Talwalkars Better Value Fitness Ltd. (TBVFL) reported in line numbers for Q3FY18 with net revenue and PAT growth of 10.2% & 23.2% YoY respectively. Driven by cost efficiencies, EBITDA margins expanded 17bps YoY to 45.2%.

Talwalkars reported weak Q3FY18 results that broadly remained below our estimates. Revenues increased 10.2% YoY to | 54.8 crore (below I-direct estimate of | 61.0 crore). On the margin front, the EBITDA margin expanded merely by 21 bps...

ICICI Securities Ltd | Retail Equity Research Talwalkars had made an announcement of a de-merger on November 24, 2016. The ratio was one share of Talwalkar Lifestyles (TL) for every share of Talwalkar Better Value Fitness (TBVF). The stock has turned ex-date today while the record date for the same is March 28, 2018. Consequently, Talwalkar's share price, as per yesterday's closing price, has dropped to | 198/share from | 242/share. Hence, now our target price also stands revised to | 215/share for Talwalkar Better Value Fitness....

Domestic NIM improved 8bp QoQ to 2.64%, with a 4bp decline in cost of funds and a 3bp increase in yield on advances. Loan book grew 3%/4% QoQ/YoY, impacted by muted growth in the corporate segment. Retail loans grew 5%/16% QoQ/YoY, driven by 34% YoY growth in housing loans. Other highlights: a) CASA deposits grew 19% YoY, driven by 21% YoY growth in SA deposits; average CASA ratio stood at ~44.4% v/s 44% a quarter ago and 42.1% a year ago. b) Fee income growth was strong at 15% YoY, helped by better retail fees. c) CET1 ratio of ~7.67% remains a concern ...

Lasa Supergenerics Limited (Lasa) is a vertically integrated player spanning the entire veterinary, animal and human healthcare value chain from discovery-to-delivery, with established credentials in research, manufacturing and global marketing.Lasa is a veterinary API manufacturing entity, which was acquired in April 2012. for around Rs 6 crs. OSCL acquired Lasa as a part of forward integration for some of its chemicals. From a revenue base of less than 10 crs before acquisition, Lasa has reached revenue of Rs 200 crs now The manufacturing base of Lasa is located at Mahad, in the Konkan region of Maharashtra. It specialises in...

ICICI Securities Ltd | Retail Equity Research Post surge in GNPA in Q1FY18, asset quality came in healthy with flattish NPA numbers. GNPA was at | 57631 crore and NNPA at | 34570 crore. GNPA & NNPA ratio declined 35 bps & 23 bps to...

We are positive on the company given that:-

PC Jeweller's (PCJ)sales grew strongly by 25.5% YoY to INR26.4b (est. ofINR25.5b). EBITDA increased by 52.2% YoY to INR2.7b (est. of INR2.6b),while adj. PAT grew 52.1% YoY to INR1.6b (est. of INR1.4b). Segment- wise performance: a) Domestic sales grew 40.1% YoY to INR17.6b,with the EBIT margin expanding 240bp YoY to 13.5%. Sales in the base quarter had declined 20.6% YoY due to demonetization. b) Exports grew 3.9% YoY to INR8.8b, with the EBIT margin expanding 430bp YoY to 8.7%. This is on a high base of 42.6% growth in 3QFY17. EBITDA margin expanded 180bp YoYto 10.2%, led by gross margin expansion of 160bp YoY to 14% (est. of 13.5%).

ICICI Securities Ltd | Retail Equity Research Asset quality remained healthy with flattish GNPA at | 57519 crore & NNPA at | 34076 crore. Led by growth, GNPA & NNPA ratio declined by 119 bps & 89 bps to 12.11% & 7.55%, respectively. Slippage came lower at ~| 3174 crore vs | 3460 crore in Q2FY18 NII growth came at 6.9% YoY to | 3989 crore. Other income grew 22.6% YoY to | 3082 crore, led by stake sale in home loan subsidiary. Advances surged 17% YoY, led by 22% YoY growth in domestic book...

PNB reported PPoP of INR42.4b (+29.5%/52.7% QoQ/YoY; in-line), supported by higher-than-expected other income (11% beat, even after considering PNBHF stake sale gains) and lower-than-expected opex due to controlled employee expense. Provisions of INR44.7b (35% higher) led to PBT loss of INR2.2b. Slippages moderated to INR31.7b (2.8% annualized), but strong loan growth enabled 121bp/89bp QoQ improvement in the GNPL/NNPL ratios. Coverage ratio stood largely unchanged at 40.8%. PNB needs to make total additional provisions of INR10.58b toward NCLT in 4QFY18. Stressed assets stood at INR671.3b (14.1% of advances) v/s INR728.5b as on 3QFY17. Domestic NIM for 9MFY18 shrunk 17bp YoY to 2.59%, with a 30bp decline in cost of funds and a 42bp decline in yield on advances YoY. Loan book grew 10%/17% QoQ/YoY, driven by retail, agri and MSME loans. Retail loans grew 5%/22% QQ/YoY, driven by 22% YoY growth in housing loans.

Adlabs Entertainment Ltd. (AEL) reported mixed set of numbers with higher than expected footfalls in Theme Park and Water Park which was partly offset by fall in ARPU. EBITDA margin in the quarter improved on the back of various cost cutting measures. The company's plan to monetize excess land and selling of Novotel business is on track, we expect the...

Arcotech Limited has been promoted in 1981 for manufacturing Non-Ferrous Engineering products produces all Non-Ferrous alloys i.e. Copper, Brass, Phosphor Bronze, Nickel Silver, Nickel Brass, Cupro Nickel, Aluminium Bronze, Tin Bearing Copper and Silver Bearing Copper etc. These are produced in the form of semis like ingots, strips, sheets, plates, foils, bus bars, rods as well as coin blanks, key blanks, terminals, connectors, etc. Arcotech operates out of its state of the art manufacturing facility located at Bawal, Haryana with a total installed capacity of 30,000 MTPA & has one of the largest capacities of Copper Based non-ferrous semis & is the only player to India to have all the 4 casting methods...

Zee Learn Ltd. (ZLL) reported Q3FY18 standalone revenues at INR 30.5cr (up ~20% YoY), inline with our estimate, healthy performance dispite seasoanlly weakest quarter. Gross margin were...

Compuage Infocom Limited is an information technology distribution company that distributes computer peripherals, Telecom and Power Products. CIL also provides products support services for Information Technology products and Installation and annual maintenance services for these products. CIL was founded in 1987 and has its headquarters in Mumbai. The company also has subsidiaries in Singapore. Over the last 30 years CIL has developed a strong network of over 10000 channel partners across 800 cities & is currently...

The Kochi terminal has delivered improved performance in this quarter at 10 TBTU a 15% capacity utilization as compared 12% capacity utilization. Volumes are expected to remain on similar levels until the commissioning of the Kochi Mangalore Bangalore pipeline...

We retain Buy on Karnataka Bank (KBL) and revise our TP upwards to Rs240 (valued at 1.3x FY20E ABV). Q3'18 results surprised on upside with a) strongest ever loan growth (24.1% YoY / 8% QoQ) ; b) further expansion in margins (3.04%; 25bps YoY) c) decline in slippages-run rate (1.9% annualised) and d) stressed asset portfolio down to 7%. Commentaries on each of the above key parameters remain encouraging and we have factored the same into our estimates. This is even as near-term earnings are set to remain under-pressure following accelerated provisions. We have introduced FY20 estimates and see our RoE's...

Maintain BUY with a revised TP of Rs. 1,565 (22x Sep19E). Lupins (LPC) performance in 2QFY18 was decent, and largely in-line with our estimates. The top-line declined 8% YoY, on a high base that included sales of gGlumetza and gFortamet with limited competition. However, there was sequential growth of ~2%, driven by a robust performance in the India business (up 16% YoY/24% QoQ).

Maintain BUY with a TP of Rs 300, based on 25x Sep-19 EPS. BLS International witnessed a mixed set of numbers in 2QFY18, with a miss on revenue, but beat on margins (+105bps QoQ to 23.2% vs our est. of 20%). Margin expansion was led by a greater contribution from the higher-margin Spanish Visa (~25%) and Punjab e-governance businesses (~30%). Revenue came in Rs 1.86bn, down 4.4% QoQ, led by 6.4% drop in the Visa business (~75% of rev). Visa revenue was soft, owing to seasonality. However, it is expected to revive in 2H, led by a rise in Visa applications in Spain, higher realisations led by VAS services, and contributions from new contracts.

We maintain BUY with and upgrade our TP (Rs 1,455, 12.0x Sep-19 EV/EBITDA US$138/t). Birla Corps (BCORP) numbers beat estimates (Rs 638/t, Est Rs 484, 14.2/(10.9)% YoY/QoQ). The beat was primarily on account of lower other operating expenses (Rs 1.0bn vs Rs 1.5bn run-rate in previous 2 quarters). Numbers are not comparable YoY, due to Acquired ops being included from August 22, 2016. The 2QFY18 delivery was in spite of the severe sand shortages in UP and Bihar.

Q2FY18: EID reported Q2 PAT of ~800 mn, flat YoY. Cane availability dropped 46% YoY leading to a cascading effect on production and sale of sugar and downstream products, mitigated to some extent by higher sugar realization (+10 YoY) and import of raw sugar.