Yes Bank Ltd
31/10/2014 Result Updates
Yes Bank reported a good set of numbers for 2QFY2015. Its NII grew by 27.4% yoy, aided by 30% growth in loan book as well as due to substantial capital raising to the tune of $500mn. This led to an increase in the NIM to 3.2% as against 3.0% in 1QFY2015. The bank’s asset quality performance has been reasonable so far. The Management has mentioned that with macro economic situation and domestic sentiment improving, bank expects better business opportunities in future. Going forward, with an improving liability franchise, strong capital adequacy and lowest NPA ratio in the industry, we expect Yes Bank to deliver a CAGR of 21.7% in earnings for FY14-16E. Currently the stock trades at 2.0x FY2016E ABV. We recommend a Buy rating on the stock, with a target price of Rs774.
   Tech Mahindra Ltd
31/10/2014 Result Updates
For 2QFY2015, Tech Mahindra posted marginally better-than-expected numbers on the top-line front, while the net profit came in below expectations. The company posted a revenue of US$900mn (V/s an expected US$890mn), a qoq growth of 5.2%. Revenue in Constant Currency (CC) terms rose 6.2% qoq. On the operating front, the EBIT margin came in at 17.4% (V/s an expected 17.2%), an expansion of ~220bp qoq, on lower employee costs during the period. Thus, the net profit came in at Rs720cr (V/s an expected Rs748cr) a 14.1% qoq growth. The net profit was impacted by a forex loss of Rs45.8cr, incurred during the quarter. We maintain our Buy recommendation on the stock with a price target of Rs2,887.
   Mangalam Cement Ltd
31/10/2014 Result Updates
For 2QFY2015, Mangalam Cement (MCL)s top-line grew robustly by 61.9% yoy to Rs240cr on back of commissioning of new capacity, strong volume growth and stable realizations. On the EBITDA front, the companys margin improved by 480bp yoy to 9.7%. Consequently, the net profit improved by 80% yoy to Rs4.6cr, but the same was lower than our estimate owing to a higher interest expense. Going ahead we expect the companys bottom-line to improve at a CAGR of 64% over FY2014-16E due to healthy realizations and strong volume growth. We maintain our Buy recommendation on the stock considering its attractive valuation of EV/tonne of $49 (on FY2016 3.25mn tonne capacity). We have assigned a multiple of 6.5x EV/EBITDA to arrive at a target price of Rs337.
   Blue Star Ltd
31/10/2014 Result Updates
For 2QFY2015, Blue Star reported a decent set of numbers, posting a 9.1% yoy increase in top-line to Rs638cr. On the operational front, net raw material cost as a percentage of sales declined by 154bp yoy to 68.8% while employee cost as a percentage of sales remained flat. But other expenses as a percentage of sales increased by 228bp yoy to 17.9% on account of increase in advertising and selling expenses. As a result, the EBITDA margin for the quarter declined by 63bp yoy to 3.2%. Owing to a 17.4% yoy decline in interest expense to Rs11cr and 34.4% yoy increase in other income to Rs8cr, the net profit for the quarter came in at Rs9cr vis-à-vis Rs8cr in the same quarter of the previous year. We maintain our Accumulate rating on the stock with a revised target price of Rs376 based on a target EV/sales of 1.0x for FY2016E.
   Jagran Prakashan Ltd
30/10/2014 Result Updates
For 2QFY2015, Jagran Prakashan (JPL)s top-line growth was in line with our expectation while its bottom-line reported a strong growth. Both advertising and circulation revenue showed recovery during the quarter. The companys performance was particularly strong on the profitability front owing to a healthy operating performance and higher other income. We maintain our Buy rating on the stock.
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