21-Apr-2021Research Reports

Swaraj Engines’ (SWE) Q4FY21 revenue was below estimates on lower volumes.

View Reports

HDFC Bank’s (HDFCB) Q4FY21 PAT was in line at Rs 82bn (+18% YoY) and asset quality was stable with GNPA ratio at ~1.3% despite the SC vacating its stay on NPA recognition.

View Reports

Mindtree (MTCL) reported a strong Q4FY21 performance with dollar revenue growth of 5.2% QoQ, ahead of estimates.

View Reports

Wipro (WPRO) delivered an upbeat QoQ performance in Q4FY21 with 3% CC revenue growth, ahead of our estimate of 2.6%.

View Reports

Infosys’ (INFO) Q4FY21 revenue growth of 2% CC QoQ was in line with our estimate of 1.9%, with the company also posting robust TCV of US$ 2.1bn.

View Reports

Coforge has acquired 60% stake in SLK Global Solutions – a BPM and digital solutions company for the financial services industry.

View Reports

We initiate coverage on Bandhan Bank (Bandhan) with ADD and a Mar’22 TP of Rs 375 based on 2.4x FY23E P/BV.

View Reports

TCS’s Q4FY21 revenue growth of 4.2% QoQ CC was broadly in line with our optimistic estimates in a seasonally weak quarter.

View Reports

We expect AU Small Finance Bank’s (AUBANK) longstanding expertise in vehicle finance and successful extension into secured business loans to aid a 22% loan CAGR over FY20-FY23.

View Reports

Key takeaways from our interaction with the management of Greenpanel Industries (GREENP)

View Reports

Key takeaways from our interaction with the management of Greenply Industries (GIL).

View Reports

Key takeaways from our interaction with the management of Balrampur Chini Mills (BRCM).

View Reports

The Capco acquisition, Wipro’s (WPRO) largest to date, for a cash consideration of US$ 1.45bn is another of CEO Thierry’s bold moves to achieve industry-leading growth.

View Reports

We hosted virtual investor meetings with V Krishnakumar, COO of Eris Lifesciences (ERIS).

View Reports

Domestic MDF demand remains strong in Q4FY21 backed by higher purchases of readymade furniture, a shift away from low-end plywood and continued slowdown in imports (25-30% of the total market).

View Reports

Info Edge (INFOE) reported a 15% YoY sales decline in Q3FY21.

View Reports

Mayur Uniquoters’ (MUNI) Q3FY21 standalone revenue swelled 31% YoY to a record Rs 1.6bn.

View Reports

ONGC’s Q3FY21 EBITDA at Rs 65bn (–47% YoY) underperformed estimates owing to higher operating costs.

View Reports

Ashok Leyland (AL) reported a weak Q3FY21 as revenue at Rs 48.1bn fell 5% short of our estimate.

View Reports

Petronet LNG’s (PLNG) Q3FY21 EBITDA outperformed estimates at Rs 13.4bn (+21% YoY).

View Reports

Greenply Industries’ (GIL) consolidated Q3FY21 revenue dipped 2% YoY, bettering our estimate of a 6% drop.

View Reports

MRF delivered Q3FY21 revenue as per projections but above-expected gross margins led to a beat on both EBITDA (+58% YoY to Rs 9.6bn) and operating margins (21.1% vs. 16.2% estimated).

View Reports

SpiceJet’s (SJET) Q3FY21 revenue plunged 54% YoY to Rs 16.9bn.

View Reports

Century Plyboards’ (CPBI) standalone revenue rose 10% YoY in Q3FY21, with plywood/MDF up 11%/21% YoY.

View Reports

GAIL’s Q3FY21 PAT was in line at Rs 14.9bn (+24% YoY) aided by an improved operating performance across segments (ex-trading).

View Reports

TCI Express’s (TCIEXP) Q3FY21 revenue missed estimates (–2% YoY vs. +5% est.) but strong EBITDA margin gains (+450bps YoY) yielded a solid earnings beat (+32% YoY vs. +9% est.).

View Reports

Eicher Motors (EIM) reported in-line Q3FY21 revenue and a slight beat on EBITDA margins (23.5% vs. 21.4% estimated), led by better operating efficiencies.

View Reports

Balkrishna Industries (BIL) posted healthy volume growth of 17% YoY to 59.8k MT in Q3FY21, 8% ahead of our projections.

View Reports

VRL Logistics’ (VRLL) Q3FY21 print had many positives – (1) strong EBITDA growth (+24% YoY), (2) sustained GT realisations despite muted volumes, and (3) buyback of Rs 600mn.

View Reports

Gujarat Gas’ (GUJGA) Q3FY21 performance sustained the traction seen in Q2, with adj. PAT doubling YoY to Rs 3.9bn.

View Reports

Container Corp’s (CCRI) Q3FY21 revenue was a beat but EBITDA met our estimates.

View Reports

Alkem Labs’ Q3FY21 was in line, with sales/EBITDA growth at 6%/17% YoY.

View Reports

M&M’s (MM) Q3FY21 revenue was in line at Rs 140.6bn (+16% YoY).

View Reports

Hero MotoCorp’s (HMCL) Q3FY21 operating performance beat estimates due to above-expected gross margins.

View Reports

Somany Ceramics’ (SOMC) consolidated revenue grew 13% YoY to Rs 4.9bn in Q3FY21 as tile volumes grew 12%.

View Reports

State Bank of India’s (SBIN) Q3FY21 PAT declined 7% YoY to Rs 52bn on a 5% dip in operating profit.

View Reports

A lack of fresh content weighed on Inox Leisure’s (INOL) footfalls in Q3FY21, yielding paltry revenue Rs 149mn.

View Reports

Apollo Tyres (APTY) delivered an operational beat in Q3FY21.

View Reports

Transport Corp’s (TRPC) Q3FY21 print beat estimates on all fronts.

View Reports

Astral Poly Technik’s (ASTRA) consolidated revenue grew 35% YoY in Q3FY21, backed by 42% growth in the adhesives segment and a 33% uptick in pipes.

View Reports

PI Industries’ (PI) revenue/EBITDA growth of 37%/48% YoY beat estimates by 13%/9%.

View Reports

With higher revenue growth in the mechatronics & aftermarket division, Minda Corp’s (MDA) Q3FY21 topline increased 7% YoY to Rs 7.2bn.

View Reports

Cera Sanitaryware (CRS) reported a 3% YoY decline in consolidated revenue for Q3FY21, with the sanitaryware segment down 5% due to production issues.

View Reports

Finolex Industries’ (FNXP) Q3FY21 revenue grew 53% YoY, aided by a 15% rise in PVC resin volumes while pipe volumes increased 5%.

View Reports

Ajanta Pharma (AJP) reported yet another excellent quarter with Q3 revenue/ EBITDA growth of 15%/30% YoY to Rs 7.5bn/Rs 2.4bn, surpassing our estimates by 11%/14%.

View Reports

Escorts (ESC) reported Q3FY21 revenue at Rs 20bn (+24% YoY) and above-estimated operating margins at 18%.

View Reports

ICICI Bank’s (ICICIBC) Q3FY21 PAT at Rs 49.3bn (+19% YoY) beat estimates on strong 17% growth in operating profit.

View Reports

UPL reported a mixed Q3 with in-line EBITDA and a 9% sales miss.

View Reports

Mahindra Logistics’ (MLL) Q3FY21 consolidated revenue grew by a strong 15% YoY led by SCM (+24%) while the mobility segment lagged (–60%).

View Reports

Dr Reddy’s (DRRD) reported a Q3 operational miss after a strong H1.

View Reports

Tech Mahindra (TECHM) posted 2.8% QoQ CC revenue growth and 150bps EBITDA margin expansion, bettering our estimates for Q3FY21.

View Reports

Sun Pharma (SUNP) reported a healthy ex-Taro EBITDA beat of 5% in Q3FY21.

View Reports

Cipla reported a Q3 sales/EBITDA beat of 8%/14% steered by (1) India (Rx up 25% YoY), EU & ROW sales, and (2) cost control (–10% YoY, flat QoQ).

View Reports

IndusInd Bank (IIB) reported higher PAT of Rs 8.3bn (Rs 6.1bn est.) on below-estimated provisions.

View Reports

eClerx (ECLX) reported a substantial topline beat in Q3FY21 backed partly by Personiv revenues flowing in and robust CLX business.

View Reports

Pidilite Industries (PIDI) reported healthy Q3FY21 consolidated revenue growth of 19% YoY, supported by a 22%/12% rise in standalone C&B/B2B volumes.

View Reports

Persistent Systems (PSYS) reported a surprisingly strong set of numbers in Q3FY21, with dollar revenue growth at 7.4% QoQ.

View Reports

Laurus Labs reported another solid beat in Q3FY21 fuelled by strong growth in the API and synthesis segments.

View Reports

Lupin’s (LPC) EBITDA was boosted by one-time licensing income (Rs 700mn est.).

View Reports

RBL Bank’s (RBK) PAT was largely in line at Rs 1.5bn.

View Reports

Eris Lifesciences (ERIS) reported a healthy Q3 with a 3% revenue beat led by superior execution on the core cardio-metabolic and VMN portfolios (~78% of sales).

View Reports

Coforge reported a robust Q3FY21 performance, marked by 3.3% QoQ CC revenue growth led by the BFS and travel verticals.

View Reports

TVS Motor’s (TVSL) Q3FY21 revenue was marginally better than estimated due to above-expected ASP.

View Reports

InterGlobe Aviation’s (IndiGo) Q3FY21 RASK stood at Rs 3.2.

View Reports

Maruti (MSIL) reported Q3FY21 earnings of Rs 19bn backed by higher other income and a lower tax rate.

View Reports

Canara Bank’s (CBK) Q3 PAT of Rs 7bn beat our estimate on strong 47% YoY growth in operating profit.

View Reports

Axis Bank’s (AXSB) Q3FY21 PAT of Rs 11.2bn (–36% YoY) was marred by high provisions.

View Reports

Greenpanel Industries’ (GREENP) Q3FY21 consolidated revenue grew 34.5% YoY aided by a 44% increase in the MDF segment.

View Reports

Supreme Industries’ (SI) Q3FY21 revenue grew 34% YoY, aided by a 10% rise in volumes.

View Reports

While the third quarter is typically its best season, V-Mart Retail (VMART) reported a Q3FY21 revenue decline of 16% YoY to Rs 4.7bn due to continued Covid-19 headwinds.

View Reports

Kotak Bank’s (KMB) Q3FY21 PAT of Rs 18.5bn (+16% YoY) was backed by strong 29% growth in operating profit.

View Reports

Q3FY21 highlights: (a) RIL’s EBITDA was in line with estimates at Rs 216bn (–5% YoY, +14% QoQ) as Oil-to-Chemicals (O2C) and RJio met expectations while retail outperformed.

View Reports

DCB Bank’s (DCBB) Q3FY21 PAT of ~Rs 1bn beat estimates on higher treasury income and contained opex.

View Reports

Mphasis (MPHL) reported dollar revenue growth of 2% QoQ in Q3FY21, in line with estimates but lagging behind peers.

View Reports

Kajaria Ceramics (KJC) posted an above-expected Q3FY21 with 13% YoY revenue growth and volumes up 11%.

View Reports

JK Tyre (JKI) surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand as well as above-expected gross margins which could stem from low-cost inventory.

View Reports

Bajaj Auto’s (BJAUT) Q3FY21 revenue was in line with projections.

View Reports

L&T Infotech’s (LTI) Q3FY21 dollar revenue growth was strong at 5.8% QoQ due to an uptick in the manufacturing and BFS verticals.

View Reports

Federal Bank (FB) reported above-estimated PAT of ~Rs 4bn (–8% YoY) on lower provisioning than forecast.

View Reports

CEAT surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand and above-expected gross margins which could be a function of low-cost inventory.

View Reports

Alembic Pharma (ALPM) reported a 12% EBITDA miss due to weak sales.

View Reports

Mindtree (MTCL) reported a strong Q3FY21 performance with dollar revenue growth of 5% QoQ and EBIT margin at an all-time high of 19.6% (+230bps QoQ).

View Reports

HDFC Bank’s (HDFCB) Q3FY21 PAT of Rs 88bn (+18% YoY) was led by strong 17% growth in operating profit.

View Reports

PVR (PVRL) reported paltry revenue of Rs 454mn (–95% YoY) in Q3FY21 as a lack of content and the 50% capacity cap weighed on footfalls.

View Reports

HCL Tech (HCLT) reported 4.4% QoQ dollar revenue growth in Q3FY21, outperforming our 3.2% estimate.

View Reports

Wipro (WPRO) delivered an upbeat QoQ performance in Q3FY21 with 3.4% CC revenue growth, ahead of our estimate of 2.7%.

View Reports

Infosys’ (INFO) Q3FY21 dollar revenue growth of 6.2% QoQ beat our estimate of 3.5%, with the company also posting its highest-ever TCV of US$ 7.1bn.

View Reports

GNA Axles (GNA) posted a strong set of results in Q3FY21 with revenue up 29% YoY.

View Reports

TCS’s QoQ dollar revenue growth of 5.1% beat street estimates (~3.1%) in a seasonally weak quarter.

View Reports

Demand for MDF has bettered expectations since unlocking of the economy in Q3FY21 as the pandemic has boosted consumption of readymade furniture.

View Reports

We recently interacted with the management of Balrampur Chini Mills (BRCM).

View Reports

We recently interacted with the management of TCI Express.

View Reports

PVR’s (PVRL) board has recently approved a capital raising plan of upto Rs 8bn, through equity issuance, quasi-equity instruments, or debt instruments.

View Reports

Key takeaways from our recent interaction with the Petronet LNG (PLNG) management.

View Reports

eClerx (ECLX) has acquired Personiv – an IT services firm with capabilities in the digital, back office and customer contact domains – for a cash consideration of US$ 34mn.

View Reports

Having aggressively penetrated the OEM segment, TVS Srichakra (TVSS) now intends to focus on the aftermarket through an elaborate brand building exercise.

View Reports

Easing of Covid restrictions (incl. international travel) and likely reinstatement of Boeing 737s into the fleet will remain growth catalysts for SpiceJet (SJET), though rising crude prices could impede earnings.

View Reports

Eris Lifesciences’ (ERIS) earnings are at inflection point and we expect a 16% EBITDA CAGR over FY21-FY24 (vs. 8%, FY18-FY21).

View Reports

In our view, the gRevlimid settlement is positive for Cipla’s stock given the market was not factoring in potential upside sooner from this opportunity.

View Reports

L&T Infotech’s (LTI) analyst meet focused on cloud and data products which are expected to be the new growth engines.

View Reports

UPL’s stock corrected over 15% today after a report by ET Prime cited a whistleblower complaint alleging that promoter Jaidev Shroff along with family members has siphoned off money.

View Reports

We outline key highlights from our interaction with the management of Greenply Industries (GIL).

View Reports

We present key takeaways from our recent interaction with the V-Mart Retail management (VMART).

View Reports

Mindtree (MTCL) is optimistic about achieving above-industry growth, aided by a new three-year ‘4×4×4’ strategy aimed at narrowing its focus on four verticals, service lines and markets each.

View Reports

We present key takeaways from our recent interaction with the Indraprastha Gas (IGL) management.

View Reports

MRF Tyres (MRF) has rallied ~30% in the last three months and is currently trading at 25x Sep’22E EPS.

View Reports

In its analyst meet today, Tech Mahindra (TECHM) emphasised its focus on reviving growth and appeared optimistic about demand traction and margins.

View Reports

Key takeaways from our interaction with the management of Greenpanel Industries (GREENP).

View Reports

Apollo Tyres (APTY) delivered a Q2FY21 beat and has rallied 40% in the last three months due to domestic volume visibility, a better Europe performance and steady margin outlook.

View Reports

Wipro’s (WPRO) analyst meet was focused on a slew of strategic changes being implemented by its new CEO.

View Reports

ONGC’s Q2FY21 EBITDA at Rs 84bn (–36% YoY) outperformed estimates on account of lower operating costs.

View Reports

Mahanagar Gas’s (MAHGL) Q2FY21 PAT outperformed at Rs 1.4bn (–46% YoY, +3x QoQ).

View Reports

Eicher Motors (EIM) reported in-line Q2FY21 revenue and a slight beat on EBITDA margins (22.8% vs. 21.4% est.), led by better operating efficiencies.

View Reports

TVS Srichakra’s (TVSS) Q2FY21 revenue was marginally below expectations at Rs 5.4bn, but a sharp 25% YoY drop in other expenses led to superior operating margins at 15.9% (13.9% est.).

View Reports

Petronet LNG’s (PLNG) Q2FY21 EBITDA outperformed our estimates at Rs 13.6bn (+17.5% YoY).

View Reports

Aurobindo Pharma’s (ARBP) Q2 EBITDA was 13% above estimates, led by an all-round sales beat of 7% and multiyear-high gross margins of 61.2%.

View Reports

Mayur Uniquoters’ (MUNI) Q2FY21 standalone revenue declined 11% YoY and volumes dropped 5% amid a continued slowdown in user industries (footwear, auto), albeit less pronounced than expected.

View Reports

Century Plyboards’ (CPBI) standalone revenue decreased 12% YoY in Q2FY21, in line with estimates.

View Reports

Cera Sanitaryware (CRS) reported a 1.6% decline in consolidated revenue for Q2FY21, with the sanitaryware segment being flat YoY.

View Reports

Info Edge (INFOE) reported a 19% YoY sales decline.

View Reports

SpiceJet’s (SJET) Q2FY21 revenue came in at Rs 10.6bn.

View Reports

Gujarat State Petronet’s (GUJS) Q2FY21 EBITDA outperformed at Rs 3.8bn (–13% YoY) on better margins.

View Reports

Indraprastha Gas’ (IGL) Q2FY21 earnings were well above estimates at Rs 3.1bn (–19% YoY).

View Reports

V-Mart Retail (VMART) reported a Q2FY21 revenue decline of 44% YoY to Rs 1.8bn in a seasonally dull quarter compounded by the lockdown.

View Reports

VST Tillers’ (VSTT) Q2FY21 results beat estimates – revenue surged 37% YoY to Rs 2.2bn and EBITDA margin came in at 17.1% (11.3% est.).

View Reports

M&M’s (MM) Q2FY21 revenue grew 6% YoY to Rs 115.9bn and EBITDA margin was above our estimate at 17.8%.

View Reports

GAIL’s Q2FY21 PAT was in line at Rs 12.4bn (+17% YoY), driven by an improved operating performance across segments (except trading).

View Reports

Oil India (OINL) reported Q2FY21 earnings of Rs 2.4bn, well above our estimates.

View Reports

Allcargo Logistics’ (AGLL) Q2FY21 consolidated revenue rose 25% YoY, ahead of our estimate of 15%, augmented by consolidation of Gati (4% ex-Gati) and growth in the MTO segment (+9%).

View Reports

Ashok Leyland’s (AL) Q2FY21 revenue and earnings were broadly in line with our estimates.

View Reports

VRL Logistics’ (VRLL) Q2FY21 print beat our estimates on all fronts.

View Reports

Divi’s Labs (DIVI) retained its strong execution in Q2, reporting an 18% EBITDA beat.

View Reports

Astral Poly Technik’s (ASTRA) consolidated revenue grew 10% YoY in Q2FY21, aided by 31% growth in the adhesives segment whereas pipes grew 4% (volumes up 2%).

View Reports

A tight leash on operating cost and rent waivers helped Inox Leisure (INOL) mitigate its operating/net loss to Rs 318mn/Rs 679mn, in the absence of any revenue in Q2.

View Reports

Balkrishna Industries (BIL) posted strong volume growth of 36% YoY to 61.2k MT in Q2FY21, ahead of our projections.

View Reports

Cipla reported a Q2 sales/EBITDA beat of 13%/17% led by (1) outperformance in India (Covid portfolio contributed ~5% sales/EBITDA) and CGA sales, and (2) cost control (–13% YoY).

View Reports

Pidilite Industries (PIDI) reported in-line consolidated Q2FY21 revenue growth of 4% YoY, led by a 7% increase in C&B volumes.

View Reports

Alkem Labs posted a Q2 EBITDA beat of 12% led by lower SGA spends (–29% YoY) while sales were in line.

View Reports

Somany Ceramics (SOMC) reported above-expected consolidated revenue of Rs 4.2bn (flat YoY) in Q2FY21, aided by a 3% uptick in tile volumes.

View Reports

MRF delivered a positive surprise on Q2FY21 revenue and earnings, led by strong replacement demand in Indian markets and above-expected operating efficiency.

View Reports

Container Corp’s (CCRI) Q2FY21 print was in line with our estimates.

View Reports

Lupin’s (LPC) Q2 EBITDA was 5% below estimates.

View Reports

Gujarat Gas’ (GUJGA) Q2FY21 earnings were above estimates, surging 8x QoQ to Rs 4.8bn.

View Reports

Apollo Tyres (APTY) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand in Indian markets, better Europe operations and above-expected operating efficiency.

View Reports

eClerx (ECLX) reported a surprising growth and margin beat in Q2FY21 backed by CLX recovery and aggressive cost cuts.

View Reports

HPCL’s Q2FY21 earnings remained robust at Rs 24.7bn (+2.4x YoY).

View Reports

Greenply Industries’ (GIL) consolidated Q2FY21 revenue slipped 22% YoY, but still bettered estimates.

View Reports

Transport Corp (TRPC) reported a solid Q2FY21 performance for the second successive quarter, surpassing our expectations on all fronts.

View Reports

State Bank of India’s (SBIN) Q2FY21 PAT at Rs 45.7bn grew 52% YoY on 15% NII growth while operating profit (ex-one offs) grew 12%.

View Reports

With screens being shut, PVR (PVRL) did not report any meaningful revenue in Q2FY21.

View Reports

Ajanta Pharma (AJP) posted Q2 revenue/EBITDA growth of 11%/54% YoY to Rs 7.2bn/Rs 2.7bn.

View Reports

Sun Pharma (SUNP) reported a healthy Q2 beat: 6% on sales, 32% on EBITDA.

View Reports

An effective asset-light model, price hikes and efficiency gains enabled TCI Express (TCIEXP) to deliver a strong EBITDA margin beat (15.3% vs. 11.5% est.), negating a 21% YoY topline fall (est. –15%).

View Reports

Buoyed by traction in key client segments – e-commerce, consumer, pharma, tractors – Mahindra Logistics’ (MLL) topline decline eased to 2% YoY, ahead of our estimate of a 14% drop.

View Reports

Escorts (ESC) reported strong Q2FY21 revenue at Rs 16.4bn (+24% YoY) with sharp 880bps operating margin expansion to 18.4%.

View Reports

IOCL’s Q2FY21 EBITDA of Rs 94bn (2.6x YoY) was above estimates.

View Reports

Greenpanel Industries (GREENP) reported above-expected Q2FY21 revenue growth of 17% YoY (consolidated), aided by a 26% increase in the MDF segment.

View Reports

DCB Bank’s (DCBB) Q2FY21 PAT at Rs 0.8bn was in line with estimates.

View Reports

ICICI Bank (ICICIBC) reported healthy Q2 PAT of Rs 43bn led by 20% YoY growth in operating profit.

View Reports

Q2FY21 highlights: (a) RIL’s EBITDA beat estimates at Rs 189bn (–14.5% YoY, +12% QoQ) led by better retail and petchem EBITDA of Rs 20bn (–13.5% YoY) and Rs 60bn (–33% YoY) respectively.

View Reports

IndusInd Bank’s (IIB) Q2FY21 PAT at Rs 6.6bn (–53% YoY) saw the impact of elevated provisions, as expected.

View Reports

UPL’s Q2FY21 results were broadly in line with 14%/15% YoY growth in revenue/ EBITDA.

View Reports

GNA Axles (GNA) is India’s leading rear axle shaft manufacturer with >50% market share.

View Reports

BPCL’s Q2FY21 earnings were in line, driven by recovery in core GRMs (US$ 1.56/bbl, ex-inventory gains) and robust marketing margins.

View Reports

Laurus Labs reported yet another record beat in Q2FY21 with no major one-offs.

View Reports

InterGlobe Aviation’s (IndiGo) Q2FY21 RASK was in line at Rs 3.1.

View Reports

TVS Motor’s (TVSL) Q2FY21 revenue was marginally better than estimated due to above-expected ASP.

View Reports

Maruti (MSIL) reported in-line Q2FY21 earnings of Rs 13.7bn.

View Reports

PI Industries (PI) reported a good Q2 beat. Revenue/EBITDA grew 28%/46% YoY, ahead of our estimates by 7%/13%.

View Reports

Hero MotoCorp’s (HMCL) Q2FY21 operating performance beat estimates due to above-expected ASP.

View Reports

Axis Bank’s (AXSB) Q2FY21 PAT was healthy at Rs 17bn driven by 20% YoY growth in NII and a 16% uptick in operating profit.

View Reports

RBL Bank’s (RBK) Q2FY21 operating performance remained weak as NII growth slowed to 7% YoY and provisions stayed high.

View Reports

Dr Reddy’s (DRRD) reported a Q2 EBITDA beat of 13% led by better operating leverage across markets.

View Reports

CEAT surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiency.

View Reports

Supreme Industries’ (SI) Q2FY21 revenue grew 8% YoY, aided by a 1% rise in volumes.

View Reports

Finolex Industries’ (FNXP) Q2FY21 revenue grew 2% YoY, aided by a 15% rise in PVC resin volumes while pipes declined 9%.

View Reports

Kotak Bank’s (KMB) Q2FY21 PAT at Rs 21.8bn (+27% YoY) beat estimates given strong 31% YoY operating profit growth and lower provisions.

View Reports

Persistent Systems (PSYS) reported 3.9% QoQ dollar revenue growth, led by the services segment (+5.4% QoQ).

View Reports

Tech Mahindra (TECHM) posted 2.9% QoQ CC revenue growth and stellar 390bps EBITDA margin expansion, bettering our estimates for Q2FY21.

View Reports

JK Tyre (JKI) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiencies.

View Reports

Mphasis (MPHL) reported strong Q2FY21 revenue and margins.

View Reports

Alembic Pharma (ALPM) reported a 12% EBITDA beat, with strong growth in ROW, API and India while US sales were in line.

View Reports

Coforge (erstwhile NIIT Tech) reported a robust Q2FY21 performance, marked by 8.1% QoQ CC revenue growth that was broad-based across verticals.

View Reports

Bajaj Auto’s (BJAUT) Q2FY21 operating performance was in line with our estimates, but adj. PAT fell short (–19% YoY to Rs 11.4bn) owing to below-expected other income.

View Reports

L&T Infotech’s (LTI) Q2FY21 revenue beat estimates, with 2.3% QoQ CC growth due to an uptick in the manufacturing and BFS verticals.

View Reports

Kajaria Ceramics (KJC) posted an above-expected Q2FY21 with stable YoY revenue and volumes, aided by better traction in tier-2 cities and below.

View Reports

HDFC Bank reported a commendable Q2FY21 with 18% YoY growth in operating profit and PAT.

View Reports

HCL Tech (HCLT) reported 6.4% QoQ USD growth coming from mid-high single digit recovery across verticals.

View Reports

Despite robust growth in operating profit (40% YoY), Federal Bank’s (FB) Q2FY21 PAT declined 26% YoY to Rs 3.1bn as the standard asset provision buffer was raised to ~0.5% of loans (vs. ~0.2% in Q1).

View Reports

Mindtree (MTCL) reported a strong Q2FY21 operational performance, with dollar revenue up 3.1% QoQ and EBIT margin at a 20-quarter high of 17.3% (+360bps QoQ).

View Reports

Infosys’ (INFO) Q2 topline grew ahead of estimates at 4% QoQ CC and it also posted its highest ever TCV of US$ 3.15bn.

View Reports

Wipro (WPRO) delivered an upbeat QoQ performance in Q2FY21 with 2% CC revenue growth, ahead of our estimate of 1%.

View Reports

TCS’ growth of 7.2% USD outperformed street’s estimates.

View Reports

Swaraj Engines (SWE) is the sole supplier of engines for M&M-owned Swaraj tractors which command ~12% market share in the 800,000-unit p.a. tractor industry.

View Reports

Key takeaways from our interaction with the management of Cera Sanitaryware (CRS).

View Reports

HCL Technologies (HCLT) acquired Australian IT firm DWS for US$115.8mn.

View Reports

We hosted investor meetings with the management of Ajanta Pharma (AJP).

View Reports

Amid a tumultuous demand climate, Allcargo Logistics (AGLL) reported strong 14% YoY revenue growth in Q1FY21 led by consolidation of the newly acquired Gati (5.4% ex-Gati) and healthy topline growth in the MTO (+9%) and CFS (+8%) segments.

View Reports

Dr Reddy's (DRRD) has announced a key settlement of the patent litigation with Celgene for US Revlimid (lenalidomide capsules) used to treat multiple myeloma.

View Reports

Key takeaways from our interaction with the management of Greenply Industries (GIL).

View Reports

Over the last four decades, Shriram Transport Finance (SHTF) has built a pan-India network in a fragmented used-CV market (~16% CV market share).

View Reports

In a washout first quarter with no meaningful revenue, PVR (PVRL) reported operating and net losses of Rs 1.2bn and Rs 2.3bn respectively.

View Reports

SpiceJet (SJET) ranks second in the domestic aviation industry with ~17% share.

View Reports

HCL Technologies (HCLT) provided a surprising mid-quarter update today, guiding for above-expected revenue growth of at least 3.5% QoQ CC and operating margin in the range of 20.5-21% for Q2FY21.

View Reports

Container Corp’s (CCRI) FY20 annual report reveals a mixed year with some hits and some misses.

View Reports

Best Agrolife (BAL, Not Rated) is a midsized crop-protection chemical company (FY20 sales Rs 6.1bn), with diversified products across insecticides, fungicides and herbicides, a strong pack-to-pack (P2P) presence and fast-growing brand business.

View Reports

Info Edge (INFOE) posted weak Q1FY21 revenues with a 10% YoY decline, weighed down by a 25% slump in 99acres.com revenues.

View Reports

Key takeaways from our recent interaction with the V-Mart Retail management (VMART).

View Reports

We believe InterGlobe Aviation (IndiGo) is poised for strong growth given its market leadership (over 50% market share), ready capacity, strong balance sheet and the vulnerability of most of its peers in the domestic aviation industry.

View Reports

Key takeaways from our recent interaction with the management of Greenpanel Industries (GREENP).

View Reports

Key takeaways from our interaction with the management of Finolex Industries (FNXP).

View Reports

ONGC’s Q1FY21 earnings at Rs 5bn (–90% YoY) outperformed estimates on lower operating costs.

View Reports

RIL’s retail business subsidiary – RRVL - announced ~Rs247 bn investment in Future enterprises (FEL).

View Reports

Key takeaways from our recent interaction with the DCB Bank (DCBB) management.

View Reports

Indraprastha Gas’ (IGL) Q1FY21 EBITDA was a tad below estimates at Rs 0.8bn (–77% YoY).

View Reports

Oil India (OINL) reported a loss of Rs 2.5bn for Q1FY21, impacted by one-off expenses to contain a blowout at one of its oilfields in Assam.

View Reports

Muthoot Finance’s (MUTH) Q1FY21 gold AUM increased 15% YoY to Rs 413bn due to higher productivity.

View Reports

Petronet LNG’s (PLNG) Q1FY20 EBITDA was in line at Rs 9bn (–11% YoY), with low volumes (–16% YoY) being compensated by higher EBITDA/ mmbtu at Rs 48 (+5.7% YoY).

View Reports

Greenply Industries’ (GIL) consolidated Q1FY21 revenue declined 62% YoY as India sales dropped 65% due to the lockdown and Gabon subsidiary revenue fell 43%.

View Reports

Lockdown-induced disruptions catalysed a steep 70% YoY decline in VRL Logistics’ (VRLL) Q1FY21 topline to Rs 1.6bn.

View Reports

Mayur Uniquoters’ (MUNI) Q1FY21 volumes nosedived 74% YoY as the lockdown hit demand, leading to a standalone revenue decline of 70% and an operating margin loss of Rs 5mn.

View Reports

BPCL’s Q1FY21 earnings beat estimates driven by higher GRMs (US$ 1.9/bbl) and a surge in marketing margins.

View Reports

Hero MotoCorp (HMCL) delivered a Q1FY21 revenue beat but disappointed on earnings due to lower operating efficiencies.

View Reports

Eicher Motors (EIM) reported in-line Q1FY21 revenue but dismal operating margins at 0.2%, primarily due to higher input costs and lower operating efficiencies.

View Reports

Century Plyboards’ (CPBI) standalone Q1FY21 revenues contracted 65% YoY, with all major product segments declining by over 60%.

View Reports

Notwithstanding strong industry headwinds, Transport Corp (TRPC) reported a sturdy Q1FY21 print, underscoring the strength of its business model.

View Reports

GAIL’s Q1FY21 PAT was below estimates at Rs 2.6bn (–80% YoY).

View Reports

Ashok Leyland’s (AL) Q1FY21 performance was disappointing despite a strong boost to blended average realisations from BS-VI price upgrades.

View Reports

Q1 revenue/EBITDA were in line backed by strong US sales and sustained gross margins.

View Reports

eClerx (ECLX) reported a surprising operating margin beat in Q1FY21 backed by aggressive cost cuts.

View Reports

Somany Ceramics (SOMC) reported a dull Q1FY21 as consolidated revenue shrank 57% YoY to Rs 1.7bn, with tile volumes down 56% YoY.

View Reports

V-Mart Retail (VMART) reported a below-expected Q1FY21 – revenue plunged 83% YoY to Rs 781mn as SSSg dropped 85% in a lockdown-hit quarter.

View Reports

We believe VST Tillers Tractors (VSTT) is poised for strong growth given its market leadership in power tillers (~50% market share), ready capacity, focused growth in tractors and debt-free status.

View Reports

Container Corp’s (CCRI) Q1FY21 revenue/EBITDA dropped 27%/61% YoY, in line with estimates.

View Reports

Mahanagar Gas’s (MAHGL) Q1FY21 PAT underperformed at Rs 0.45bn (–73% YoY).

View Reports

Finolex Industries’ (FNXP) Q1 revenue declined 40% YoY, with volumes sliding 42% in both PVC pipe and resin segments amid the lockdown.

View Reports

In a surprising development, Persistent System's (PSYS) CEO Christopher O'Connor has resigned after a short stint of 1.5 years.

View Reports

DCB Bank’s (DCBB) Q1FY21 PAT at Rs 0.8bn (–2% YoY) was hit by muted NII growth and a 29% QoQ drop in non-interest income.

View Reports

Strong execution in Q1 drove a sharp 39% EBITDA beat for Divi’s Labs (DIVI).

View Reports

Kajaria Ceramics (KJC) posted a consolidated Q1FY21 revenue decline of 60% YoY – albeit bettering our estimates – as tile volumes fell 61% due to the lockdown.

View Reports

M&M’s (MM) Q1FY21 revenues dropped 56% YoY to Rs 56bn, EBITDA declined 68% to Rs 5.7bn and PAT nosedived 96% to Rs 389mn.

View Reports

Cipla reported a Q1 EBITDA beat of 42%/30% on our/consensus estimates, led by (1) Albuterol stocking in the US, (2) chronic/trade generic sales in India, and (3) cost control (–27% YoY), partly non-recurring.

View Reports

Alkem Labs posted a solid Q1 EBITDA beat led partly by one-offs.

View Reports

Lupin’s (LPC) Q1 revenue/EBITDA were 12%/14% below estimates.

View Reports

HPCL’s Q1FY21 PAT outperformed at Rs 28bn as marketing margins surged to historical highs – a trend which reaffirms our preference for the OMC business model.

View Reports

Pidilite Industries’ (PIDI) consolidated Q1FY21 revenue contracted 57% YoY as the lockdown induced a 59% slump in domestic consumer & bazaar (CBP) segment volumes.

View Reports

Greenpanel Industries’ (GREENP) Q1FY21 consolidated revenue dropped 57% YoY due to the Covid-19 lockdown, with the plywood/MDF segments declining by 62%/56% YoY – in line with estimates.

View Reports

Canara Bank (CBK) reported PAT of Rs 4bn backed by 21% YoY growth in NII and a 32% increase in operating profit.

View Reports

Gujarat State Petronet’s (GUJS) Q1FY20 EBITDA was in line at Rs 3.5bn (–14% YoY).

View Reports

Cera Sanitaryware’s (CRS) Q1FY21 consolidated revenue declined 46% YoY, bettering our estimate of a 62% drop.

View Reports

PI Industries (PI) reported a strong beat in Q1FY21 with sharp QoQ EBITDA recovery.

View Reports

Astral Poly Technik’s (ASTRA) Q1FY21 consolidated revenue declined at a slower pace than expected, posting 33% YoY contraction as the lockdown induced a 31% drop in pipe volumes.

View Reports

IOCL’s Q1FY21 EBITDA at Rs 55bn (–34% YoY) was above estimates.

View Reports

Gujarat Gas’ (GUJGA) Q1FY21 earnings were well below estimates, plunging 75% YoY to Rs 0.5bn.

View Reports

As per a press release on the exchanges, HDFC Bank (HDFCB) has received RBI approval to appoint Sashidhar Jagdishan as Managing Director and CEO for three years.

View Reports

UPL’s Q1FY21 EBITDA was an 11% beat despite an 8% sales miss.

View Reports

Sun Pharma (SUNP) posted an 11% EBITDA beat but an 8% miss on sales.

View Reports

SBIN’s Q1FY21 PAT at Rs 42bn (+81% YoY) was backed by 16% NII growth and gains worth Rs 15bn from the SBI Life stake sale.

View Reports

Though Mahindra Logistics’ (MLL) headline numbers were expectedly weak – consolidated revenue fell 54% YoY with EBITDA loss at Rs 22mn – a closer look at the Q1FY21 print reveals several positives.

View Reports

Cholamandalam Investment (CIFC) reported 10% YoY growth in AUM to Rs 635bn in Q1FY21, led by low repayment rates.

View Reports

Laurus Labs reported a record Q1 beat with no major one-offs.

View Reports

Escorts (ESC) is the third largest tractor manufacturer in India, commanding ~11% market share in the ~800,000-unit p.a. tractor industry.

View Reports

Key highlights from Reliance Industries’ (RIL) Q1FY21 results: (a) EBITDA below estimates at Rs 169bn (–21% YoY), (b) cyclicals mixed – GRM at US$ 6.3/bbl outperformed estimates while petchem EBITDA at Rs 44bn (–50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn (–47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on better ARPU.

View Reports

Ajanta Pharma (AJP) posted Q1 revenue/EBITDA growth of 9%/33% YoY to Rs 6.7bn/Rs 2.2bn.

View Reports

Yes Bank (YES) reported Q1FY21 PAT of ~Rs 0.5bn on a 50% QoQ increase in NII and 78% QoQ decline in provisions.

View Reports

Dr Reddy’s (DRRD) reported a Q1 EBITDA beat of 21% despite a marginal surprise on sales.

View Reports

TVS Motor’s (TVSL) Q1FY21 revenue beat estimates at Rs 14.3bn.

View Reports

Manappuram Finance’s (MGFL) gold AUM surged 33% YoY to Rs 177bn in Q1FY21.

View Reports

Maruti (MSIL) reported a disappointing Q1FY21.

View Reports

IDFC First Bank’s (IDFCFB) Q1FY21 PAT at Rs 0.9bn was aided by 38% YoY growth in NII, stable non-interest income and lower opex QoQ.

View Reports

RBL Bank’s (RBK) Q1FY21 PAT at Rs 1.4bn was below our estimate as non-interest income fell 30% YoY due to lower credit offtake, a conservative approach and reduced credit card income.

View Reports

NIIT Tech (NITEC) reported a poor Q1FY21 performance marked by a 9.8% QoQ USD revenue decline due to weakness in the travel and transportation vertical.

View Reports

IndusInd Bank’s (IIB) Q1FY21 PAT of Rs 5.1bn beat our estimate of Rs 3.8bn on better NII growth, stable NIMs and higher treasury gains.

View Reports

Hexaware (HEXW) reported a resilient Q2CY20 with a dollar revenue decline of just 1.4% QoQ.

View Reports

Tech Mahindra (TECHM) posted a 6.8% QoQ dollar revenue decline and 10bps EBITDA margin expansion, bettering our estimates for Q1FY21.

View Reports

Persistent Systems (PSYS) reported a surprisingly strong set of numbers, with Q1 dollar revenue growth at 3.1% QoQ.

View Reports

Nippon Life Asset Management (NAM) reported a Rs 250bn sequential increase in Q1FY21 AUM, largely due to the MTM effect.

View Reports

Though TCI Express’s (TCIEXP) topline nosedived 65% YoY in Q1FY21 amidst challenging externalities, it posted a remarkable 715bps YoY expansion in gross margin to 35%, underpinning the strength of its asset-light business model.

View Reports

Kotak Bank’s (KMB) PAT at Rs 12.4bn declined 8.5% YoY given a 33% drop in fee income and higher Covid-related provisions worth Rs 6.2bn.

View Reports

Supreme Industries (SI) reported above-expected revenue of Rs 10.5bn (–27% YoY) in Q1FY21, with a 19% lockdown-led drop in volumes.

View Reports

ICICI Bank’s (ICICIBC) Q1FY21 PAT at Rs 26bn was supported by 20% YoY growth in NII and strong core operating profits (+15% YoY).

View Reports

Mphasis (MPHL) reported weak revenue but an operating margin beat in Q1FY21.

View Reports

HDFC Asset Management (HDFCAMC) reported a ~Rs 400bn sequential AUM increase in Q1FY21, largely due to the MTM effect.

View Reports

Bajaj Auto’s (BJAUT) Q1FY21 EBITDA margin disappointed, coming in at 13.3% vs. ~17% expected, despite better gross margins.

View Reports

Alembic Pharma (ALPM) reported another strong quarter with a 36% EBITDA beat.

View Reports

Minda Corp (MDA) is a leading manufacturer of auto components with a diverse product slate.

View Reports

Bajaj Finance (BAF) reported 7% YoY AUM growth in Q1FY21.

View Reports

Axis Bank’s (AXSB) Q1FY21 PAT declined 19% YoY to Rs 11bn owing to weak fee income (–38% YoY/–44% QoQ) and accounting policy changes (~Rs 5bn hit).

View Reports

The renewed lockdown in V-Mart Retail’s (VMART) key markets of Bihar and UP (56% of total stores) will retard demand recovery.

View Reports

Mahindra & Mahindra Financial Services (MMFS) reported strong 120% YoY growth in Q1FY21 PAT to Rs 1.5bn due to robust opex control and spread expansion.

View Reports

HDFC Bank’s (HDFCB) Q1FY21 PAT at ~Rs 67bn was driven by 18% YoY growth in NII and a decline in operating expenses.

View Reports

HCL Tech (HCLT) reported a sharp 7.2% QoQ CC topline decline but resilient EBIT margins of 20.5% in Q1FY21.

View Reports

L&T Infotech’s (LTI) Q1FY21 revenue was in line with estimates, with a 4.7% QoQ CC decline due to a drop in the manufacturing and energy/utilities verticals.

View Reports

Infosys (INFO) posted the strongest set of results yet versus peers in Q1FY21, outperforming our revenue and margin estimates.

View Reports

Chairman Mukesh Ambani in his 43rd AGM speech expounded on his vision of expanding lateral offerings across business verticals.

View Reports

Federal Bank’s (FB) Q1FY21 PAT at Rs 4bn was driven by 12% YoY growth in NII and lower operating expenses.

View Reports

We present key takeaways from our recent interaction with the management of Greenply Industries (GIL).

View Reports

Despite a sharp US dollar revenue decline of 7.3% QoQ, Wipro (WPRO) delivered a strong Q1 operational performance with EBIT margins rising 150bps QoQ.

View Reports

Mindtree (MTCL) reported an operational beat in Q1FY21 led by above-expected margins.

View Reports

Reliance Industries’ (RIL) diversification edge has shone during the pandemic as it grapples with a difficult environment for its cyclical and retail businesses, while enhancing RJio’s earnings outlook (across verticals).

View Reports

TCS’s Q1FY21 performance was a mixed bag with a miss on operating performance but healthy deal wins.

View Reports

Key takeaways from our recent interaction with the management of Finolex Industries (FNXP): (1) FNXP witnessed healthy demand for agricultural pipes in May and June following easing of the nationwide lockdown.

View Reports

eClerx (ECLX) has announced a buyback worth Rs 1.09bn through the tender offer route at a maximum price of Rs 550/sh (16.7% premium over the last closing price before the board meeting intimation) – this translates into 1.99mn shares or ~5.5% of total paid-up equity shares.

View Reports

Allcargo Logistics’ (AGLL) Q4FY20 consolidated revenue grew at a steady 8% YoY led by the MTO segment (+10%).

View Reports

Axis Bank’s (AXSB) board today approved a proposal to raise funds not exceeding Rs 150bn – this is equivalent to 12.5% of current market capital and 17.6% of Mar’20 net worth.

View Reports

Cera Sanitaryware (CRS) reported below-expected Q4FY20 results as the lockdown derailed standalone revenue growth (–29% YoY).

View Reports

ONGC posted a surprising Q4 loss of Rs 31bn (Rs 66bn on consolidated basis) owing to impairment charges derived from low oil price expectations.

View Reports

Mayur Uniquoters’ (MUNI) Q4FY20 standalone revenue increased 13% YoY, aided by 58% growth in exports.

View Reports

Petronet LNG’s (PLNG) Q4FY20 EBITDA underperformed at Rs 7bn (+11% YoY) due to ~Rs 3bn in one-offs and low volumes (219tbtu, +7% YoY).

View Reports

Century Plyboards’ (CPBI) standalone Q4FY20 revenue growth disappointed with a 10% YoY drop, marked by 14% declines in the plywood/laminate segments.

View Reports

Oil India’s (OINL) Q4FY20 earnings at Rs 9.2bn were boosted by one-off tax writebacks and refunds.

View Reports

Greenply Industries’ (GIL) consolidated Q4FY20 revenue declined 12% YoY, with India sales dropping 13.6% (volumes down 14.6%) due to the lockdown, whereas Gabon subsidiary revenue was flat YoY.

View Reports

India’s forex reserves declined by US$ 2.1bn to US$ 505.6bn for the week ending 19 Jun 2020.

View Reports

We discussed consumptions trends in the wake of Covid-19 with the management of V-Mart Retail (VMART).

View Reports

Kajaria Ceramics (KJC) posted a below-expected Q4FY20 with revenue down 20% YoY as tile volumes fell 19%.

View Reports

Somany Ceramics (SOMC) reported a dull Q4FY20 as consolidated revenue contracted 31% YoY to Rs 3.6bn, with tile volumes down 28% YoY.

View Reports

Container Corp’s (CCRI) Q4 topline plunged 10% YoY as volumes/realisation fell 4%/7%.

View Reports

AL’s Q4FY20 performance was lacklustre despite the boost to blended average realisations from BS-VI price upgrades.

View Reports

IOCL reported a loss in Q4 due to an inventory hit of Rs 184bn and a Rs 27bn exchange loss.

View Reports

GAIL’s Q4FY20 PAT was well above estimates at Rs 29bn (+266% YoY).

View Reports

Canara Bank (CBK) reported a Rs 32.6bn loss as the bank consciously made higher wage and NPA-related provisions due to amalgamation.

View Reports

Finolex Industries’ (FNXP) Q4 revenue declined 21% YoY, with a 23%/22% drop in PVC pipe/resin volumes due to the lockdown.

View Reports

Info Edge (INFOE) posted muted YoY revenue growth of 10% in Q4FY20, the lowest in the last 12 quarters.

View Reports

VRL Logistics’ (VRLL) Q4FY20 print was weak.

View Reports

Greenpanel Industries’ (GREENP) Q4FY20 consolidated revenue grew 36% YoY aided by a 23%/40% increase in the plywood/MDF segments.

View Reports

Pidilite Industries’ (PIDI) consolidated Q4FY20 revenue declined 6% YoY as volumes slipped 3% in the domestic consumer & bazaar (CBP) segment.

View Reports

Indraprastha Gas’ (IGL) Q4FY20 EBITDA was in line at Rs 3.8bn (+13.7% YoY).

View Reports

Muthoot Finance’s (MUTH) gold AUM increased 22% YoY to Rs 416bn in Q4FY20 due to robust gold loan demand.

View Reports

HPCL’s Q4FY20 PAT was battered by Rs 41bn in inventory losses.

View Reports

Sun Pharma (SUNP) and Hikma today entered into an exclusive licensing and distribution agreement for Ilumya for the MENA region.

View Reports

Eicher Motors (EIM) reported in-line Q4FY20 revenue but disappointing operating margins at 20.8%, the lowest in the last eight quarters.

View Reports

Mahanagar Gas’s (MAHGL) Q4FY20 PAT underperformed at Rs 1.7bn (+25% YoY).

View Reports

DCB Bank’s (DCBB) board today passed a resolution to raise equity capital of up to Rs 5bn.

View Reports

Hero MotoCorp (HMCL) posted an operationally weak Q4FY20 performance led by poor gross margins and one-off dealer support via discounts.

View Reports

eClerx’s (ECLX) Q4FY20 dollar revenue declined by a sharp 7.9% QoQ owing to onsite revenue contraction of 15%.

View Reports

Gujarat State Petronet’s (GUJS) Q4FY20 EBITDA underperformed estimates at Rs 3.6bn (+8% YoY) due to higher expenses.

View Reports

PI Industries’ (PI) Q4FY20 results were disrupted by Covid-19 but we expect gradual recovery.

View Reports

Divi’s Labs (DIVI) saw a steep 19% EBITDA miss as high gross margins (+200bps QoQ) were negated by staff/SGA cost, leading to subpar Q4 operating margins.

View Reports

IOCL announced that domestic petroleum product demand improved in May as staggered easing of the lockdown stemmed the decline in consumption to 30% YoY (from 46% YoY in April).

View Reports

SBIN’s Q4 PAT at Rs 36bn disappointed on weak NII growth and high provisions.

View Reports

Alkem Labs reported in-line Q4 EBITDA; margins were a tad miss at 14.8% as the negative gross margin was offset by lower staff cost.

View Reports

Gujarat Gas’ (GUJGA) Q4FY20 earnings beat estimates, surging 115% YoY to Rs 2.5bn.

View Reports

Transport Corp’s (TRPC) Q4FY20 consolidated revenue/EBITDA declined 10%/ 26% YoY, in line with our estimates.

View Reports

Revenue/EBITDA beat estimates by 2%/9% led by strong sales (ex-US) and gross margin expansion.

View Reports

Lupin (LPC) and partner Mylan have secured centralised marketing approval for Nepexto (biosimilar Etanercept) for European markets.

View Reports

BPCL reported a Q4FY20 EBITDA loss of Rs 6.2bn owing to inventory/forex losses of Rs 49bn/Rs 121bn.

View Reports

V-Mart Retail (VMART) reported a below-expected Q4FY20 as revenue declined 3% YoY to Rs3.3bn and SSSg nosedived 18% due to the lockdown.

View Reports

Lupin’s (LPC) EBITDA was in line at Rs 5.3bn (+22% QoQ) despite a slight miss on sales.

View Reports

TVS Motor’s (TVSL) adj. Q4 EBITDA beat estimates by ~20% led by a healthy jump in ASP and impressive opex control.

View Reports

Federal Bank’s (FB) Q4 PAT declined 21% YoY to Rs 3bn given higher credit-, Covid- and wage-related provisions, partly cushioned by treasury gains.

View Reports

Sun Pharma (SUNP) posted a 6% EBITDA miss on in-line sales, driven by higher staff cost (+7% QoQ), lower gross margins (–115bps QoQ) and lower R&D cost (6.4% of sales).

View Reports

Astral Poly Technik’s (ASTRA) Q4FY20 performance was disappointing, with consolidated revenue dropping 19% YoY and pipe volumes down 13%.

View Reports

DCB Bank’s (DCBB) Q4FY20 PAT at Rs 0.7bn declined 29% YoY on slower NII growth (8%) and a spike in provisions.

View Reports

IDFC First Bank’s (IDFCFB) Q4FY20 PAT at Rs 715mn was driven by 40% YoY growth in NII.

View Reports

UPL’s Q4 EBITDA was below our estimate at Rs 19bn as stronger revenue growth was offset by gross margin pressure and higher forex loss.

View Reports

Supreme Industries (SI) reported below-estimated Q4FY20 revenues (–7% YoY) due to a 9% lockdown-led volume decline.

View Reports

Mahindra Logistics’ (MLL) Q4FY20 print was weak on account of the national lockdown and auto industry slowdown.

View Reports

Bajaj Auto’s (BJAUT) Q4 operating performance was well ahead of estimates.

View Reports

L&T Infotech (LTI) reported 4.7% QoQ CC revenue growth in Q4FY20, well ahead of estimates.

View Reports

Ajanta Pharma (AJP) posted strong Q4 revenue/EBITDA growth of 32%/31% YoY to Rs 6.8bn/Rs 1.7bn.

View Reports

Q4 EBITDA of Rs 9.4bn (–8% QoQ) was a miss despite a strong beat in the US and Europe, cost control, and net forex benefits.

View Reports

Cipla reported in-line revenue but a 14% EBITDA miss in Q4.

View Reports

Nippon Life Asset Management (NAM) reported a Rs 360bn sequential AUM decline in Q4FY20, largely due to the mark-to-market effect.

View Reports

Manappuram Finance’s (MGFL) gold AUM surged 31% YoY to Rs 170bn in Q4FY20.

View Reports

Mphasis (MPHL) reported a satisfactory Q4 on the back of (1) 1.5% QoQ/11.1% YoY CC revenue growth, (2) stable 16.3% EBIT margins, and (3) healthy deal wins.

View Reports

Maruti’s (MSIL) Q4FY20 operating performance missed estimates due to a sequential dip in ASP and negative operating leverage.

View Reports

Kotak Bank’s (KMB) Q4FY20 PAT at Rs 12.7bn (–10% YoY) missed estimates as the bank made Covid-related general provisions of Rs 6.5bn.

View Reports

TCI Express (TCIEXP) reported a weak Q4FY20 as the economic lockdown since mid-March disrupted operations.

View Reports

HDFC Asset Management (HDFCAMC) reported a ~Rs 500bn sequential AUM decline in Q4FY20, largely due to the mark-to-market effect.

View Reports

ICICI Bank’s (ICICIBC) Q4FY20 PAT at Rs 12bn (+26% YoY) missed estimates as the bank made Covid-related provisions of Rs 27bn.

View Reports

Dr Reddy's Labs (DRRD) announced that it has received an EIR (establishment inspection report) from the USFDA for its Srikakulam (CTO-VI) API facility.

View Reports

Reliance Industries' (RIL) deleveraging initiatives have accelerated in the last three weeks, with ~Rs 610bn raised from a ~13.5% stake sale in RJio.

View Reports

HCL Tech (HCLT) ended FY20 on a strong note with 0.8% QoQ CC and 13.4% YoY CC topline growth and five-year-high EBIT margins of 20.9% in Q4FY20.

View Reports

RBL Bank’s (RBK) Q4FY20 PAT at Rs 1.1bn (–54% YoY) was ahead of estimates due to an NII beat.

View Reports

Persistent Systems (PSYS) reported a weak Q4FY20 as revenue declined 1.8% QoQ to US$ 127mn due to a 24% drop in IP revenue.

View Reports

NIIT Tech (NITEC) reported a strong Q4FY20 with 3% QoQ CC revenue growth and resilient operating margins.

View Reports

Key highlights from Reliance Industries’ (RIL) Q4FY20 results.

View Reports

Tech Mahindra (TECHM) posted a 4.3% QoQ dollar revenue decline and 200bps EBITDA margin contraction to round off a disappointing Q4FY20 performance.

View Reports

Laurus Labs reported a strong operational beat of 8%/20%/41% on sales/EBITDA/ PBT in Q4.

View Reports

Challenged related to Covid-19 marred Hexaware’s (HEXW) Q1CY20 operating performance (revenue down 1.1% QoQ CC) and are expected to worsen in Q2, making for a gloomy near-term outlook.

View Reports

Axis Bank (AXSB) reported a loss of ~Rs 14bn in Q4FY20 as it built added provisions of Rs 35bn towards Covid-19.

View Reports

IndusInd Bank’s (IIB) Q4FY20 PAT at Rs 3bn (–16% YoY) was ahead of estimates due to an NII beat.

View Reports

Mindtree (MTCL) reported an upbeat Q4 operating performance with 1.9% QoQ CC growth and swift margin recovery.

View Reports

Alembic Pharma (ALPM) reported a 31% EBITDA beat in Q4.

View Reports

Reliance Industries’ (RIL) deleveraging plans appears back on track with a 9.99% stake sale in RJio to Facebook for US$ 5.8bn (valuing RJio at ~US$ 61bn).

View Reports

Kotak Mahindra Bank (KMB) has received board approval to raise ~Rs 75bn in capital which will bolster CAR by ~300bps, reduce promoter stake to 29% and build buffers against contingencies.

View Reports

Infosys (INFO) reported a lacklustre Q4FY20 operating performance marked by a miss on both revenue and margins.

View Reports

HDFC Bank’s (HDFCB) Q4FY20 PAT at Rs 69bn (+18% YoY) was lower estimates as the bank created Rs 15.5bn Covid-related contingent provisions.

View Reports

Covid-19 is likely to have a sharper near-term impact on VRL Logistics (VRLL) vs. logistics peers due to its high operating leverage and focus on the hard-hit trucking space.

View Reports

The unprecedented trade slowdown triggered by Covid-19 clouds Container Corp’s (CCRI) near-term prospects and has fuelled a 4% YoY drop in Q4FY20 volumes.

View Reports

Despite only a partial impact in the last two weeks of March, Covid-19 fuelled 1.2% QoQ CC revenue contraction at TCS in Q4FY20, missing consensus estimates.

View Reports

Wipro (WPRO) reported a subpar Q4FY20 with a miss on both revenue and operating margins.

View Reports

Our recent interaction with the Petronet LNG (PLNG) management deepens confidence in our core investment thesis.

View Reports

Covid-19 has severely disrupted Transport Corp’s (TRPC) operations across verticals.

View Reports

Our recent interaction with the Gujarat Gas (GUJGA) management reinforces our core investment thesis.

View Reports

We expect the Covid-19 crisis to disrupt credit growth in FY21 as lenders turn cautious and customers pare discretionary spends.

View Reports

We delved into the operating metrics of three large gold financiers – Muthoot Finance (MUTH), Manappuram Finance (MGFL) and Muthoot Fincorp (MFIN) – and found that MUTH has a wider reach and is a better paymaster, aiding higher productivity.

View Reports

Aurobindo Pharma (ARBP) announced that the deal to buy Sandoz’s US generic oral solids and dermatology business has been mutually called off.

View Reports

Key takeaways from our recent interaction with the ONGC management.

View Reports

At Hero MotoCorp’s (HMCL) investor call today, senior management stated that proactive steps have been taken to ensure business continuity.

View Reports

IndusInd Bank (IIB) hosted an analyst call to address the implications of Covid-19 on its portfolio.

View Reports

The USFDA has classified Sun Pharma's (SUNP) key formulation site Halol under OAI (official action indicated).

View Reports

Our recent interaction with the TCI Express (TCIEXP) management indicates severe pressure on near-term operational performance stemming from the Covid-19 outbreak.

View Reports

We present key takeaways from our meeting with the management of Cera Sanitaryware (CRS).

View Reports

We present key takeaways from our meeting with the Bajaj Finance (BAF) management.

View Reports

We explore UPL’s stock potential under three scenarios and find a convincing case for +100%/200% returns in our base/bull case over the next three years.

View Reports

We begin coverage on Info Edge (INFOE) with SELL and a Mar’21 TP of Rs 2,080.

View Reports

Key takeaways from our recent meeting with the management of Balrampur Chini Mills (BRCM).

View Reports

As per a press release on the exchanges, IndusInd Bank (IIB) has received RBI approval to appoint Sumant Kathpalia as MD & CEO for three years beginning 24 March.

View Reports

Aurobindo Pharma (ARBP) has received further communication from the USFDA on its Unit IV injectable plant stating that the inspection is still open and under review.

View Reports

We visited Hero Moto’s (HMCL) R&D centre and attended its investor meet.

View Reports

Key takeaways from our roadshow with the management of Greenply Industries (GIL).

View Reports

Aurobindo Pharma (ARBP) has received an establishment inspection report (EIR) from the USFDA for its Unit IV injectable plant, with the observations classified as voluntary action indicated (VAI).

View Reports

Key takeaways from our roadshow with the management of Greenpanel Industries (GREENP).

View Reports

Ashok Leyland’s (AL) Q3FY20 EBITDA missed estimates by 14% as weak demand and BS-IV inventory de-stocking hurt gross margins.

View Reports

Sadbhav Engineering’s (SADE) Q3FY20 standalone revenue plunged 52% YoY as prolonged monsoons and tight liquidity slowed execution.

View Reports

KNR Constructions’ (KNRC) Q3FY20 core revenue ex-arbitral awards grew 23% YoY to Rs 5.5bn and core EBITDA margin beat estimates at 22% (+170bps YoY).

View Reports

Muthoot Finance’s (MUTH) gold AUM increased 19% YoY to Rs 377bn in Q3FY20 due to better resource mobilisation.

View Reports

ONGC’s Q3FY20 earnings underperformed at Rs 41bn (–50% YoY).

View Reports

Allcargo Logistics’ (AGLL) Q3FY20 consolidated revenue fell 1% YoY marred by a decline across segments.

View Reports

Mayur Uniquoters’ (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).

View Reports

BPCL’s Q3FY20 EBITDA at Rs 27bn (up 3.6x YoY) outperformed estimates on higher GRMs (US$ 2.2/bbl ex-inventory).

View Reports

Gujarat State Petronet’s (GUJS) Q3FY20 EBITDA underperformed estimates at Rs 3.8bn (+7.6% YoY) due to lower volumes (37mmscmd, –5.7% QoQ).

View Reports

Finolex Industries’ (FNXP) revenue declined 8% YoY, with an 11% drop in PVC pipe and resin volumes.

View Reports

Astral Poly Technik’s (ASTRA) Q3FY20 consolidated revenue grew 5.4% YoY, aided by pipe segment volume growth of 15% (~6.5% ex-Rex).

View Reports

Greenply Industries’ (GIL) consolidated Q3FY20 revenue slipped 1% YoY, coming in below estimates.

View Reports

Hampered by the prolonged monsoons and delayed AD in HAM projects, Ashoka Buildcon’s (ASBL) Q3FY20 revenue declined 8% YoY.

View Reports

An above-expected furlough impact and challenges at a large secondary-mortgage client marred revenue performance in Q4CY19.

View Reports

M&M’s (MM) Q3 EBITDA at Rs 17.9bn (+5% YoY) beat estimates by ~5% on a strong margin uptick led by cost control and a richer auto model mix.

View Reports

Petronet LNG’s (PLNG) Q3FY20 EBITDA surged to Rs 11bn (+31% YoY) on account of higher marketing margins on spot LNG.

View Reports

Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 2.5% YoY to Rs 4.4bn in Q3FY20, aided by a 4% uptick in tile volumes.

View Reports

Oil India’s (OINL) Q3FY20 earnings disappointed at Rs 4bn (–67% YoY).

View Reports

Dilip Buildcon’s (DBL) Q3FY20 standalone revenue fell 4% YoY to Rs 23.8bn (Rs 25bn est.) due to the extended monsoon and delayed appointed dates.

View Reports

GAIL’s Q3FY20 PAT was in line at Rs 10.2bn (–40% YoY).

View Reports

Container Corp’s (CCRI IN) standalone Q3FY20 revenue declined 3% YoY on lower volumes and realisations.

View Reports

Kajaria Ceramics (KJC) posted a below-expected Q3FY20 with revenue down 2% YoY due to flat volumes (+0.5% YoY) and lower realisations (–4.1% YoY).

View Reports

VRL Logistics’ (VRLL) Q3FY20 revenue grew at a tepid 1% YoY, with the goods/people transport segments growing at +3%/–8% YoY as the macro slowdown continued to take a toll.

View Reports

Future Supply Chain (FSCSL) reported yet another weak quarter as standalone Q3FY20 revenue/EBITDA declined 5%/15% YoY (adj. for Ind-AS 116), causing a 59% drop in adj. PAT.

View Reports

Mahanagar Gas’s (MAHGL) Q3FY20 PAT was in line at Rs 1.86bn (+25.4% YoY).

View Reports

Alkem Labs reported a 24% EBITDA beat in Q3 driven by better gross margins (product mix, soft RM prices).

View Reports

Mphasis (MPHL) reported a beat on both revenue and margins in Q3FY20.

View Reports

Aurobindo’s (ARBP) operating results were in line, with above-expected US sales of US$ 418mn (volume-led) but subdued gross margins at 56.5% (down 120bps QoQ) due to a higher ARV mix.

View Reports

Hero Moto (HMCL) posted an operational beat in Q3FY20 led by healthy gross margins.

View Reports

Eicher Motors’ (EIM) consolidated Q3FY20 EBITDA at Rs 5.9bn (–14% YoY) was in line with estimates.

View Reports

Sun Pharma (SUNP) reported a 6% EBITDA miss, largely driven by higher other expense (up 8% QoQ) and despite better gross margins (up 110bps QoQ) & lower R&D (6.4% of sales).

View Reports

PNC Infratech’s (PNCL) Q3FY20 revenue grew 68% YoY.

View Reports

Lupin (LPC) reported a 40% miss on Q3 EBITDA while one-offs dented PAT (incl. US$ 222mn Gavis impairment).

View Reports

Greenpanel Industries’ (GREENP) Q3FY20 consolidated revenue grew 46% YoY aided by an 85%/37% increase in the plywood/MDF segments.

View Reports

Indraprastha Gas’ (IGL) Q3FY20 EBITDA was in line at Rs 3.9bn (+23% YoY, Rs 6.4/scm).

View Reports

V-Mart Retail (VMART) reported below-expected Q3FY20 revenue growth of 21% YoY to Rs 5.6bn, with SSSg of 1%.

View Reports

Cera Sanitaryware (CRS) reported a dull Q3FY20 with standalone revenue growth of 1% YoY to Rs 3.2bn, as the sanitaryware segment declined ~11%.

View Reports

Gujarat Gas (GUJGA) reported Q3FY20 earnings above estimates at Rs 1.96bn (+26% YoY).

View Reports

Divi’s Labs (DIVI) reported a Q3FY20 revenue/EBITDA miss of 8-10% as multiple regulatory inspections restricted full production.

View Reports

HPCL’s Q3FY20 PAT was below estimates due to subdued marketing business earnings of Rs 22bn (+12% YoY ex-inventory).

View Reports

Mahindra Logistics’ (MLL) Q3FY20 consolidated revenue/EBITDA declined 7%/20% YoY (adj. for Ind-AS 116), marginally below estimates.

View Reports

Cipla’s adj. EBITDA missed estimates by 3% due to lower gross margins which saw a 120bps one-off impact.

View Reports

TVS Motor’s (TVSL) Q3 EBITDA beat estimates by ~11% led by resilient margins at 8.8% (+70bps YoY, flat QoQ), despite a sharp 17% YoY drop in volumes.

View Reports

Century Plyboards’ (CPBI) standalone Q3FY20 revenue growth was in line with estimates at 2.9% YoY, aided by 9.5% growth in the MDF segment.

View Reports

Tech Mahindra’s (TECHM) swift ramp-up of the AT&T deal aided a Q3 revenue beat (up 4.3% QoQ CC to US$ 1.4bn vs. 3% estimated).

View Reports

State Bank of India’s (SBIN) Q3FY20 PAT at Rs 56bn was driven by strong NII growth and lower provisions, but a one-time DTA charge shaved Rs 13bn off earnings.

View Reports

IOCL’s Q3FY20 EBITDA at Rs 66bn (+84% YoY) was well above estimates.

View Reports

Laurus Labs reported a consecutive beat with best-ever Q3 EBITDA, led by strong operating leverage in formulations and higher gross margins.

View Reports

JLR’s Q3 EBIT margin at 3.3% was below estimates largely due to forex headwinds.

View Reports

A mix of favourable yet transient dynamics saw eClerx (ECLX) staging a surprising operational beat in Q3FY20 (revenue up 3% QoQ, EBIT margin up 590bps).

View Reports

Bajaj Auto’s (BJAUT) Q3 EBITDA rose 18% YoY led by 17.9% margins (seven-quarter high) and beat estimates by ~10%.

View Reports

Pidilite Industries (PIDI) reported below-expected Q3FY20 consolidated revenue growth of 4% YoY – CBP volumes grew just 2% while industrial volumes rose 13% YoY.

View Reports

Transport Corp’s (TRPC) consolidated Q3FY20 revenue (–0.6% YoY) was a miss due to lower SCS (–6.8%) and seaways (–1.3%) revenue, while freight grew at a decent clip (+4.5%).

View Reports

KMB has received in-principle approval from RBI to cap its promoters' voting rights in the bank from ~30% currently to 20% of paid-up voting equity share capital (PUVESC) until Mar'20, and thereafter reduce this to 15%.

View Reports

NIIT Tech’s (NITEC) Q3FY20 performance was mixed with a miss on operating margins (–20bps QoQ to 18.1%) but healthy deal wins.

View Reports

Bajaj Finance (BAF) reported healthy 35% YoY growth in AUM in Q3FY20.

View Reports

HG Infra’s (HGIEL) Q3FY20 earnings (+18% YoY) were below estimates due to softer revenue and higher interest cost and taxes.

View Reports

Manappuram Finance’s (MGFL) gold AUM surged 30% YoY to Rs 162bn in Q3FY20.

View Reports

Maruti’s (MSIL) Q3FY20 operating performance missed estimates, largely due to the exaggerated impact of discounts and higher fixed cost appropriation.

View Reports

TCI Express (TCIEXP) reported an in-line operating performance in Q3FY20 as solid gross margin expansion (+310bps YoY) compensated for muted topline growth (+2%).

View Reports

Strong cost control and operating leverage led to a Q3 EBITDA beat of 5%.

View Reports

ICICI Bank’s (ICICIBC) Q3FY20 PAT at Rs 41bn was driven by 24% YoY growth in NII and lower provisions.

View Reports

Supreme Industries (SI) reported below-estimated Q3FY20 revenue (–2.6% YoY) owing to flat volumes.

View Reports

We initiate coverage on Bajaj Finance (BAF) with BUY and a Mar’21 TP of Rs 5,000.

View Reports

Axis Bank’s (AXSB) Q3FY20 PAT at ~Rs 18bn missed estimates due to above-expected provisions.

View Reports

Alembic Pharma (ALPM) reported a 15% EBITDA beat in Q3 driven by a sales beat and stable opex despite an additional expense hit from Aleor-Derma unit commercialisation.

View Reports

Kotak Mahindra Bank’s (KMB) Q3FY20 PAT at Rs 16bn was below estimates due to weak NII growth and high provisions.

View Reports

Key highlights from Reliance Industries’ (RIL) Q3 financials: (a) Cyclicals under-performed on low GRMs (US$9.2/bbl, Vs US$10.7 ests); and tepid petchem margins (US$100/MT EBITDA, -23% QoQ)); (b) higher than expected earnings from retail – Rs27 bn (+62% YoY, 6% margins) and (c) lower than estimates earnings from RJIO – Rs58 bn (+9.6% YoY).

View Reports

HDFC Bank’s (HDFCB) Q3FY20 PAT at Rs 74bn (+33% YoY) was ahead of our estimates largely due to strong non-interest income.

View Reports

HCL Tech (HCLT) reported an above-expected operating performance in Q3FY20, supported by a modest beat on both revenue and margins.

View Reports

TCS reported a mixed Q3FY20 as revenue missed the mark for the third quarter in a row but EBIT margins staged a strong beat.

View Reports

Our interactions with dealers and industry participants suggest that demand for MDF remains strong.

View Reports

L&T Infotech (LTI) reported 8.3% QoQ CC revenue growth in Q3FY20, well ahead of estimates.

View Reports

Wipro (WPRO) reported an in-line operating performance in Q3FY20 with 1.8% QoQ CC revenue growth and 18.4% IT services EBIT margins.

View Reports

Mindtree’s (MTCL) Q3FY20 operating performance was buoyed by operating margin beat as revenue fell short on expectations.

View Reports

IndusInd Bank’s (IIB) Q3FY20 PAT grew 33% YoY to Rs 13bn, largely due to 34% YoY growth in NII and 5bps QoQ NIM expansion to 4.15%.

View Reports

Infosys (INFO)’s Q3FY20 operating performance fell tad short on expectations led by operating margin miss (EBIT margins at 21.9% V/s our est. of 22.4%).

View Reports

In this report, we present key highlights from our recent meeting with Reliance Industries (RIL).

View Reports

Our interaction with the Gujarat State Petronet (GSPL) management reinforces our core investment thesis.

View Reports

At our recent meeting, GUJGA’s management assured robust outlook on volumes driven by (a) implementation of anti-pollution measures by the state government (new CNG state buses), and (b) relatively low LNG prices.

View Reports

We visited HG Infra’s (HGIEL) Gurgaon-Sohna NHAI HAM project site and also met CMD Harendra Singh.

View Reports

We recently hosted investor meetings with the Cera Sanitaryware (CRS) management.

View Reports

We hosted the senior management of Transport Corp of India (TRPC) for investor meetings.

View Reports

We attended Tech Mahindra’s (TECHM) recent analyst meet and present the key takeaways.

View Reports

Allcargo Logistics (AGLL) recently announced the acquisition of a 45% controlling stake in Gati (GTIC) for ~Rs 4.2bn (13.6x TTM H1FY20 EV/EBITDA).

View Reports

L&T Infotech’s (LTI) analyst meet reassured us that its strong sales engine and efficient delivery will continue to drive profitable growth.

View Reports

Alembic Pharma (ALPM) has underperformed the midcap and Sensex indices since 2015 due to subdued earnings. This cycle should reverse in the next 3-4 years.

View Reports

Kotak Mahindra Bank (KMB) has forged a powerful banking franchise backed by a formidable liability profile.

View Reports

We recently hosted the management of Laurus Labs with investors. Overall, we found management's tone confident yet realistic.

View Reports

We initiate coverage on VRL Logistics (VRLL) with BUY and a Mar’21 TP of Rs 330, set at 22x FY22E P/E.

View Reports

We attended Greenply Industries’ (GIL) analyst meet.

View Reports

Sadbhav Engineering’s (SADE) Q2FY20 revenue missed estimates, dropping 18% YoY as the heavy monsoons hindered execution at key EPC projects and as AD award was delayed for newer contracts.

View Reports

PNC Infratech’s (PNCL) Q2FY20 core revenue ex-arbitral awards grew 92% YoY.

View Reports

KNR Constructions’ (KNRC) Q2FY20 core revenue ex-arbitral awards grew 26% YoY and core EBITDA margin beat estimates at 20.6% (+60bps YoY).

View Reports

Ashoka Buildcon’s (ASBL) Q2FY20 execution remained muted due to the extended monsoons, with revenue growth at 7.6% YoY.

View Reports

Mphasis’ (MPHL) Q2FY20 revenue at US$ 306mn met estimates, marked by strong traction in the direct channel business.

View Reports

Dilip Buildcon’s (DBL) Q2FY20 standalone revenue was in line at Rs 18.1bn (+11% YoY), but PAT (–31% YoY) missed estimates on higher depreciation and taxes.

View Reports

ONGC’s Q2FY20 earnings outperformed at Rs 62.6bn (–24% YoY).

View Reports

Pidilite Industries (PIDI) reported below-expected consolidated Q2FY20 revenue growth of 2.8% YoY as CBP volumes dipped 0.9%, offsetting industrial volume growth of 12.6%.

View Reports

Cera Sanitaryware (CRS) reported tepid Q2FY20 standalone revenue of Rs 3.3bn (–1.1% YoY), with the sanitaryware segment contracting 9% YoY.

View Reports

Muthoot Finance’s (MUTH) gold AUM increased 11% YoY to Rs 357bn in Q2FY20, the slowest growth in the last five quarters as the company calibrated LTV to 68%.

View Reports

Mayur Uniquoters’ (MUNI) Q2FY20 standalone revenue declined 16% YoY amid a continued slowdown in user industries (footwear, auto) where volumes dropped 20% YoY.

View Reports

Finolex Industries (FNXP) reported above-expected Q2FY20 revenue growth of 6.3% YoY, aided by a 6% increase in PVC pipe volumes while PVC resins declined 4.7%.

View Reports

Sequential improvement in US sales to US$ 405mn and stable gross margins led to a modest beat overall in Q2.

View Reports

Mahanagar Gas’s (MAHGL) Q2FY20 adj. PAT underperformed estimates at Rs 2.1bn (+57% YoY).

View Reports

Lupin (LPC) has signed a definitive agreement with financial investor Unison to sell its entire 99.8% stake in Kyowa for an EV of US$ 520mn.

View Reports

HG Infra’s (HGIEL) Q2FY20 PAT grew ahead of estimates at 57% YoY, led by gross margin expansion, softer interest cost and a lower tax rate.

View Reports

Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 7.9% YoY in Q2FY20 to Rs 4.2bn, aided by a 4.8% uptick in tile volumes.

View Reports

Alkem reported an 11% EBITDA beat in Q2 driven by a sales beat and better cost control.

View Reports

Allcargo Logistics’ (AGLL) Q2FY20 performance was below our estimates.

View Reports

Century Plyboards’ (CPBI) standalone revenue growth for Q2FY20 was in line with estimates at 4.4% YoY, aided by the MDF (+27%) and laminate (+22%) segments.

View Reports

Oil India’s (OINL) Q2 FY20 earnings at Rs 6.2bn (-27% YoY) was below estimates.

View Reports

Gujarat State Petronet’s (GUJS) Q2FY20 EBITDA outperformed estimates at Rs 4.4bn (–15% YoY), backed by higher margins of Rs 1.2/scm (Rs 1.1/scm estimated).

View Reports

GAIL’s Q2FY20 PAT was well below estimates at Rs 10.6bn (–42% YoY).

View Reports

Greenply Industries (GIL) reported consolidated Q2FY20 revenue growth of 5% YoY.

View Reports

eClerx (ECLX) reported a margin beat for Q2FY20 (EBIT margin at 16.9%), albeit backed largely by marketing cuts, while dollar revenue was a miss (–1.6% QoQ).

View Reports

Sun Pharma (SUNP) delivered a 10% EBITDA beat largely driven by lower R&D (6% of sales vs. 8-9% guided).

View Reports

Greenpanel Industries (GREENP), the newly demerged entity of Greenply Industries, reported consolidated revenue growth of 44% YoY in Q2FY20 aided by a 53%/40% upswing in the plywood/MDF segments.

View Reports

Indraprastha Gas’ (IGL) Q2FY20 EBITDA was above estimates at Rs 3.9bn (+27.5% YoY; Rs 6.5/scm).

View Reports

Manappuram Finance’s (MGFL) gold AUM surged 20% YoY to Rs 152bn in Q2FY20, clocking the highest growth rate in the past 11 quarters.

View Reports

Core Q2 EBITDA, normalised for licensing income, was a 5% miss at Rs 6bn (flat QoQ).

View Reports

Cipla reported a strong quarter with an EBITDA beat of 30%/11% on our/ consensus estimates due to a surprise recovery in India sales (up 29% QoQ), 100bps sequential improvement in core margins, and better growth across EM/ EU/US.

View Reports

Transport Corp (TRPC) saw muted consolidated revenue/EBITDA growth of 1%/2% YoY in Q2FY20 as the weak demand climate weighed on segmental performance.

View Reports

Tech Mahindra reported better than expected Q2FY20 operating performance led by beat on both revenues and operating margins.

View Reports

Mahindra Logistics (MLL) reported below expected performance in Q2FY20, with consolidated revenue/EBITDA (adj. for IND-AS 116) declining 8%/28% YoY.

View Reports

Overall Revenue/EBITDA were 13% ahead of our estimates but largely in-line with consensus.

View Reports

Gujarat Gas (GUJGA) reported Q2 FY20 earnings below estimates at Rs 2.2bn (Adjusted for Rs 2.9 bn tax write-back; +5.3x YoY).

View Reports

TCI Express (TCIEXP) posted in line operating performance in Q2, with revenue/EBITDA growth of 9%13% YoY.

View Reports

V-Mart Retail (VMART) reported below-expected revenue growth of 20% YoY to Rs 3.1bn in Q2FY20, with SSSg of 1% (volumes –8%).

View Reports

Future Supply Chain’s (FSCSL) Q2FY20 standalone earnings nosedived 64% YoY (ex. Ind-AS 116), dented by lower EBITDA (–13% YoY) and higher depreciation (+61%) & interest costs (+332%).

View Reports

Yes Bank (YES) reported a Rs 6bn loss due to a one-time DTA impact of Rs 7.1bn.

View Reports

Q2 headline EBITDA of Rs 14bn (Rs 8.5bn est.) had multiple one-time impacts: (1) licensing income of Rs 6.84bn net of cost, (2) sales hit in the US ($10mn-15mn in our view) from Ranitidine recall & logistic issues, and (3) Rs 1bn in SG&A. Adj. EBITDA was a 3% miss.

View Reports

Laurus Labs reported its best-ever EBITDA in Q2FY20 with a good topline beat, led by strong operating leverage in the formulation business and gross margin expansion.

View Reports

IOCL’s Q2FY20 EBITDA at Rs 36bn (–47% YoY) was well below estimates.

View Reports

Container Corp (CCRI) reported an in-line operating performance in Q2FY20.

View Reports

Petronet LNG’s (PLNG) Q2FY20 EBITDA surged to Rs 11.6bn (+31% YoY), as volumes rose to 250tbtu (+15% YoY, +11% QoQ).

View Reports

Supreme Industries’ (SI) Q2FY20 revenue grew 2.5% YoY (adj. for property sale last year), coming in slightly below estimates despite a healthy 12% YoY rise in volumes.

View Reports

Astral Poly Technik’s (ASTRA) consolidated revenue grew 8.5% YoY in Q2FY20, aided by piping segment volume growth of 27% (~17% ex-Rex Poly).

View Reports

State Bank of India’s (SBIN) Q2FY20 PAT of Rs 30bn beat consensus estimates due to 17% YoY NII growth.

View Reports

HCL Tech (HCLT) reported an above-expected operating performance in Q2FY20 supported by a margin beat (EBIT margin up 290bps QoQ to 20%).

View Reports

NIIT Tech (NITEC) reported organic revenue growth of 4.1% QoQ CC and EBITDA margins of 18.3% in Q2FY20, marking a better-than-expected operating performance.

View Reports

Hexaware (HEXW) reported in-line dollar revenue growth of 11.7% QoQ and EBIT margins of 13.9% in Q3CY19.

View Reports

Kajaria Ceramics (KJC) posted a below-expected Q2FY20 with revenue down 1.5% YoY (volumes +1.1%, realisations –3.5%).

View Reports

Reliance Industries’ (RIL) Q2FY20 EBITDA marginally beat estimates at Rs 221bn (+5% YoY, +4% QoQ).

View Reports

We hosted a call with Karan Punjabi, Head of Finance at electric scooter manufacturer Ather Energy (Ather).

View Reports

L&T Infotech (LTI) did better than expected in Q2FY20, posting 2.4% QoQ CC revenue growth despite client-specific challenges.

View Reports

Mindtree’s (MTCL) Q2FY20 operating performance was in line (3.2% QoQ CC revenue growth), with a broad-based uptick across verticals.

View Reports

Wipro (WPRO) reported in-line revenue growth of 1.1% QoQ CC, but a surprising beat on operating margins (18.1%, +10bps QoQ vs. –60bps est.) that materialised despite the impact of compensation revision.

View Reports

Infosys (INFO) met expectations with 3.3% QoQ CC revenue growth and 21.7% EBIT margins, delivering a better performance than TCS in Q2FY20.

View Reports

Cipla has received 12 observation from the USFDA’s inspection of its Goa facility over 16-27 Sep.

View Reports

TCS reported a dull Q2FY20 operating performance with both revenues (+1.6% QoQ CC) and EBIT margins (flat at 24%) disappointing for the second straight quarter.

View Reports

IndusInd Bank’s (IIB) Q2FY20 PAT grew 52% YoY to Rs 14bn, largely due to 32% YoY growth in NII and 5bps QoQ NIM expansion to 4.1%.

View Reports

ARBP’s stock corrected 20% on 7th Oct following 483 details on Unit 7 (oral formulation unit).

View Reports

In our recent meeting, Greenply Industries’ (GIL) management outlined the following targets for FY20: (1) India plywood business to grow 8-10% despite a challenging market, (2) India operating margins to expand 100-150bps to 10.5-11%, and (3) Gabon operations to ramp up substantially to ~Rs 2bn in revenues (+60% YoY) with ~18% (+200bps) operating margins.

View Reports

We interacted with Mahindra Logistics' (MLL) CEO designate Rampraveen Swaminathan who will assume the role of CEO from Oct 1.

View Reports

We hosted an investor call with the Petronet LNG (PLNG) management to discuss its proposed investment in Tellurian Inc's Driftwood LNG project.

View Reports

Future Supply Chain (FSCSL) today announced plans to sell a 22% minority stake to Nippon Express, a Japanese logistics company.

View Reports

We recently met the management of Cera Sanitaryware (CRS) and present our key key takeaways.

View Reports

In a recent meeting, ONGC’s management highlighted (a) its unchanged domestic gas production guidance at ~3mmscmd/year over FY20-FY25, and (b) expectations of sustained long-term growth in OVL production through added stake in the Vankor fields and start-up of the Mozambique project (by 2024-25).

View Reports

Our recent meeting with the Petronet LNG (PLNG) management has reinforced our core investment thesis.

View Reports

Dilip Buildcon (DBL) has entered into a SPA with Cube Highways (Cube) for 100% stake sale in five under-construction NHAI HAM projects for a pre-tax equity consideration of ~Rs 7bn, against a total equity requirement of Rs 5.7bn.

View Reports

We attended a call hosted by the CEO and senior management at Mindtree (MTCL) to discuss the company’s growth strategy post takeover by L&T.

View Reports

We recently met the management of Blue Dart Express (BDE) and present the key takeaways in this report.

View Reports

KNR Constructions’ (KNRC) Q1FY20 revenue dropped 17% YoY to Rs 4.6bn, >20% under estimates due to deferred AD award.

View Reports

Sadbhav Engineering’s (SADE) Q1FY20 revenue underperformed estimates, dropping 8% YoY due to tardy execution of HAM projects and delayed AD award for newer contracts.

View Reports

Ashoka Buildcon’s (ASBL) Q1FY20 revenue grew 28% YoY to Rs 8.8bn, below our estimate of Rs 11.8bn due to delayed execution of power T&D/ railways projects.

View Reports

Greenply Industries (GIL) reported consolidated Q1FY20 revenue growth of 13%, with India plywood operations growing at 6.2% YoY.

View Reports

Indraprastha Gas’ (IGL) Q1FY20 earnings were in line at Rs 2.2bn (+24% YoY).

View Reports

PNC Infratech’s (PNCL) Q1FY20 revenue surpassed expectations, scaling a new high of Rs 13.2bn (+86% YoY) fuelled by strong execution.

View Reports

Century Plyboards’ (CPBI) standalone revenue growth for Q1FY20 was better than estimates at 6.8% YoY, aided by the MDF (+32%) and laminate (+17%) divisions.

View Reports

Container Corp (CCRI) posted a well-rounded performance in FY19.

View Reports

ONGC’s Q1FY20 earnings outperformed at Rs 59bn (–4% YoY).

View Reports

Q1 EBITDA was in line despite a gross margin miss which was partly set off by low R&D expense (5% of sales vs. 8% guidance).

View Reports

HG Infra’s (HGIEL) Q1FY20 revenue grew 17% YoY to Rs 5.3bn but was below estimates due to delayed AD award for the Hapur-Moradabad project.

View Reports

Finolex Industries (FNXP) reported above-expected Q1FY20 revenue growth of 14% YoY, aided by 15%/18% higher volumes in PVC resin/PVC pipes.

View Reports

BPCL’s Q1FY20 EBITDA at Rs 21.8bn (–44% YoY) outperformed estimates on higher GRMs (US$ 2.8/bbl after US$ 0.8/bbl inventory loss).

View Reports

Alkem Labs reported a good Q1FY20 with an 11% EBITDA beat owing to gross margin expansion and better cost control.

View Reports

Oil India’s (OINL) Q1 FY20 earnings at Rs 6.3bn (-11% YoY) was above estimates.

View Reports

Chairman Mukesh Ambani’s FY19 AGM speech envisages: (a) deleveraging by FY21 through stake sales, (b) enhancing shareholder value, and (c) expanding RJio’s value proposition.

View Reports

GAIL’s Q1FY20 PAT/EBITDA surpassed estimates at Rs 13bn/Rs 23bn (+2.2%/flat YoY).

View Reports

Mphasis (MPHL), at its analyst meet, highlighted its constant strategic adaption to stay aligned with the changing technology demands of clients.

View Reports

Q1FY20 saw a lackluster with a revenue/EBITDA miss of 2%/5% led by continued consumption of high-cost RM and a weak product mix (lower CS contribution at 41%, flat QoQ).

View Reports

Mahanagar Gas’s (MAHGL) Q1FY20 PAT was well above estimates at Rs 1.7bn (+20% YoY).

View Reports

Allcargo Logistics (AGLL) reported an in-line topline of Rs 18bn, up 12% YoY.

View Reports

Tech Mahindra (TECHM) subsidiary Pininfarina (PINF) was a harbinger of growth for the company over the past two years, bringing in 16% of incremental FY19 revenue.

View Reports

Hexaware’s (HEXW) operating margins outperformed at 14.6% (+90bps QoQ vs. –30bps est.), taking the Jun’19 quarter ahead of expectations.

View Reports

Q1 core EBITDA was in line at Rs 6bn, normalised for a temporary drop in SG&A spends and Ranexa FTF.

View Reports

Petronet LNG (PLNG) reported a mixed Q1FY20 due to the new Ind-AS 116 lease standards, which led to higher EBITDA (Rs 10.3bn, +10% YoY) but lower PAT (Rs 5.6bn, –4.5% YoY).

View Reports

Q1FY20 revenue/EBITDA beat estimates by 8%/10% spurred by strong US sales at US$ 384mn and 260bps gross margin expansion YoY and QoQ.

View Reports

A strong revenue beat (+4.2% QoQ CC vs. +1.8% est.) but below-expected margins rounded off an in-line operating performance from HCL Tech (HCLT) for the Jun’19 quarter.

View Reports

HPCL’s Q1FY20 earnings at Rs 8.1bn (–52% YoY) came in below estimates, marred by low GRMs (US$ 0.75/bbl, after US$ 2.6/bbl inventory loss).

View Reports

Q1 was subdued and had multiple moving parts: (1) reduction in India GRx business by Rs 2bn, (2) Rs 1.6bn sales deferral in India Rx + EM market, (3) gSensipar sales worth US$40mn, and (4) weak ROW commentary.

View Reports

Mayur Uniquoters’ (MUNI) Q1FY20 standalone revenue decreased 9% YoY as a sharp slowdown in footwear and auto sector demand saw volumes drop 9%.

View Reports

Pidilite Industries (PIDI) reported in-line consolidated Q1FY20 revenue growth of 10% YoY, aided by a 6% rise in consumer & bazaar (CBP) volumes.

View Reports

Dilip Buildcon (DBL) reported below-expected Q1FY20 revenue at Rs 23bn, down 6% YoY, due to execution constraints from delays in award of appointed dates for HAM projects.

View Reports

Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 3.9% YoY in Q1FY20 to Rs 3.95bn, as tile volumes grew 8% YoY.

View Reports

Q1FY20 operational results were in line despite strong gross margin expansion.

View Reports

V-Mart Retail’s (VMART) Q1FY20 revenue growth was in line at 26% YoY, with SSSg of 5.2%.

View Reports

eClerx (ECLX) underperformed sharply in the Jun’19 quarter as operating margins continued to sink well below estimates.

View Reports

Gujarat State Petronet’s (GUJS) Q1FY20 earnings outperformed estimates at Rs 2.1bn (+43% YoY), bolstered by higher volumes of 38mmscmd (+5% YoY).

View Reports

Subdued user industries exacted a heavy toll on Mahindra Logistics’ (MLL) Q1FY20 performance.

View Reports

Astral Poly Technik (ASTRA) reported marginally better consolidated revenue growth than expected at 27% YoY in Q1FY20.

View Reports

State Bank of India’s (SBIN) Q1FY20 PAT of Rs 23bn was in line with our estimate.

View Reports

Cera Sanitaryware (CRS) reported subpar Q1FY20 standalone revenue of Rs 2.7bn, down 4.8% YoY, with the sanitaryware segment declining 12.7%.

View Reports

Future Supply Chain (FSCSL) sharply underperformed our Q1FY20 profit estimates.

View Reports

ICICI Bank’s (ICICIBC) early delinquency indicators, as disclosed in its 20F filing for FY19, suggest corporate loan stress has been largely dealt with.

View Reports

Container Corp (CCRI) reported a healthy operating performance in Q1FY20.

View Reports

IOCL’s Q1FY20 EBITDA at Rs 76.6bn (ex-inventory gains) was marginally below estimates.

View Reports

The subdued macro climate weighed on TCI Express’ (TCIEXP) Q1FY20 results.

View Reports

Tech Mahindra (TECHM) posted a disappointing Q1FY20 as (1) revenue contracted in all verticals except ‘others’, (2) top 5/10/20 client performance flagged, (3) EBIT margins shrank 390bps QoQ, (4) attrition failed to cool off, (5) DSO rose due to high unbilled revenues, and (6) cash generation slumped.

View Reports

Axis Bank’s (AXSB) Q1FY20 PAT at Rs 13.7bn fell short of our/consensus estimates on high provisions.

View Reports

Gujarat Gas (GUJGA) reported Q1FY20 earnings well above estimates at Rs 2.3bn (+93% YoY, +2x QoQ), backed by strong volumes of 9.15mmscmd (+42% YoY) and expanded EBITDA margins of Rs 5.6/scm (+32% YoY, +29% QoQ).

View Reports

We attended Greenlam Industries’ (GRLM) analyst meet and outline management’s outlook on growth across business segments.

View Reports

Transport Corp (TRPC) reported a below-estimated operating performance in Q1FY20 amidst challenging macros.

View Reports

Q1 reported 18% EBITDA miss impacted by one-offs in gross margins (PSAI & inventory write-offs in US totaling US$20mn, in my view), while adj. EBITDA was in line.

View Reports

Supreme Industries (SI) reported below-expected Q1FY20 revenue growth of 6.8% YoY despite a healthy 13.5% rise in volumes.

View Reports

Reliance Industries’ (RIL) FY19 Annual Report spells out its vision across its diversified businesses.

View Reports

ICICI Bank’s (ICICIBC) Q1FY20 PAT at Rs 19.1bn was above our estimate due to below-expected provisions.

View Reports

Mphasis’ (MPHL) Q1FY20 revenue at US$ 297mn met expectations, marked by balanced growth in both direct and DXC/HP channels.

View Reports

Persistent Systems (PSYS) reported another quarter of subpar operating performance as both revenue and operating margins missed estimates in Q1FY20.

View Reports

We spoke with Y D Murthy, Executive Vice President – Finance, of NCC Ltd (NJCC) for an update on Andhra Pradesh work orders.

View Reports

Adjusted for GIS divestment, NIIT Tech (NITEC) reported organic revenue growth of 4% QoQ CC and EBITDA margins of 16.9% in Q1FY20, marking a better-than-expected operating performance.

View Reports

Kajaria Ceramics (KJC) posted below-expected Q1FY20 revenue growth of 6.5% YoY, with volumes up 9.6% but realisations down 3.8%.

View Reports

Reliance Industries’ (RIL) Q1 FY20 EBITDA marginally beat estimates at Rs 213bn (+3% YoY, +2.3% QoQ)…

View Reports

HDFC Bank’s (HDFCB) Q1FY20 PAT at Rs 56bn (+21% YoY) was largely in line with our estimates…

View Reports

L&T Infotech (LTI) reported a sedate Q1FY20 with 1% QoQ CC revenue growth and 16% EBIT margins…

View Reports

Wipro (WPRO) reported another tepid quarter as a wind-down of large projects in the retail & CPG ver

View Reports

Mindtree’s (MTCL) Q1FY20 reported EBIT missed estimates by 46% as both revenue and operating margins

View Reports

Yes Bank’s (YES) Q1FY20 PAT at Rs 1.1bn beat our/consensus estimates on higher non-interest income a

View Reports