231bn grew by 3.5% YoY and EBITDA was at Rs 81.1bn ( 11% YoY, 4% QoQ).

Ideas 4QFY15 results exceeded estimates with revenue and EBITDA growing at 20%YoY/5%QoQ and 37%YoY/11%QoQ. Idea continues to grow faster than the industry, benefiting from operating leverage.

Ambuja Cements reported a weak quarter, marginally missing our estimates (EBITDA/t RS 868 vs est: 904). Volumes declined ~10% YoY (5.4 mT, lowest for March qtr since CY09) underpinning a weak demand scenario. Realisations, however, were marginally higher QoQ (Rs 4,465, 2.1% QoQ, 2.6% YoY) likely driven by strong pricing in West/East.

GCPLs revenue grew by 8.3% YoY to ~Rs 20.9bn (marginally below est). Key positives were (1) Aided by a lower base, soaps delivered robust 15% YoY revenue growth (3QFY15 : 11% YoY) (2) Hair colour witnessed a revival with 12% YoY revenue growth (3QFY15: 10% YoY) (3) consolidated EBITDA margins expanded 80bps YoY to 18.5% driven by lower COGS (-329bps), staff costs (-51bps) and other expenses (-46bps).

In Q4FY15, total revenues of Alembic Pharmaceuticals increased by 8.4% YoY to Rs5.03 bn (our estimates Rs5.06 bn) compared to Rs4.64 bn in Q4FY14, due to higher domestic formulations sales. The Company's operating margins were at similar levels at 19.7% on back of higher other expenses which offset higher gross margins.