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Sharekhan

The net sales grew by 36.1% year on year (yoy) to Rs87.3 crore (ahead of our expectation of Rs80.2 crore) on the back of the strong performance of the company’s pillar brands (Sugar Free, Everyuth and Nutralite) and the new variants recently launched. Sugar Free continues to dominate the market while the Everyuth range of [...]

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Thermax’ Q1FY2011 results were above our expectations on almost all fronts due to a strong growth in its top line. The net income from the operations increased by 49% year-on-year (y-o-y) to Rs778.8 crore against our expectation of Rs634.2 crore due to a robust growth in both the energy and the environment division. The environment [...]

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BASF India –Hold- Sharekhan

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BASF India’s stand-alone Q1FY2011 net profit came in at Rs48.9 crore, up 19% year-on-year (y-o-y). However the results are not strictly comparable due to consolidation of the financials of Ciba India. The net sales for the quarter were up by 72.7% y-o-y to Rs659.84 crore, driven by a 1.6x year-on-year (y-o-y) rise in the revenue [...]

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Indian Hotels –Buy- Sharekhan

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The Q1FY2010 (stand-alone) performance of Indian Hotels Company Ltd (IHCL) and the other hotel companies was adversely affected by a bleak macro environment and the outbreak of swine flu in India. However, things had improved significantly in the subsequent quarters with an improvement in the global macro environment. Hotel companies (including IHCL) had posted a [...]

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Cadila Healthcare –Buy- Sharekhan

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Cadila Healthcare (Cadila)’s recent Para IV filing of Lialda could lead to an incremental earnings per share (EPS) of Rs6-7 upon the launch (patent expiry in 2020) whereas the recently-approved Anastrazole (a breast cancer drug with shared exclusivity) would fetch in a decent Rs2-3 for the same. We think the market is yet to factor [...]

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Sun Pharma –Buy- Sharekhan

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Sun Pharmaceuticals (Sun) has announced patent settlement with Orion Corporation (Orion) for the generic version of Stalevo ($120 million revenue) and Comtan ($90 million revenue), which are used in the treatment of Parkinson’s disease. Under the terms of the settlement, Sun will be able to launch the generic version of Stalevo (for strength of 25/100/200mg [...]

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Unity Infraprojects –Buy- Sharekhan

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Unity Infraprojects (Unity)’s performance in Q4FY2010 was above our estimates. The net profit grew by 31.5% year-on-year (y-o-y) to Rs27.7 crore on the back of an impressive revenue growth of 28.6% y-o-y to Rs493 crore. For the full year, FY2010, the revenue and the profit after tax (PAT) grew by 30.6% y-o-y and 22.2% y-o-y [...]

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Network 18 Media -Book Out- Sharekhan

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Network18 including its constituent businesses faced an extremely tough time over the past two financial years with the advertisement market plummeting during the period. With most of the group’s businesses in investment mode at that time, the group as a whole had faced heavy cash losses, had high financial leverage and gone in for a [...]

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IDBI Bank –Buy- Sharekhan

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IDBI Bank has reported a net profit of Rs318.4 crore for Q4FY2010, up 1.5% year on year (yoy). The muted bottom line growth in spite of a strong net interest income (NII) growth was due to over four-fold increase in the provisions for the quarter. The advances growth continued to remain strong, growing by 33.6% [...]

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3i Infotech –Buy- Sharekhan

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3i Infotech’s Q4FY2010 net income of Rs56.4 crore adjusted for a depreciation write-back of Rs28 crore related to the kiosk business was largely in line with our estimate of Rs55.4 crore. The net sales grew by 5.4% quarter-on-quarter (q-o-q) to Rs628.3 crore. In terms of the segment, the net sales from the software products segment [...]

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