20-Jan-21
CEAT (SELL): Healthy Q3 but long-term woes remain; maintain SELL
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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19-Jan-21
Alembic Pharma (BUY): Q3 misses estimates but India beat looks sustainable
Alembic Pharma (ALPM) reported a 12% EBITDA miss due to weak sales.
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18-Jan-21
Mindtree (ADD): Good growth; onset of a positive cycle
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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16-Jan-21
HDFC Bank (BUY): Sailing steady in a storm
HDFC Bank’s (HDFCB) Q3FY21 PAT of Rs 88bn (+18% YoY) was led by strong 17% growth in operating profit.
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16-Jan-21
PVR (REDUCE): Improving content pipeline, cost control measures key positives
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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15-Jan-21
HCL Technologies (BUY): Growth streak continues; guidance raised
HCL Tech (HCLT) reported 4.4% QoQ dollar revenue growth in Q3FY21, outperforming our 3.2% estimate.
View Reports 
13-Jan-21
Wipro (SELL): Growth outperforms estimate, but lags behind peers
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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13-Jan-21
Infosys (ADD): Guidance upgraded on strong growth
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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11-Jan-21
GNA Axles (BUY): Strong Q3; estimates upgraded
GNA Axles (GNA) posted a strong set of results in Q3FY21 with revenue up 29% YoY.
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08-Jan-21
Tata Consultancy Services (BUY): Strongest Q3 in nine years – growth and margins outperform
TCS’s QoQ dollar revenue growth of 5.1% beat street estimates (~3.1%) in a seasonally weak quarter.
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04-Jan-21
Greenpanel Industries (BUY): Strong showing in MDF to continue – we raise estimates
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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29-Dec-20
Balrampur Chini (NOT RATED): Enhanced ethanol sales to support profitability
We recently interacted with the management of Balrampur Chini Mills (BRCM).
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23-Dec-20
TCI Express (BUY): Demand on the mend
We recently interacted with the management of TCI Express.
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21-Dec-20
PVR (REDUCE): Capital raise to bolster liquidity, new content sparks revival hopes
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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21-Dec-20
Petronet LNG (BUY): At an inflection point
Key takeaways from our recent interaction with the Petronet LNG (PLNG) management.
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16-Dec-20
eClerx Services (REDUCE): Sizeable like-to-like acquisition to fuel inorganic growth
eClerx (ECLX) has acquired Personiv – an IT services firm with capabilities in the digital, back office and customer contact domains – for a cash consideration of US$ 34mn.
View Reports 
15-Dec-20
TVS Srichakra (SELL): Upsides capped; downgrade to SELL
Having aggressively penetrated the OEM segment, TVS Srichakra (TVSS) now intends to focus on the aftermarket through an elaborate brand building exercise.
View Reports 
14-Dec-20
SpiceJet (SELL): Valuations full – downgrade to SELL
Easing of Covid restrictions (incl. international travel) and likely reinstatement of Boeing 737s into the fleet will remain growth catalysts for SpiceJet (SJET), though rising crude prices could impede earnings.
View Reports 
14-Dec-20
[Initiation] Eris Lifesciences (BUY): Chronic franchise, FCF growth underappreciated; initiate with BUY
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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12-Dec-20
Cipla (BUY): Revlimid settlement – Cipla gains but limited NPV loss for Dr Reddy’s
In our view, the gRevlimid settlement is positive for Cipla’s stock given the market was not factoring in potential upside sooner from this opportunity.
View Reports 
11-Dec-20
L&T Infotech (BUY): Strong pipeline to carry the momentum
L&T Infotech’s (LTI) analyst meet focused on cloud and data products which are expected to be the new growth engines.
View Reports 
10-Dec-20
UPL (BUY): Old whistleblower complaint – steep correction unwarranted
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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08-Dec-20
Greenply Industries (BUY): Plywood demand recovering steadily
We outline key highlights from our interaction with the management of Greenply Industries (GIL).
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07-Dec-20
V-Mart Retail (SELL): Early onset of winter boosting sales
We present key takeaways from our recent interaction with the V-Mart Retail management (VMART).
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04-Dec-20
Mindtree (ADD): Analyst meet takeaways – 4×4×4 strategy laid out
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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03-Dec-20
Indraprastha Gas (BUY): Expect volume recovery from FY22
We present key takeaways from our recent interaction with the Indraprastha Gas (IGL) management.
View Reports 
02-Dec-20
MRF (SELL): Rising input cost a key concern amid rich valuations; cut to SELL
MRF Tyres (MRF) has rallied ~30% in the last three months and is currently trading at 25x Sep’22E EPS.
View Reports 
01-Dec-20
Tech Mahindra (BUY): Analyst meet takeaways – Growth acceleration ahead
In its analyst meet today, Tech Mahindra (TECHM) emphasised its focus on reviving growth and appeared optimistic about demand traction and margins.
View Reports 
27-Nov-20
Greenpanel Industries (BUY): MDF growth holds strong
Key takeaways from our interaction with the management of Greenpanel Industries (GREENP).
View Reports 
24-Nov-20
Apollo Tyres (SELL): Positives priced in; downgrade to SELL
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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19-Nov-20
Wipro (SELL): Sweeping structural changes to simplify business model
Wipro’s (WPRO) analyst meet was focused on a slew of strategic changes being implemented by its new CEO.
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17-Nov-20
ONGC (BUY): Worst appears priced in
ONGC’s Q2FY21 EBITDA at Rs 84bn (–36% YoY) outperformed estimates on account of lower operating costs.
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13-Nov-20
Mahanagar Gas (SELL): Margins surge but volume recovery lags peers
Mahanagar Gas’s (MAHGL) Q2FY21 PAT outperformed at Rs 1.4bn (–46% YoY, +3x QoQ).
View Reports 
12-Nov-20
Eicher Motors (SELL): Q2 in line; maintain SELL
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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12-Nov-20
TVS Srichakra (BUY): Q2 along expected lines; maintain BUY
TVS Srichakra’s (TVSS) Q2FY21 revenue was marginally below expectations at Rs 5.4bn, but a sharp 25% YoY drop in other expenses led to superior operating margins at 15.9% (13.9% est.).
View Reports 
12-Nov-20
Petronet LNG (BUY): Margins buoyant, volumes normalise
Petronet LNG’s (PLNG) Q2FY21 EBITDA outperformed our estimates at Rs 13.6bn (+17.5% YoY).
View Reports 
12-Nov-20
Aurobindo Pharma (BUY): Q2 beat; growing balance sheet comfort merits higher multiple
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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12-Nov-20
Mayur Uniquoters (ADD): Good performance, outlook improving
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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12-Nov-20
Century Plyboards (ADD): Healthy quarter; upside limited – cut to ADD
Century Plyboards’ (CPBI) standalone revenue decreased 12% YoY in Q2FY21, in line with estimates.
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11-Nov-20
Cera Sanitaryware (ADD): Decent performance in a tough environment
Cera Sanitaryware (CRS) reported a 1.6% decline in consolidated revenue for Q2FY21, with the sanitaryware segment being flat YoY.
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11-Nov-20
Info Edge (SELL): Real estate and recruitment business remain sluggish
Info Edge (INFOE) reported a 19% YoY sales decline.
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11-Nov-20
SpiceJet (BUY): Q2 better than expected; maintain BUY
SpiceJet’s (SJET) Q2FY21 revenue came in at Rs 10.6bn.
View Reports 
11-Nov-20
Gujarat State Petronet (BUY): Upbeat volume outlook; tariff risks appear priced in
Gujarat State Petronet’s (GUJS) Q2FY21 EBITDA outperformed at Rs 3.8bn (–13% YoY) on better margins.
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11-Nov-20
Indraprastha Gas (BUY): Margin surge leads earnings beat – upgrade to BUY
Indraprastha Gas’ (IGL) Q2FY21 earnings were well above estimates at Rs 3.1bn (–19% YoY).
View Reports 
11-Nov-20
V-Mart Retail (SELL): Seasonal weakness exacerbated by pandemic
V-Mart Retail (VMART) reported a Q2FY21 revenue decline of 44% YoY to Rs 1.8bn in a seasonally dull quarter compounded by the lockdown.
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10-Nov-20
VST Tillers Tractors (BUY): Strong Q2; price target revised upwards
VST Tillers’ (VSTT) Q2FY21 results beat estimates – revenue surged 37% YoY to Rs 2.2bn and EBITDA margin came in at 17.1% (11.3% est.).
View Reports 
10-Nov-20
Mahindra & Mahindra (SELL): Tractor sales upbeat; valuations expensive – maintain SELL
M&M’s (MM) Q2FY21 revenue grew 6% YoY to Rs 115.9bn and EBITDA margin was above our estimate at 17.8%.
View Reports 
10-Nov-20
GAIL (BUY): Operating parameters return to normalcy
GAIL’s Q2FY21 PAT was in line at Rs 12.4bn (+17% YoY), driven by an improved operating performance across segments (except trading).
View Reports 
10-Nov-20
Oil India (BUY): Concerns priced in – raise to BUY
Oil India (OINL) reported Q2FY21 earnings of Rs 2.4bn, well above our estimates.
View Reports 
09-Nov-20
Allcargo Logistics (ADD): MTO segment spurs robust operating performance
Allcargo Logistics’ (AGLL) Q2FY21 consolidated revenue rose 25% YoY, ahead of our estimate of 15%, augmented by consolidation of Gati (4% ex-Gati) and growth in the MTO segment (+9%).
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09-Nov-20
Ashok Leyland (SELL): Weak macros, rich valuations – maintain SELL
Ashok Leyland’s (AL) Q2FY21 revenue and earnings were broadly in line with our estimates.
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09-Nov-20
VRL Logistics (BUY): Strong quarter; volume growth slated to revive in H2
VRL Logistics’ (VRLL) Q2FY21 print beat our estimates on all fronts.
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07-Nov-20
Divi's Labs (ADD): Flawless execution drives Q2 beat – upgrade to ADD
Divi’s Labs (DIVI) retained its strong execution in Q2, reporting an 18% EBITDA beat.
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07-Nov-20
Astral Poly Technik (REDUCE): Reasonably good quarter; outlook improving
Astral Poly Technik’s (ASTRA) consolidated revenue grew 10% YoY in Q2FY21, aided by 31% growth in the adhesives segment whereas pipes grew 4% (volumes up 2%).
View Reports 
07-Nov-20
Inox Leisure (BUY): Cost control mitigates Q2 losses; content push awaited
A tight leash on operating cost and rent waivers helped Inox Leisure (INOL) mitigate its operating/net loss to Rs 318mn/Rs 679mn, in the absence of any revenue in Q2.
View Reports 
07-Nov-20
Balkrishna Industries (ADD): Upbeat volume outlook – upgrade to ADD
Balkrishna Industries (BIL) posted strong volume growth of 36% YoY to 61.2k MT in Q2FY21, ahead of our projections.
View Reports 
07-Nov-20
Cipla (BUY): Comprehensive Q2 beat; India drives good surprise
Cipla reported a Q2 sales/EBITDA beat of 13%/17% led by (1) outperformance in India (Covid portfolio contributed ~5% sales/EBITDA) and CGA sales, and (2) cost control (–13% YoY).
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06-Nov-20
Pidilite Industries (SELL): Margin gains to be neutralised by hardening RM prices
Pidilite Industries (PIDI) reported in-line consolidated Q2FY21 revenue growth of 4% YoY, led by a 7% increase in C&B volumes.
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06-Nov-20
Alkem Labs (BUY): H1 gross margin beat sustainable; FCF to support rerating
Alkem Labs posted a Q2 EBITDA beat of 12% led by lower SGA spends (–29% YoY) while sales were in line.
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06-Nov-20
Somany Ceramics (BUY): Good operational performance; sharp balance sheet improvement
Somany Ceramics (SOMC) reported above-expected consolidated revenue of Rs 4.2bn (flat YoY) in Q2FY21, aided by a 3% uptick in tile volumes.
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06-Nov-20
MRF (ADD): Strong Q2; earnings estimates raised
MRF delivered a positive surprise on Q2FY21 revenue and earnings, led by strong replacement demand in Indian markets and above-expected operating efficiency.
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06-Nov-20
Container Corp of India (SELL): Licensing fee jolt eclipses revival in operating performance
Container Corp’s (CCRI) Q2FY21 print was in line with our estimates.
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05-Nov-20
Lupin (ADD): Muted Q2; multiple near-term catalysts
Lupin’s (LPC) Q2 EBITDA was 5% below estimates.
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05-Nov-20
Gujarat Gas (BUY): Strong beat on margins and volumes; upgrade to BUY
Gujarat Gas’ (GUJGA) Q2FY21 earnings were above estimates, surging 8x QoQ to Rs 4.8bn.
View Reports 
05-Nov-20
Apollo Tyres (ADD): Strong Q2; earnings estimates upgraded
Apollo Tyres (APTY) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand in Indian markets, better Europe operations and above-expected operating efficiency.
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05-Nov-20
eClerx Services (SELL): Strong growth driven by sharp CLX recovery
eClerx (ECLX) reported a surprising growth and margin beat in Q2FY21 backed by CLX recovery and aggressive cost cuts.
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05-Nov-20
Hindustan Petroleum Corp (BUY): GRMs recover, marketing margins remain elevated
HPCL’s Q2FY21 earnings remained robust at Rs 24.7bn (+2.4x YoY).
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05-Nov-20
Greenply Industries (BUY): Results in line; balance sheet improves significantly
Greenply Industries’ (GIL) consolidated Q2FY21 revenue slipped 22% YoY, but still bettered estimates.
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04-Nov-20
Transport Corp of India (BUY): Healthy show continues
Transport Corp (TRPC) reported a solid Q2FY21 performance for the second successive quarter, surpassing our expectations on all fronts.
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04-Nov-20
State Bank of India (BUY): Stress disclosures reassuring – upgrade to BUY
State Bank of India’s (SBIN) Q2FY21 PAT at Rs 45.7bn grew 52% YoY on 15% NII growth while operating profit (ex-one offs) grew 12%.
View Reports 
04-Nov-20
PVR (REDUCE): Another washout quarter; content availability key for turnaround
With screens being shut, PVR (PVRL) did not report any meaningful revenue in Q2FY21.
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04-Nov-20
Ajanta Pharma (BUY): Exceptional Q2 beat; H2 momentum to moderate
Ajanta Pharma (AJP) posted Q2 revenue/EBITDA growth of 11%/54% YoY to Rs 7.2bn/Rs 2.7bn.
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04-Nov-20
Sun Pharma (ADD): Q2 beat led by specialty sales; margin beat not fully sustainable
Sun Pharma (SUNP) reported a healthy Q2 beat: 6% on sales, 32% on EBITDA.
View Reports 
03-Nov-20
TCI Express (BUY): Stellar operational performance amid weak externalities
An effective asset-light model, price hikes and efficiency gains enabled TCI Express (TCIEXP) to deliver a strong EBITDA margin beat (15.3% vs. 11.5% est.), negating a 21% YoY topline fall (est. –15%).
View Reports 
02-Nov-20
Mahindra Logistics (BUY): Strong recovery in non-auto SCM drives operational beat
Buoyed by traction in key client segments – e-commerce, consumer, pharma, tractors – Mahindra Logistics’ (MLL) topline decline eased to 2% YoY, ahead of our estimate of a 14% drop.
View Reports 
02-Nov-20
Escorts (SELL): Strong Q2; optimism priced in – SELL
Escorts (ESC) reported strong Q2FY21 revenue at Rs 16.4bn (+24% YoY) with sharp 880bps operating margin expansion to 18.4%.
View Reports 
02-Nov-20
Indian Oil Corp (BUY): Valuations at a disconnect to earnings resilience
IOCL’s Q2FY21 EBITDA of Rs 94bn (2.6x YoY) was above estimates.
View Reports 
02-Nov-20
Greenpanel Industries (BUY): Strong performance; margin traction to continue
Greenpanel Industries (GREENP) reported above-expected Q2FY21 revenue growth of 17% YoY (consolidated), aided by a 26% increase in the MDF segment.
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31-Oct-20
DCB Bank (SELL): Earnings in line but growth remains weak
DCB Bank’s (DCBB) Q2FY21 PAT at Rs 0.8bn was in line with estimates.
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31-Oct-20
ICICI Bank (BUY): Solid provisioning buffer
ICICI Bank (ICICIBC) reported healthy Q2 PAT of Rs 43bn led by 20% YoY growth in operating profit.
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31-Oct-20
Reliance Industries (REDUCE): Earnings traction lagging multiple expansion
Q2FY21 highlights: (a) RIL’s EBITDA beat estimates at Rs 189bn (–14.5% YoY, +12% QoQ) led by better retail and petchem EBITDA of Rs 20bn (–13.5% YoY) and Rs 60bn (–33% YoY) respectively.
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31-Oct-20
IndusInd Bank (BUY): Credit buffer buildup nearly complete; growth in focus next
IndusInd Bank’s (IIB) Q2FY21 PAT at Rs 6.6bn (–53% YoY) saw the impact of elevated provisions, as expected.
View Reports 
30-Oct-20
UPL (BUY): In-line Q2 led by strong volume growth; FY21 guidance retained
UPL’s Q2FY21 results were broadly in line with 14%/15% YoY growth in revenue/ EBITDA.
View Reports 
30-Oct-20
[Initiation] GNA Axles (BUY): Undisputed market leader in rear axles; initiate with BUY
GNA Axles (GNA) is India’s leading rear axle shaft manufacturer with >50% market share.
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30-Oct-20
Bharat Petroleum Corp (BUY): Robust fundamentals
BPCL’s Q2FY21 earnings were in line, driven by recovery in core GRMs (US$ 1.56/bbl, ex-inventory gains) and robust marketing margins.
View Reports 
30-Oct-20
Laurus Labs (BUY): Beat continues; expect a better H2 – TP raised to Rs 410
Laurus Labs reported yet another record beat in Q2FY21 with no major one-offs.
View Reports 
29-Oct-20
InterGlobe Aviation (BUY): Weak Q2 as expected; macro uptick to support growth
InterGlobe Aviation’s (IndiGo) Q2FY21 RASK was in line at Rs 3.1.
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29-Oct-20
TVS Motor (SELL): Valuations rich; maintain SELL
TVS Motor’s (TVSL) Q2FY21 revenue was marginally better than estimated due to above-expected ASP.
View Reports 
29-Oct-20
Maruti Suzuki (SELL): Q2 along expected lines; upside limited – downgrade to SELL
Maruti (MSIL) reported in-line Q2FY21 earnings of Rs 13.7bn.
View Reports 
29-Oct-20
PI Industries (BUY): Q2 beat; management retains healthy CSM outlook
PI Industries (PI) reported a good Q2 beat. Revenue/EBITDA grew 28%/46% YoY, ahead of our estimates by 7%/13%.
View Reports 
29-Oct-20
Hero MotoCorp (SELL): Optimism priced in – downgrade to SELL
Hero MotoCorp’s (HMCL) Q2FY21 operating performance beat estimates due to above-expected ASP.
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29-Oct-20
Axis Bank (BUY): Positive readthrough on asset quality parameters
Axis Bank’s (AXSB) Q2FY21 PAT was healthy at Rs 17bn driven by 20% YoY growth in NII and a 16% uptick in operating profit.
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28-Oct-20
RBL Bank (SELL): Asset quality aided by loan classification standstill
RBL Bank’s (RBK) Q2FY21 operating performance remained weak as NII growth slowed to 7% YoY and provisions stayed high.
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28-Oct-20
Dr Reddy's Labs (ADD): All-round beat; H2 catalysts tracking well
Dr Reddy’s (DRRD) reported a Q2 EBITDA beat of 13% led by better operating leverage across markets.
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28-Oct-20
CEAT (SELL): Healthy Q2 but long-term woes remain; cut to SELL
CEAT surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiency.
View Reports 
28-Oct-20
Supreme Industries (SELL): Margin expansion largely inventory-led; cut to SELL
Supreme Industries’ (SI) Q2FY21 revenue grew 8% YoY, aided by a 1% rise in volumes.
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27-Oct-20
Finolex Industries (ADD): Higher PVC resin prices aid profits; valuations fair – cut to ADD
Finolex Industries’ (FNXP) Q2FY21 revenue grew 2% YoY, aided by a 15% rise in PVC resin volumes while pipes declined 9%.
View Reports 
26-Oct-20
Kotak Mahindra Bank (BUY): Above-expected quarter
Kotak Bank’s (KMB) Q2FY21 PAT at Rs 21.8bn (+27% YoY) beat estimates given strong 31% YoY operating profit growth and lower provisions.
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26-Oct-20
Persistent Systems (SELL): IP revenues volatile; retain SELL
Persistent Systems (PSYS) reported 3.9% QoQ dollar revenue growth, led by the services segment (+5.4% QoQ).
View Reports 
23-Oct-20
Tech Mahindra (BUY): Communication vertical recovers; TCV robust
Tech Mahindra (TECHM) posted 2.9% QoQ CC revenue growth and stellar 390bps EBITDA margin expansion, bettering our estimates for Q2FY21.
View Reports 
23-Oct-20
JK Tyre & Industries (BUY): Strong Q2FY21; focus on debt reduction continues
JK Tyre (JKI) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiencies.
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23-Oct-20
Mphasis (REDUCE): DXC remains soft but pipeline healthy – raise to REDUCE
Mphasis (MPHL) reported strong Q2FY21 revenue and margins.
View Reports 
22-Oct-20
Alembic Pharma (BUY): Good beat (ex-US) fuels earnings upgrade
Alembic Pharma (ALPM) reported a 12% EBITDA beat, with strong growth in ROW, API and India while US sales were in line.
View Reports 
22-Oct-20
Coforge (ADD): Executable order book hits record high
Coforge (erstwhile NIIT Tech) reported a robust Q2FY21 performance, marked by 8.1% QoQ CC revenue growth that was broad-based across verticals.
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22-Oct-20
Bajaj Auto (SELL): Hazy near-term 2W outlook, 3Ws continue to lag
Bajaj Auto’s (BJAUT) Q2FY21 operating performance was in line with our estimates, but adj. PAT fell short (–19% YoY to Rs 11.4bn) owing to below-expected other income.
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21-Oct-20
L&T Infotech (BUY): Robust growth and pipeline; margin shines
L&T Infotech’s (LTI) Q2FY21 revenue beat estimates, with 2.3% QoQ CC growth due to an uptick in the manufacturing and BFS verticals.
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20-Oct-20
Kajaria Ceramics (REDUCE): Good performance but in the price – downgrade to REDUCE
Kajaria Ceramics (KJC) posted an above-expected Q2FY21 with stable YoY revenue and volumes, aided by better traction in tier-2 cities and below.
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17-Oct-20
HDFC Bank (BUY): Resilient quarter; confident commentary
HDFC Bank reported a commendable Q2FY21 with 18% YoY growth in operating profit and PAT.
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16-Oct-20
HCL Technologies (BUY): Guidance raised on robust, broad-based performance
HCL Tech (HCLT) reported 6.4% QoQ USD growth coming from mid-high single digit recovery across verticals.
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16-Oct-20
Federal Bank (ADD): Strong operating performance
Despite robust growth in operating profit (40% YoY), Federal Bank’s (FB) Q2FY21 PAT declined 26% YoY to Rs 3.1bn as the standard asset provision buffer was raised to ~0.5% of loans (vs. ~0.2% in Q1).
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15-Oct-20
Mindtree (ADD): Robust margin visibility
Mindtree (MTCL) reported a strong Q2FY21 operational performance, with dollar revenue up 3.1% QoQ and EBIT margin at a 20-quarter high of 17.3% (+360bps QoQ).
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14-Oct-20
Infosys (ADD): Stellar recovery based on strong TCV
Infosys’ (INFO) Q2 topline grew ahead of estimates at 4% QoQ CC and it also posted its highest ever TCV of US$ 3.15bn.
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13-Oct-20
Wipro (SELL): Upbeat Q2 but mid-term growth outlook weak
Wipro (WPRO) delivered an upbeat QoQ performance in Q2FY21 with 2% CC revenue growth, ahead of our estimate of 1%.
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08-Oct-20
Tata Consultancy Services (BUY): Demand recovery drives outperformance
TCS’ growth of 7.2% USD outperformed street’s estimates.
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25-Sep-20
[Initiation] Swaraj Engines (SELL): Healthy prospects but valuations full – initiate with SELL
Swaraj Engines (SWE) is the sole supplier of engines for M&M-owned Swaraj tractors which command ~12% market share in the 800,000-unit p.a. tractor industry.
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24-Sep-20
Cera Sanitaryware (ADD): Demand trends improving
Key takeaways from our interaction with the management of Cera Sanitaryware (CRS).
View Reports 
21-Sep-20
HCL Technologies (BUY): Acquisition spree on; DWS to expand footprint in Australia
HCL Technologies (HCLT) acquired Australian IT firm DWS for US$115.8mn.
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21-Sep-20
Ajanta Pharma (BUY): NDR takeaways – Earnings drivers tracking well
We hosted investor meetings with the management of Ajanta Pharma (AJP).
View Reports 
18-Sep-20
Allcargo Logistics (ADD): Multiple one-offs, Gati consolidation boosts performance
Amid a tumultuous demand climate, Allcargo Logistics (AGLL) reported strong 14% YoY revenue growth in Q1FY21 led by consolidation of the newly acquired Gati (5.4% ex-Gati) and healthy topline growth in the MTO (+9%) and CFS (+8%) segments.
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17-Sep-20
Dr Reddy's Labs (ADD): US Revlimid settlement – low competition can boost NPV
Dr Reddy's (DRRD) has announced a key settlement of the patent litigation with Celgene for US Revlimid (lenalidomide capsules) used to treat multiple myeloma.
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17-Sep-20
Greenply Industries (BUY): Demand conditions improving gradually
Key takeaways from our interaction with the management of Greenply Industries (GIL).
View Reports 
16-Sep-20
[Initiation] Shriram Transport Finance (BUY): Limited pandemic headwinds – initiate with BUY
Over the last four decades, Shriram Transport Finance (SHTF) has built a pan-India network in a fragmented used-CV market (~16% CV market share).
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15-Sep-20
PVR (REDUCE): Cost control only positive in washout quarter; cut to REDUCE
In a washout first quarter with no meaningful revenue, PVR (PVRL) reported operating and net losses of Rs 1.2bn and Rs 2.3bn respectively.
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15-Sep-20
[Initiation] SpiceJet (BUY): Deep value BUY despite steep discount to market leader
SpiceJet (SJET) ranks second in the domestic aviation industry with ~17% share.
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14-Sep-20
HCL Technologies (BUY): Favourable quarter ahead; earnings upgraded
HCL Technologies (HCLT) provided a surprising mid-quarter update today, guiding for above-expected revenue growth of at least 3.5% QoQ CC and operating margin in the range of 20.5-21% for Q2FY21.
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10-Sep-20
Container Corp of India (SELL): Annual report analysis – FY20 a mixed bag
Container Corp’s (CCRI) FY20 annual report reveals a mixed year with some hits and some misses.
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10-Sep-20
Best Agrolife (NOT RATED): Up-and-coming agrochem player
Best Agrolife (BAL, Not Rated) is a midsized crop-protection chemical company (FY20 sales Rs 6.1bn), with diversified products across insecticides, fungicides and herbicides, a strong pack-to-pack (P2P) presence and fast-growing brand business.
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08-Sep-20
Info Edge (SELL): Lower billings a cause for concern
Info Edge (INFOE) posted weak Q1FY21 revenues with a 10% YoY decline, weighed down by a 25% slump in 99acres.com revenues.
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08-Sep-20
V-Mart Retail (SELL): Revival hopes pinned on Q3 festive season
Key takeaways from our recent interaction with the V-Mart Retail management (VMART).
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07-Sep-20
[Initiation] InterGlobe Aviation (BUY): Market leader advantage – initiate with BUY
We believe InterGlobe Aviation (IndiGo) is poised for strong growth given its market leadership (over 50% market share), ready capacity, strong balance sheet and the vulnerability of most of its peers in the domestic aviation industry.
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07-Sep-20
Greenpanel Industries (BUY): MDF segment in strong recovery mode
Key takeaways from our recent interaction with the management of Greenpanel Industries (GREENP).
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02-Sep-20
Finolex Industries (BUY): Demand situation steadily improving
Key takeaways from our interaction with the management of Finolex Industries (FNXP).
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02-Sep-20
ONGC (BUY): Pricing in the worst – upgrade to BUY
ONGC’s Q1FY21 earnings at Rs 5bn (–90% YoY) outperformed estimates on lower operating costs.
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30-Aug-20
Reliance Industries (SELL): Expanding footprint in retail
RIL’s retail business subsidiary – RRVL - announced ~Rs247 bn investment in Future enterprises (FEL).
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28-Aug-20
DCB Bank (SELL): Clarity on asset quality by Q3FY21
Key takeaways from our recent interaction with the DCB Bank (DCBB) management.
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26-Aug-20
Indraprastha Gas (REDUCE): Volumes slump; raise to REDUCE post correction
Indraprastha Gas’ (IGL) Q1FY21 EBITDA was a tad below estimates at Rs 0.8bn (–77% YoY).
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22-Aug-20
Oil India (REDUCE): Muted volumes
Oil India (OINL) reported a loss of Rs 2.5bn for Q1FY21, impacted by one-off expenses to contain a blowout at one of its oilfields in Assam.
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19-Aug-20
Muthoot Finance (ADD): Opex levers played out, valuations hit peak – cut to ADD
Muthoot Finance’s (MUTH) Q1FY21 gold AUM increased 15% YoY to Rs 413bn due to higher productivity.
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18-Aug-20
Petronet LNG (BUY): Margins improve, volume outlook brightens
Petronet LNG’s (PLNG) Q1FY20 EBITDA was in line at Rs 9bn (–11% YoY), with low volumes (–16% YoY) being compensated by higher EBITDA/ mmbtu at Rs 48 (+5.7% YoY).
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17-Aug-20
Greenply Industries (BUY): Q1 revenues slump; outlook improving
Greenply Industries’ (GIL) consolidated Q1FY21 revenue declined 62% YoY as India sales dropped 65% due to the lockdown and Gabon subsidiary revenue fell 43%.
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17-Aug-20
VRL Logistics (BUY): Insipid Q1 but steady recovery bodes well
Lockdown-induced disruptions catalysed a steep 70% YoY decline in VRL Logistics’ (VRLL) Q1FY21 topline to Rs 1.6bn.
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14-Aug-20
Mayur Uniquoters (ADD): Tepid quarter, upside limited; downgrade to ADD
Mayur Uniquoters’ (MUNI) Q1FY21 volumes nosedived 74% YoY as the lockdown hit demand, leading to a standalone revenue decline of 70% and an operating margin loss of Rs 5mn.
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14-Aug-20
Bharat Petroleum Corp (BUY): GRMs outperform but marketing to aid earnings growth
BPCL’s Q1FY21 earnings beat estimates driven by higher GRMs (US$ 1.9/bbl) and a surge in marketing margins.
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14-Aug-20
Hero MotoCorp (REDUCE): Optimism priced in – maintain REDUCE
Hero MotoCorp (HMCL) delivered a Q1FY21 revenue beat but disappointed on earnings due to lower operating efficiencies.
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13-Aug-20
Eicher Motors (SELL): Downtrading could dent volumes – cut to SELL
Eicher Motors (EIM) reported in-line Q1FY21 revenue but dismal operating margins at 0.2%, primarily due to higher input costs and lower operating efficiencies.
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13-Aug-20
Century Plyboards (BUY): Tough quarter, potential normalcy by Q4
Century Plyboards’ (CPBI) standalone Q1FY21 revenues contracted 65% YoY, with all major product segments declining by over 60%.
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13-Aug-20
Transport Corp of India (BUY): Multi-modal capabilities to the fore
Notwithstanding strong industry headwinds, Transport Corp (TRPC) reported a sturdy Q1FY21 print, underscoring the strength of its business model.
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13-Aug-20
GAIL (BUY): Marketing losses sink earnings
GAIL’s Q1FY21 PAT was below estimates at Rs 2.6bn (–80% YoY).
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13-Aug-20
Ashok Leyland (SELL): Weak macros, rich valuations – maintain SELL
Ashok Leyland’s (AL) Q1FY21 performance was disappointing despite a strong boost to blended average realisations from BS-VI price upgrades.
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13-Aug-20
Aurobindo Pharma (BUY): In-line Q1; earnings, balance sheet comfort merit higher multiple
Q1 revenue/EBITDA were in line backed by strong US sales and sustained gross margins.
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13-Aug-20
eClerx Services (REDUCE): Aggressive cost management saves the day
eClerx (ECLX) reported a surprising operating margin beat in Q1FY21 backed by aggressive cost cuts.
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12-Aug-20
Somany Ceramics (BUY): Recovery expected in Q2; upgrade to BUY on cheap valuations
Somany Ceramics (SOMC) reported a dull Q1FY21 as consolidated revenue shrank 57% YoY to Rs 1.7bn, with tile volumes down 56% YoY.
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11-Aug-20
V-Mart Retail (SELL): Lockdown blues; near-term outlook remains murky
V-Mart Retail (VMART) reported a below-expected Q1FY21 – revenue plunged 83% YoY to Rs 781mn as SSSg dropped 85% in a lockdown-hit quarter.
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11-Aug-20
[Initiation] V.S.T Tillers Tractors (BUY): Power tillers to steer growth – initiate with BUY
We believe VST Tillers Tractors (VSTT) is poised for strong growth given its market leadership in power tillers (~50% market share), ready capacity, focused growth in tractors and debt-free status.
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10-Aug-20
Container Corp of India (SELL): Increased land licence fee a massive blow; downgrade to SELL
Container Corp’s (CCRI) Q1FY21 revenue/EBITDA dropped 27%/61% YoY, in line with estimates.
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10-Aug-20
Mahanagar Gas (SELL): Muted volume outlook
Mahanagar Gas’s (MAHGL) Q1FY21 PAT underperformed at Rs 0.45bn (–73% YoY).
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10-Aug-20
Finolex Industries (BUY): Tough quarter but outlook healthy; raise to BUY on low valuations
Finolex Industries’ (FNXP) Q1 revenue declined 40% YoY, with volumes sliding 42% in both PVC pipe and resin segments amid the lockdown.
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10-Aug-20
Persistent Systems (SELL): CEO resigns after short stint; reiterate SELL
In a surprising development, Persistent System's (PSYS) CEO Christopher O'Connor has resigned after a short stint of 1.5 years.
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08-Aug-20
DCB Bank (SELL): Profit below estimates; need for higher Covid provision buffer
DCB Bank’s (DCBB) Q1FY21 PAT at Rs 0.8bn (–2% YoY) was hit by muted NII growth and a 29% QoQ drop in non-interest income.
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08-Aug-20
Divi's Labs (REDUCE): Q1 beat due to lumpiness – retain REDUCE on full valuations
Strong execution in Q1 drove a sharp 39% EBITDA beat for Divi’s Labs (DIVI).
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08-Aug-20
Kajaria Ceramics (ADD): Tepid quarter but ahead of estimates
Kajaria Ceramics (KJC) posted a consolidated Q1FY21 revenue decline of 60% YoY – albeit bettering our estimates – as tile volumes fell 61% due to the lockdown.
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08-Aug-20
Mahindra & Mahindra (SELL): Tractors save the day; valuations rich – maintain SELL
M&M’s (MM) Q1FY21 revenues dropped 56% YoY to Rs 56bn, EBITDA declined 68% to Rs 5.7bn and PAT nosedived 96% to Rs 389mn.
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08-Aug-20
Cipla (BUY): Strong Q1 beat; stock catalysts intact – BUY
Cipla reported a Q1 EBITDA beat of 42%/30% on our/consensus estimates, led by (1) Albuterol stocking in the US, (2) chronic/trade generic sales in India, and (3) cost control (–27% YoY), partly non-recurring.
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08-Aug-20
Alkem Labs (BUY): Gross margin beat sustainable; stronger FCF to support rerating
Alkem Labs posted a solid Q1 EBITDA beat led partly by one-offs.
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08-Aug-20
Lupin (ADD): Weak quarter; multiple near-term catalysts
Lupin’s (LPC) Q1 revenue/EBITDA were 12%/14% below estimates.
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07-Aug-20
Hindustan Petroleum Corp (BUY): Marketing margins bolster earnings
HPCL’s Q1FY21 PAT outperformed at Rs 28bn as marketing margins surged to historical highs – a trend which reaffirms our preference for the OMC business model.
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07-Aug-20
Pidilite Industries (SELL): Business slumps amid lockdown
Pidilite Industries’ (PIDI) consolidated Q1FY21 revenue contracted 57% YoY as the lockdown induced a 59% slump in domestic consumer & bazaar (CBP) segment volumes.
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07-Aug-20
Greenpanel Industries (BUY): Lockdown mars quarter
Greenpanel Industries’ (GREENP) Q1FY21 consolidated revenue dropped 57% YoY due to the Covid-19 lockdown, with the plywood/MDF segments declining by 62%/56% YoY – in line with estimates.
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07-Aug-20
Canara Bank (ADD): Strong operating performance
Canara Bank (CBK) reported PAT of Rs 4bn backed by 21% YoY growth in NII and a 32% increase in operating profit.
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06-Aug-20
Gujarat State Petronet (BUY): Swiftly returning to normal
Gujarat State Petronet’s (GUJS) Q1FY20 EBITDA was in line at Rs 3.5bn (–14% YoY).
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06-Aug-20
Cera Sanitaryware (ADD): Weak Q1 due to lockdown, but ahead of estimates
Cera Sanitaryware’s (CRS) Q1FY21 consolidated revenue declined 46% YoY, bettering our estimate of a 62% drop.
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06-Aug-20
PI Industries (BUY): Q1 beat; Growing CSM mix can drive rerating – raise to BUY
PI Industries (PI) reported a strong beat in Q1FY21 with sharp QoQ EBITDA recovery.
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05-Aug-20
Astral Poly Technik (REDUCE): Lockdown-hit quarter
Astral Poly Technik’s (ASTRA) Q1FY21 consolidated revenue declined at a slower pace than expected, posting 33% YoY contraction as the lockdown induced a 31% drop in pipe volumes.
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04-Aug-20
Indian Oil Corp (BUY): Improved outlook on marketing margins
IOCL’s Q1FY21 EBITDA at Rs 55bn (–34% YoY) was above estimates.
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04-Aug-20
Gujarat Gas (ADD): Muted Q1 but volumes have normalised; cut to ADD on low upside
Gujarat Gas’ (GUJGA) Q1FY21 earnings were well below estimates, plunging 75% YoY to Rs 0.5bn.
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04-Aug-20
HDFC Bank (BUY): Elevation of Sashi Jagdishan as MD & CEO a big positive
As per a press release on the exchanges, HDFC Bank (HDFCB) has received RBI approval to appoint Sashidhar Jagdishan as Managing Director and CEO for three years.
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01-Aug-20
UPL (BUY): Mixed results; FY21 growth guidance healthy
UPL’s Q1FY21 EBITDA was an 11% beat despite an 8% sales miss.
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01-Aug-20
Sun Pharma (REDUCE): Mixed Q1; margin beat unlikely to sustain – REDUCE
Sun Pharma (SUNP) posted an 11% EBITDA beat but an 8% miss on sales.
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31-Jul-20
State Bank of India (ADD): Stable on most fronts
SBIN’s Q1FY21 PAT at Rs 42bn (+81% YoY) was backed by 16% NII growth and gains worth Rs 15bn from the SBI Life stake sale.
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31-Jul-20
Mahindra Logistics (BUY): Weak headline numbers mask encouraging underlying trends
Though Mahindra Logistics’ (MLL) headline numbers were expectedly weak – consolidated revenue fell 54% YoY with EBITDA loss at Rs 22mn – a closer look at the Q1FY21 print reveals several positives.
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31-Jul-20
Cholamandalam Investment (BUY): Business activity picking up in pockets
Cholamandalam Investment (CIFC) reported 10% YoY growth in AUM to Rs 635bn in Q1FY21, led by low repayment rates.
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31-Jul-20
Laurus Labs (BUY): All-round beat; multiple positives spur big upgrade – TP Rs 1,200
Laurus Labs reported a record Q1 beat with no major one-offs.
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31-Jul-20
[Initiation] Escorts (SELL): Growth levers priced in; initiate with SELL
Escorts (ESC) is the third largest tractor manufacturer in India, commanding ~11% market share in the ~800,000-unit p.a. tractor industry.
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31-Jul-20
Reliance Industries (SELL): Cyclicals and retail sink; RJio saves the day – downgrade to SELL
Key highlights from Reliance Industries’ (RIL) Q1FY21 results: (a) EBITDA below estimates at Rs 169bn (–21% YoY), (b) cyclicals mixed – GRM at US$ 6.3/bbl outperformed estimates while petchem EBITDA at Rs 44bn (–50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn (–47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on better ARPU.
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30-Jul-20
Ajanta Pharma (BUY): Solid beat on margins – set to normalise in coming quarters
Ajanta Pharma (AJP) posted Q1 revenue/EBITDA growth of 9%/33% YoY to Rs 6.7bn/Rs 2.2bn.
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29-Jul-20
Yes Bank: Challenges galore – we drop coverage
Yes Bank (YES) reported Q1FY21 PAT of ~Rs 0.5bn on a 50% QoQ increase in NII and 78% QoQ decline in provisions.
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29-Jul-20
Dr Reddy's Labs (ADD): Good beat but ETR increase caps earnings upgrade – ADD
Dr Reddy’s (DRRD) reported a Q1 EBITDA beat of 21% despite a marginal surprise on sales.
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29-Jul-20
TVS Motor (SELL): Rich valuations; maintain SELL
TVS Motor’s (TVSL) Q1FY21 revenue beat estimates at Rs 14.3bn.
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29-Jul-20
Manappuram Finance (ADD): MFI and vehicle finance to see incremental stress – cut to ADD
Manappuram Finance’s (MGFL) gold AUM surged 33% YoY to Rs 177bn in Q1FY21.
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29-Jul-20
Maruti Suzuki (ADD): Weak Q1; upsides limited – downgrade to ADD
Maruti (MSIL) reported a disappointing Q1FY21.
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29-Jul-20
IDFC First Bank (SELL): High moratorium in corporate portfolio a risk – cut to SELL
IDFC First Bank’s (IDFCFB) Q1FY21 PAT at Rs 0.9bn was aided by 38% YoY growth in NII, stable non-interest income and lower opex QoQ.
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29-Jul-20
RBL Bank (SELL): Potential stress to keep ROE subdued – cut to SELL
RBL Bank’s (RBK) Q1FY21 PAT at Rs 1.4bn was below our estimate as non-interest income fell 30% YoY due to lower credit offtake, a conservative approach and reduced credit card income.
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29-Jul-20
NIIT Technologies (ADD): Strong guidance despite weak quarterly performance
NIIT Tech (NITEC) reported a poor Q1FY21 performance marked by a 9.8% QoQ USD revenue decline due to weakness in the travel and transportation vertical.
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28-Jul-20
IndusInd Bank (BUY): Profit beats estimates; moratorium share drops
IndusInd Bank’s (IIB) Q1FY21 PAT of Rs 5.1bn beat our estimate of Rs 3.8bn on better NII growth, stable NIMs and higher treasury gains.
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28-Jul-20
Hexaware Technologies (ADD): Results outperform of estimates
Hexaware (HEXW) reported a resilient Q2CY20 with a dollar revenue decline of just 1.4% QoQ.
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28-Jul-20
Tech Mahindra (BUY): Performance surpasses expectations
Tech Mahindra (TECHM) posted a 6.8% QoQ dollar revenue decline and 10bps EBITDA margin expansion, bettering our estimates for Q1FY21.
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28-Jul-20
Persistent Systems (SELL): Good quarter but valuations rich; downgrade to SELL
Persistent Systems (PSYS) reported a surprisingly strong set of numbers, with Q1 dollar revenue growth at 3.1% QoQ.
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28-Jul-20
Nippon Life India Asset Management (SELL): Margins contract as opex normalises
Nippon Life Asset Management (NAM) reported a Rs 250bn sequential increase in Q1FY21 AUM, largely due to the MTM effect.
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27-Jul-20
TCI Express (BUY): Asset-light model fortifies margins
Though TCI Express’s (TCIEXP) topline nosedived 65% YoY in Q1FY21 amidst challenging externalities, it posted a remarkable 715bps YoY expansion in gross margin to 35%, underpinning the strength of its asset-light business model.
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27-Jul-20
Kotak Mahindra Bank (BUY): Moratorium share dips; asset quality slips on prudent measures
Kotak Bank’s (KMB) PAT at Rs 12.4bn declined 8.5% YoY given a 33% drop in fee income and higher Covid-related provisions worth Rs 6.2bn.
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27-Jul-20
Supreme Industries (REDUCE): Demand uncertainty persists; downgrade to REDUCE
Supreme Industries (SI) reported above-expected revenue of Rs 10.5bn (–27% YoY) in Q1FY21, with a 19% lockdown-led drop in volumes.
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25-Jul-20
ICICI Bank (BUY): Prudent provisions reassuring
ICICI Bank’s (ICICIBC) Q1FY21 PAT at Rs 26bn was supported by 20% YoY growth in NII and strong core operating profits (+15% YoY).
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24-Jul-20
Mphasis (SELL): Strong deal wins; DXC remains soft
Mphasis (MPHL) reported weak revenue but an operating margin beat in Q1FY21.
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23-Jul-20
HDFC Asset Management Company (BUY): Equity flows remain subdued
HDFC Asset Management (HDFCAMC) reported a ~Rs 400bn sequential AUM increase in Q1FY21, largely due to the MTM effect.
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22-Jul-20
Bajaj Auto (SELL): Margin disappoints; 3Ws worst hit after CVs – cut to SELL
Bajaj Auto’s (BJAUT) Q1FY21 EBITDA margin disappointed, coming in at 13.3% vs. ~17% expected, despite better gross margins.
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22-Jul-20
Alembic Pharma (BUY): Strong beat (ex-India) drives earnings upgrade
Alembic Pharma (ALPM) reported another strong quarter with a 36% EBITDA beat.
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22-Jul-20
[Initiation] Minda Corp (BUY): Key beneficiary of BSVI implementation – initiate with BUY
Minda Corp (MDA) is a leading manufacturer of auto components with a diverse product slate.
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22-Jul-20
Bajaj Finance (BUY): Opex control a positive surprise, liquidity buffers strong
Bajaj Finance (BAF) reported 7% YoY AUM growth in Q1FY21.
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22-Jul-20
Axis Bank (BUY): Balance sheet continues to strengthen
Axis Bank’s (AXSB) Q1FY21 PAT declined 19% YoY to Rs 11bn owing to weak fee income (–38% YoY/–44% QoQ) and accounting policy changes (~Rs 5bn hit).
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21-Jul-20
V-Mart Retail (SELL): Tough times ahead – downgrade to SELL
The renewed lockdown in V-Mart Retail’s (VMART) key markets of Bihar and UP (56% of total stores) will retard demand recovery.
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20-Jul-20
Mahindra & Mahindra Fin Svcs (BUY): Buoyant rural activity, fund raising brighten outlook – raise to BUY
Mahindra & Mahindra Financial Services (MMFS) reported strong 120% YoY growth in Q1FY21 PAT to Rs 1.5bn due to robust opex control and spread expansion.
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18-Jul-20
HDFC Bank (BUY): Strong enough to weather the storm
HDFC Bank’s (HDFCB) Q1FY21 PAT at ~Rs 67bn was driven by 18% YoY growth in NII and a decline in operating expenses.
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17-Jul-20
HCL Technologies (BUY): Upbeat margin outlook
HCL Tech (HCLT) reported a sharp 7.2% QoQ CC topline decline but resilient EBIT margins of 20.5% in Q1FY21.
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16-Jul-20
L&T Infotech (BUY): Resilient show in a challenging quarter
L&T Infotech’s (LTI) Q1FY21 revenue was in line with estimates, with a 4.7% QoQ CC decline due to a drop in the manufacturing and energy/utilities verticals.
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15-Jul-20
Infosys (ADD): Guidance reinstated backed by strong deal pipeline
Infosys (INFO) posted the strongest set of results yet versus peers in Q1FY21, outperforming our revenue and margin estimates.
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15-Jul-20
Reliance Industries (REDUCE): AGM highlights – Expanding lateral offerings
Chairman Mukesh Ambani in his 43rd AGM speech expounded on his vision of expanding lateral offerings across business verticals.
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15-Jul-20
Federal Bank (ADD): Stable operating performance
Federal Bank’s (FB) Q1FY21 PAT at Rs 4bn was driven by 12% YoY growth in NII and lower operating expenses.
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15-Jul-20
Greenply Industries (BUY): Management meet takeaways – Demand yet to pick up
We present key takeaways from our recent interaction with the management of Greenply Industries (GIL).
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15-Jul-20
Wipro (SELL): Strong operational performance despite all odds
Despite a sharp US dollar revenue decline of 7.3% QoQ, Wipro (WPRO) delivered a strong Q1 operational performance with EBIT margins rising 150bps QoQ.
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15-Jul-20
Mindtree (REDUCE): Cloudy revenue visibility
Mindtree (MTCL) reported an operational beat in Q1FY21 led by above-expected margins.
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10-Jul-20
Reliance Industries (REDUCE): Earnings yet to justify rerating – cut to REDUCE
Reliance Industries’ (RIL) diversification edge has shone during the pandemic as it grapples with a difficult environment for its cyclical and retail businesses, while enhancing RJio’s earnings outlook (across verticals).
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10-Jul-20
Tata Consultancy Services (ADD): Dull quarter with few bright spots
TCS’s Q1FY21 performance was a mixed bag with a miss on operating performance but healthy deal wins.
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08-Jul-20
Finolex Industries (ADD): Demand traction for agri pipes improved in May-June
Key takeaways from our recent interaction with the management of Finolex Industries (FNXP): (1) FNXP witnessed healthy demand for agricultural pipes in May and June following easing of the nationwide lockdown.
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06-Jul-20
eClerx Services (REDUCE): Announces Rs 1.09bn buyback – a transient trigger
eClerx (ECLX) has announced a buyback worth Rs 1.09bn through the tender offer route at a maximum price of Rs 550/sh (16.7% premium over the last closing price before the board meeting intimation) – this translates into 1.99mn shares or ~5.5% of total paid-up equity shares.
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06-Jul-20
Allcargo Logistics (ADD): Robust MTO show offset by insipid CFS & P&E segments
Allcargo Logistics’ (AGLL) Q4FY20 consolidated revenue grew at a steady 8% YoY led by the MTO segment (+10%).
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02-Jul-20
Axis Bank (BUY): Capital raising to fortify balance sheet
Axis Bank’s (AXSB) board today approved a proposal to raise funds not exceeding Rs 150bn – this is equivalent to 12.5% of current market capital and 17.6% of Mar’20 net worth.
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01-Jul-20
Cera Sanitaryware (ADD): Lockdown blues – downgrade to ADD
Cera Sanitaryware (CRS) reported below-expected Q4FY20 results as the lockdown derailed standalone revenue growth (–29% YoY).
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01-Jul-20
ONGC (ADD): Concerns abound – cut to ADD
ONGC posted a surprising Q4 loss of Rs 31bn (Rs 66bn on consolidated basis) owing to impairment charges derived from low oil price expectations.
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30-Jun-20
Mayur Uniquoters (BUY): Margin expansion aided by exports
Mayur Uniquoters’ (MUNI) Q4FY20 standalone revenue increased 13% YoY, aided by 58% growth in exports.
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30-Jun-20
Petronet LNG (BUY): Margins outperform ex. one-offs
Petronet LNG’s (PLNG) Q4FY20 EBITDA underperformed at Rs 7bn (+11% YoY) due to ~Rs 3bn in one-offs and low volumes (219tbtu, +7% YoY).
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29-Jun-20
Century Plyboards (BUY): Core business declines but MDF, laminates prop up margins
Century Plyboards’ (CPBI) standalone Q4FY20 revenue growth disappointed with a 10% YoY drop, marked by 14% declines in the plywood/laminate segments.
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29-Jun-20
Oil India (REDUCE): Gloomy outlook – cut to REDUCE
Oil India’s (OINL) Q4FY20 earnings at Rs 9.2bn were boosted by one-off tax writebacks and refunds.
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29-Jun-20
Greenply Industries (BUY): Lockdown saps Q4 performance
Greenply Industries’ (GIL) consolidated Q4FY20 revenue declined 12% YoY, with India sales dropping 13.6% (volumes down 14.6%) due to the lockdown, whereas Gabon subsidiary revenue was flat YoY.
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29-Jun-20
BOB Economics | Macro Daily
India’s forex reserves declined by US$ 2.1bn to US$ 505.6bn for the week ending 19 Jun 2020.
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27-Jun-20
V-Mart Retail (REDUCE): Management meet takeaways – lower footfalls, higher purchases
We discussed consumptions trends in the wake of Covid-19 with the management of V-Mart Retail (VMART).
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27-Jun-20
Kajaria Ceramics (ADD): Lockdown hits hard – downgrade to ADD
Kajaria Ceramics (KJC) posted a below-expected Q4FY20 with revenue down 20% YoY as tile volumes fell 19%.
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26-Jun-20
Somany Ceramics (ADD): Disappointing performance – downgrade to ADD
Somany Ceramics (SOMC) reported a dull Q4FY20 as consolidated revenue contracted 31% YoY to Rs 3.6bn, with tile volumes down 28% YoY.
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26-Jun-20
Container Corp of India (REDUCE): Decent quarter but headwinds ahead – downgrade to REDUCE
Container Corp’s (CCRI) Q4 topline plunged 10% YoY as volumes/realisation fell 4%/7%.
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26-Jun-20
Ashok Leyland (SELL): Weak macros, rich valuations – downgrade to SELL
AL’s Q4FY20 performance was lacklustre despite the boost to blended average realisations from BS-VI price upgrades.
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25-Jun-20
Indian Oil Corp (BUY): Upbeat operating performance
IOCL reported a loss in Q4 due to an inventory hit of Rs 184bn and a Rs 27bn exchange loss.
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25-Jun-20
GAIL (BUY): Trading margins surprise
GAIL’s Q4FY20 PAT was well above estimates at Rs 29bn (+266% YoY).
View Reports 
25-Jun-20
Canara Bank (ADD): Core operating performance remains weak
Canara Bank (CBK) reported a Rs 32.6bn loss as the bank consciously made higher wage and NPA-related provisions due to amalgamation.
View Reports 
24-Jun-20
Finolex Industries (ADD): Lockdown dents performance – cut to ADD
Finolex Industries’ (FNXP) Q4 revenue declined 21% YoY, with a 23%/22% drop in PVC pipe/resin volumes due to the lockdown.
View Reports 
24-Jun-20
Info Edge (SELL): Bleak outlook for core businesses
Info Edge (INFOE) posted muted YoY revenue growth of 10% in Q4FY20, the lowest in the last 12 quarters.
View Reports 
22-Jun-20
VRL Logistics (BUY): Insipid quarter
VRL Logistics’ (VRLL) Q4FY20 print was weak.
View Reports 
19-Jun-20
Greenpanel Industries (BUY): Strong operational performance marred by MTM losses
Greenpanel Industries’ (GREENP) Q4FY20 consolidated revenue grew 36% YoY aided by a 23%/40% increase in the plywood/MDF segments.
View Reports 
18-Jun-20
Pidilite Industries (SELL): Lockdown weighs on growth
Pidilite Industries’ (PIDI) consolidated Q4FY20 revenue declined 6% YoY as volumes slipped 3% in the domestic consumer & bazaar (CBP) segment.
View Reports 
18-Jun-20
Indraprastha Gas (SELL): Volume concerns worsen – downgrade to SELL
Indraprastha Gas’ (IGL) Q4FY20 EBITDA was in line at Rs 3.8bn (+13.7% YoY).
View Reports 
18-Jun-20
Muthoot Finance (BUY): All that glitters is gold
Muthoot Finance’s (MUTH) gold AUM increased 22% YoY to Rs 416bn in Q4FY20 due to robust gold loan demand.
View Reports 
17-Jun-20
Hindustan Petroleum Corp (BUY): Marketing advantage in challenging times
HPCL’s Q4FY20 PAT was battered by Rs 41bn in inventory losses.
View Reports 
15-Jun-20
Sun Pharma (REDUCE): Ilumya out-licensed to Hikma for MENA region
Sun Pharma (SUNP) and Hikma today entered into an exclusive licensing and distribution agreement for Ilumya for the MENA region.
View Reports 
13-Jun-20
Eicher Motors (ADD): Downtrading fears could dent volumes – cut to ADD
Eicher Motors (EIM) reported in-line Q4FY20 revenue but disappointing operating margins at 20.8%, the lowest in the last eight quarters.
View Reports 
11-Jun-20
Mahanagar Gas (SELL): Margins expand but volume outlook weak – cut to SELL
Mahanagar Gas’s (MAHGL) Q4FY20 PAT underperformed at Rs 1.7bn (+25% YoY).
View Reports 
11-Jun-20
DCB Bank (SELL): Potential capital raise entails high dilution – cut to SELL
DCB Bank’s (DCBB) board today passed a resolution to raise equity capital of up to Rs 5bn.
View Reports 
10-Jun-20
Hero MotoCorp (REDUCE): Optimism priced in – downgrade to REDUCE
Hero MotoCorp (HMCL) posted an operationally weak Q4FY20 performance led by poor gross margins and one-off dealer support via discounts.
View Reports 
09-Jun-20
BOBCAPS Research | eClerx Services (REDUCE): Valuation inexpensive but lacks catalysts
eClerx’s (ECLX) Q4FY20 dollar revenue declined by a sharp 7.9% QoQ owing to onsite revenue contraction of 15%.
View Reports 
08-Jun-20
Gujarat State Petronet (BUY): Volumes buoyant
Gujarat State Petronet’s (GUJS) Q4FY20 EBITDA underperformed estimates at Rs 3.6bn (+8% YoY) due to higher expenses.
View Reports 
08-Jun-20
PI Industries (ADD): Stable outlook; stretched valuation limits stock upside
PI Industries’ (PI) Q4FY20 results were disrupted by Covid-19 but we expect gradual recovery.
View Reports 
06-Jun-20
Divi's Labs (REDUCE): Q4 disappoints – downgrade to REDUCE
Divi’s Labs (DIVI) saw a steep 19% EBITDA miss as high gross margins (+200bps QoQ) were negated by staff/SGA cost, leading to subpar Q4 operating margins.
View Reports 
06-Jun-20
Indian Oil Corp (BUY): Covid-19 update – operations fast returning to normal
IOCL announced that domestic petroleum product demand improved in May as staggered easing of the lockdown stemmed the decline in consumption to 30% YoY (from 46% YoY in April).
View Reports 
05-Jun-20
State Bank of India (ADD): Core operating profitability remains weak – cut to ADD
SBIN’s Q4 PAT at Rs 36bn disappointed on weak NII growth and high provisions.
View Reports 
05-Jun-20
Alkem Labs (BUY): Buoyant earnings outlook to fuel rerating
Alkem Labs reported in-line Q4 EBITDA; margins were a tad miss at 14.8% as the negative gross margin was offset by lower staff cost.
View Reports 
05-Jun-20
Gujarat Gas (BUY): Robust margin outlook
Gujarat Gas’ (GUJGA) Q4FY20 earnings beat estimates, surging 115% YoY to Rs 2.5bn.
View Reports 
04-Jun-20
Transport Corp of India (BUY): Difficult Q4; growth recovery a few quarters away
Transport Corp’s (TRPC) Q4FY20 consolidated revenue/EBITDA declined 10%/ 26% YoY, in line with our estimates.
View Reports 
04-Jun-20
Aurobindo Pharma (BUY): Strong Q4; upside risk to EPS can support higher multiple
Revenue/EBITDA beat estimates by 2%/9% led by strong sales (ex-US) and gross margin expansion.
View Reports 
04-Jun-20
Lupin (ADD): Lupin/Mylan win approval for biosimilar Enbrel in Europe
Lupin (LPC) and partner Mylan have secured centralised marketing approval for Nepexto (biosimilar Etanercept) for European markets.
View Reports 
04-Jun-20
Bharat Petroleum Corp (BUY): Inventory losses sink earnings
BPCL reported a Q4FY20 EBITDA loss of Rs 6.2bn owing to inventory/forex losses of Rs 49bn/Rs 121bn.
View Reports 
01-Jun-20
V-Mart Retail (REDUCE): Lockdown exacts severe toll on business
V-Mart Retail (VMART) reported a below-expected Q4FY20 as revenue declined 3% YoY to Rs3.3bn and SSSg nosedived 18% due to the lockdown.
View Reports 
29-May-20
Lupin (ADD): In-line quarter; broader FY21 outlook intact
Lupin’s (LPC) EBITDA was in line at Rs 5.3bn (+22% QoQ) despite a slight miss on sales.
View Reports 
28-May-20
TVS Motor (REDUCE): Solid performance; valuations cap upside
TVS Motor’s (TVSL) adj. Q4 EBITDA beat estimates by ~20% led by a healthy jump in ASP and impressive opex control.
View Reports 
28-May-20
Federal Bank (ADD): Expect profitability to come under pressure; cut to ADD
Federal Bank’s (FB) Q4 PAT declined 21% YoY to Rs 3bn given higher credit-, Covid- and wage-related provisions, partly cushioned by treasury gains.
View Reports 
27-May-20
Sun Pharma (REDUCE): Q4 miss; near-term outlook subdued – REDUCE
Sun Pharma (SUNP) posted a 6% EBITDA miss on in-line sales, driven by higher staff cost (+7% QoQ), lower gross margins (–115bps QoQ) and lower R&D cost (6.4% of sales).
View Reports 
26-May-20
Astral Poly Technik (REDUCE): Volumes hit due to lockdown, maintain REDUCE
Astral Poly Technik’s (ASTRA) Q4FY20 performance was disappointing, with consolidated revenue dropping 19% YoY and pipe volumes down 13%.
View Reports 
23-May-20
DCB Bank (ADD): Continued overhang on asset quality
DCB Bank’s (DCBB) Q4FY20 PAT at Rs 0.7bn declined 29% YoY on slower NII growth (8%) and a spike in provisions.
View Reports 
23-May-20
IDFC First Bank (ADD): Retailisation trend continues
IDFC First Bank’s (IDFCFB) Q4FY20 PAT at Rs 715mn was driven by 40% YoY growth in NII.
View Reports 
23-May-20
UPL (BUY): Margin miss but resilient outlook in tough environment
UPL’s Q4 EBITDA was below our estimate at Rs 19bn as stronger revenue growth was offset by gross margin pressure and higher forex loss.
View Reports 
22-May-20
Supreme Industries (ADD): Lockdown erodes volumes; cut to ADD on limited upside
Supreme Industries (SI) reported below-estimated Q4FY20 revenues (–7% YoY) due to a 9% lockdown-led volume decline.
View Reports 
21-May-20
Mahindra Logistics (BUY): Insipid quarter all around
Mahindra Logistics’ (MLL) Q4FY20 print was weak on account of the national lockdown and auto industry slowdown.
View Reports 
21-May-20
Bajaj Auto (ADD): Strong operational performance
Bajaj Auto’s (BJAUT) Q4 operating performance was well ahead of estimates.
View Reports 
21-May-20
L&T Infotech (BUY): Impressive show despite challenging times
L&T Infotech (LTI) reported 4.7% QoQ CC revenue growth in Q4FY20, well ahead of estimates.
View Reports 
20-May-20
Ajanta Pharma (BUY): Near-term growth concerns but demand outlook intact
Ajanta Pharma (AJP) posted strong Q4 revenue/EBITDA growth of 32%/31% YoY to Rs 6.8bn/Rs 1.7bn.
View Reports 
20-May-20
Dr Reddy's Labs (ADD): EBITDA miss; risk-reward fair – TP raised to Rs 4,210
Q4 EBITDA of Rs 9.4bn (–8% QoQ) was a miss despite a strong beat in the US and Europe, cost control, and net forex benefits.
View Reports 
16-May-20
Cipla (BUY): Adj. EBITDA in line; multiple stock catalysts – BUY
Cipla reported in-line revenue but a 14% EBITDA miss in Q4.
View Reports 
15-May-20
Nippon Life India Asset Management (SELL): Levers for opex control have peaked
Nippon Life Asset Management (NAM) reported a Rs 360bn sequential AUM decline in Q4FY20, largely due to the mark-to-market effect.
View Reports 
15-May-20
Manappuram Finance (BUY): Gold finance on steady wicket, MFI to face Covid-19 overhang
Manappuram Finance’s (MGFL) gold AUM surged 31% YoY to Rs 170bn in Q4FY20.
View Reports 
14-May-20
Mphasis (SELL): HP-DXC business losing steam; downgrade to SELL
Mphasis (MPHL) reported a satisfactory Q4 on the back of (1) 1.5% QoQ/11.1% YoY CC revenue growth, (2) stable 16.3% EBIT margins, and (3) healthy deal wins.
View Reports 
13-May-20
Maruti Suzuki (BUY): Near-team outlook hazy; maintain faith on solid franchise
Maruti’s (MSIL) Q4FY20 operating performance missed estimates due to a sequential dip in ASP and negative operating leverage.
View Reports 
13-May-20
Kotak Mahindra Bank (BUY): Liability franchise remains strong
Kotak Bank’s (KMB) Q4FY20 PAT at Rs 12.7bn (–10% YoY) missed estimates as the bank made Covid-related general provisions of Rs 6.5bn.
View Reports 
11-May-20
TCI Express (BUY): Solid fundamentals to help navigate turbulent waters
TCI Express (TCIEXP) reported a weak Q4FY20 as the economic lockdown since mid-March disrupted operations.
View Reports 
10-May-20
HDFC Asset Management Company (BUY): In-line results, FY21-FY22 equity flows to be subdued
HDFC Asset Management (HDFCAMC) reported a ~Rs 500bn sequential AUM decline in Q4FY20, largely due to the mark-to-market effect.
View Reports 
09-May-20
ICICI Bank (BUY): Upfronting provisions to brace for impact
ICICI Bank’s (ICICIBC) Q4FY20 PAT at Rs 12bn (+26% YoY) missed estimates as the bank made Covid-related provisions of Rs 27bn.
View Reports 
08-May-20
Dr Reddy's Labs (ADD): EIR for Srikakulam (CTO-VI) API unit
Dr Reddy's Labs (DRRD) announced that it has received an EIR (establishment inspection report) from the USFDA for its Srikakulam (CTO-VI) API facility.
View Reports 
08-May-20
Reliance Industries (ADD): RJio spearheads deleveraging
Reliance Industries' (RIL) deleveraging initiatives have accelerated in the last three weeks, with ~Rs 610bn raised from a ~13.5% stake sale in RJio.
View Reports 
07-May-20
HCL Technologies (BUY): First among equals
HCL Tech (HCLT) ended FY20 on a strong note with 0.8% QoQ CC and 13.4% YoY CC topline growth and five-year-high EBIT margins of 20.9% in Q4FY20.
View Reports 
07-May-20
RBL Bank (ADD): Operational beat but Covid-19 poses risks
RBL Bank’s (RBK) Q4FY20 PAT at Rs 1.1bn (–54% YoY) was ahead of estimates due to an NII beat.
View Reports 
06-May-20
Persistent Systems (REDUCE): IP business spoils the show yet again
Persistent Systems (PSYS) reported a weak Q4FY20 as revenue declined 1.8% QoQ to US$ 127mn due to a 24% drop in IP revenue.
View Reports 
06-May-20
NIIT Technologies (ADD): Good quarter with confident commentary – upgrade to ADD
NIIT Tech (NITEC) reported a strong Q4FY20 with 3% QoQ CC revenue growth and resilient operating margins.
View Reports 
02-May-20
Reliance Industries (ADD): RJio, Retail drive earnings; cut to ADD on limited upside
Key highlights from Reliance Industries’ (RIL) Q4FY20 results.
View Reports 
01-May-20
Tech Mahindra (REDUCE): Miss on all counts
Tech Mahindra (TECHM) posted a 4.3% QoQ dollar revenue decline and 200bps EBITDA margin contraction to round off a disappointing Q4FY20 performance.
View Reports 
30-Apr-20
Laurus Labs (BUY): Good beat; firm FY21 outlook – target raised to Rs 630
Laurus Labs reported a strong operational beat of 8%/20%/41% on sales/EBITDA/ PBT in Q4.
View Reports 
30-Apr-20
Hexaware Technologies (ADD): Cloudy near-term outlook; cut to ADD
Challenged related to Covid-19 marred Hexaware’s (HEXW) Q1CY20 operating performance (revenue down 1.1% QoQ CC) and are expected to worsen in Q2, making for a gloomy near-term outlook.
View Reports 
28-Apr-20
Axis Bank (BUY): Fortifying the balance sheet
Axis Bank (AXSB) reported a loss of ~Rs 14bn in Q4FY20 as it built added provisions of Rs 35bn towards Covid-19.
View Reports 
27-Apr-20
IndusInd Bank (BUY): No respite from asset quality challenges
IndusInd Bank’s (IIB) Q4FY20 PAT at Rs 3bn (–16% YoY) was ahead of estimates due to an NII beat.
View Reports 
25-Apr-20
Mindtree (REDUCE): Upbeat quarter; upgrade a notch to REDUCE
Mindtree (MTCL) reported an upbeat Q4 operating performance with 1.9% QoQ CC growth and swift margin recovery.
View Reports 
23-Apr-20
Alembic Pharma (BUY): Consecutive beat – we raise FY21/FY22 EPS by 11-17%
Alembic Pharma (ALPM) reported a 31% EBITDA beat in Q4.
View Reports 
22-Apr-20
Reliance Industries (BUY): RJio creates India profile for Facebook
Reliance Industries’ (RIL) deleveraging plans appears back on track with a 9.99% stake sale in RJio to Facebook for US$ 5.8bn (valuing RJio at ~US$ 61bn).
View Reports 
22-Apr-20
Kotak Mahindra Bank (BUY): Quality franchise; capital raising adds buffer – reiterate BUY
Kotak Mahindra Bank (KMB) has received board approval to raise ~Rs 75bn in capital which will bolster CAR by ~300bps, reduce promoter stake to 29% and build buffers against contingencies.
View Reports 
21-Apr-20
Infosys (ADD): Subpar operating performance, annual guidance suspended
Infosys (INFO) reported a lacklustre Q4FY20 operating performance marked by a miss on both revenue and margins.
View Reports 
18-Apr-20
HDFC Bank (BUY): Turning to wholesale for growth
HDFC Bank’s (HDFCB) Q4FY20 PAT at Rs 69bn (+18% YoY) was lower estimates as the bank created Rs 15.5bn Covid-related contingent provisions.
View Reports 
17-Apr-20
VRL Logistics (BUY): Correction offers attractive entry point
Covid-19 is likely to have a sharper near-term impact on VRL Logistics (VRLL) vs. logistics peers due to its high operating leverage and focus on the hard-hit trucking space.
View Reports 
17-Apr-20
Container Corp of India (ADD): Trade slowdown, ICD land purchase to remain overhangs
The unprecedented trade slowdown triggered by Covid-19 clouds Container Corp’s (CCRI) near-term prospects and has fuelled a 4% YoY drop in Q4FY20 volumes.
View Reports 
17-Apr-20
Tata Consultancy Services (ADD): Prelude to darker Q1FY21
Despite only a partial impact in the last two weeks of March, Covid-19 fuelled 1.2% QoQ CC revenue contraction at TCS in Q4FY20, missing consensus estimates.
View Reports 
16-Apr-20
Wipro (SELL): Weak quarter; guidance and dividends suspended
Wipro (WPRO) reported a subpar Q4FY20 with a miss on both revenue and operating margins.
View Reports 
15-Apr-20
Petronet LNG (BUY): Resilient earnings from long-term contracts
Our recent interaction with the Petronet LNG (PLNG) management deepens confidence in our core investment thesis.
View Reports 
15-Apr-20
Transport Corp of India (BUY): Fundamentals intact, valuations compelling
Covid-19 has severely disrupted Transport Corp’s (TRPC) operations across verticals.
View Reports 
13-Apr-20
Gujarat Gas (BUY): Resilient in the face of near-term headwinds
Our recent interaction with the Gujarat Gas (GUJGA) management reinforces our core investment thesis.
View Reports 
08-Apr-20
Bajaj Finance (BUY): Covid-19 to hurt loan growth; recovery only in H2FY22
We expect the Covid-19 crisis to disrupt credit growth in FY21 as lenders turn cautious and customers pare discretionary spends.
View Reports 
03-Apr-20
Muthoot Finance (BUY): Return of pricing power
We delved into the operating metrics of three large gold financiers – Muthoot Finance (MUTH), Manappuram Finance (MGFL) and Muthoot Fincorp (MFIN) – and found that MUTH has a wider reach and is a better paymaster, aiding higher productivity.
View Reports 
02-Apr-20
Aurobindo Pharma (BUY): Sandoz deal called off; upgrade to BUY
Aurobindo Pharma (ARBP) announced that the deal to buy Sandoz’s US generic oral solids and dermatology business has been mutually called off.
View Reports 
01-Apr-20
ONGC (BUY): Riding the storm
Key takeaways from our recent interaction with the ONGC management.
View Reports 
31-Mar-20
Hero MotoCorp (BUY): Valuations attractive – upgrade to BUY
At Hero MotoCorp’s (HMCL) investor call today, senior management stated that proactive steps have been taken to ensure business continuity.
View Reports 
31-Mar-20
IndusInd Bank (BUY): Concerns priced in
IndusInd Bank (IIB) hosted an analyst call to address the implications of Covid-19 on its portfolio.
View Reports 
30-Mar-20
Sun Pharma (REDUCE): USFDA classifies Halol site as OAI
The USFDA has classified Sun Pharma's (SUNP) key formulation site Halol under OAI (official action indicated).
View Reports 
27-Mar-20
TCI Express (BUY): Equipped to weather the Covid-19 storm; upgrade to BUY
Our recent interaction with the TCI Express (TCIEXP) management indicates severe pressure on near-term operational performance stemming from the Covid-19 outbreak.
View Reports 
24-Mar-20
Cera Sanitaryware (BUY): Demand environment anaemic but margins steady
We present key takeaways from our meeting with the management of Cera Sanitaryware (CRS).
View Reports 
16-Mar-20
Bajaj Finance (BUY): Management meet takeaways – Business prospects robust
We present key takeaways from our meeting with the Bajaj Finance (BAF) management.
View Reports 
16-Mar-20
[Initiation] UPL (BUY): Deleveraging to aid potential rerating – initiate with BUY
We explore UPL’s stock potential under three scenarios and find a convincing case for +100%/200% returns in our base/bull case over the next three years.
View Reports 
12-Mar-20
[Initiation] Info Edge (SELL): On a slippery slope – initiate with SELL
We begin coverage on Info Edge (INFOE) with SELL and a Mar’21 TP of Rs 2,080.
View Reports 
02-Mar-20
Balrampur Chini (NOT RATED): Higher ethanol sales to support profitability
Key takeaways from our recent meeting with the management of Balrampur Chini Mills (BRCM).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
20-Feb-20
Greenply Industries (BUY): Demand slows but margins resilient
Key takeaways from our roadshow with the management of Greenply Industries (GIL).
View Reports 
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).
View Reports 
18-Feb-20
Greenpanel Industries (BUY): MDF traction to continue
Key takeaways from our roadshow with the management of Greenpanel Industries (GREENP).
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
14-Feb-20
ONGC (BUY): Earnings miss, pricing in the worst
ONGC’s Q3FY20 earnings underperformed at Rs 41bn (–50% YoY).
View Reports 
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.
View Reports 
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).
View Reports 
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).
View Reports 
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).
View Reports 
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.
View Reports 
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).
View Reports 
12-Feb-20
Greenply Industries (BUY): Gabon operations disappoint
Greenply Industries’ (GIL) consolidated Q3FY20 revenue slipped 1% YoY, coming in below estimates.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
11-Feb-20
Oil India (BUY): Volumes remain a drag
Oil India’s (OINL) Q3FY20 earnings disappointed at Rs 4bn (–67% YoY).
View Reports 
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.
View Reports 
10-Feb-20
GAIL (BUY): Operationally robust; demerger uncertainty priced in
GAIL’s Q3FY20 PAT was in line at Rs 10.2bn (–40% YoY).
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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).
View Reports 
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%.
View Reports 
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%.
View Reports 
06-Feb-20
Gujarat Gas (BUY): Volumes and margins robust
Gujarat Gas (GUJGA) reported Q3FY20 earnings above estimates at Rs 1.96bn (+26% YoY).
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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%.
View Reports 
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.
View Reports 
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%).
View Reports 
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%.
View Reports 
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.
View Reports 
30-Jan-20
Bajaj Finance (BUY): Healthy performance in secular slowdown
Bajaj Finance (BAF) reported healthy 35% YoY growth in AUM in Q3FY20.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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%).
View Reports 
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%.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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%.
View Reports 
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%).
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
23-Dec-19
Cera Sanitaryware (BUY): Near-term demand outlook remains challenging
We recently hosted investor meetings with the Cera Sanitaryware (CRS) management.
View Reports 
19-Dec-19
Transport Corp of India (BUY): NDR takeaways
We hosted the senior management of Transport Corp of India (TRPC) for investor meetings.
View Reports 
18-Dec-19
Tech Mahindra (REDUCE): Analyst meet takeaways
We attended Tech Mahindra’s (TECHM) recent analyst meet and present the key takeaways.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
27-Nov-19
Greenply Industries (BUY): Upbeat margin guidance
We attended Greenply Industries’ (GIL) analyst meet.
View Reports 
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.
View Reports 
17-Nov-19
PNC Infratech (BUY): Strong quarter, momentum to continue
PNC Infratech’s (PNCL) Q2FY20 core revenue ex-arbitral awards grew 92% YoY.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
15-Nov-19
ONGC (BUY): Low costs drive profitability
ONGC’s Q2FY20 earnings outperformed at Rs 62.6bn (–24% YoY).
View Reports 
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%.
View Reports 
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.
View Reports 
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%.
View Reports 
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.
View Reports 
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%.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
11-Nov-19
Allcargo Logistics (BUY): CFS, P&E segments drag down profitability
Allcargo Logistics’ (AGLL) Q2FY20 performance was below our estimates.
View Reports 
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.
View Reports 
10-Nov-19
Oil India (BUY): Operationally strong
Oil India’s (OINL) Q2 FY20 earnings at Rs 6.2bn (-27% YoY) was below estimates.
View Reports 
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).
View Reports 
09-Nov-19
GAIL (BUY): Trading earnings slump
GAIL’s Q2FY20 PAT was well below estimates at Rs 10.6bn (–42% YoY).
View Reports 
08-Nov-19
Greenply Industries (BUY): Modest quarter, margin expansion continues
Greenply Industries (GIL) reported consolidated Q2FY20 revenue growth of 5% YoY.
View Reports 
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).
View Reports 
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).
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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%).
View Reports 
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%).
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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).
View Reports 
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.
View Reports 
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%).
View Reports 
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.
View Reports 
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.
View Reports 
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%).
View Reports 
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).
View Reports 
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).
View Reports 
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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