16-Oct-19
Mindtree (SELL): High attrition, hazy outlook worrying – reiterate SELL
Mindtree’s (MTCL) Q2FY20 operating performance was in line (3.2% QoQ CC revenue growth), with a broad-based uptick across verticals.
View Reports 
16-Oct-19
Wipro (REDUCE): Puzzling margin beat; unlikely to hold up
Wipro (WPRO) reported in-line revenue growth of 1.1% QoQ CC, but a surprising beat on operating margins (18.1%, +10bps QoQ vs. –60bps est.) that materialised despite the impact of compensation revision.
View Reports
12-Oct-19
Infosys (ADD): Guidance signals industrywide growth headwinds
Infosys (INFO) met expectations with 3.3% QoQ CC revenue growth and 21.7% EBIT margins, delivering a better performance than TCS in Q2FY20.
View Reports
12-Oct-19
Cipla (BUY): Goa 483s – no data integrity concerns but many procedurals; BUY
Cipla has received 12 observation from the USFDA’s inspection of its Goa facility over 16-27 Sep.
View Reports
11-Oct-19
TCS (ADD): Disappoints for second consecutive quarter
TCS reported a dull Q2FY20 operating performance with both revenues (+1.6% QoQ CC) and EBIT margins (flat at 24%) disappointing for the second straight quarter.
View Reports
10-Oct-19
IndusInd Bank (BUY): Asset quality blip, loan growth drops
IndusInd Bank’s (IIB) Q2FY20 PAT grew 52% YoY to Rs 14bn, largely due to 32% YoY growth in NII and 5bps QoQ NIM expansion to 4.1%.
View Reports
08-Oct-19
Aurobindo Pharma (ADD): Form 483 for Unit 7: Warning letter risk largely priced in
ARBP’s stock corrected 20% on 7th Oct following 483 details on Unit 7 (oral formulation unit).
View Reports
27-Sep-19
Greenply Industries (BUY): India business steady; Gabon to lend growth impetus
In our recent meeting, Greenply Industries’ (GIL) management outlined the following targets for FY20: (1) India plywood business to grow 8-10% despite a challenging market, (2) India operating margins to expand 100-150bps to 10.5-11%, and (3) Gabon operations to ramp up substantially to ~Rs 2bn in revenues (+60% YoY) with ~18% (+200bps) operating margins.
View Reports
26-Sep-19
Mahindra Logistics (BUY): Meeting takeaways: Reiterates growth plan; technology to the fore
We interacted with Mahindra Logistics' (MLL) CEO designate Rampraveen Swaminathan who will assume the role of CEO from Oct 1.
View Reports
23-Sep-19
Petronet LNG (BUY): Concerns seem overstated on investments in Tellurian
We hosted an investor call with the Petronet LNG (PLNG) management to discuss its proposed investment in Tellurian Inc's Driftwood LNG project.
View Reports
20-Sep-19
Future Supply Chain Solutions (BUY): Minority stake sale to strategic investor
Future Supply Chain (FSCSL) today announced plans to sell a 22% minority stake to Nippon Express, a Japanese logistics company.
View Reports
18-Sep-19
Cera Sanitaryware (BUY): Margins resilient despite soft demand
We recently met the management of Cera Sanitaryware (CRS) and present our key key takeaways.
View Reports
11-Sep-19
ONGC (BUY): Oil production targets ambitious
In a recent meeting, ONGC’s management highlighted (a) its unchanged domestic gas production guidance at ~3mmscmd/year over FY20-FY25, and (b) expectations of sustained long-term growth in OVL production through added stake in the Vankor fields and start-up of the Mozambique project (by 2024-25).
View Reports
09-Sep-19
HIGH CONVICTION | Petronet LNG (BUY): Earnings outlook upbeat
Our recent meeting with the Petronet LNG (PLNG) management has reinforced our core investment thesis.
View Reports
07-Sep-19
Dilip Buildcon (BUY): Successful stake sale to Cube; another deal in the offing
Dilip Buildcon (DBL) has entered into a SPA with Cube Highways (Cube) for 100% stake sale in five under-construction NHAI HAM projects for a pre-tax equity consideration of ~Rs 7bn, against a total equity requirement of Rs 5.7bn.
View Reports
23-Aug-19
Mindtree (SELL): CEO interaction takeaways: Navigating rough waters
We attended a call hosted by the CEO and senior management at Mindtree (MTCL) to discuss the company’s growth strategy post takeover by L&T.
View Reports
21-Aug-19
Blue Dart Express (NOT RATED): Buffeted by headwinds
We recently met the management of Blue Dart Express (BDE) and present the key takeaways in this report.
View Reports
17-Aug-19
KNR Constructions (BUY): Revenue disappoints but beat on margins; growth visibility intact
KNR Constructions’ (KNRC) Q1FY20 revenue dropped 17% YoY to Rs 4.6bn, >20% under estimates due to deferred AD award.
View Reports
16-Aug-19
Sadbhav Engineering (BUY): Execution challenges cloud FY20 outlook
Sadbhav Engineering’s (SADE) Q1FY20 revenue underperformed estimates, dropping 8% YoY due to tardy execution of HAM projects and delayed AD award for newer contracts.
View Reports
16-Aug-19
Ashoka Buildcon (BUY): Revenue miss; execution to scale up from H2FY20
Ashoka Buildcon’s (ASBL) Q1FY20 revenue grew 28% YoY to Rs 8.8bn, below our estimate of Rs 11.8bn due to delayed execution of power T&D/ railways projects.
View Reports
15-Aug-19
Greenply Industries (BUY): Margin expansion continues
Greenply Industries (GIL) reported consolidated Q1FY20 revenue growth of 13%, with India plywood operations growing at 6.2% YoY.
View Reports
14-Aug-19
Indraprastha Gas (BUY): Volumes robust, margins improve
Indraprastha Gas’ (IGL) Q1FY20 earnings were in line at Rs 2.2bn (+24% YoY).
View Reports
14-Aug-19
PNC Infratech (BUY): Execution par excellence; momentum to pick up further in H2
PNC Infratech’s (PNCL) Q1FY20 revenue surpassed expectations, scaling a new high of Rs 13.2bn (+86% YoY) fuelled by strong execution.
View Reports
14-Aug-19
Century Plyboards (BUY): MDF and laminate segments shore up growth
Century Plyboards’ (CPBI) standalone revenue growth for Q1FY20 was better than estimates at 6.8% YoY, aided by the MDF (+32%) and laminate (+17%) divisions.
View Reports
14-Aug-19
Container Corp of India (ADD): Annual report analysis: Well-rounded FY19 – raise to ADD
Container Corp (CCRI) posted a well-rounded performance in FY19.
View Reports
14-Aug-19
ONGC (BUY): Valuations pricing in the worst case
ONGC’s Q1FY20 earnings outperformed at Rs 59bn (–4% YoY).
View Reports
13-Aug-19
Sun Pharma (REDUCE): Adj. EBITDA miss, US base to normalise; retain REDUCE
Q1 EBITDA was in line despite a gross margin miss which was partly set off by low R&D expense (5% of sales vs. 8% guidance).
View Reports
13-Aug-19
HG Infra Engineering (BUY): Revenue miss; expect steady growth momentum ahead
HG Infra’s (HGIEL) Q1FY20 revenue grew 17% YoY to Rs 5.3bn but was below estimates due to delayed AD award for the Hapur-Moradabad project.
View Reports
13-Aug-19
Finolex Industries (ADD): Profitability drained by lower PVC-EDC delta
Finolex Industries (FNXP) reported above-expected Q1FY20 revenue growth of 14% YoY, aided by 15%/18% higher volumes in PVC resin/PVC pipes.
View Reports
13-Aug-19
Bharat Petroleum Corp (SELL): Macro concerns weigh heavy
BPCL’s Q1FY20 EBITDA at Rs 21.8bn (–44% YoY) outperformed estimates on higher GRMs (US$ 2.8/bbl after US$ 0.8/bbl inventory loss).
View Reports
13-Aug-19
Alkem Labs (BUY): Good Q1, guiding for better margins ahead; retain BUY
Alkem Labs reported a good Q1FY20 with an 11% EBITDA beat owing to gross margin expansion and better cost control.
View Reports
12-Aug-19
Oil India (BUY): Low costs drive earnings, but volumes remain a drag
Oil India’s (OINL) Q1 FY20 earnings at Rs 6.3bn (-11% YoY) was above estimates.
View Reports
12-Aug-19
Reliance Industries (BUY): AGM highlights – Deleveraging via stake sale in cash cows
Chairman Mukesh Ambani’s FY19 AGM speech envisages: (a) deleveraging by FY21 through stake sales, (b) enhancing shareholder value, and (c) expanding RJio’s value proposition.
View Reports
12-Aug-19
GAIL (BUY): Pricing in the worst case
GAIL’s Q1FY20 PAT/EBITDA surpassed estimates at Rs 13bn/Rs 23bn (+2.2%/flat YoY).
View Reports
12-Aug-19
Mphasis (BUY): Analyst meet takeaways: Staying agile amid structural demand shift
Mphasis (MPHL), at its analyst meet, highlighted its constant strategic adaption to stay aligned with the changing technology demands of clients.
View Reports
10-Aug-19
Divi's Labs (REDUCE): Lacklustre Q1, normalcy expected from Q3
Q1FY20 saw a lackluster with a revenue/EBITDA miss of 2%/5% led by continued consumption of high-cost RM and a weak product mix (lower CS contribution at 41%, flat QoQ).
View Reports
09-Aug-19
Mahanagar Gas (ADD): Margins surge, volumes drag; raise to ADD on positive risk-reward
Mahanagar Gas’s (MAHGL) Q1FY20 PAT was well above estimates at Rs 1.7bn (+20% YoY).
View Reports
09-Aug-19
Allcargo Logistics (BUY): In-line quarter
Allcargo Logistics (AGLL) reported an in-line topline of Rs 18bn, up 12% YoY.
View Reports
09-Aug-19
Tech Mahindra (REDUCE): Subsidiary troubles afresh; cut to REDUCE
Tech Mahindra (TECHM) subsidiary Pininfarina (PINF) was a harbinger of growth for the company over the past two years, bringing in 16% of incremental FY19 revenue.
View Reports
09-Aug-19
Hexaware Technologies (ADD): Strong margin showing
Hexaware’s (HEXW) operating margins outperformed at 14.6% (+90bps QoQ vs. –30bps est.), taking the Jun’19 quarter ahead of expectations.
View Reports
08-Aug-19
Lupin (ADD): Adj. EBITDA in line; US base trend to improve
Q1 core EBITDA was in line at Rs 6bn, normalised for a temporary drop in SG&A spends and Ranexa FTF.
View Reports
08-Aug-19
HIGH CONVICTION | Petronet LNG (BUY): Margins normalise, volumes improve
Petronet LNG (PLNG) reported a mixed Q1FY20 due to the new Ind-AS 116 lease standards, which led to higher EBITDA (Rs 10.3bn, +10% YoY) but lower PAT (Rs 5.6bn, –4.5% YoY).
View Reports
08-Aug-19
Aurobindo Pharma (BUY): Good beat; progress on facility issues & Sandoz are key catalysts
Q1FY20 revenue/EBITDA beat estimates by 8%/10% spurred by strong US sales at US$ 384mn and 260bps gross margin expansion YoY and QoQ.
View Reports
08-Aug-19
HCL Technologies (BUY): Organic growth trending up; upgrade to BUY on cheap valuations
A strong revenue beat (+4.2% QoQ CC vs. +1.8% est.) but below-expected margins rounded off an in-line operating performance from HCL Tech (HCLT) for the Jun’19 quarter.
View Reports
08-Aug-19
Hindustan Petroleum Corp (SELL): Near-term outlook remains bleak
HPCL’s Q1FY20 earnings at Rs 8.1bn (–52% YoY) came in below estimates, marred by low GRMs (US$ 0.75/bbl, after US$ 2.6/bbl inventory loss).
View Reports
07-Aug-19
Cipla (BUY): Core EBITDA miss; recovery ahead
Q1 was subdued and had multiple moving parts: (1) reduction in India GRx business by Rs 2bn, (2) Rs 1.6bn sales deferral in India Rx + EM market, (3) gSensipar sales worth US$40mn, and (4) weak ROW commentary.
View Reports
07-Aug-19
Mayur Uniquoters (BUY): Auto demand slump, margin contraction mar Q1
Mayur Uniquoters’ (MUNI) Q1FY20 standalone revenue decreased 9% YoY as a sharp slowdown in footwear and auto sector demand saw volumes drop 9%.
View Reports
07-Aug-19
Pidilite Industries (SELL): In-line quarter; cut to SELL on rich valuations
Pidilite Industries (PIDI) reported in-line consolidated Q1FY20 revenue growth of 10% YoY, aided by a 6% rise in consumer & bazaar (CBP) volumes.
View Reports
06-Aug-19
Dilip Buildcon (BUY): Delayed appointed dates continue to hurt revenue
Dilip Buildcon (DBL) reported below-expected Q1FY20 revenue at Rs 23bn, down 6% YoY, due to execution constraints from delays in award of appointed dates for HAM projects.
View Reports
05-Aug-19
Somany Ceramics (BUY): Decent volume growth but lower margins
Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 3.9% YoY in Q1FY20 to Rs 3.95bn, as tile volumes grew 8% YoY.
View Reports
05-Aug-19
Laurus Labs (BUY): High opex offsets formulation positives; expect recovery in Q2
Q1FY20 operational results were in line despite strong gross margin expansion.
View Reports
05-Aug-19
V-Mart Retail (REDUCE): Margins continue to disappoint
V-Mart Retail’s (VMART) Q1FY20 revenue growth was in line at 26% YoY, with SSSg of 5.2%.
View Reports
03-Aug-19
eClerx Services (SELL): No sign of respite on margins; cut to SELL
eClerx (ECLX) underperformed sharply in the Jun’19 quarter as operating margins continued to sink well below estimates.
View Reports
03-Aug-19
Gujarat State Petronet (BUY): Volume surge, low LNG prices buoy outlook – upgrade to BUY
Gujarat State Petronet’s (GUJS) Q1FY20 earnings outperformed estimates at Rs 2.1bn (+43% YoY), bolstered by higher volumes of 38mmscmd (+5% YoY).
View Reports
02-Aug-19
Mahindra Logistics (BUY): Disappointing quarter on all fronts
Subdued user industries exacted a heavy toll on Mahindra Logistics’ (MLL) Q1FY20 performance.
View Reports
02-Aug-19
Astral Poly Technik (REDUCE): Piping segment aided by Rex acquisition spurs growth
Astral Poly Technik (ASTRA) reported marginally better consolidated revenue growth than expected at 27% YoY in Q1FY20.
View Reports
02-Aug-19
State Bank of India (BUY): Dismal quarter
State Bank of India’s (SBIN) Q1FY20 PAT of Rs 23bn was in line with our estimate.
View Reports
02-Aug-19
Cera Sanitaryware (BUY): Insipid quarter
Cera Sanitaryware (CRS) reported subpar Q1FY20 standalone revenue of Rs 2.7bn, down 4.8% YoY, with the sanitaryware segment declining 12.7%.
View Reports
01-Aug-19
Future Supply Chain Solutions (BUY): Big earnings miss
Future Supply Chain (FSCSL) sharply underperformed our Q1FY20 profit estimates.
View Reports
01-Aug-19
ICICI Bank (BUY): 20F filing highlights
ICICI Bank’s (ICICIBC) early delinquency indicators, as disclosed in its 20F filing for FY19, suggest corporate loan stress has been largely dealt with.
View Reports
01-Aug-19
Container Corp of India (REDUCE): Volume concerns overshadow otherwise decent quarter
Container Corp (CCRI) reported a healthy operating performance in Q1FY20.
View Reports
01-Aug-19
Indian Oil Corp (BUY): GRMs disappoint
IOCL’s Q1FY20 EBITDA at Rs 76.6bn (ex-inventory gains) was marginally below estimates.
View Reports
31-Jul-19
TCI Express (BUY): Macro slowdown derails growth
The subdued macro climate weighed on TCI Express’ (TCIEXP) Q1FY20 results.
View Reports
31-Jul-19
Tech Mahindra (ADD): Miss on all counts
Tech Mahindra (TECHM) posted a disappointing Q1FY20 as (1) revenue contracted in all verticals except ‘others’, (2) top 5/10/20 client performance flagged, (3) EBIT margins shrank 390bps QoQ, (4) attrition failed to cool off, (5) DSO rose due to high unbilled revenues, and (6) cash generation slumped.
View Reports
30-Jul-19
Axis Bank (BUY): Asset quality disappoints
Axis Bank’s (AXSB) Q1FY20 PAT at Rs 13.7bn fell short of our/consensus estimates on high provisions.
View Reports
30-Jul-19
Gujarat Gas (BUY): Volumes and margins surge
Gujarat Gas (GUJGA) reported Q1FY20 earnings well above estimates at Rs 2.3bn (+93% YoY, +2x QoQ), backed by strong volumes of 9.15mmscmd (+42% YoY) and expanded EBITDA margins of Rs 5.6/scm (+32% YoY, +29% QoQ).
View Reports
30-Jul-19
Greenlam Industries (NOT RATED): Prominent player in India’s laminate market
We attended Greenlam Industries’ (GRLM) analyst meet and outline management’s outlook on growth across business segments.
View Reports
30-Jul-19
Transport Corp of India (BUY): Slowdown weighs on topline growth; margin expansion stands out
Transport Corp (TRPC) reported a below-estimated operating performance in Q1FY20 amidst challenging macros.
View Reports
29-Jul-19
Dr Reddy's Labs (ADD): Adj. EBITDA in line; upgrade to ADD on reasonable valuations
Q1 reported 18% EBITDA miss impacted by one-offs in gross margins (PSAI & inventory write-offs in US totaling US$20mn, in my view), while adj. EBITDA was in line.
View Reports
29-Jul-19
Supreme Industries (ADD): Good volume growth but margins underperform
Supreme Industries (SI) reported below-expected Q1FY20 revenue growth of 6.8% YoY despite a healthy 13.5% rise in volumes.
View Reports
29-Jul-19
Reliance Industries (ADD): Diversification now bearing fruit
Reliance Industries’ (RIL) FY19 Annual Report spells out its vision across its diversified businesses.
View Reports
27-Jul-19
ICICI Bank (BUY): Stable on most fronts
ICICI Bank’s (ICICIBC) Q1FY20 PAT at Rs 19.1bn was above our estimate due to below-expected provisions.
View Reports
27-Jul-19
Mphasis (BUY): In-line operating performance
Mphasis’ (MPHL) Q1FY20 revenue at US$ 297mn met expectations, marked by balanced growth in both direct and DXC/HP channels.
View Reports
26-Jul-19
Persistent Systems (REDUCE): Results first cut – Lacklustre quarter
Persistent Systems (PSYS) reported another quarter of subpar operating performance as both revenue and operating margins missed estimates in Q1FY20.
View Reports
25-Jul-19
NCC (NOT RATED): Management call takeaways – A tough FY20; better times ahead
We spoke with Y D Murthy, Executive Vice President – Finance, of NCC Ltd (NJCC) for an update on Andhra Pradesh work orders.
View Reports
24-Jul-19
NIIT Technologies (BUY): Healthy Q1 despite pockets of weakness in BFS
Adjusted for GIS divestment, NIIT Tech (NITEC) reported organic revenue growth of 4% QoQ CC and EBITDA margins of 16.9% in Q1FY20, marking a better-than-expected operating performance.
View Reports
23-Jul-19
Kajaria Ceramics (BUY): Modest Q1; upgrade to BUY on reasonable valuations
Kajaria Ceramics (KJC) posted below-expected Q1FY20 revenue growth of 6.5% YoY, with volumes up 9.6% but realisations down 3.8%.
View Reports
21-Jul-19
Reliance Industries (ADD): Concerns on cyclicals
Reliance Industries’ (RIL) Q1 FY20 EBITDA marginally beat estimates at Rs 213bn (+3% YoY, +2.3% QoQ)…
View Reports
20-Jul-19
HDFC Bank (ADD): Mixed quarter
HDFC Bank’s (HDFCB) Q1FY20 PAT at Rs 56bn (+21% YoY) was largely in line with our estimates…
View Reports
20-Jul-19
L&T Infotech (BUY): Client-specific challenges to hamper growth in FY20
L&T Infotech (LTI) reported a sedate Q1FY20 with 1% QoQ CC revenue growth and 16% EBIT margins…
View Reports
18-Jul-19
Wipro (SELL): Another disappointing quarter
Wipro (WPRO) reported another tepid quarter as a wind-down of large projects in the retail & CPG ver
View Reports
18-Jul-19
Mindtree (SELL): Painful transition begins; downgrade to SELL
Mindtree’s (MTCL) Q1FY20 reported EBIT missed estimates by 46% as both revenue and operating margins
View Reports
17-Jul-19
Yes Bank (SELL): Yet another miss on asset quality
Yes Bank’s (YES) Q1FY20 PAT at Rs 1.1bn beat our/consensus estimates on higher non-interest income a
View Reports