* Maintain Outperform, Target `1825
* Reasonable Q1 performance as operating leverage drives PAT
* Working capital, inflows, and margins performance strong in Q1
* Key Ind-As changes; no permanent impairment in profitability:
* Expected credit loss is non-cash charge and would stabilise with Wcap
* Working cap interest and bad debt provisions already carry it
CITI ON L&T
* Maintain Buy, Target `1773
* Estimate comparisons are meaningless due to the accounting change
* Results ahead if we add back expected credit loss provision, shipbuilding inventory writedown
* FY16 standalone & consolidated EPS could be reset 7% & 14% down
* Consolidated YoY comparisons suggest solid business momentum
* Weakness due to this change in accounting is an opportynity to buy
MS ON L&T
* Raise target to `1806 from `1596, Maintain Overweight
* Adjusted for the INDAS impact results were reasonable
* Margins and stability in working capital make up for revenues and orders
* Lower revenue forecasts down 1-3% and F17-18 EPS down 5-7%
* Given the increase in market multiple, target price goes up by 13%
JEFFERIES ON L&T
* Maintain Buy, Target `1750
* Restated 1QFY16 revenues are in-line with the earlier one while EBITDA, PAT lower
* L&T's YoY EBITDA and PAT growth are very strong in 1Q on restated
* Absolute FY16 EBITDA and PAT could be lower by 16-21% if extrapolated
EDELWEISS ON L&T
* Cur target to `1650 from `1750, Maintain Buy
* Ind-AS required much higher-than expected provisioning
* Business outlook indicates a slow and steady improvement
* Trim FY17/18E EPS ~20% each building in the Ind-AS impact
* Interim results appear good on what probably may be a new goal post
IDFC ON L&T
* Downgrade to Neutral from Outperform, Target 1646
* Earnings were impacted by inventory write-off in shipbuilding business
* Earnings impacted due to loss provisions in the hydrocarbons business
* Downgrade of 9.4%/7.7% in FY17E/FY18E earnings due to Ind AS
KOTAK ON L&T
* Maintain Reduce, Target `1500
* Weak Q1 led by Ind AS changes and expected credit loss
* Company has to be book an expected credit loss provision as per Ind AS
CLSA ON ICICI BANK
* Maintain Buy, Target `320
* Results below estimates due to a weak top line and a rise in credit costs
* Believe that exposure to mining and non-fund exposure to NPLs is at risk
* Slippages stay high while deleveraging will be key for the bank
* Cut estimates by 3-5% to build in slower top line growth and higher provisions
* Maintain Buy given a strong deposit franchise and well-capitalised levels
JP MOGRAN ON ICICI BANK
* Maintain Neutral, Target `240
* Cut our estimates for FY17 by ~10% on higher provisions
* In the near term, the stock could give up some of the recent gains
* Asset stress means that our two to three- quarter outlook remains cautious
* Cut our margins as we expect NIM pressure to continue due to accelerated NPL recognition
MACQUARIE ON ICICI BANK
* Maintain Neutral, Target `262
* Q1 above consensus estimates due to treasury gains, asset quality challenges remain
* Factored close to `25,000 cr of provisions over the next two years
* Don't see the stock getting re-rated unless credit costs come down substantially
CLSA ON NESTLE
* Downgrade to Sell from Underperform, Target `6000 from `5650
* Results below our estimates mainly due to lower-than-expected revenues
* While Nestle is on the path to recovery, we believe this is mostly priced in
* Stock trades at 45x 1-year forward earnings; Cut CY16-18CL EPS by ~2%
JP MORGAN ON NESTLE
* Maintain Neutral, Target `6000
* Operational performance below expectations
* Find valuations at 55x/46x CY16/17E steep and pricing in the optimism
* Sequential decline in domestic sales was surprising give Maggi improvement
CLSA ON DR LAL PATHLABS
* Maintain Buy, Target `1140
* Consistent volume growth of 15% YoY and ~2% increase in realisations
* Expect an earnings Cagr of 25% over FY16-19 on strong FY17 start
* Consistent growth in existing clusters, new expansion on track
JP MORGAN ON VEDANTA
* International zinc and iron ore operations reporting better-than-expected numbers
* Aluminum record quarterly production and Iron ore also ramps up well
* Aluminum and iron ore ramp up; zinc should ramp up in 2H
* Aluminum CoP affected by green energy cess and one-off power cost increase
* Cost guidance by management implies reduction in costs
* Increased domestic coal availability is a key positive
JP MORGAN ON PIDILITE
* Maintain Neutral, Target `600
* Earnings beat on strong margin performance while volume growth is healthy
* Stock valuations post the recent run up at 45x FY17 PE are steep
* Given recent firming up of RM prices, we expect margins should moderate ahead
HSBC ON UPL
* Maintain Buy, Target `645
* Maintaining FY17 sales growth guidance of 12- 15% remains comfort factor
* India growth bounce back evident after strong July rains
* 'Unizeb' should continue to drive growth in Brazil
* Margin expansion guidance stays at 60-100bps by management
MS ON GODREJ CONSUMER
* Maintain Equal Weight, Target `1375
* In line earnings while volume trends disappoint
* Sluggish growth in the domestic business; Strong margins in the international business
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