Research Reports

Q4 revenue grew 29% YoY backed by healthy domestic 2W volume growth and decent realisation gains. Export volume was steady

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HDFC Life’s APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26

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TCS gained market share through vendor consolidation/cost optimisation programmes

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PRICOL is a global-level manufacturer of instrument clusters and fuel-level sensors for 2/3W with ~70% of its revenue from cluster segment

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DBL gears up for healthy business growth backed by 20% clinker capacity addition by FY26 across its operations

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JBIL turned around operations improving plant utilisation and efficiency, and restored its balance sheet by restructuring debt

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ECD segment expected to do well on the back of a strong summer and fans premiumisation; solar pumps a big opportunity

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PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn

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RDL maintained its guidance of trebling revenue over the next five years by increasing its presence across wood panel segments

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Individual APE market share grew to 10%/12.4% in Jan/Feb’24 from 8.7% in 9MFY24 – a positive surprise

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Management targets credit/deposit CAGR of 20%/25% over FY24-FY29; NIM to stabilise at current mark with upward bias (6.4% in Q3FY24)

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Greenfield laminate plant in Andhra Pradesh to aid market share gains for GRLM in both export and domestic markets

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Healthy Q4 led by growth across segments; order inflows swelled 35% YoY and backlog held strong at Rs 84bn

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Q3 volumes grew only 2% YoY due to cold weather and construction halt in northern markets; realisations only steady despite weak volume

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Potential to double volumes to close to 1mmscmd in FY25 and grow to 1.5mmscmd in FY27, as per management

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Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations

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Strong Q3 topline from higher fan, lighting and pump sales, but EBITDA margin fell 120bps YoY on ad expenses and weakness in BGAL

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Q3 revenue grew 13% YoY driven by 10% higher realisations from a better product mix; volume growth muted

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EBITDA fell 35% short of our estimate due to tepid demand climate and steep margin compression across segments

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Q3 EBITDA fell 18% YoY and missed our estimate by 28% on subdued demand and higher brand & sales promotion expense

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Q3 EBITDA/PAT surged 68%/90% YoY led by growth in US/EM revenue and ~700bps jump in operating margin

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Robust December quarter order flows and revenue, though margins contracted due to weakness in digital industries segment

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Healthy business growth drives 21% YoY rise in Q3 NII, though muted other income induces 14% fall in PPOP

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Factoring in faster e-transition for DTC buses and passenger vehicles in Delhi, we lower FY23-FY26 volume growth to 5.9% from 8.4%

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Q3 revenue dipped 3% YoY owing to dismal performance in food & nutrition segment

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Q3 a muted quarter with net loss of Rs 5mn due to lower revenue and higher interest and depreciation costs

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Q3 operating performance stable with EBITDA margin inching up 20bps YoY despite a Rs 100mn hit from cost overruns

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Q3 revenue grew 21% YoY steered by 17% growth in motorcycle volumes and 22% in scooters; realisations up 3%

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Q3 revenue grew 9% YoY on 25% rise in custom synthesis business; API and nutraceuticals stayed soft

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Revenue grew 9% YoY in Q3 backed by strong India and ROW growth that offset lower US business

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Q3 revenue growth muted at 6% YoY due to poor demand; pricing pressure dampens realisations

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Q3 PAT met estimates at Rs 40bn; 20% bump-up in FY25 capex target to Rs 150bn a key positive

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Sustained revenue growth (+ 9% YoY) and margin expansion in Q3, propelled by robust India business

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VNB margin improved 200bps YoY to 16.6% at end-9M, leading us to increase our FY24-FY26 estimates by 100-150bps

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Q3 topline flattish with PAT contraction on lower RLNG trading gains; bright spots from higher PLFs and lower T&D losses

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Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline

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Strong Q3 with EBITDA/PAT of Rs 10.2bn/Rs 6.1bn, beating consensus by 17%/42%

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Steady growth in a challenging quarter aided by 7% YoY volume pickup; realisations softened

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Domestic sales continue to underpin growth, rising 8.9% YoY in the December quarter on better pricing, volumes and product mix

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Strong Q3 topline growth of 16% YoY despite lower exports, along with 330bps gross margin expansion as input costs eased

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Urban markets grew ahead of rural centres largely driven by premium portfolio; volume growth revived to ~5.5% YoY in Q3

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Q3 topline and margins contracted due to change in product mix; FY24 volume guidance cut from 310,000t to 300,000t

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Q3 topline growth strong at 38% YoY but EBITDA margin shrank 380bps to 5.5% on weak product mix

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Q3 revenue growth subdued at 3% YoY as volumes fell 3% amid state elections and festive season

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Strong business growth in Q3 but one-off pension and ex-gratia provision of Rs 71bn saw net profit drop 36% YoY

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Q3 revenue grew 3% YoY to Rs 92.7bn in a challenging quarter, aided by 3% higher realisation

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Q3 PAT came in 36% below our estimate on continued market share bleed and margin pressure

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Q3 PAT missed our estimate by 31% on weak laminate volumes and sharp increase in capital charge

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Q3 revenue down 20% YoY on steep 33% volume decline due to anaemic rural demand

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Q3 EBITDA ahead of consensus by 4% on healthy margins but strong PAT beat of 22% came from lower tax rate

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Weak Q3 came as a big negative surprise considering management’s upbeat outlook in last earnings call

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Standalone Q3 revenue grew 7% YoY as volumes increased 7%, ushioning flattish realisations

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Q3 below consensus and also weaker than peers amid higher competitive pressure from imports and lower exports

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Q3 revenue growth of 20% YoY backed by sharp 11% volume uptick to 8.9mt

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Q3 EBITDA miss of 7% on tepid demand environment and rise in competitive intensity from Morbi players

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Q3 results ahead on higher per unit EBITDA margin; first coil from HSM represents next milestone on Angul growth project

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Sustained quarterly performance amid macro headwinds in domestic markets and currency devaluation in select global markets

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EBITDA beat estimates (+6%) in Q3 on quick ramp-up of MDF plant in a challenging environment

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Q3 topline up 19% YoY on low base but consumer demand still soft; margins expand on lower input prices

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Topline flattish YoY due to high base and soft demand for fans; EBITDA margin lower on advertising expenses

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Q3 revenue growth of 8% YoY bolstered by 16% uptick in volumes while realisations moderated 5%

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Sharp contraction in operating profit (-34% YoY) for fifth consecutive quarter owing to supply-side pressure in MDF industry

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Consistent performance across segments and markets with 7% YoY revenue growth despite delayed winter and macro headwinds

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Strong quarter with revenue/EBITDA in line and reported PAT 4% ahead of Bloomberg consensus

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Q3 revenue up 2x YoY led by robust growth in mobile & EMS segment; EBITDA margin dips 80bps on higher input costs

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Q3 volumes grew 8% YoY driven by continued demand surge for SUVs; we expect sustained outperformance

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Q3 revenue/PAT short of our estimates by 4%/13% on tepid demand climate and intense competition from Morbi players

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Q3 revenue growth strong at 31% YoY but challenges in international EMP business cause net loss of Rs 304mn

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Strong Q3 led by T&D and civil businesses, though rail revenue was subdued due to increasing competition

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Healthy quarter with revenue/PAT coming in 3%/4% ahead of consensus; US sales a positive surprise, rising 6% QoQ

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Strong topline growth of 25% YoY in Q3 aided by festive season sales; margin expansion continues

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QAAUM grew 11% YoY to Rs 3.1tn in Q3 with equity assets rising even faster at 13%; however, market share inched down

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Q3 order inflows and topline strong but margins declined due to legacy orders in the mix

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Topline in line at Rs 13.7bn; miss at EBITDA level on one-off expense and MTM inventory loss

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Dull Q3 performance in domestic as well as international markets amid a challenging operating environment

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QAAUM growth robust at 29% YoY in Q3 fuelled by 10%+ share of industry-wide net equity flows (ex-arbitrage and index)

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Q3 power generation grew 14% YoY with bump-up in PAT to Rs 45.7bn due to movement in regulatory deferral balance

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Cigarette business had a soft quarter while FMCG-others remained resilient, and hotels posted its best quarter on a high base

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Weak Q3 performance on rise in competitive intensity in a tepid demand environment

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Q3 AUM growth in line at 13% YoY to Rs 2.7tn, but equity and hybrid schemes combined saw sustained outflows

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Rural B2C business remains a sore point with overall credit costs climbing 15bps YoY in Q3 to 1.7%

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Q4 results broadly in line; India beat our estimates with higher margins on leaner coking coal blend and benefit of inventory swing

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Q3 revenue grew at a slow 7% YoY supported by 8% volume growth while realisations stayed flat

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ICE 2W volume growth beats industry at 33% YoY, supporting 26% revenue growth in Q3

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Q3 revenue grew 30% YoY backed by healthy domestic 2W volume growth and revival in exports

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Q3 beats consensus with sharp uptick in volume growth and stable margins despite lower APM gas allocation

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Credit cost soared 66% YoY to Rs 8.8bn in Q3 amid industry-wide stress in unsecured loans; uncertainty persists

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9MFY24 APE growth strong at 17% YoY with ULIPs forming 61% of total; continues to lead the market with 26.5% share in individual APE

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Q3 strong with EBITDA beat of 9% over consensus, though impairment charges of Rs 1.9bn limited PAT outperformance vs consensus

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NII flat QoQ (6%YoY) in Q3 on higher interest expenses; treasury gains and moderate opex aided 9% YoY PPOP growth

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Fourth straight quarterly miss with upsets on all fronts; Q3 revenue/ EBITDA well short of Bloomberg consensus by 13%/79%

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Q3 revenue grew 22% YoY to Rs 27.8bn as new grey cement capacities aided 17% volume growth and realisation improved 5%

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NII growth subdued at 9% YoY despite credit/deposit growth of 22%/18%, due to a high cost of funds

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Q3 EBITDA margin rose 150bps YoY to 5.3% as chip constraints eased, leading to 5x jump in PAT off a low base

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Q3 revenue growth a miss at 6% YoY but robust 670bps expansion in gross margin helped mitigate the impact on bottomline

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Business growth held strong in Q3, but treasury losses and higher provisions weighed on PAT (-6% QoQ)

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Q3 revenue grew 16% YoY with 30bps EBITDA margin expansion; order book up 11% on strong domestic demand

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Q3 revenue grew just 7% YoY on subdued demand; high A&P spend hurt margins even as Lloyd’s cash burn continued

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Q3 PAT up 24% YoY but flat QoQ due to higher provisions and modest growth in NII

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Healthy business growth led to 35% YoY (+5% QoQ) rise in Q3 PPOP; PAT grew 11% YoY but fell 21% sequentially on higher provisions

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Q3 EBITDA broadly in line at segment level supported by sharp growth in retail, oil and gas, and resilience in oil-to-chemicals

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Cost savings of 3% YoY boosted Q3 earnings despite slow volumes (+5%) and flat realisations

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Q3 broadly in line with our estimates; strong pipe performance for the eighth consecutive quarter

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Delayed rural recovery and elevated competition from regional players impacted volume recovery in Q3

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Strong business growth aided a 10% YoY rise in Q3 PPOP despite higher opex; PAT increased 17% to Rs 23bn

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ARR AUM and total revenue grew 33% and 14% YoY respectively in Q3; flows also stayed strong at Rs 89bn

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Missed our Q3 EBITDA estimate by 16% on slow recovery in agri pipe demand

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Revenue growth reasonable at 17% YoY, but EBITDA margin falls on lower exports and higher advertising expenses

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Business growth healthy in Q3 despite deposit mobilisation challenges; PAT grew 25% YoY on higher other income

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9MFY24 VNB margin contracted 500bps YoY to 26.7% owing to a change in product mix and cost pressures

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Operationally weak December quarter due to elevated cost of funds and increased provisions

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9MFY24 growth low but management’s clear roadmap for growth raises confidence on medium-term prospects

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Actively managed equity QAAUM grew 40% YoY, driving 24% AUM growth in Q3; topline growth strong at 23%

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Leading domestic player in basmati rice with strong presence in export markets and popular brands, including Daawat, Royal and Ecolife

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SIEM ended FY23 on a strong note in terms of order inflows, backlog, revenues, profitability, and cash flows

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Energy transition identified as focus for next five years, especially areas of coal gasification, biomass, bio-CNG and green hydrogen

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Management expects India’s MF industry to grow 15% in medium term assuming 10% rise in annual inflows

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Management is guiding for 80-100bps EBITDA margin expansion every year from cost cuts, scale and premiumisation

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Expect 19% credit and deposit CAGR over FY23-FY25 on retail-led growth and targeted increase in secured book

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New brand identity is aimed at driving demand and spurring FMEG business; EHV capacity addition on track

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Management confident of robust demand recovery through H2FY24 as festive and wedding seasons coincide

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Q4 revenue grew at robust 25% YoY with 100bps EBITDA margin expansion and 50% rise in PAT to Rs 5.7bn

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Leading basmati rice player with a strong presence in India (30% market share) and exports to 80+ countries

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Focused on balancing growth ambitions and risk-adjusted returns; loan book guided to log an 18% CAGR over FY23-FY25

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Q2 results flattered by prior-period rail revenue recovery; underlying EBITDA margin flattish sequentially while volume recovered

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RBI has instructed BAF to stop disbursing loans under two digital products, the ‘Insta EMI Card’ and ‘eCOM

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Profit has likely bottomed in Q2 as operations in Netherlands return to breakeven and India’s H2 demand outlook looks up

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Q2 revenue grew 16% YoY backed by double-digit volume uptick (+11%) and 5% higher realisations

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Net blended realisation per vehicle grew 6% YoY in Q2 and volumes increased 11%

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Q2 EBITDA/PAT overtook consensus by 16%/25% backed by strong US business from gSpiriva launch and robust margins

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H1FY24 APE declined 10% YoY due to flat individual APE (up 20% ex-non-par) and a 25% drop in group business

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Q2 net realisation per vehicle grew at healthy 6% to Rs 1,933k on price hikes of 1-2% in CVs

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Q2 revenue and PBT flattish YoY as gas trading and power sales in the short-term market tapered

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Q2 volumes recovered 15% YoY (-10% QoQ) to 1.4mt helped by below-normal rainfall and higher western region sales

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Monsoon impact in northeast markets kept Q2 volumes flat YoY at 0.9mt while realisation slipped 2%

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New capacities buoyed Q2 volumes by 39% YoY but realisations slipped 5%

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Robust quarter with revenue up 31% YoY and 590bps EBITDA margin expansion aided by the robotics and robotics segments

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Q2 revenue/PAT in line at Rs 104bn/Rs 38bn; ramp up of FY24 capex target to Rs 100bn from Rs 88bn a key positive

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Q2 volume growth of 10% YoY could have been higher but for a pursuit of realisation gains (+10%)

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Q2 revenue grew 19% YoY as volumes climbed 16% and realisation moved up 3%

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Q2 revenue ticked up 8% YoY as healthy sales in international markets supported by modest India business

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Q2 gross/EBITDA margins expand 500bps/320bps YoY on lower input costs, sustained pricing and better product mix

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Q2 revenue grew 20% YoY to Rs 25.7bn as grey cement volumes surged 22% to 3.9mt

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Q2 EBITDA/PAT outstripped consensus by 44%/54% on higher margins, strong US growth and low taxes

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Q2 topline grew 12% YoY led by ~10% volume growth; realisation flat due to price hikes in eastern region

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Flattish volume growth in Q2 owing to muted performance in glucose and sweetener categories

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Q2 tractor volumes dipped 7% YoY as sales flagged towards the quarter’s end after an initial pickup

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Q2 EBITDA margin rose sequentially to 5.3% as chip constraints eased but PAT still down 33% YoY

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Q2 sales flat YoY but operating leverage enables EBIDTA margin gains of 600bps to 29.5%

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Dull Q2 with EBITDA/PAT plunging 21%/29% YoY, missing consensus by a wide margin

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Q2 PPOP growth dropped 23% QoQ owing to one-time wage revision provisions

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Management revises expansion capex to factor in the addition of more downstream and project components to temper risk profile

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Q2 operating performance strong with 210bps YoY margin expansion, half of which management believes is sustainable

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ECD revenue growth ahead of peers but lighting segment declines in Q2

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Strong growth across categories except beverages which declined 10% YoY in Q2 due to uneven rainfall in North India

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Standalone Q2 revenue grew just 8% YoY (-16% QoQ) as net volumes dropped 9% (-18% QoQ)

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Q2 revenue grew 4% YoY driven by realisation gains as volumes stayed flat at 1.4mn units.

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ARR AUM and revenue grew 31% and 10% YoY respectively, but ARR yield (calc.) slipped 13bps YoY to 63bps

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Q2 topline up 11% YoY as ECD grew 17%, gross margin up 400bps; working capital cycle doubles due to festive stocking

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Volume-led growth continues in India business at 11% YoY in Q2; margin expands despite elevated media spend

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Q2 volumes flat YoY (-15% QoQ) at 6.9mt due to flood impact in key markets

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Q2 topline growth robust at 52% YoY but lower share of ODM business drove gross margin down 690bps

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Another soft quarter from BRIT (revenue up just 1% YoY), though EBITDA margin expanded due to lower input cost and savings

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Q2 saw in-line margins but PAT was impacted by high interest cost; margins expected to improve in H2

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Q2 revenue/PAT grew 11%/5% YoY to Rs 122bn/Rs 24bn, largely in line with consensus

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PLNG has approved the PDHPP project at a capital intensity of US$ 3,000-3,650/t

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Q2 topline up 15% YoY with gross margin expansion of 460bps; markets outside South India grew 11%

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Q2 advances grew 19% YoY led by agri and inclusive banking (AIB) and co-lending; NIM dipped 13bs QoQ on deposit repricing

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Q2 topline grew 11% YoY and EBITDA margin rose 150bps on sustained domestic growth and strategic international pricing

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Middling Q2 performance with easing capacity constraints; cables revenue healthy but margin lagged peers

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Strong show in Q2 led by highest ever order inflows of Rs 892bn (exit book of Rs 4.5tn), robust execution and working capital efficiency

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Strong Q2 gross/EBITDA margins at 75%/28% drove a 7% EBITDA beat, though higher tax pulled PAT 2% below consensus

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Q2 volume growth beats industry at 3.1%/13% YoY/QoQ with a focus on high-end products such as Apache and Raider

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Sustained, strong performance marked by above-industry growth of 39% YoY in UCP segment along with higher margins in Q2

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Q2 results in line but margin remains above the cycle average; we raise FY24 EBITDA by 11% factoring in a strong H1

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Q2 revenue flattish YoY owing to a subdued demand environment and regional competition in select categories

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QAAUM growth robust at 23% YoY in Q2 fuelled by 11% share of industry-wide net equity flows (ex-arbitrage and index)

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Q2 revenue in line but PAT outdid consensus by 22% on account of PLI benefits, litigation settlement and interest income

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QAAUM grew 10% YoY to Rs 3.1tn in Q2 with equity assets rising 9%; however, market share inched down

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Q2 results broadly in line, with continuing structural growth in both consumer businesses and resilience in cyclical energy businesses

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Q2 a normal quarter with a flat topline of Rs 409bn and healthy PAT of Rs 39bn

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Q2 volume growth of ~7% YoY continued to beat the industry (~5%); we expect sustained outperformance

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Q2 EBITDA/PAT 14%/15% ahead of consensus underpinned by strong growth in US and India businesses

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Credit card spends climbed 27% YoY to a record high of Rs 792bn in Q2; debut on UPI platform promising

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H1 APE growth strong at 21% YoY led by a rebound in ULIP and protection business during Q2

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Q2 NII up 19% YoY led by strong business growth, aiding a 10% rise in PAT despite a spike in opex due to card-related costs

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Q2 sales up 28% YoY led by a 77% upswing in mobiles & EMS business which offset slow lighting sales

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Innovation and market penetration-led volume growth remain strategic focus areas; growing emphasis on rural markets

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Q2 credit growth rises 21% YoY led by the high-yielding retail book and recovery in deposit mobilisation to 13%

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Strong business growth in Q2 but NIM down 35bps QoQ on higher deposit cost and liquidity buffer; other income muted

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Q2 NII grew 24% YoY despite higher deposit cost, while dividends from subsidiaries offset absence of treasury gains

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Q2 volume and value growth weak YoY owing to delayed rural recovery and heightened competition from regional players

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Q2 topline up 23% YoY with better margins due to dry weather in an otherwise unseasonal quarter for cooling products

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Q2 result beat estimates on higher cost savings in standalone operations beyond coking coal reduction

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Q2 revenue in line at Rs 6bn but EBITDA/PAT 3%/6% below our estimates due to higher opex and a product mix change

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Q2 mixed with UCP performing well (+ 15% YoY) but EMP continuing to post losses due to collection disputes

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Q2 volume growth slowed to single digits (7% YoY) owing to fierce competition in key operating regions

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Q2 revenue up 15% YoY backed by 16% rise in dispatches; realisations resilient despite volume push in a monsoon quarter

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FMCG business delivered strong topline (+8% YoY) growth in Q2 led by steady portfolio expansion

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Despite higher opex, Q2 PAT increased 22% YoY to Rs 22bn driven by steady business growth

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Mixed quarter with 5% YoY declines in ECD and flat lighting but 8% growth in cable & wires and 9% in switches

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Q2 AUM grew 14% YoY to Rs 2.7tn but equity and hybrid schemes saw cumulative outflows for the fourth straight quarter

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Healthy product mix in 2Ws and buoyancy in 3Ws aid 6% YoY increase in Q2 revenue

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Domestic business posted double-digit growth in Q3 with continued margin expansion

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Strong Q2 powered by 29% YoY growth in wires & cables business; FMEG set to improve gradually

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Continued healthy business momentum in Q2, with reported PAT rising 35% YoY on lower provisions

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Q2 APE growth muted at 3% YoY due to a 15% drop in the ICICIBC channel; ULIP and protection businesses showed traction

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Q2 PAT grew 51% YoY supported by healthy other income and a lower tax rate

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Robust, broad-based AUM growth of 33% YoY to Rs 2.9tn at end-H1FY24; we raise our FY24/FY25 AUM forecast by 3%/4%

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Multi-faceted business model backed by aggressive growth plans in lending, insurance broking and payments

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Q2 slightly short of our estimates; management expects a stronger H2 on new launches, growth in tier-2&3 markets and in bancassurance

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Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18%

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Autoclaved aerated concrete (AAC) block production targeted to reach 0.5mn cbm per annum by end-FY24 at Wada plant

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SIEM has identified three broad trends in India: high public spending on infrastructure, pent-up private capex and rising decarbonisation

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Early data from BAF shows 33% YoY growth in H1 AUM, tracking above the full-year guided range of 29-31%

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Expect a strong 18% credit CAGR over FY23-FY25 (1.4x industry growth), supported by a better portfolio mix

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ELCN has ~40% share in gearbox and components, catering to industries such as sugar, power, steel, cement, rubber and fertilisers

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Volume revival surprised in H1FY24 but further upside constrained by higher availability of domestic gas in the near term

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Decarbonisation of UK operation can sharpen competitiveness and add potential value of Rs 6-7/sh for TATA

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Expansion snags due to plant relocation to hamper medium-term growth as utilisation likely breaches 80% in FY25

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Electronics, engineering and design manufacturer largely catering to export markets; US a key geography at ~55% of revenue (FY23)

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Expect pickup in retail loans and newer products to aid a 19% credit CAGR over FY23-FY25, with deposit CAGR of 15%

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Borrowing limit raised to Rs 70bn at AGM but resolution to hike inter-corporate transaction limit 4x to Rs 100bn rejected

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Management optimistic on festive-led demand revival in H2FY24; foresees no pricing action as commodity prices have eased

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Momentum across consumer, commercial, SME and mortgage lending to propel a 28% AUM CAGR over FY23-FY25E

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Pivoted towards consumption and new-age technology in India and beyond for sustainable growth

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Lighting division moving to a new corporate structure, eyeing commercial orders, and pruning prices to spur volumes

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Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus

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Q1 revenue/EBITDA beat consensus by 4%/9% with adj. PAT (ex-one-off charge) running 15% ahead

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New capacities (+2mt YoY) aid a 28% jump in Q1 volumes but pursuit of growth impacts realisations

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ECD revenue growth at par with industry but lighting segment lagged peers in Q1

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Q1 EBITDA/t drops 42% YoY to Rs 4.2k/t, reflecting the impact of high operating leverage

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Q1 a mixed bag with UCP performing well (+ 16% YoY) while losses continued in the EMP segment

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Robust Q2 with revenue up 22% YoY and 420bps EBITDA margin expansion aided by the robotics and electrification segments

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Key AR takeaways: an improving narrative for digital, missing granularity for retail and approaching target dates for new energy business

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Q1 consolidated topline grew 9% YoY as volumes increased 9% while realisations stayed flat

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Q1FY24 individual APE declined 8% YoY but non-par business grew 22% (constituting 10.2% of individual APE vs. 7.8% in Q1FY23)

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Q1 revenue/EBITDA a beat as international business outperformed; adj. PAT growth in line with consensus at 65% QoQ

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All-round growth in Q1 led by non-South India markets that grew at 17% YoY

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Robust volume-led performance in Q1 spurred by the MSA agreement between ACC and parent ACEM

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Strong execution-led revenue growth of 14% YoY together with 190bps EBITDA margin expansion in Q3

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Q1 muted as DBL restricted supply to safeguard prices but still failed to stave off a decline in realisations (-3% YoY)

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Volume-led growth continues in India business at 12% YoY in Q1; margin expansion seen across geographies

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Shift from commission to recurring revenue model (ARR) paying off – the latter now contributes 61% of AUM and 67% of revenue at end-FY23

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Q1 revenue/PAT in line but operating margin ahead of consensus at 36.4% (+395bps YoY)

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Q1 ahead of consensus on margin surprise but soft CNG volumes for the third straight quarter worrying

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Treasury gains buoyed the topline and together with lower opex and provisioning lifted Q1 PAT 178% YoY

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Relatively soft quarter (revenue up just 8% YoY) due to stiffer local competition and sluggish rural growth

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Q1 revenue up 14% QoQ; device addition tepid but converted user base saw a sizeable ramp-up

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Q1 a beat with revenue/EBITDA running 8%/25% ahead of consensus; gross margin improves to 65.9% (64.4 ex-licensing income)

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Q1 topline grew 14% YoY led by ECD, with gross margin up 290bps though EBITDA margin was flat on higher wages

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Q1 UCP revenue beat the industry, rising 7% YoY on the back of B2B sales; EMP order book robust

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Flattish revenue growth in Q1 largely driven by a subdued performance in Glucon-D and Complan

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Domestic pre-buying buoys quarter; new emission norms delayed but KKC well positioned to manage the transition

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Good Q1 with 28% YoY topline growth and 70bps EBITDA margin gains to 5.8%; management sees “improving trajectory of profitability”

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Q1 revenue grew 11% YoY aided by strong growth across categories, except beverages that saw the impact of unseasonal rains

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Q1 revenue/EBITDA beat consensus by 2%/11%, but reported PAT missed estimates by 6% due to exceptional items

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All-round beat with Q1 topline up 15% YoY, EBITDA margin expansion of 480bps and PAT up 43%

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Q1 topline growth robust at 54% YoY but margins falter on lower healthcare business

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Good Q1 performance though legacy orders continue to weigh on infrastructure margins

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Tepid volume growth of 5% YoY with little support from realisations kept Q1 revenue growth muted

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Core cables and wires business hampered by lack of capacity; likely to be addressed in coming quarters

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Q1 revenue dipped 3% YoY owing to destocking and trade scheme rationalisation

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Q1 results benefitted from uptick in margin above long-term guidance, but volumes were soft (+4% YoY)

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Q1 revenue up 13% YoY despite weak seasonality, led by a mix of volume growth (+5%) and realisation gains (+8%)

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Q1 credit cost climbed 130bps YoY to 7.1% of loans (calc.) owing to stress from customers acquired in CY19, inducing a 5% fall in net profit

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Strong Q1 beat with EBITDA/PAT of Rs 2.7bn/Rs 2.1bn coming in 17%/ 39% ahead of consensus due to margin recovery

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Q2 revenue up 15% YoY led by strong growth across categories and geographies; margins remained healthy

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QAAUM growth strong at 12% YoY in Q1 fuelled by 20% share of industry-wide net equity flows (ex-arbitrage and index)

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Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t

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Q1 PAT up 41% YoY supported by strong NII (+27%), fee income and treasury gains

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QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline

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Improved demand in core markets led to robust 16% YoY uptick in India business; rural recovery visible but still below pre-Covid levels

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CME a drag (-9% QoQ) in Q1 mainly due to lower network service and discretionary spends together with deal deferrals

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Q1 EBITDA/PAT beat estimates by 7%/16% on the back of growth in North America and One India

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Grey cement volumes grew 20% YoY to 28.6mt in Q1; utilisation healthy at ~86%

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MTM gains boosted Q1 net profit growth to ~150% YoY whereas core net profit fell 25% YoY

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Q1 revenue weak given the “worst of bad seasons”, though margins improved on a better product mix

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Stellar Q1 led by inflows, execution and working capital efficiency; closed the quarter with a record Rs 4.1tn order book

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Q1 APE growth softened to 4% YoY as non-par business slowed; management optimistic of a rebound

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Q1 topline strong at Rs 32.7bn (+15% YoY) with improved margins; new customer additions provide healthy visibility

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Q1 ahead of consensus with Indian operations limiting the decline in margin and overseas business seeing improvement

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Q1 EBITDA margin at just 3.2% as supply chain constraints hampered profitability; chip shortage guided to recede gradually

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Strong core and non-core revenue supported Q1 net income growth of 50% YoY though NIM contracted 15bps sequentially

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Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive

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NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1

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Top BFS client the driving force behind Q1 growth, but management expects weakness in the vertical for the next few quarters

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Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum

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Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue

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Key overhang dispelled with consummation of HDFC-HDFC Bank merger and parent’s stake raise to >50%

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Q1 missed estimates as dollar revenue slipped 3.4% QoQ following a slowdown in both direct business and DXC

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ARR robust at Rs 130bn net flows in Q1, forming 80% of revenue from operations and 65% of AUM

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Q1 volume and value growth moderated; margins improved sequentially as inflation eased

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Q1 revenue in line at US$ 272mn led by BFSI but EBIT margin at 10% fell short of estimates

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FY24 revenue growth guidance slashed from 4-7% to 1-3.5%, implying continued uncertainty – a sector-wide phenomenon

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Q1 a miss due to soft EBIT margins in ECD (-220bps YoY to 10.9%) and lighting (-210bps to 14.3%)

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Q1 PAT growth robust at 30% YoY to Rs 21.2bn on NII growth and lower provisions which offset elevated opex

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Impressive Q1 fuelled by 47% YoY growth in wires & cables business; FMEG set to improve

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Q1 PAT grew 30% YoY backed by a strong topline and lower provisions. Deposits outpaced loan growth at 19% YoY

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APE down 4% YoY to Rs 14.6bn in Q1 but up 4% ex-ICICIBC despite a soft demand environment

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High-yield retail assets drove 42% YoY PAT growth; NIM (calc) dipped 13bps QoQ to 3.1% on a higher cost of funds

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Q1 weaker than peers due to a higher mix of consulting services (Capco, Rizing), especially in BFSI and telecom

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Q1 revenue missed estimates largely due to a slowdown in ER&D services and the telecom & media vertical

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Management echoed Accenture’s commentary on temporary weakness due to project delays in the near term

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Reliance Retail exit offer targeted at minority shareholders and does not reflect full retail business value

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Targeting ~35% MHCV market share in FY24 by growing to 50% of the southern market (vs. 40%) and holding at 35% in North/Central India

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Upcoming launch of high-end 125cc motorcycle to help shore up market share (21% currently)

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NBP and individual APE CAGR the lowest in the listed private space for FY17-FY23; underperformance continued in 2MFY24

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Standalone business trading at FY24E P/B of 0.4x after adjusting for GUJGA stake at market value minus 30% holding discount

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FY23 a milestone year with revenue/EBITDA of Rs 5bn/1bn; Naprosyn brand crossed Rs 500mn

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Management reiterated its FY24 order inflow (+15% YoY), revenue and EBITDA margin (~7%) guidance

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Management optimistic of strong demand recovery in H2FY24; foresees no requirement for price hikes in near term

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Product launches, top-tier scheme outperformance and phygital delivery channels remain key growth levers

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New energy labelling norms hit the fans business and subdued demand dimmed lighting sales in FY23

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Q1FY24 growth likely to fall short of expectations as unseasonal showers dampened summer demand

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Key spending areas for FY23 included AI/ML, data & network services, cloud and managed security services

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Remains market leader in core wires & cables business; FMEG segment tepid in FY23 but guided to return to form in FY24

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Key spending areas in FY23 included cloud, generative AI, cybersecurity, IoT, and immersive technologies

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Market share growth in Lloyd, rural markets and manufacturing remain strategic focus areas

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FY23 saw competition denting margins in VOLT’s AC business and provisioning losses in the projects business

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Volume growth healthy including contribution from the new Panna unit that has attained 60% capacity utilisation

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Growth momentum continues with 16% YoY topline growth in FY23 and market share gains in >75% of the portfolio

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Flat quarter despite growth in non-core markets; Q4 gross margin improved but EBITDA margin still under pressure

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Q4 revenue in line but adj. PAT 9% above consensus at Rs 21.8bn (+46% YoY) on account of strong margins

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Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%

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Buildup of production momentum in Q4 but slower pickup in profitability on higher employee costs

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Strong FY23 performance with revenue/PAT up 11%/29%, underpinned by innovation, premiumisation and distribution

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Weak Q4 revenue print (-4.1% QoQ); DR and DXC remained a drag on growth

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APE grew 12.5% YoY in FY23 led by strong 36% growth in non-par products; non-par constituted 8.9% of APE vs. 7.1% in FY22

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Q4 volumes grew 23% YoY with realisations up 9%, aiding 33% topline growth to Rs 116bn

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Realisations led growth in Q4 while capacity constraints restricted volume gains (to 1% YoY)

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Q4 EBITDA margin expands to 24.8% on a better revenue mix; stronger margin coupled with higher other income aids a beat on PAT

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Operationally strong Q4 despite supply chain constraints, with EBITDA and PAT each up ~60% YoY; exports resilient

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Q4 volume gains steady at 7% YoY; realisation gains at 3%, indicating healthy demand in key areas

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Q4 sequentially stronger as supply chain constraints eased; chip shortage guided to recede fully in next two quarters

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Healthy Q4 revenue gains driven by both volumes (+10% YoY) and realisations (+6%)

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Q4 topline of Rs 30.7bn in line with our estimate while improved ODM contribution aided a margin beat

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Q4 revenue grew 11.4% YoY on the back of continuous price hikes; volume growth muted at 4%

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Q4 topline grew 16% YoY aided by a good ECD performance; lighting continues to disappoint

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New capacities (+2mt YoY) aided 45% jump in Q4 volumes (28% net of added capacities)

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Q4 EBITDA/PAT of Rs 3.5bn/Rs 710mn well short of consensus by 21%/ 79% primarily due to higher operating costs

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Lower provisioning supported robust 83% YoY PAT growth in Q4, though PPOP declined sequentially on higher opex

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Q4 topline/PAT up 83%/160% YoY spurred by strong growth in the auto and consumer segments

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Low-voltage and geared motors business divested to parent for Rs 22bn (2.1x revenue)

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Growth momentum continues with 330bps YoY EBITDA margin expansion; we expect 12% topline growth in FY24

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Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious

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Consolidated Q4 revenue/EBITDA growth of 32%/23% YoY missed consensus by 3%/10%

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Device addition remained tepid during the quarter but strong additions in converted users

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Streamlining of operations by the new management led to Rs 94bn of impairments over H2 but is helping wipe the slate clean

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Q4 a beat as all segments posted strong growth, led by electronics (+69% YoY) and RAC & components (+55%)

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Q4 volume gains of 32% YoY helped by preponement of festive season and tiller & other non-tractor sales

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Launches aided Q4 volume growth of 18% YoY and healthy revenue gains; both Hunter and Bullet pushed up realisations

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Wires & cables shore up growth in Q4 while FMEG business struggles; international sales at a record high

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Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4

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Q4 EBITDA/PAT grew 57%/45% YoY but missed consensus by 5%/30% on higher R&D spend, field force expansion and other costs

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Q4 volume growth of 5% YoY in domestic markets backed by diversification and market development

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Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half

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Robust Q4 revenue of US$ 264mn (+4.7% QoQ CC) with US$ 1bn milestone reached in FY23

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Robust execution and margins in Q2 led by smart infrastructure and mobility segments; base order inflow at Rs 57bn

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Robust volume-led growth aided 12% YoY rise in India revenue; Indonesia business saw strong recovery

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Q4 broadly in line as revenue/EBITDA grew 16%/35% YoY (-7%/-23% QoQ), albeit aided by one-offs

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Q4 in line; FY23 order inflow and revenue beat guidance while margins were on par and order book soared to a record Rs 4tn

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Q4 beat consensus as EBITDA margin improved sharply by Rs 4.6/scm QoQ on limited passthrough of lower gas purchase costs

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ALPM reported in-line Q4 revenue at Rs 14bn (flat YoY), though negative tax and lower R&D expense resulted in a PAT beat

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Higher other income plus lower provisions aided 67% YoY PAT growth in Q4; NIM contracted due to deposit repricing

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Strong India and US growth in Q4 (17% YoY each) offset by declines in other businesses

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UCP business shines in Q4, delivering 20% YoY growth and an 8.4% EBIT margin

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Strong 13% YoY topline growth in Q4 fuelled by pricing, enhanced distribution reach and market share gains

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Robust Q1 with revenue up 23% YoY and EBITDA margin expansion of 230bps aided by the robotics and electrification segments

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Q4 revenue grew 12% YoY backed by 5% higher net realisation per vehicle and volume gains of 7%

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Q4 AUM/PAT 6%/10% below our expectations at Rs 2.7tn/Rs 1.6bn; ARR focus continues

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Price pass thru availability helps realisation gains in Q4, taking revenue up 19% YoY (flattish QoQ) despite tepid volume growth

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Broad-based growth across categories in Q4, barring healthcare which is navigating the high Covid base

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Focus on realisation gains curbed Q4 volume growth at 5% YoY, indicating lacklustre demand in key areas

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Q4 revenue/PAT ahead of estimates at Rs 55bn/Rs 722mn; revenue growth guidance of 15%+ for FY24 on strong order inflow

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Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24

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Q4 revenue growth muted at 8% YoY on tepid realisations and limited volumes owing to a labour strike

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Q4 revenue up 10% YoY to Rs 48.6bn anchored by strong switchgear sales and consistent performance in cables & wires

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Traction in cable business buoyed Q4 topline growth; EHV set to bounce back in FY24

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Volume-led topline growth truncated by muted realisations (+1% YoY) in Q4, an indication of market share pressure

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Q4 PAT grew 26% YoY backed by a strong topline and lower opex; provisions stayed flat

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Q4 revenue grew 20% YoY and QoQ aided by strong double-digit volume gains and supportive pricing

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Q4 revenue grew 16% YoY to Rs 39bn buoyed by higher volumes (+12% YoY); realisations up just 3%

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Q4 volume growth soft due to an unfavourable mix; order book strong at 412k units (vs. 363k units in Q3FY23)

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Q4 PAT beat our estimate by 10% due to robust revenue (+32% YoY), partially offset by higher credit cost (+60% YoY)

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Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API

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QAAUM declined 7% YoY to Rs 2.8tn at end-FY23 with continued market share bleed

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Lower provisioning aids strong Q4 PAT growth of 64% YoY (ex-one-off charge of Rs 125bn towards Citi deal

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Q4 a miss on all fronts – revenue/EBITDA/PAT below consensus by 16%/35%/55%

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Equity outflows coupled with softer yields dampened Q4; core PAT flat YoY at Rs 571mn, well below our estimate

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Q4 revenue flattish at US$ 1.7bn (+0.3% QoQ CC) with 10% growth in FY23 to US$ 6.6bn

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Q4 revenue grew 0.6% QoQ CC to US$ 2.8bn due to a drag in technology consumer and communication verticals

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Strong performance in FY23 with gross premium up 15% YoY and APE growth of 18%

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Underlying pricing growth tapered down in Q4 due to softening input cost; volume growth at 4% YoY

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UCP EBIT margin returns to double digits in Q4 after languishing at 7-8% over the first three quarters

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Despite 13% lower volumes YoY, realisations steered topline growth of 12% in Q4 on the back of a better product mix

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Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%

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Strong 14% YoY revenue growth in Q4 as key businesses continued to outperform

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MTM loss on other income led to 7% sequential decline in Q4 total income and 10% drop in pre-tax profit

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Q4 revenue up 3.9% QoQ CC to US$ 275mn, backed by services and top-client business

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Q4 net profit missed our estimate by 7% owing to below-expected revenue of Rs 6.4bn and QAAUM of Rs 4.5tn

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Q4 PAT growth strong at 46% YoY backed by robust business growth that offset lower other income and higher opex

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Highest quarterly growth in the last decade supported by a strong performance across product segments in Q1CY23

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Q4 beat led by O2C business; investor concerns appeased by introduction of a capital discipline target of 1x net debt/EBITDA

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Central bank permits leeway on PSL norms post-merger which will aid HDFCB’s margins and asset quality in the immediate term

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Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income

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Strong Q4 growth lifts overall FY23 numbers; sustainability of growth and ability to arrest NBP market share loss key monitorables

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Q4 revenue down 0.3% QoQ CC, below our estimates

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EBITDA momentum likely to continue in Q4 propelled by both cyclical and consumer engines

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Deposits outpaced loan growth YoY while a higher cost of funds led to 14bps contraction in NIM to 4.2% in Q4; FY24 NIM guided at 4.1%

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Q4 revenue declined 2.3% QoQ CC, weighed down by project cancellations

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Q4 dollar revenue growth of 1.7% QoQ in line with our estimate and broad-based across verticals

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CY22 order inflows strong at Rs 100bn (+31% YoY) and revenue growth robust at 24% YoY

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Expect a healthy March quarter with deposits outpacing loan growth (196bps QoQ decline in CD ratio)

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Extensive presence, brand equity and leadership in group life business serve as strong moats, supporting NBP market share of over 60%

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Highest domestic revenue growth in a decade, at 14.8% in CY22, led by both volumes and pricing

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Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks

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Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom

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TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices

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Private 5G expected to be a key enabler for the digital transformation of enterprises

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Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity

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Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing

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CY22 revenue increased 14.5% YoY with broad-based growth across categories

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Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales

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Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income

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Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn

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Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner

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Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth

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9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%

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Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability

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Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses

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Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn

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Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions

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Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%

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Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business

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UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier

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Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices

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Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%

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Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn

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Q3 below consensus with softer recovery in India operations and acute losses in Europe

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Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise

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Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains

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Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%

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Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4

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Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories

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Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness

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Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand

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Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%

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Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India

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Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing

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EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted

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Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%

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Steady Q3 performance with 11% YoY growth each in revenue and net profit

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MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%

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Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%

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EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business

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Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%

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UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4

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Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion

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Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23

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Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC

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Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth

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Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained

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Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex

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Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry

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Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits

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Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable

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Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches

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Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA

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Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%

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Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense

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Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses

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Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt

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Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations

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Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient

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Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions

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Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation

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Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase

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Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%

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ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend

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Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base

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Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ

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Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps

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Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions

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Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout

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Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%

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9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%

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Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions

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Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate

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Management expects to see benefit of PVC price recovery from Q4 after a muted Q3

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Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates

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Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation

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Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate

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IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles

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Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence

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Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup

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Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23

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Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition

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Q4 in line; management now focused on aggressive growth, in a shift from consolidation

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Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins

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Increase in MDF imports could pose a threat to domestic price realisation, if not curbed

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Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand

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Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)

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Demand for premium products buoyant but entry-level segment remains distressed

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Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP

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Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)

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Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)

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Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses

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Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%

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Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline

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Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins

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Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base

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Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%

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Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India

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Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY

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Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%

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Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth

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Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales

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Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects

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Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%

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Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business

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Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations

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Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales

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Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter

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Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise

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Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers

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Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business

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Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm

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UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22

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Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales

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Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1

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Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness

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Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY

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Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24

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Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4

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Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up

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Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth

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Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins

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Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%

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Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn

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Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost

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VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25

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Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)

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H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%

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Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn

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Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd

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Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact

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Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)

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Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%

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Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence

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H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19

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Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions

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Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers

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EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off

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Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets

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FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged

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Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25

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Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality

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Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy

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Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers

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Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view

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Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below

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Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%

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Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%

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Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%

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Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)

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Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn

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Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20

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Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations

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Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins

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Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin

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Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers

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Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes

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Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business

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TATA exposed to slower pickup in China but we expect Chinese demand to stabilise over H2, providing support to regional margins

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Key initiatives taken in FY22 to bolster business in electronic manufacturing services (EMS), including PLI initiatives

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Q1 revenue growth robust at 27% YoY (13% ahead of consensus), supported by a low base in Asia/Africa and momentum in India

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Q1 revenue grew 17% YoY (9% QoQ) to Rs 6.9bn aided by price hikes and 10.3% volume growth

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Stellar growth as Q1 gross premium increased 35% YoY with NBP up 67% and renewal premium up 14%

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Q1 EBITDA margin hit by A&P spend and write-offs; ECD/electronics margins guided to recover to ~7%/16% in FY23

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Q1 credit card spends grew 79% YoY and cards in force 19% YoY, with strong asset quality

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Q1 revenue/EBITDA came in 5%/8% above consensus and grew 20%/ 15% YoY to Rs 15.4bn/Rs 4.5bn

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Mobiles segment drove Q1 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially

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RIL captured upsides in refining margin and gas prices in Q1, but an increase in tax rate and Jio depreciation resulted in a miss on net income

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Focus on expanding trail-based ARR model; recurring revenue constituted 68% share in Q1 and recurring AUM 57%

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Q1 gross margin maintained but EBITDA margin drained by higher A&P spend (+108% YoY) and logistics & warranty expense (+87% YoY)

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With a weaker outlook for steel margins in H1, JSTL lowers capex plan for FY23 to manage leverage but maintains Rs 480bn plan over 3 years

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Q1 revenue grew 64% YoY led by increased realisations (+8%) and volume recovery (+53%) on a soft base

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Q1 revenue increased 23% YoY as volumes/realisations rose 29%/4% in PVC pipes & fittings and 25%/0.2% in PVC resin

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Q1 miss on margins due to one-time costs; expect margins to course correct in 9MFY23 against backdrop of lower commodity costs

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Q1 revenue climbed 51% YoY to Rs 4.6bn led by growth of 50%/57% YoY (-1.6%/0.4% QoQ) in MDF/plywood

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Q1 revenue grew 80% YoY (-8.5% QoQ) spurred by a 15% (+2% QoQ) rise in tile realisations and 53% (-10% QoQ) volume growth

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Q1 EBITDA margin hit by absence of price hikes, while falling commodity prices hurt profitability in key cables and wires segment

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Q1 revenue/PAT came in at Rs 8.8bn/Rs 0.9bn led by healthy price realisations across segments (ex-plywood)

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Pricing action, cost-cutting initiatives and premiumization all helped to keep margins intact in Q1

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Q1 gross premium increased 23% YoY with NBP up 27% and renewal premium up 19%

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Q1 results ahead of consensus but net debt reduction muted with higher working capital build

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Q1 APE grew 25% YoY to Rs 15.2bn led by the savings segment at 25% and protection at 22%

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Strategic growth plan ‘Lakshya’ targets revenue of Rs 2.7tn and ROE of 18%+ by FY26

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Sustainable model with diverse product offerings in HNI/UHNI category and focus on expanding trail-based recurring revenue streams

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Targeting key growth drivers such as greater reach in South India, channel diversification and innovation-led product development

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We expect CRS to clock revenue CAGR of ~16.5% during FY22-24E aided by growth in sanitaryware and faucetware segments

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Leadership maintained in fans and pumps, while being a top player in lighting. BGAL acquisition to strengthen adjacency offerings

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Calcom Vision Ltd, an ODM player, specializes in LED manufacturing and is expanding its competencies in BLDC fans

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Accelerated launch of innovative products, growing international footprint, and expanding customer base augur well for the company

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DRRD unveiled a framework to make its business future ready

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Due to disruptions in UP and Bihar, which form 65-70% of the top-line, the sale is expected to be adversely impacted in Q1FY23

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Pure-play API company with robust market share in key high-value, low-volume chronic therapies, alongside budding CDMO business

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Management optimistic about margin recovery on the back of strong underlying demand across segments

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Well placed to capitalise on near-term MDF demand traction, with strong guidance of 15-18%/15% volume growth in FY23/FY24

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Maintains leadership in wires & cables with ~23% market share; growth momentum in FMEG business sustained in FY22 (5Y CAGR of 30%)

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Claws back ~200bps of market share in April over March, taking share to 21.6%

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Major player in credit card domain with vast growth potential due to partnership with parent SBIN and customised offerings

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Q4 EBITDA margin stable QoQ at 16.8% but down 450bps YoY with 335bps YoY contraction in gross margin

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Q4 EBITDA/adj. PAT declined 17%/28% QoQ (+6%/-5% YoY) due to 350bps QoQ contraction in operating margin

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Consolidated Q4 revenue grew 23% YoY with pipe/adhesive segments up 22%/27%; pipe volumes increased 11%

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Mobiles segment drove 40% YoY Q4 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially

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Q4 margin well maintained led by key initiatives of brand building, fortifying the distribution network and cost cutting

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Management expects AC market to clock 20% CAGR over five years (vs. 7-10% historically) buoyed by increased affordability and reach

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Retains leadership in RAC segment with 23.4% market share; bolstering supply chain through JV with Highly

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Q4 revenue grew 30% YoY to Rs 4.6bn, with 84% coming from VMART and 16% from Unlimited stores

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Robust standalone Q4 revenue/EBITDA growth of 45%/57% YoY, ahead of consensus by 11%/17%

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LPC booked a loss of Rs. 5.2 bn in Q4 with weak operating performance and contraction in margins, EBITDA was ~50% below consensus

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Q4 revenue growth strong at 24% YoY on the back of higher sales in electrical and consumer durables segments, but margins remain stressed

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India, Russia, US and one-off opportunities drove 15% YoY sales growth in Q4; non-core brands divested in Russia and India

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Q4 revenue growth muted at 9.7% YoY due to a 5% decline in tile volumes, though blended realisation rose 14% to Rs 333/msm

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Consolidated Q4 net revenue increased 12% YoY to Rs 25bn as the C&B/B2B segments grew 11%/21%

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Q4 revenue increased 28% YoY as volumes/realisations rose 4%/9% in PVC pipes & fittings and 32%/8% in PVC resin

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Q4 revenue growth healthy at 17% YoY driven by a 47%/11% increase in the AgChem/CSM segments

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Q4 revenue grew 5.6% YoY (65% QoQ) to Rs 6.4bn aided by price hikes; volumes muted

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Q4 revenue grew 16% YoY (+3% QoQ) spurred by a 13% rise in tile realisations; volume growth was subdued at 2%

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Q4 revenue/PAT came in at Rs 8.9bn/Rs 0.9bn led by robust price realisations across segments (ex-plywood)

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Consolidated Q4 revenue grew 13% YoY backed by an 8% rise in plywood volumes and 7% rise in price realisation for India operations

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Q4 revenue of Rs 24.8bn broadly in line with our estimate; PAT reduced 55% to Rs 1.1bn on account of prior years’ tax

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Q4 topline strong but higher RM and operating costs dent margins and bottomline

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Q4 revenue growth in line at 4.9% QoQ USD, spearheaded by the enterprise segment; TCV robust at US$ 1.01bn

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Analysis of AC/cooler ownership shows higher product penetration in North India while the South lags

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Consolidated Q4 revenue up 7% YoY ex-one-offs of Anjani Tiles divestment and Ind AS-105 application; amounted to Rs 525mn

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Strong quarter with the core cable and wire business performing well on revenue and margins, beside maintaining market leadership

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Slight miss on Q4 revenue but EBITDA underperformed our estimate by 32% due to lower margins (incl. one-time charge of Rs 2bn)

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ECD weakness hurt Q4 topline growth; aggressive price hikes helped to sustain gross margin despite RM cost pressure

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Q4 revenue 6% ahead of our estimate but margins disappointed with gross/EBITDA margin contraction of 530bps/1050bps YoY to ~72%/24%

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Q4 results in line with consensus – O2C and digital services performed well; we raise FY23/FY24 EBITDA by 8%/4%

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Below-expected quarter but strong portfolio and distribution coupled with low market penetration remain key structural drivers

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Q4 revenue climbed 21% YoY to Rs 4.7bn led by 31% growth in MDF but plywood revenue declined by 15%

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Good quarter with strong room AC sales due to harsh summer and pent-up demand in target markets, aided by its broad product portfolio

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Q4 results in line with consensus, dividend payout raised to 15% with improved gearing, and 10:1 stock split announced

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Strong Q4 topline aided by Lloyd and the wires & cables business, though RM inflation remained a drag on margins

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Q4 sales/EBITDA contracted 8%/20% QoQ (up 10%/3% YoY) due to structural decline in the cardiometabolic segment

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Q4 revenue growth at 11% YoY led by broad-based domestic uptick and 17% growth in the US; ROW declined 19% YoY

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Steadfastly retains >60% market share despite stiff competition and is well positioned to capture opportunities in a growing industry

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Q4 revenue growth slightly ahead of estimates at 3.1% QoQ USD driven by manufacturing, retail and BFSI

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Q4 revenue grew 23% YoY led by increased realisations (+6%) and volume recovery (+16%)

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Q4 topline growth 14% ahead of consensus as healthy CDMO, FDF and non-ARV API sales offset decline in ARV business

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Q4 revenue growth of 9.1% QoQ USD outperformed estimates led by services business; TCV at US$ 361mn rose 8% QoQ

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Q4 revenue growth of 0.5% QoQ USD underperformed our estimate owing to a double-digit slowdown in Mode-3 business

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Q4 revenue growth of 3.6% QoQ CC below our estimate of 5%; however, net new TCV robust at US$ 80mn, up 21% YoY

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Q4 revenue growth at 4.8% QoQ USD was largely in line with our estimate, driven by travel and BFSI verticals; manufacturing and retail slowed

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Q4 revenue growth muted at 0.7% QoQ USD, below our (4.1%) and street estimates. TCV robust at US$ 2.3bn

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Q4 revenue growth at 3.2% QoQ CC beat consensus expectations of 2.3% but came in a tad lower than our estimate

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ARBP acquired Veritaz Healthcare at 1x FY22E sales (9.8x EBITDA), marking its foray into domestic formulations

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Product innovation, distribution expansion and Heinz India merger synergies expected to aid brisk PAT CAGR of 11% for FY21-FY24

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GREENP well placed to capitalise on near-term MDF opportunity with management guiding for 15% volume growth in FY23E

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SUNP, through subsidiary Taro Pharma, to acquire Galderma’s skincare arm Alchemee in US$ 90mn all-cash deal

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One of the fastest growing kitchen appliance companies in India with leadership in steel LPG stoves and tabletop wet grinders

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Current refining demand growth expectations may prove conservative, keeping refining and product markets tight

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Google plans to adopt new privacy initiatives (termed Privacy Sandbox) to curtail tracking across apps on Android smartphones

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Consolidated Q3 revenue grew 24% YoY backed by 11% increase in plywood volumes and 7% rise in price realisation for India operations

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RIL plans to restructure a part of its O2C business to address climate risks and open up new opportunities for value addition

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Q3 surpassed expectations on all fronts with revenue/EBITDA growth at 49%/62% YoY, ahead of consensus by 15%/26%

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Q3 revenue growth at 47% YoY to Rs 6.9bn, with 83% coming from VMART and 17% from Unlimited stores

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Q3 revenue dipped 3% YoY on a steep decline in US (-23%) and API (-8%) business, despite growth in India (+17%) and ROW (+13%)

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Q3 revenue declined 6% YoY despite 48% growth in APIs as US (-13%) and ARV (-65%) business contracted

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Q3 revenue growth at 24% QoQ and 126% YoY – the highest ever in AFFLE’s history led by rise in CPCU and user volumes

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Q3 revenue growth modest at 4% YoY (+2% QoQ) despite strong US and India formulation business, as API revenue declined 25%

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Robust traction in India formulations (+20% YoY) during Q3, partly offset by a 7% decline in US generic revenue

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Consolidated Q3 revenue grew ~23% YoY with pipe/adhesive segments up 25%/16%; pipe volumes dipped 4% due to dealer destocking

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Q3 revenue growth at 5.9% QoQ USD beat our estimate led by a sharp increase in offshoring

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Q3 revenue growth robust at 4.1% QoQ USD, outperforming our estimate of 3.6%, driven by the CME vertical

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Q3 revenue up 12% YoY spurred by branded formulations business in India and Africa; US sales down 14% QoQ to US$ 22mn

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Strong Q3 with YoY growth across geographies; flat sequential growth in domestic/ROW markets due to lower Covid portfolio contribution

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Q3 revenue growth of 14.7% QoQ and 48% YoY was INFOE’s highest in over a decade, led by its recruitment business

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Q3 revenue/PAT came in at Rs 8.5bn/Rs 0.9bn led by robust price realisations across segments (except plywood)

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Growth in Q3 driven by product launches and higher volumes, partly offset by US price erosion

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Industry-wide slowdown in cardiometabolic segment (59% revenue share for ERIS) affected Q3 growth

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Inventory destocking in ARV API/FDF led to 20% YoY decline in revenue; guided to normalise from Q4

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Q3 results a mixed bag – retail and oil & gas performed well but digital services and O2C delivered muted sequential growth

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Q3 revenue grew 4.2% QoQ USD, roughly in line with estimate. Growth was driven by the BFS vertical with a modest uptick in travel

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Consolidated Q3 net revenue up 24% YoY to Rs 28.5bn as C&B/B2B segments grew 23%/30%

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Q3 revenue declined 6% YoY as volumes fell 15% in PVC pipes & fittings and 36% in PVC resin

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Q3 sales growth modest at 6% YoY led by US and India formulations. API sales declined due to slowdown in orders from developed markets

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Q3 revenue up 3% QoQ, short of our estimates due to weak ARPU growth

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Q3 consolidated revenue grew 28% YoY with the sanitaryware/faucet segments increasing 51%/60%

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Augmented risk architecture to enhance overall performance with total CAR estimated at robust 19-20% levels, enabling growth

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Q3 revenue grew 5.5% YoY led by high realisations (+31%) though volumes declined 18%

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Q3 revenue climbed 34% YoY to Rs 4.2bn led by 40% growth in MDF and 8% in plywood segment

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Q3 results broadly in line; we raise our earnings forecasts on consolidation of BPSL

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Q3 revenue grew 27% YoY (+10% QoQ) driven by 14% volume growth to 25.6msm – the highest-ever volumes for KJC

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Above-expected Q3 with revenue growth of 9.2% QoQ USD led by IP business

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Q3 revenue growth robust at 7.6% QoQ USD, ahead of our estimate, driven by direct business, BCM and communications

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Just Dial (JUST) reported revenue growth of mere 1.9% QoQ-far below estimates, dragged by impact on SMEs from covid waves

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L&T Infotech (LTI) reported strong growth beat with 8.7% QoQ USD growth. EBIT margin at 17.9% was up 70bps QoQ, was above estimates

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Bank remains reasonably stable during turbulence

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HCL Tech (HCLT) reported stellar growth of 6.7% QoQ USD, beating our estimate of 3.5%

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Mindtree (MTCL) reported growth of 4.7% QoQ USD, in-line with estimates. Momentum was driven by travel, CMT and BFSI

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Fast-growing player in savoury packaged snacks. Strengthening of processes (to stabilise RM cost) and distribution channels to spur growth

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Company benefits from the best of two domains in chemical industry: Pharma intermediates and specialty chemicals

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ERIS enters ten-year, 70:30 JV with MJ Biopharm for marketing rh-insulin, insulin analogues, GLP1 agonists and biosimilars

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TPWR’s ~70% run-up in two months stems from power demand growth, international coal price rally and possible renewables business IPO

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WPRO’s analyst meet focused on highlighting results of a transformed business model and reiterating a “bold” strategy

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Q2 revenue grew 37% YoY, outperforming consensus, with broad-based uptick across Naukri, 99acres and other verticals

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Q2 revenue surged 104% YoY aided by above-expected rebound at JAMPP and strong native business growth

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Consolidated Q2 revenue grew 32% YoY to Rs 5.6bn with tile volumes up 25% and blended realisation up 6% YoY to Rs 306/msm

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Consolidated Q2 net revenue up 40% YoY to Rs 26.3bn. Like-to-like growth at 33% (ex-PAPL)

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TECHM’s analyst meet today focused on the 3Ps – Purpose, People and Performance

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Despite steady 8% YoY growth in Q2 pretax income, consolidated net income fell 11% due to lower tax rate in comparable quarter

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Q2FY22 revenue grew 93% YoY to Rs 3.4bn, marking 107% recovery vs. pre-Covid (Q2FY20) levels on consolidation of 74 ‘Unlimited’ stores

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Steady 1.9% YoY growth in Q2 pretax income and appreciable decline in outstanding payments

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Stock looks attractive following ~25% correction from its Oct’21 peak – upgrade from HOLD to BUY with unchanged TP of Rs 8,430

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Q2 revenue/PAT came in at Rs 8.1bn/Rs 1bn led by robust price realisations across segments

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Q2 revenue grew 7.1% QoQ USD, delivering a strong beat. EBIT margin missed our estimate but outperformed consensus expectations

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Q2 PAT increased 60% YoY as revenue grew 45% due to strong recovery in goods transport and bus service volumes

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Q2 revenue growth robust at 85% YoY as PVC realisations surged 63% and pipe volumes grew 27% YoY

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Q2 revenue climbed ~88% YoY to Rs 4.2bn led by ~103% growth in MDF and ~38% in plywood

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Q2 consolidated revenue grew 24% YoY with the sanitaryware/faucet segments increasing 30%/63%

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Stellar Q2 print with revenue growth of 9.3% QoQ USD (incl. Capiot) driven by BFSI and healthcare

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Q2 revenue/EBITDA grew 10%/4% YoY to Rs 55bn/Rs 12bn, beating our estimates by 6%/4%

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Q2 revenue growth beat estimates at 6.4% QoQ USD on 6.3%/6.7% enterprise/communications business growth

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Robust Q2 revenue growth of 6.6% QoQ USD led by BFSI; EBIT margin in line at 14.8% (+230bps QoQ)

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Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm

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Strong Q2 revenue growth led by high realisations (+38% YoY) and healthy volumes in plastics (+9% YoY)

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Q2 performance in line as sales grew 12% YoY and EBITDA margin stood at 46%

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Robust volume growth in Q2 a reflection of improving macros. Network expansion and new sorting centre to sustain growth

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Q2 revenue grew 6.4% QoQ USD, outperforming our (4.9%) and street estimates; EBIT margin a miss at 15.1%

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Disappointing Q2 with revenue contracting 6.9% YoY and miss on margins

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Best revenue growth ever at 8.3% QoQ USD in Q2, aided by secular uptick across verticals, clients, service lines and geographies

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Q2 a miss with subdued revenue growth of 2.6% QoQ USD due to 8.4% contraction in product business

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Stellar Q2 with revenue growth at 5.7% USD QoQ vs. 4.2% estimated and resilient operating margin

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Q2 revenue growth beat estimates at 6.9% USD/8.1% CC QoQ and surpassed guided range of 5-7% CC QoQ

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Strong Q2 beat led by significant revenue surprise and resilient operating margin

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Pandemic-led boost to INMART’s outsourced client acquisition model (DSA-based) has improved sales engine efficiency

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Q2 revenue grew 2.9% QoQ USD, in line with our estimate of 3%; TCV was healthy at US$ 7.6bn

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Ecosystem-level partnerships fortify AFFLE’s defense against data/ privacy risk

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In-line Q1 with revenue up 14% YoY (deferred revenue up 36%) and EBITDA margin at 31.2%

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Q1 revenue growth at 1.4% QoQ USD, roughly in line with our estimate of 1.7% QoQ USD

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Q1 revenue fell 37% QoQ on reduced volumes and ASP. High RM cost and lower operating efficiency further dampened PAT

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Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability

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Consolidated Q1 revenue grew 121% YoY, rebounding from a tepid base

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Q1 revenue declined 35% QoQ on weak volumes (-40%). Lower operating efficiency further pulled down profitability

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Q1 standalone revenue growth robust at 124% YoY off a low base, with strong growth across segments

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Consolidated Q1 revenue grew 73% YoY with pipes/adhesives rising 63%/107% due to a low base; pipe volumes grew just 13%

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Q1 revenue fell 13% QoQ, EBITDA margin shrank 400bps on gross margin pressure and adj. PAT fell 49% QoQ to Rs 1.6bn

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Q1 revenue increased 70% YoY driven by 89% growth in CPCU business, with a broad-based uptick across E, F, G, H verticals

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Q1 losses fell to below 10% of last year but declined from strong profits in Q4FY21 as volumes slowed and bus operations continued to bleed

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Q1 revenue/EBITDA grew 27%/28% YoY, beating consensus estimates by 7%/19%

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Consolidated Q1 revenue grew 95% YoY with tile volumes up 94% due to a low base.

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Strong results driven by growth in solar products, award to CGPL under APTEL order and uptick in coal mining associates

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Q1 revenue beat our estimate at Rs 18.1bn but EBITDA margin dropped to 28.3% on lower gross margin and higher other expense

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Q1 revenue in line but gross margin fell short of our estimate, denting operating performance. Adj. PAT a miss at Rs 567mn

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Q1 revenue in line at Rs 4.8bn but EBITDA margin disappoints at 5.1% due to poor operating efficiency

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Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%

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Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business

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Standalone Q1 revenue tripled YoY as volumes surged 217% aided by a low base

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Q1 reflects weak benchmark refining margin and impact of planned shutdowns but robust marketing margin

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Q1 revenue in line but EBITDA margin disappoints at 12.4% due to gross margin pressure and lower operating efficiency

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Consolidated Q1 revenue grew 102% YoY as tile volumes doubled, aided by a soft lockdown-hit base quarter

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Q1 earnings reflect a muted refining performance but recovery in marketing margin

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Q1FY22 revenue growth robust at 72% YoY as PVC realisations surged 93% YoY

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Q1 PAT robust at Rs 1.7bn, up 17% YoY. Sales grew 12% YoY while EBITDA declined 2%

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Q1 EBITDA/PAT growth strong at 22%/20% YoY to Rs 1.3bn/Rs 1.1bn, meeting street estimates

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Q1 dollar revenue growth beat our estimate at 4.1% QoQ on 4.7% enterprise business growth and 3.2% recovery in communications

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Q1 revenue met our estimate but EBITDA margin fell short at 7% and adj. PAT declined 70% QoQ to Rs 833mn

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Q1 strong with 16% QoQ USD revenue growth led by BFSI. EBIT margin in line at 12.6% (-107bps QoQ)

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Q1 consolidated revenue growth robust at 242% YoY with 272%/132% rebound in MDF/plywood segments off a soft base

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MSIL’s Q1 revenue fell 26% QoQ while lower gross margin and higher staff cost capped EBITDA margin at 4.6%. Adj. PAT declined 62% QoQ

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Strong Q1 operating income of Rs 164mn in a challenging quarter vs. a loss of Rs 206mn in Q1FY21

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ALPM reported a 42% YoY decline in Q1 EBITDA due to weak US sales led by increased competition in key molecules and launch delays

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GNA’s Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%

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PSYS reported stellar Q1FY22 numbers with dollar revenue growth of 9.1% QoQ (incl. Capiot) driven by BFSI and healthcare

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INMART reported a decent Q1FY22 performance with 20% YoY revenue growth and a 50% EBITDA margin

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MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact

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BJAUT’s Q1 revenue declined 14% QoQ on lower volumes (-14%) and flat ASP. High RM cost further pulled down profitability

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CEAT’s Q1 revenue fell below projections at Rs 19bn and gross margin declined, weakening EBITDA margin to 8.7%. Adj. PAT was at Rs 199mn

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SI’s Q1 volumes slipped 22% YoY as agri pipe demand slowed, but pass-along of higher RM prices aided consolidated revenue growth of 27% YoY

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HCLT reported 0.9% QoQ dollar revenue growth in Q1FY22, underperforming our estimate of 1.5% due to the Covid2.0 impact

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Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT

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RRVL’s Rs21.6bn capital infusion to acquire 25% of JUST DIAL (JUST) to drive revenue growth was the key positive development

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LTI’s Q1FY22 revenue grew 5.1% QoQ USD, its best first-quarter growth ever, due to an uptick in hi-tech and BFS

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WPRO posted an upbeat QoQ performance in Q1FY22 with 12% CC revenue growth, ahead of our (8.9%) and street estimates

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INFO’s Q1FY22 revenue growth of 4.8% CC QoQ outperformed our estimate of 3.8% CC and street expectations of 3.8% USD

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Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates

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TCS reported 2.4% QoQ cc growth (vs. est. of 3.5%), impacted by contraction in India geography. Core market growth was intact at 4.1%

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DPFCL’s FY21 performance was best ever for the company with EBITDA/PAT jump of 2.1x/4.6x YoY

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SJET’s Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9

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FNXP reported strong Q4FY21 revenue growth of 63% YoY as PVC prices surged 68% YoY, driving up realisations

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CRS’s management expects unlocking to rejuvenate demand led by tier-2-and-below cities and targets 17-18% revenue growth for FY22

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INFOE reported below-expected Q4FY21 numbers with revenue down 10% YoY (-6.5% est.) and EBITDA margin at 18% (29% est.)

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NTPC reported strong 31% YoY growth in Q4FY21 net income driven by capacity expansion

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VSTT’s Q4 operating performance was in line. EBITDA margin fell 220bps QoQ on higher RM cost and adj. PAT declined 14% to Rs 264mn

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RPGL reported revenue growth, margin expansion and debt reduction in FY21 despite Covid-led disruptions in the acute portfolio

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SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year

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At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook

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GIL reported Q4FY21 consolidated revenue growth of 15% YoY backed by a 21% uptick in India business

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KJC reported consolidated Q4FY21 revenue growth of 46% YoY as tile volumes grew 39%, aided by a soft lockdown-hit base quarter

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MUNI’s standalone Q4FY21 revenue grew 35% YoY as volumes increased 26% aided by a low base

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CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%

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CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%

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ECLX reported Q4FY21 revenue growth of 19.3% CC QoQ, including 6.3% organic growth and the balance from its Personiv acquisition

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IndiGo’s Q4FY21 RASK came in at Rs 3.3, EBITDAR at Rs 7.3bn was hit by rising fuel costs and the company suffered a Rs 11.6bn net loss

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MRF’s Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn

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Despite a soft base, V-Mart Retail (VMART) reported weak 6% YoY Q4FY21 revenue growth due to sustained Covid-19 headwinds.

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M&M’s (MM) Q4FY21 revenue was in line at Rs 133.4bn (–5% QoQ).

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Eicher Motors (EIM) reported in-line Q4FY21 standalone revenue of Rs 29bn, a 22% EBITDA margin and adj. PAT of Rs 4.7bn.

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Alkem Labs reported a below-expected Q4FY21 with +7%/–4% YoY sales/EBITDA growth.

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We present key takeaways from our interaction with the management of Greenpanel Industries (GREENP).

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TVS Srichakra (TVSS) posted a 5% QoQ increase in Q4FY21 revenue, with an above-expected EBITDA margin of 13.3% (11.2% est.).

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State Bank of India’s (SBIN) Q4FY21 PAT of Rs 64.5bn was backed by 19% YoY NII growth and strong non-interest income from a lumpy NPA recovery worth Rs 40bn.

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JK Tyre’s (JKI) Q4FY21 revenue increased 6% QoQ to Rs 29bn while operating margin contracted 260bps QoQ to 15.5%, albeit beating our estimate of 13.8% due to an above-expected gross margin.

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Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids

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Astral’s (ASTRA) Q4FY21 consolidated revenue grew 79% YoY, with 80%/78% growth in pipes/adhesives.

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Canara Bank (CBK) reported Q4FY21 PAT of Rs 10bn aided by 6% QoQ growth in operating profit.

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Minda Corp’s (MDA) Q4FY21 topline increased 7% QoQ to Rs 7.9bn.

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Federal Bank’s (FB) Q4FY21 PAT at Rs 4.8bn beat our/consensus estimates on below-expected provisions.

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Balkrishna Industries (BIL) posted healthy Q4FY21 volume growth of 17% YoY to 68k MT, 15% ahead of our projections.

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Greenpanel Industries’ (GREENP) consolidated Q4FY21 revenue grew 64% YoY aided by a 63%/65% increase in the MDF/plywood segments.

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Escorts (ESC) reported Q4FY21 revenue of Rs 22bn (+60% YoY) with above-expected ASP.

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Mphasis (MPHL) reported dollar revenue growth of 1.8% QoQ in Q4FY21, underperforming our estimate.

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Pidilite Industries (PIDI) reported consolidated Q4FY21 revenue growth of 45% YoY on a tepid base, with a 45%/26% rise in standalone C&B/B2B volumes.

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Apollo Tyres (APTY) delivered an operational beat in Q4FY21 led by better margins in European operation.

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DCB Bank’s (DCBB) Q4FY21 PAT of Rs 0.8bn (+13% YoY) beat our estimate on below-expected provisions.

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Bandhan Bank (Bandhan) reported Q4FY21 PAT of Rs 1bn (–80% YoY), much below our and consensus estimates owing to a spike in provisions.

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Hero MotoCorp’s (HMCL) Q4FY21 operating performance was marginally ahead of our estimates due to an above-expected gross margin.

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CEAT’s revenue was 8% ahead of our estimate at Rs 23bn in Q4FY21.

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Coforge reported a strong Q4FY21 with 7.1% QoQ USD revenue growth led by the ‘other’ vertical, though EBIT margin underperformed at 13.6% (+63bps QoQ).

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L&T Infotech’s (LTI) Q4FY21 revenue growth was strong at 4.4% QoQ CC due to an uptick in the hi-tech, manufacturing and BFS verticals.

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RBL Bank’s (RBK) Q4FY21 PAT of Rs 0.8bn declined 34% YoY due to an 11% fall in NII and accelerated provisions.

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Supreme Industries’ (SI) Q4FY21 revenue grew 46% YoY, aided by an 8% rise in volumes off a tepid base.

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Kotak Bank’s (KMB) Q4FY21 PAT at Rs 16.8bn (+33% YoY) was largely in line with our estimates.

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Ajanta Pharma (AJP) reported strong Q4FY21 revenue/EBITDA growth of 11%/56% YoY to Rs 7.6bn/Rs 2.6bn, surpassing consensus estimates by 3%/23%.

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Laurus Labs reported yet another strong quarter on the back of high growth in the API (esp. ARV) and formulation segments.

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AU Small Finance Bank (AUBANK) reported below-estimated Q4FY21 PAT of Rs 1.7bn due to slower NII growth and one-off employee cost.

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IndusInd Bank (IIB) reported in-line Q4FY21 PAT of Rs 9.3bn with a steady operating performance marked by 9%/10% YoY growth in NII/operating profit.

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In its Q4FY21 earnings call, Mahindra Logistics’ (MLL) management spoke about its vision to triple revenue by FY26, driven by formalisation, auto recovery, service expansion and integrated solutions to customers.

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Persistent Systems (PSYS) reported in-line Q4FY21 numbers, with dollar revenue growth at 4.6% QoQ.

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Mahindra Logistics’ (MLL) Q4FY21 net income increased 58% YoY on 28% revenue growth in the SCM segment, even as the enterprise mobility business remained weak.

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Bajaj Auto’s Q4FY21 revenue was ahead of estimates at Rs 86bn.

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TVS Motor (TVSL) posted a Q4FY21 beat on all counts.

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Axis Bank (AXSB) delivered strong Q4FY21 PAT of Rs 27bn (+2.4x QoQ) on 17% YoY growth in operating profit.

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Maruti (MSIL) posted in-line Q4FY21 revenue, but an adverse sales mix, higher input costs and lower other income pulled PAT down 10% YoY.

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Tech Mahindra (TECHM) posted below-estimated Q4FY21 dollar revenue growth of 1.6% QoQ.

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ICICI Bank (ICICIBC) reported Q4FY21 PAT of Rs 44bn on 17% YoY growth in NII and 14% loan growth.

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HCL Tech (HCLT) reported 3% QoQ dollar revenue growth in Q4FY21, in line with our estimate.

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GNA Axles’ (GNA) Q4FY21 revenue was 10% ahead of estimates at Rs 3.1bn (+72% YoY), led by healthy volumes.

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

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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.

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

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

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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.

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

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

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

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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.

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

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

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

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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.

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

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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).

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

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

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

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

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

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

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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).

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

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

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

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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.).

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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.

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

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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.

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

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

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

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

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

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

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

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

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

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

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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.

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

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

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

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

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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%.

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

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

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

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

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

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

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

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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).

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

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

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

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

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

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

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

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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).

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

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

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

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

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

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

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

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

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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.

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

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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.

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

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

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

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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.

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

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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.

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

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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.

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

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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).

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

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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.

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

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

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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.

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

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

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

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

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We recently interacted with the management of TCI Express.

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

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

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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.

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

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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.

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

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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.

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

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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.

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

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

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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.

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

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

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

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

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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.

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

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

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

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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.

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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.).

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

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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%.

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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.

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

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

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