28-Feb-20
IndusInd Bank (BUY): Leadership overhang recedes
As per a press release on the exchanges, IndusInd Bank (IIB) has received RBI approval to appoint Sumant Kathpalia as MD & CEO for three years beginning 24 March.
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22-Feb-20
Aurobindo Pharma (ADD): USFDA error on Unit IV to erase recent stock gains
Aurobindo Pharma (ARBP) has received further communication from the USFDA on its Unit IV injectable plant stating that the inspection is still open and under review.
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20-Feb-20
Hero MotoCorp (REDUCE): Visit to HMCL’s R&D centre – key takeaways
We visited Hero Moto’s (HMCL) R&D centre and attended its investor meet.
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20-Feb-20
Greenply Industries (BUY): Demand slows but margins resilient
Key takeaways from our roadshow with the management of Greenply Industries (GIL).
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19-Feb-20
Aurobindo Pharma (ADD): EIR received for Unit IV – a key sentiment booster
Aurobindo Pharma (ARBP) has received an establishment inspection report (EIR) from the USFDA for its Unit IV injectable plant, with the observations classified as voluntary action indicated (VAI).
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18-Feb-20
Greenpanel Industries (BUY): MDF traction to continue
Key takeaways from our roadshow with the management of Greenpanel Industries (GREENP).
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17-Feb-20
Ashok Leyland (SELL): Weak Q3FY20; recovery still some time away
Ashok Leyland’s (AL) Q3FY20 EBITDA missed estimates by 14% as weak demand and BS-IV inventory de-stocking hurt gross margins.
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15-Feb-20
Sadbhav Engineering (BUY): Q3 disappoints as tight liquidity impedes execution
Sadbhav Engineering’s (SADE) Q3FY20 standalone revenue plunged 52% YoY as prolonged monsoons and tight liquidity slowed execution.
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15-Feb-20
KNR Constructions (BUY): Healthy quarter; execution to pick up from Q4
KNR Constructions’ (KNRC) Q3FY20 core revenue ex-arbitral awards grew 23% YoY to Rs 5.5bn and core EBITDA margin beat estimates at 22% (+170bps YoY).
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14-Feb-20
Muthoot Finance (BUY): Rate increase, better resource mobilisation buoy margins
Muthoot Finance’s (MUTH) gold AUM increased 19% YoY to Rs 377bn in Q3FY20 due to better resource mobilisation.
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14-Feb-20
ONGC (BUY): Earnings miss, pricing in the worst
ONGC’s Q3FY20 earnings underperformed at Rs 41bn (–50% YoY).
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14-Feb-20
Allcargo Logistics (ADD): Soft quarter; downgrade to ADD on limited upside
Allcargo Logistics’ (AGLL) Q3FY20 consolidated revenue fell 1% YoY marred by a decline across segments.
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14-Feb-20
Mayur Uniquoters (BUY): Slow quarter but demand outlook improving
Mayur Uniquoters’ (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).
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14-Feb-20
Bharat Petroleum Corp (REDUCE): Pricing in stake sale
BPCL’s Q3FY20 EBITDA at Rs 27bn (up 3.6x YoY) outperformed estimates on higher GRMs (US$ 2.2/bbl ex-inventory).
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13-Feb-20
Gujarat State Petronet (BUY): EBITDA underperforms; volume outlook improving
Gujarat State Petronet’s (GUJS) Q3FY20 EBITDA underperformed estimates at Rs 3.8bn (+7.6% YoY) due to lower volumes (37mmscmd, –5.7% QoQ).
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13-Feb-20
Finolex Industries (BUY): Better PVC-EDC delta aids profitability – upgrade to BUY
Finolex Industries’ (FNXP) revenue declined 8% YoY, with an 11% drop in PVC pipe and resin volumes.
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12-Feb-20
Astral Poly Technik (REDUCE): Pipe segment continues to lead growth
Astral Poly Technik’s (ASTRA) Q3FY20 consolidated revenue grew 5.4% YoY, aided by pipe segment volume growth of 15% (~6.5% ex-Rex).
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12-Feb-20
Greenply Industries (BUY): Gabon operations disappoint
Greenply Industries’ (GIL) consolidated Q3FY20 revenue slipped 1% YoY, coming in below estimates.
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11-Feb-20
Ashoka Buildcon (BUY): Disappointing quarter; execution to ramp up from FY21
Hampered by the prolonged monsoons and delayed AD in HAM projects, Ashoka Buildcon’s (ASBL) Q3FY20 revenue declined 8% YoY.
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11-Feb-20
Hexaware Technologies (BUY): Client-specific challenges receding; upgrade to BUY
An above-expected furlough impact and challenges at a large secondary-mortgage client marred revenue performance in Q4CY19.
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11-Feb-20
Mahindra & Mahindra (ADD): Healthy core performance; subsidiaries a drag again
M&M’s (MM) Q3 EBITDA at Rs 17.9bn (+5% YoY) beat estimates by ~5% on a strong margin uptick led by cost control and a richer auto model mix.
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11-Feb-20
Petronet LNG (BUY): Margins improve, volumes underperform
Petronet LNG’s (PLNG) Q3FY20 EBITDA surged to Rs 11bn (+31% YoY) on account of higher marketing margins on spot LNG.
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11-Feb-20
Somany Ceramics (BUY): Revenues in line, margins lower
Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 2.5% YoY to Rs 4.4bn in Q3FY20, aided by a 4% uptick in tile volumes.
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11-Feb-20
Oil India (BUY): Volumes remain a drag
Oil India’s (OINL) Q3FY20 earnings disappointed at Rs 4bn (–67% YoY).
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11-Feb-20
Dilip Buildcon (BUY): Lacklustre quarter; order inflows key to watch
Dilip Buildcon’s (DBL) Q3FY20 standalone revenue fell 4% YoY to Rs 23.8bn (Rs 25bn est.) due to the extended monsoon and delayed appointed dates.
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10-Feb-20
GAIL (BUY): Operationally robust; demerger uncertainty priced in
GAIL’s Q3FY20 PAT was in line at Rs 10.2bn (–40% YoY).
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10-Feb-20
Container Corp of India (ADD): Weak quarter; DFC trigger awaited
Container Corp’s (CCRI IN) standalone Q3FY20 revenue declined 3% YoY on lower volumes and realisations.
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10-Feb-20
Kajaria Ceramics (ADD): All round miss
Kajaria Ceramics (KJC) posted a below-expected Q3FY20 with revenue down 2% YoY due to flat volumes (+0.5% YoY) and lower realisations (–4.1% YoY).
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10-Feb-20
VRL Logistics (BUY): Soft quarter as macro challenges continue
VRL Logistics’ (VRLL) Q3FY20 revenue grew at a tepid 1% YoY, with the goods/people transport segments growing at +3%/–8% YoY as the macro slowdown continued to take a toll.
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10-Feb-20
Future Supply Chain Solutions (REDUCE): Limited growth visibility; cut to REDUCE
Future Supply Chain (FSCSL) reported yet another weak quarter as standalone Q3FY20 revenue/EBITDA declined 5%/15% YoY (adj. for Ind-AS 116), causing a 59% drop in adj. PAT.
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07-Feb-20
Mahanagar Gas (SELL): Volumes drag and margins peak out
Mahanagar Gas’s (MAHGL) Q3FY20 PAT was in line at Rs 1.86bn (+25.4% YoY).
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07-Feb-20
Alkem Labs (BUY): Solid beat – moving to street-high TP of Rs 2,870
Alkem Labs reported a 24% EBITDA beat in Q3 driven by better gross margins (product mix, soft RM prices).
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07-Feb-20
Mphasis (ADD): Cloudy DXC/HP visibility overshadows strong operating beat
Mphasis (MPHL) reported a beat on both revenue and margins in Q3FY20.
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07-Feb-20
Aurobindo Pharma (ADD): Q3 in line; facility resolution, Sandoz key stock catalysts
Aurobindo’s (ARBP) operating results were in line, with above-expected US sales of US$ 418mn (volume-led) but subdued gross margins at 56.5% (down 120bps QoQ) due to a higher ARV mix.
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07-Feb-20
Hero MotoCorp (REDUCE): Decent Q3 but outlook challenging
Hero Moto (HMCL) posted an operational beat in Q3FY20 led by healthy gross margins.
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07-Feb-20
Eicher Motors (BUY): Steady operational performance
Eicher Motors’ (EIM) consolidated Q3FY20 EBITDA at Rs 5.9bn (–14% YoY) was in line with estimates.
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07-Feb-20
Sun Pharma (REDUCE): Q3 a tad lower – US (ex-Taro) ramp-up subdued; REDUCE
Sun Pharma (SUNP) reported a 6% EBITDA miss, largely driven by higher other expense (up 8% QoQ) and despite better gross margins (up 110bps QoQ) & lower R&D (6.4% of sales).
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07-Feb-20
PNC Infratech (BUY): Strong execution; order inflows holds key for growth beyond FY21
PNC Infratech’s (PNCL) Q3FY20 revenue grew 68% YoY.
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06-Feb-20
Lupin (ADD): Weak result; healthy FY21 outlook
Lupin (LPC) reported a 40% miss on Q3 EBITDA while one-offs dented PAT (incl. US$ 222mn Gavis impairment).
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06-Feb-20
Greenpanel Industries (BUY): Strong performance marred by forex losses
Greenpanel Industries’ (GREENP) Q3FY20 consolidated revenue grew 46% YoY aided by an 85%/37% increase in the plywood/MDF segments.
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06-Feb-20
Indraprastha Gas (BUY): Margins expand, volume growth stable
Indraprastha Gas’ (IGL) Q3FY20 EBITDA was in line at Rs 3.9bn (+23% YoY, Rs 6.4/scm).
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06-Feb-20
V-Mart Retail (REDUCE): Margins surprise positively
V-Mart Retail (VMART) reported below-expected Q3FY20 revenue growth of 21% YoY to Rs 5.6bn, with SSSg of 1%.
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06-Feb-20
Cera Sanitaryware (BUY): Q3 marginally better than estimates
Cera Sanitaryware (CRS) reported a dull Q3FY20 with standalone revenue growth of 1% YoY to Rs 3.2bn, as the sanitaryware segment declined ~11%.
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06-Feb-20
Gujarat Gas (BUY): Volumes and margins robust
Gujarat Gas (GUJGA) reported Q3FY20 earnings above estimates at Rs 1.96bn (+26% YoY).
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05-Feb-20
Divi's Labs (ADD): Earnings miss but expect recovery from Q4
Divi’s Labs (DIVI) reported a Q3FY20 revenue/EBITDA miss of 8-10% as multiple regulatory inspections restricted full production.
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05-Feb-20
Hindustan Petroleum Corp (BUY): Earnings muted but largely priced in
HPCL’s Q3FY20 PAT was below estimates due to subdued marketing business earnings of Rs 22bn (+12% YoY ex-inventory).
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05-Feb-20
Mahindra Logistics (BUY): Auto weakness persists, non-auto on steady footing
Mahindra Logistics’ (MLL) Q3FY20 consolidated revenue/EBITDA declined 7%/20% YoY (adj. for Ind-AS 116), marginally below estimates.
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05-Feb-20
Cipla (BUY): EBITDA a tad lower but India/US deliver a good beat; retain BUY
Cipla’s adj. EBITDA missed estimates by 3% due to lower gross margins which saw a 120bps one-off impact.
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05-Feb-20
TVS Motor (REDUCE): Margins resilient; outlook challenging
TVS Motor’s (TVSL) Q3 EBITDA beat estimates by ~11% led by resilient margins at 8.8% (+70bps YoY, flat QoQ), despite a sharp 17% YoY drop in volumes.
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04-Feb-20
Century Plyboards (BUY): In-line quarter
Century Plyboards’ (CPBI) standalone Q3FY20 revenue growth was in line with estimates at 2.9% YoY, aided by 9.5% growth in the MDF segment.
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31-Jan-20
Tech Mahindra (REDUCE): Good quarter buoyed by communications vertical
Tech Mahindra’s (TECHM) swift ramp-up of the AT&T deal aided a Q3 revenue beat (up 4.3% QoQ CC to US$ 1.4bn vs. 3% estimated).
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31-Jan-20
State Bank of India (BUY): Recoveries aid earnings growth
State Bank of India’s (SBIN) Q3FY20 PAT at Rs 56bn was driven by strong NII growth and lower provisions, but a one-time DTA charge shaved Rs 13bn off earnings.
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31-Jan-20
Indian Oil Corp (BUY): Uncertainties abound but look priced in
IOCL’s Q3FY20 EBITDA at Rs 66bn (+84% YoY) was well above estimates.
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31-Jan-20
Laurus Labs (BUY): Another good beat – TP raised to Rs 510
Laurus Labs reported a consecutive beat with best-ever Q3 EBITDA, led by strong operating leverage in formulations and higher gross margins.
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31-Jan-20
Tata Motors (ADD): Underwhelming Q3 print; outlook better on cost control efforts
JLR’s Q3 EBIT margin at 3.3% was below estimates largely due to forex headwinds.
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31-Jan-20
eClerx Services (SELL): Good show but repeat act unlikely – downgrade to SELL
A mix of favourable yet transient dynamics saw eClerx (ECLX) staging a surprising operational beat in Q3FY20 (revenue up 3% QoQ, EBIT margin up 590bps).
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30-Jan-20
Bajaj Auto (ADD): Strong operational performance
Bajaj Auto’s (BJAUT) Q3 EBITDA rose 18% YoY led by 17.9% margins (seven-quarter high) and beat estimates by ~10%.
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30-Jan-20
Pidilite Industries (SELL): Margins surprise positively, CBP volumes disappoint
Pidilite Industries (PIDI) reported below-expected Q3FY20 consolidated revenue growth of 4% YoY – CBP volumes grew just 2% while industrial volumes rose 13% YoY.
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30-Jan-20
Transport Corp of India (BUY): Topline disappoints, margin resilient
Transport Corp’s (TRPC) consolidated Q3FY20 revenue (–0.6% YoY) was a miss due to lower SCS (–6.8%) and seaways (–1.3%) revenue, while freight grew at a decent clip (+4.5%).
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30-Jan-20
Kotak Mahindra Bank (BUY): Promoter holding dispute resolved at last
KMB has received in-principle approval from RBI to cap its promoters' voting rights in the bank from ~30% currently to 20% of paid-up voting equity share capital (PUVESC) until Mar'20, and thereafter reduce this to 15%.
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30-Jan-20
NIIT Technologies (SELL): Risk-reward unfavourable; cut to SELL
NIIT Tech’s (NITEC) Q3FY20 performance was mixed with a miss on operating margins (–20bps QoQ to 18.1%) but healthy deal wins.
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30-Jan-20
Bajaj Finance (BUY): Healthy performance in secular slowdown
Bajaj Finance (BAF) reported healthy 35% YoY growth in AUM in Q3FY20.
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29-Jan-20
HG Infra Engineering (BUY): Subdued execution; order inflow and AD award hold key
HG Infra’s (HGIEL) Q3FY20 earnings (+18% YoY) were below estimates due to softer revenue and higher interest cost and taxes.
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29-Jan-20
Manappuram Finance (BUY): Steady growth in gold and microfinance businesses
Manappuram Finance’s (MGFL) gold AUM surged 30% YoY to Rs 162bn in Q3FY20.
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29-Jan-20
Maruti Suzuki (BUY): Operational miss largely led by transient impact
Maruti’s (MSIL) Q3FY20 operating performance missed estimates, largely due to the exaggerated impact of discounts and higher fixed cost appropriation.
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28-Jan-20
TCI Express (ADD): Growth lacklustre but margin beat yields in-line EBITDA
TCI Express (TCIEXP) reported an in-line operating performance in Q3FY20 as solid gross margin expansion (+310bps YoY) compensated for muted topline growth (+2%).
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27-Jan-20
Dr Reddy's Labs (ADD): Margin beat to sustain; TP raised to Rs 3,350
Strong cost control and operating leverage led to a Q3 EBITDA beat of 5%.
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25-Jan-20
ICICI Bank (BUY): Core profitability remains strong
ICICI Bank’s (ICICIBC) Q3FY20 PAT at Rs 41bn was driven by 24% YoY growth in NII and lower provisions.
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24-Jan-20
Supreme Industries (ADD): Margins surprise positively, volumes disappoint
Supreme Industries (SI) reported below-estimated Q3FY20 revenue (–2.6% YoY) owing to flat volumes.
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24-Jan-20
[Initiation] Bajaj Finance (BUY): BAF 2.0 – Revamped growth engine; initiate with BUY
We initiate coverage on Bajaj Finance (BAF) with BUY and a Mar’21 TP of Rs 5,000.
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22-Jan-20
Axis Bank (BUY): Stressed book still elevated
Axis Bank’s (AXSB) Q3FY20 PAT at ~Rs 18bn missed estimates due to above-expected provisions.
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22-Jan-20
Alembic Pharma (BUY): Good beat – we raise EPS estimates by 5-7%
Alembic Pharma (ALPM) reported a 15% EBITDA beat in Q3 driven by a sales beat and stable opex despite an additional expense hit from Aleor-Derma unit commercialisation.
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20-Jan-20
Kotak Mahindra Bank (BUY): Growth slips while credit cost spikes
Kotak Mahindra Bank’s (KMB) Q3FY20 PAT at Rs 16bn was below estimates due to weak NII growth and high provisions.
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19-Jan-20
Reliance Industries (BUY): RJio and Retail drive earnings; cyclicals struggle
Key highlights from Reliance Industries’ (RIL) Q3 financials: (a) Cyclicals under-performed on low GRMs (US$9.2/bbl, Vs US$10.7 ests); and tepid petchem margins (US$100/MT EBITDA, -23% QoQ)); (b) higher than expected earnings from retail – Rs27 bn (+62% YoY, 6% margins) and (c) lower than estimates earnings from RJIO – Rs58 bn (+9.6% YoY).
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18-Jan-20
HDFC Bank (BUY): Better retail asset quality trends
HDFC Bank’s (HDFCB) Q3FY20 PAT at Rs 74bn (+33% YoY) was ahead of our estimates largely due to strong non-interest income.
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18-Jan-20
HCL Technologies (BUY): IP business drives robust Q3
HCL Tech (HCLT) reported an above-expected operating performance in Q3FY20, supported by a modest beat on both revenue and margins.
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18-Jan-20
Tata Consultancy Services (ADD): Margins resilient
TCS reported a mixed Q3FY20 as revenue missed the mark for the third quarter in a row but EBIT margins staged a strong beat.
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16-Jan-20
Greenpanel Industries (BUY): Firmer pricing, MDF plant ramp-up to boost margins
Our interactions with dealers and industry participants suggest that demand for MDF remains strong.
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15-Jan-20
L&T Infotech (BUY): Stellar show
L&T Infotech (LTI) reported 8.3% QoQ CC revenue growth in Q3FY20, well ahead of estimates.
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15-Jan-20
Wipro (SELL): Tepid performance; soft outlook
Wipro (WPRO) reported an in-line operating performance in Q3FY20 with 1.8% QoQ CC revenue growth and 18.4% IT services EBIT margins.
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14-Jan-20
Mindtree (SELL): Impressive margin show but growth grounds weak ahead
Mindtree’s (MTCL) Q3FY20 operating performance was buoyed by operating margin beat as revenue fell short on expectations.
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14-Jan-20
IndusInd Bank (BUY): Asset quality amiss
IndusInd Bank’s (IIB) Q3FY20 PAT grew 33% YoY to Rs 13bn, largely due to 34% YoY growth in NII and 5bps QoQ NIM expansion to 4.15%.
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11-Jan-20
Infosys (ADD): Commentary lack new growth impetus
Infosys (INFO)’s Q3FY20 operating performance fell tad short on expectations led by operating margin miss (EBIT margins at 21.9% V/s our est. of 22.4%).
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01-Jan-20
Reliance Industries (BUY): RJio and Retail neutralise uncertainty over cyclicals
In this report, we present key highlights from our recent meeting with Reliance Industries (RIL).
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31-Dec-19
Gujarat State Petronet (BUY): Power demand could be a dark horse
Our interaction with the Gujarat State Petronet (GSPL) management reinforces our core investment thesis.
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30-Dec-19
Gujarat Gas (BUY): Improving outlook on volumes
At our recent meeting, GUJGA’s management assured robust outlook on volumes driven by (a) implementation of anti-pollution measures by the state government (new CNG state buses), and (b) relatively low LNG prices.
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24-Dec-19
HG Infra Engineering (BUY): Gurgaon-Sohna site visit indicates steady execution progress
We visited HG Infra’s (HGIEL) Gurgaon-Sohna NHAI HAM project site and also met CMD Harendra Singh.
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23-Dec-19
Cera Sanitaryware (BUY): Near-term demand outlook remains challenging
We recently hosted investor meetings with the Cera Sanitaryware (CRS) management.
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19-Dec-19
Transport Corp of India (BUY): NDR takeaways
We hosted the senior management of Transport Corp of India (TRPC) for investor meetings.
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18-Dec-19
Tech Mahindra (REDUCE): Analyst meet takeaways
We attended Tech Mahindra’s (TECHM) recent analyst meet and present the key takeaways.
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12-Dec-19
Allcargo Logistics (BUY): Gati acquisition – deriving synergies an uphill task
Allcargo Logistics (AGLL) recently announced the acquisition of a 45% controlling stake in Gati (GTIC) for ~Rs 4.2bn (13.6x TTM H1FY20 EV/EBITDA).
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11-Dec-19
L&T Infotech (BUY): Analyst meet takeaways
L&T Infotech’s (LTI) analyst meet reassured us that its strong sales engine and efficient delivery will continue to drive profitable growth.
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09-Dec-19
[INITIATION] Alembic Pharma (BUY): Entering into new multi-year earnings cycle – initiate with BUY
Alembic Pharma (ALPM) has underperformed the midcap and Sensex indices since 2015 due to subdued earnings. This cycle should reverse in the next 3-4 years.
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06-Dec-19
[INITIATION] Kotak Mahindra Bank (BUY): In a league of its own – initiate with BUY
Kotak Mahindra Bank (KMB) has forged a powerful banking franchise backed by a formidable liability profile.
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28-Nov-19
Laurus Labs (BUY): NDR takeaways
We recently hosted the management of Laurus Labs with investors. Overall, we found management's tone confident yet realistic.
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28-Nov-19
[INITIATION] VRL Logistics (BUY): Robust model, formidable moats – initiate with BUY
We initiate coverage on VRL Logistics (VRLL) with BUY and a Mar’21 TP of Rs 330, set at 22x FY22E P/E.
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27-Nov-19
Greenply Industries (BUY): Upbeat margin guidance
We attended Greenply Industries’ (GIL) analyst meet.
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18-Nov-19
Sadbhav Engineering (BUY): Execution challenges continue to cloud growth
Sadbhav Engineering’s (SADE) Q2FY20 revenue missed estimates, dropping 18% YoY as the heavy monsoons hindered execution at key EPC projects and as AD award was delayed for newer contracts.
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17-Nov-19
PNC Infratech (BUY): Strong quarter, momentum to continue
PNC Infratech’s (PNCL) Q2FY20 core revenue ex-arbitral awards grew 92% YoY.
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17-Nov-19
KNR Constructions (BUY): Strong quarter; revenue guidance cut on project delays
KNR Constructions’ (KNRC) Q2FY20 core revenue ex-arbitral awards grew 26% YoY and core EBITDA margin beat estimates at 20.6% (+60bps YoY).
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16-Nov-19
Ashoka Buildcon (BUY): Subdued execution, growth to pick up in H2
Ashoka Buildcon’s (ASBL) Q2FY20 execution remained muted due to the extended monsoons, with revenue growth at 7.6% YoY.
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15-Nov-19
Mphasis (ADD): Cut to ADD on HP/DXC channel uncertainty
Mphasis’ (MPHL) Q2FY20 revenue at US$ 306mn met estimates, marked by strong traction in the direct channel business.
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15-Nov-19
Dilip Buildcon (BUY): Subdued execution drives guidance cut
Dilip Buildcon’s (DBL) Q2FY20 standalone revenue was in line at Rs 18.1bn (+11% YoY), but PAT (–31% YoY) missed estimates on higher depreciation and taxes.
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15-Nov-19
ONGC (BUY): Low costs drive profitability
ONGC’s Q2FY20 earnings outperformed at Rs 62.6bn (–24% YoY).
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14-Nov-19
Pidilite Industries (SELL): Volumes and margins disappoint
Pidilite Industries (PIDI) reported below-expected consolidated Q2FY20 revenue growth of 2.8% YoY as CBP volumes dipped 0.9%, offsetting industrial volume growth of 12.6%.
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14-Nov-19
Cera Sanitaryware (BUY): Weak product mix crimps margins
Cera Sanitaryware (CRS) reported tepid Q2FY20 standalone revenue of Rs 3.3bn (–1.1% YoY), with the sanitaryware segment contracting 9% YoY.
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13-Nov-19
Muthoot Finance (BUY): Demand uptick to offset lower liability mobilisation
Muthoot Finance’s (MUTH) gold AUM increased 11% YoY to Rs 357bn in Q2FY20, the slowest growth in the last five quarters as the company calibrated LTV to 68%.
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13-Nov-19
Mayur Uniquoters (BUY): Demand slowdown deepens
Mayur Uniquoters’ (MUNI) Q2FY20 standalone revenue declined 16% YoY amid a continued slowdown in user industries (footwear, auto) where volumes dropped 20% YoY.
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13-Nov-19
Finolex Industries (ADD): Lower PVC-EDC delta hurts profitability
Finolex Industries (FNXP) reported above-expected Q2FY20 revenue growth of 6.3% YoY, aided by a 6% increase in PVC pipe volumes while PVC resins declined 4.7%.
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13-Nov-19
Aurobindo Pharma (ADD): Q2 beat; facility resolution, Sandoz key stock triggers
Sequential improvement in US sales to US$ 405mn and stable gross margins led to a modest beat overall in Q2.
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12-Nov-19
Mahanagar Gas (SELL): Volumes drag and margins peak out – downgrade to SELL
Mahanagar Gas’s (MAHGL) Q2FY20 adj. PAT underperformed estimates at Rs 2.1bn (+57% YoY).
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12-Nov-19
Lupin (ADD): Kyowa divestment – good value unlocking
Lupin (LPC) has signed a definitive agreement with financial investor Unison to sell its entire 99.8% stake in Kyowa for an EV of US$ 520mn.
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11-Nov-19
HG Infra Engineering (BUY): Solid quarter; growth momentum to pick up in H2
HG Infra’s (HGIEL) Q2FY20 PAT grew ahead of estimates at 57% YoY, led by gross margin expansion, softer interest cost and a lower tax rate.
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11-Nov-19
Somany Ceramics (BUY): Margins surprise positively
Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 7.9% YoY in Q2FY20 to Rs 4.2bn, aided by a 4.8% uptick in tile volumes.
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11-Nov-19
Alkem Labs (BUY): Good Q2, tax cut drives EPS upgrade; retain BUY
Alkem reported an 11% EBITDA beat in Q2 driven by a sales beat and better cost control.
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11-Nov-19
Allcargo Logistics (BUY): CFS, P&E segments drag down profitability
Allcargo Logistics’ (AGLL) Q2FY20 performance was below our estimates.
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11-Nov-19
Century Plyboards (BUY): Laminates and MDF perform well; plywood disappoints
Century Plyboards’ (CPBI) standalone revenue growth for Q2FY20 was in line with estimates at 4.4% YoY, aided by the MDF (+27%) and laminate (+22%) segments.
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10-Nov-19
Oil India (BUY): Operationally strong
Oil India’s (OINL) Q2 FY20 earnings at Rs 6.2bn (-27% YoY) was below estimates.
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09-Nov-19
Gujarat State Petronet (BUY): EBITDA above estimates; volume outlook improving
Gujarat State Petronet’s (GUJS) Q2FY20 EBITDA outperformed estimates at Rs 4.4bn (–15% YoY), backed by higher margins of Rs 1.2/scm (Rs 1.1/scm estimated).
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09-Nov-19
GAIL (BUY): Trading earnings slump
GAIL’s Q2FY20 PAT was well below estimates at Rs 10.6bn (–42% YoY).
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08-Nov-19
Greenply Industries (BUY): Modest quarter, margin expansion continues
Greenply Industries (GIL) reported consolidated Q2FY20 revenue growth of 5% YoY.
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08-Nov-19
eClerx Services (REDUCE): Cost control saves margins; no respite from structural challenges
eClerx (ECLX) reported a margin beat for Q2FY20 (EBIT margin at 16.9%), albeit backed largely by marketing cuts, while dollar revenue was a miss (–1.6% QoQ).
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07-Nov-19
Sun Pharma (REDUCE): Headline beat on low R&D, US base ex-Taro weaker; REDUCE
Sun Pharma (SUNP) delivered a 10% EBITDA beat largely driven by lower R&D (6% of sales vs. 8-9% guided).
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07-Nov-19
Greenpanel Industries (BUY): Healthy quarter; better capacity utilisation to fuel growth
Greenpanel Industries (GREENP), the newly demerged entity of Greenply Industries, reported consolidated revenue growth of 44% YoY in Q2FY20 aided by a 53%/40% upswing in the plywood/MDF segments.
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07-Nov-19
Indraprastha Gas (BUY): Margins expand, volume growth robust
Indraprastha Gas’ (IGL) Q2FY20 EBITDA was above estimates at Rs 3.9bn (+27.5% YoY; Rs 6.5/scm).
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07-Nov-19
Manappuram Finance (BUY): Healthy growth in gold and microfinance businesses
Manappuram Finance’s (MGFL) gold AUM surged 20% YoY to Rs 152bn in Q2FY20, clocking the highest growth rate in the past 11 quarters.
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07-Nov-19
Lupin (ADD): Q2 a slight miss; US to improve in H2
Core Q2 EBITDA, normalised for licensing income, was a 5% miss at Rs 6bn (flat QoQ).
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06-Nov-19
Cipla (BUY): All-round beat – India drives 6-11% EPS upgrade; retain BUY
Cipla reported a strong quarter with an EBITDA beat of 30%/11% on our/ consensus estimates due to a surprise recovery in India sales (up 29% QoQ), 100bps sequential improvement in core margins, and better growth across EM/ EU/US.
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06-Nov-19
Transport Corp of India (BUY): Growth subdued across segments
Transport Corp (TRPC) saw muted consolidated revenue/EBITDA growth of 1%/2% YoY in Q2FY20 as the weak demand climate weighed on segmental performance.
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06-Nov-19
Tech Mahindra (REDUCE): Enterprise business stage surprising growth
Tech Mahindra reported better than expected Q2FY20 operating performance led by beat on both revenues and operating margins.
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05-Nov-19
Mahindra Logistics (BUY): Auto weakness mask strength in other verticals
Mahindra Logistics (MLL) reported below expected performance in Q2FY20, with consolidated revenue/EBITDA (adj. for IND-AS 116) declining 8%/28% YoY.
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05-Nov-19
Divi's Labs (ADD): Good Q2 beat; FY20 margin guidance cut is negative
Overall Revenue/EBITDA were 13% ahead of our estimates but largely in-line with consensus.
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05-Nov-19
Gujarat Gas (BUY): Margins decline, robust volumes
Gujarat Gas (GUJGA) reported Q2 FY20 earnings below estimates at Rs 2.2bn (Adjusted for Rs 2.9 bn tax write-back; +5.3x YoY).
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05-Nov-19
TCI Express (ADD): In line quarter; downgrade to ADD on limited upside
TCI Express (TCIEXP) posted in line operating performance in Q2, with revenue/EBITDA growth of 9%13% YoY.
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04-Nov-19
V-Mart Retail (REDUCE): Higher expenses drive operating loss
V-Mart Retail (VMART) reported below-expected revenue growth of 20% YoY to Rs 3.1bn in Q2FY20, with SSSg of 1% (volumes –8%).
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03-Nov-19
Future Supply Chain Solutions (BUY): Dull Q2 as demand slowdown deepens
Future Supply Chain’s (FSCSL) Q2FY20 standalone earnings nosedived 64% YoY (ex. Ind-AS 116), dented by lower EBITDA (–13% YoY) and higher depreciation (+61%) & interest costs (+332%).
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01-Nov-19
Yes Bank (SELL): No respite from asset quality woes
Yes Bank (YES) reported a Rs 6bn loss due to a one-time DTA impact of Rs 7.1bn.
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01-Nov-19
Dr Reddy's Labs (ADD): Multiple one-offs – US to recover from Q3
Q2 headline EBITDA of Rs 14bn (Rs 8.5bn est.) had multiple one-time impacts: (1) licensing income of Rs 6.84bn net of cost, (2) sales hit in the US ($10mn-15mn in our view) from Ranitidine recall & logistic issues, and (3) Rs 1bn in SG&A. Adj. EBITDA was a 3% miss.
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01-Nov-19
Laurus Labs (BUY): All-round beat – formulations turn EBITDA positive; BUY
Laurus Labs reported its best-ever EBITDA in Q2FY20 with a good topline beat, led by strong operating leverage in the formulation business and gross margin expansion.
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01-Nov-19
Indian Oil Corp (BUY): GRMs remain a drag, other segments outperform
IOCL’s Q2FY20 EBITDA at Rs 36bn (–47% YoY) was well below estimates.
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31-Oct-19
Container Corp of India (ADD): Decent operating performance in tough demand climate
Container Corp (CCRI) reported an in-line operating performance in Q2FY20.
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30-Oct-19
Petronet LNG (BUY): Volumes and margins surge
Petronet LNG’s (PLNG) Q2FY20 EBITDA surged to Rs 11.6bn (+31% YoY), as volumes rose to 250tbtu (+15% YoY, +11% QoQ).
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25-Oct-19
Supreme Industries (ADD): Healthy volume growth
Supreme Industries’ (SI) Q2FY20 revenue grew 2.5% YoY (adj. for property sale last year), coming in slightly below estimates despite a healthy 12% YoY rise in volumes.
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25-Oct-19
Astral Poly Technik (REDUCE): Operational performance in line
Astral Poly Technik’s (ASTRA) consolidated revenue grew 8.5% YoY in Q2FY20, aided by piping segment volume growth of 27% (~17% ex-Rex Poly).
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25-Oct-19
State Bank of India (BUY): Slippages abate but stressed book remains high
State Bank of India’s (SBIN) Q2FY20 PAT of Rs 30bn beat consensus estimates due to 17% YoY NII growth.
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24-Oct-19
HCL Technologies (BUY): Organic growth trending higher
HCL Tech (HCLT) reported an above-expected operating performance in Q2FY20 supported by a margin beat (EBIT margin up 290bps QoQ to 20%).
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24-Oct-19
NIIT Technologies (ADD): Solid Q2; cut to ADD on full valuations
NIIT Tech (NITEC) reported organic revenue growth of 4.1% QoQ CC and EBITDA margins of 18.3% in Q2FY20, marking a better-than-expected operating performance.
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24-Oct-19
Hexaware Technologies (ADD): In-line operating show; near-term outlook cloudy
Hexaware (HEXW) reported in-line dollar revenue growth of 11.7% QoQ and EBIT margins of 13.9% in Q3CY19.
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24-Oct-19
Kajaria Ceramics (ADD): Tepid quarter; upsides capped – downgrade to ADD
Kajaria Ceramics (KJC) posted a below-expected Q2FY20 with revenue down 1.5% YoY (volumes +1.1%, realisations –3.5%).
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21-Oct-19
Reliance Industries (BUY): Cyclicals a mixed bag, RJio and Retail surge ahead
Reliance Industries’ (RIL) Q2FY20 EBITDA marginally beat estimates at Rs 221bn (+5% YoY, +4% QoQ).
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18-Oct-19
Ather Energy (NOT LISTED): Key call takeaways
We hosted a call with Karan Punjabi, Head of Finance at electric scooter manufacturer Ather Energy (Ather).
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18-Oct-19
L&T Infotech (BUY): On course for a rebound
L&T Infotech (LTI) did better than expected in Q2FY20, posting 2.4% QoQ CC revenue growth despite client-specific challenges.
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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.
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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.
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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.
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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.
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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.
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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%.
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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).
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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14-Aug-19
Indraprastha Gas (BUY): Volumes robust, margins improve
Indraprastha Gas’ (IGL) Q1FY20 earnings were in line at Rs 2.2bn (+24% YoY).
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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.
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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.
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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.
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14-Aug-19
ONGC (BUY): Valuations pricing in the worst case
ONGC’s Q1FY20 earnings outperformed at Rs 59bn (–4% YoY).
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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).
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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.
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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.
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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).
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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.
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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.
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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.
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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).
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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.
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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).
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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).
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09-Aug-19
Allcargo Logistics (BUY): In-line quarter
Allcargo Logistics (AGLL) reported an in-line topline of Rs 18bn, up 12% YoY.
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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.
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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.
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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.
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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).
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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.
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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.
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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).
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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.
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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%.
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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.
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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.
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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.
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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.
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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%.
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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.
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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).
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02-Aug-19
Mahindra Logistics (BUY): Disappointing quarter on all fronts
Subdued user industries exacted a heavy toll on Mahindra Logistics’ (MLL) Q1FY20 performance.
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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.
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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.
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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%.
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01-Aug-19
Future Supply Chain Solutions (BUY): Big earnings miss
Future Supply Chain (FSCSL) sharply underperformed our Q1FY20 profit estimates.
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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.
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01-Aug-19
Container Corp of India (REDUCE): Volume concerns overshadow otherwise decent quarter
Container Corp (CCRI) reported a healthy operating performance in Q1FY20.
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01-Aug-19
Indian Oil Corp (BUY): GRMs disappoint
IOCL’s Q1FY20 EBITDA at Rs 76.6bn (ex-inventory gains) was marginally below estimates.
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31-Jul-19
TCI Express (BUY): Macro slowdown derails growth
The subdued macro climate weighed on TCI Express’ (TCIEXP) Q1FY20 results.
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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.
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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.
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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).
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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.
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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.
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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$20mn, in my view), while adj. EBITDA was in line.
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29-Jul-19
Supreme Industries (ADD): Good volume growth but margins underperform
Supreme Industries (SI) reported below-expected Q1FY20 revenue growth of 6.8% YoY despite a healthy 13.5% rise in volumes.
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29-Jul-19
Reliance Industries (ADD): Diversification now bearing fruit
Reliance Industries’ (RIL) FY19 Annual Report spells out its vision across its diversified businesses.
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27-Jul-19
ICICI Bank (BUY): Stable on most fronts
ICICI Bank’s (ICICIBC) Q1FY20 PAT at Rs 19.1bn was above our estimate due to below-expected provisions.
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27-Jul-19
Mphasis (BUY): In-line operating performance
Mphasis’ (MPHL) Q1FY20 revenue at US$ 297mn met expectations, marked by balanced growth in both direct and DXC/HP channels.
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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.
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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.
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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.
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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%.
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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)…
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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…
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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…
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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
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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
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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
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