Accumulate TVS Motor Company Ltd For Target Rs.313.00 – Angel Broking Pvt Ltd

Performance Highlights Operating performance marginally below estimates; lower other income further dents profitability: TVS Motor (TVSM)’s 3QFY2015 results have come in below our estimates as continued pressure on margins and lower other income impacted profitability. Revenues grew 29% yoy to `2,653cr, mainly driven by volumes (up 26% yoy) while the…

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United Phosphorus Ltd To Outperformer with a Target Rs.532.00 – IDFC Securities Ltd

Q3FY15 result highlights *  Cons. revenues grew by a strong 15% yoy to Rs30.5bn (est., Rs29.1bn), led by strong growth in India (+25%), RoW (+22%) and Latam (+14%). Europe (+2%) and North America (+3%) were weak. Overall, 16% of growth was driven by volumes and 2% by price. However, there…

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