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June 2, 2015

Result Updates - Glenmark Pharma, Indian Hotels, Reliance Communications, National Aluminium Co Ltd, Kalpataru Power Transmission

Glenmark Pharmaceuticals (Q4 FY15) - BUY
CMP Rs861, Target Rs1,000, Upside 16.2%
  • Revenues, margin in line but PAT marred by one off settlement claim in US
  • US portfolio is set for strong rebound on back of key upcoming launches including Zetia
  • Revise estimates but maintain conviction BUY with fresh 9-12mth target of Rs1,000
Click here for the detailed report on the same.
Indian Hotels (Q4 FY15) - Accumulate
CMP Rs101, Target Rs110, Upside 8.8%
  • Sluggish demand environment, supply growth lead to modest 5.7% yoy rise in standalone Q4 revenues
  • Q4 and FY15 margins under pressure on the back of negative operating leverage headwind
  • Lackluster performance likely to continue until ARRs, occupancies show traction; retain Accumulate
Click here for the detailed report on the same.
Reliance Communications (Q4 FY15)
CMP Rs66, Target Rs70, Upside 6.5%
  • Q4 revenues at +4.8% qoq ahead of estimate on sequential growth in India and global operations
  • India traffic growth up robust 4.5% qoq while voice pricing declines; India EBIDTA margin fell 60bps qoq while Global EBIDTA margin jumps ~850bps qoq
  • Lacks near term triggers would potentially restrict stock upside; retain Accumulate with revised 9-12mth target of Rs70
Click here for the detailed report on the same.
National Aluminium Co Ltd (Q4 FY15) - BUY
CMP Rs48, Target Rs62, Upside 26.5%
  • NALCO’s operational numbers were lower than our estimate due to lower external alumina sales
  • Alumina sales volume declined 24% yoy due to delay in shipment and higher internal consumption
  • Aluminium production improved by 7.8% yoy due to improving coal supply
  • Operating profit of Rs4.3bn was lower than our estimate due to a miss in alumina sales
  • Alumina sales to drive earnings; Maintain BUY with a price target of Rs62
Click here for the detailed report on the same.
Kalpataru Power Transmission Ltd (Q3 FY15) - Accumulate
CMP Rs222, Target Rs240, Upside 8.1%
  • KPTL’s standalone results were disappointing on account of 7% decline in revenue
  • The decline in topline was largely due to shrinking order book and a miss in execution in the Transmission & Distribution (T&D) space
  • Margins improved marginally by 33bps to 9.8%, lower than our estimate
  • Order inflow at Rs. 845cr in Q4 FY15 was largely on account of orders in the T&D space and from the MENA region. The company is also L1 in orders worth Rs. 2,000cr
  • Management remained confident of delivering margins above 10% in FY16 and 15% growth in topline for the standalone entity
  • Near term earnings to remain subdued; Maintain Accumulate with a price target of Rs240
Click here for the detailed report on the same.

Warm Regards,
Amar Ambani
Head of Research, IIFL

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