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Initiating Coverage | Dec 15th 2017

Ruchira Papers Ltd

CMP : 188Target Price : 244

Ruchira Papers Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The companys white writing and printing paper is used in making notebooks and writing material, while the colored paper is used in the fabrication of spiral notebooks, wedding cards, shade cards, childrens coloring books, etc. Its Kraft paper is utili..

Initiating Coverage | Nov 28th 2017

CMP : 317Target Price : 400

Century Plyboards India Ltd (CPIL) is a plywood manufacturer dealing in plywood, laminates, MDF (Medium Density Fibreboard) and others with presence across India and overseas. CPIL is also engaged in logistics business through management of a container freight station. We expect CPIL to report net revenue CAGR of ~17% to ~`2,896cr over FY..

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Result Updates | Nov 28th 2017

Ipca Laboratories Ltd

CMP : 533
Target Price : 570

IPCA Labs posted results lower than expected for 2QFY2018 mainly on the OPM and net profit front. In sales, the company posted sales of `864cr, a yoy de-growth of 2.3% v/s. `884cr for 2QFY2017, but mostly in line with the expected sales of `870cr. On OPM front, the company posted EBITDA of 17.2% (v/s. 20.5% expected) v/s. 15.3% in 2QFY201..

Result Updates | Nov 24th 2017

Sun Pharmaceuticals Industries Ltd

CMP : 535
Target Price : 615

For 2QFY2018, sales came in at `6,590cr (`7,118cr expected) v/s. `7,764cr in 2QFY2017, a yoy de-growth of 15.1%, following a decline in US sales (which was impacted on the back of pricing pressures and base effect). On operating front, the EBITDA margins came in at 20.0% as expected v/s. 34.3% in 2QFY2017, mainly on the back of lower sale..

Result Updates | Nov 24th 2017

Dr Reddys Laboratories Ltd

CMP : 2,361
Target Price : 2,040

Dr Reddy’s Labs (DRL) posted poor results for 2QFY2018, which were much lower than expectations. The sales came in at `3,546cr (`3,700cr expected) v/s. `3,586cr, a yoy de-growth of 1.1%. Global Generics at `2,862cr, posted a yoy de-growth of 1.0%, while PSAI at `119cr, registering a yoy de-growth of 2.0%. On operating front, the EBDITA ca..

Result Updates | Nov 24th 2017

Indoco Remedies Ltd

CMP : 280
Target Price : 136

For 2QFY2018 Indoco Remedies sales came in at `280cr, in line with expectations, posting a yoy growth of 1.3%. The growth was impacted by lower exports, mainly on the back of US (` post a 69.5% yoy dip in sales). Indian Formulation sales posted 11.5% yoy growth. On operating front, the EBITDA margins came in at 12.9% (11.8% expected) v/s...

Result Updates | Nov 24th 2017

Cadila Healthcare Ltd

CMP : 443
Target Price : 411

Cadila Healthcare posted good set of numbers for 2QFY2018. Sales came in at `3,155cr (`2,800cr expected) v/s. `2,336cr in 2QFY2017, a yoy growth of 35.0%, mainly driven by 66.2% growth in sales of US formulations. On operating front, the EBITDA margins came in at 24.7% (21.3% expected) v/s. 21.4% in 2QFY2017, on the back of higher than ex..

Result Updates | Nov 22nd 2017

UPL Ltd

CMP : 754
Target Price : 805

UPL posted robust numbers for 2QFY2018. In sales, the company posted gross revenues of `3,770cr v/s `3,541cr in 2QFY2017, growth of 6.5% yoy. The sales growth was driven by volume (11% yoy), while price dip was 2% and exchange losses deducted 3% from the top-line rise. On EBITDA front, the company posted an EBITDA of 18.0% v/s 15.5% in 2Q..

Result Updates | Nov 22nd 2017

Rallis India Ltd

CMP : 230
Target Price : 189

For 2QFY2018 Rallis India (Rallis) reported a yoy growth of 9.1% in sales to `588cr (v/s. `539cr in 2QFY2017). The performance of Rallis was impacted during the quarter on the back of transition to GST and high channel inventory. On the operating front, the OPM came in at 20.8% (v/s. 17.8% in 2QFY2017). Owing to lower sales growth the Adj..

Result Updates | Nov 20th 2017

Aurobindo Pharma Ltd

CMP : 708
Target Price : 823

For 2QFY2018, Aurobindo Pharma (APL) posted numbers slightly higher than expected sales, OPM and net profit fronts. On sales front, the company posted sales of `4,354cr (v/s. `4,200cr expected) v/s. `3,715cr in 2QFY2017, a yoy growth of 17.3%. On the operating front, the EBITDA margin was almost flat at 23.8% (v/s. 25.4% expected) v/s. 23..

Result Updates | Nov 20th 2017

Glaxosmithkline Pharma Ltd

CMP : 2,511
Target Price : 2,000

GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 2QFY2018. The revenues came in at `836cr v/s. `800r expected, registering a yoy growth of 4.6%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at 23.0% (v/s. 15.3% expected) as compared to 17.6% in ..

Result Updates | Nov 20th 2017

Cipla Ltd

CMP : 609
Target Price : 462

Cipla posted lower than expected results on all fronts for 2QFY2018. In Rupee terms, revenues came in at `3,988r v/s. `4,243cr expected, up 8.6% yoy. Domestic sales posted a growth of 10.2% yoy; while exports grew by 7.5% yoy. On the operating front, the EBITDA margin came in at 17.8% (19.7% expected) v/s. 16.4% in 2QFY2017; a yoy expans..

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