CMP: Rs104, 1-yr Target: Rs125, Upside: 20.2%
² Revenues at Rs. 5,955cr were higher than our expectations and represented a growth of 32.2% yoy and 45.8% qoq
² Volumes were higher by 28.8% yoy and blended realizations increased by 2.6% yoy; Sequentially volumes were higher by 42% and realizations increased by 2.7%
² OPM at 12.6% was higher than our estimates and represented a growth of 250bps yoy and 213bps qoq, gross margins were higher by 180bps yoy but were lower by 17bps qoq
² Reported PAT was at Rs77cr was lower than our estimates but was impacted by impairment of investments in subsidiaries and JV
² M&HCV volume growth is expected to continue while LCV demand is expected to recover in FY17 driven by low base and economic revival, pre-buying for Bharat IV norms will provide additional thrust
² Upgrade to BUY rating with a 9-12 month price target of Rs125
Amar Ambani
Head of Research
IIFL
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