Call Success And Update Reports By Amar Ambani Of IIFL

Yes Bank (Q3 FY15) – BUY
CMP Rs787, Target Rs920, Upside 17.1%

• Loan growth picks-up further to 32% yoy; mix moves towards granular credit

• CASA ratio was stable; share of wholesale deposits decline sharply

• Expansion in NIM was precluded by the decline in yield of the investment portfolio

• Core fee growth remained strong; opex growth moderated a bit

• Low slippages underpinned a stable asset quality performance

• Retain BUY and raise 12-month target price to Rs920

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Talwalkars Better Value Fitness – Call Success and Update
Reco Price Rs310, Previous Target Price Rs350, New Target Price Rs405

We had revised our target on Talwalkars Better Value Fitness to Rs350 in a call update dated January 09, 2015. Stock has surpassed our target giving a total return of ~46% since our upgrade post Q2 FY15 results. We remain positive on the underlying business on prospects of higher same store sales and roll our target PE multiple on FY17 earnings; reiterate BUY for revised 9-12mth target of Rs405.

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Indusind Bank (Q3 FY15) – BUY
CMP Rs823, Target Rs950, Upside 15.5%

• Corporate loan growth remained strong; initial signs of revival in vehicle financing portfolio augurs well for consumer financing growth

• CASA improves to 34%; rapid pace of branch addition to up the ratio in the longer term

• Slight improvement in NIM was on expected lines; but likely to see material expansion in coming quarters

• Fee growth moderated; C/I ratio stable at 47% despite significant branch investments

• No negative surprises in asset quality; rather stress in CV book abating

• Retain BUY and 12-month target price of Rs950

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Marico Ltd – Call Success and Update
Reco price Rs296, Previous target price Rs365, New target price Rs402

We had revised our target on Marico to Rs329 in a call update dated September 09, 2014. We extended our target to Rs365 in Q2 FY15 Result Update released on November 10, 2014. The stock has touched the target in today’s trading session registering 23.2% returns. We remain positive on the growth prospects of the company and advise investors to hold on to the stock for a revised target of Rs402.

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Godrej Consumer Products Ltd – Call Success & Update
Reco price Rs926, Previous target price Rs1,065, New target price Rs1,173

We had recommended a BUY on Godrej Consumer in Q2 FY15 Result Update released on November 10, 2014, with a target price of Rs1,065. The stock surpassed our target in today’s trading session registering 15.1% returns from our recommended price. We remain positive on the growth prospects of the company and advise investors to continue to hold the investment for a revised target of Rs1,173.

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Infosys Ltd (Q3 FY15) – BUY
CMP Rs2,115, Target Rs2,450, Upside 15.8%

– Robust volume growth at 4.2% qoq; pricing corrected sharply though

– Retention of annual growth guidance implies modest growth in Q4 FY15

– Micro growth trends were mixed – Maintenance/IMS/BPO services, India region and BFSI/Manufacturing verticals witnessed strong growth

– Margin performance was better-than-expected; attrition has started to cool-off

– A confidence boosting quarter; upgrade rating to BUY with 12m TP of Rs2,450

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