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Voltas 3QFY15 APAT of Rs 627mn was in line with estimates, primarily on account of higher than estimated other income. Operational EBITDA of Rs 452mn was below our estimate of Rs 705mn.

India Cements (ICEM) reported an industry leading EBITDA/t (Rs756, 32.5% YoY, 16.2% QoQ). This was driven by strong realizations (Rs 4,802/t, 9.0% YoY, 3.2% QoQ) as prices improved sharply in the South. Costs remained flat (1% QoQ) despite lower volumes as ICEM reported cost moderation in all key components.

BHEL reported yet another poor quarter with revenue falling 28% YoY (est. 9% decline) and OPM of 4.7%. PAT at Rs 2.1bn was way lower than our estimate of Rs 4.7bn. Order inflow of Rs 66bn was in line with our estimates.

Simplex Infrastructures (SIL) posted marginal 3.1% YoY rise in Q3FY15 standalone sales to Rs14.4bn, 2.7% lower than our expectations. Revenue growth for the quarter remained muted due to stretched working capital which affected execution. However, EBITDA margin improved by 131bps to 10.5% (in line with our expectation), due to lower raw material cost (which as a percentage of net sales declined to 34.6% vs 38.2% in Q3FY14).

Hexaware Technologies (HTL) 4QCY14 revenue was US$114.5mn, up 4.1% QoQ, 1.1% above our estimate, while constant currency (CC) revenue rose by a healthy 5.1% QoQ. EBITDA margin rose 191bps QoQ, aided by higher utilisation and lower SG&A, driving adjusted net profit to Rs938mn, up 9.1% QoQ

DLFs 3QFY15 results were muted along expected lines with revenues of Rs 19.6bn (our est. was Rs 20.2bn) declining 5% YoY and 3% QoQ. EBITDA of Rs 8.0bn was in line with strong EBITDA margins of 41% (est. 39%) owing to higher revenue bookings from premium projects.

Background: Indian Bank features among the mid-sized banks in the public sector space, as of 3QFY15 the bank had business of about INR 2,822bn. The Bank operates through a network of ~2392 branches; Indian Bank's footprint is largely skewed towards the southern states of Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. With RoA of ~0.7%, the bank features amongst the most profitable banks in the PSU space. Credit to agriculture constitutes ~18% of the loan book, while...

GAIL reported weak results led by : (1) lower profits in petchem/LPG segments due to falling realisations and usage of LT RLNG as RM (2) Inventory losses in gas tradingand (3) Rs 5bn oil UR sharing for 2QFY15 (vs Rs 0.01bn YoY). EBITDA came in at Rs 9.9bn (-57%) and consequently PAT stood at Rs 5.4bn (-61%).

GCPLs revenue grew by 12.8% YoY to ~Rs 22.4bn (inline). Key positives were (1) Aided by a lower base, HI witnessed a revival with 16% YoY revenue growth (2QFY15 : 2%) (2) Despite the high base (3QFY14 : 37%), Hair colour grew 10% YoY (3) consolidated EBITDA margins expanded 205bps YoY to 17.8% driven by lower COGS (-49bps), ad spends (-173bps) and other expenses (-24bps).

Ramco Cements (TRCL) reported a weak EBITDA/t (excl other operational income) of Rs ~583/t (vs. est. Rs 814, Rs 653 in 3QFY14). Realizations remained flat (5.7% YoY, -0.4% QoQ) with pricing in South holding on to the increases experienced in 2QFY15. But volumes shrank ~12% YoY to 1.72 mT (implied 55% utilization vs 62% a year ago). Demand remains extremely weak and industry remains hopeful of a pickup.