20-Dec-24
Accenture (NOT RATED): Raises FY25 growth guidance but no big read through
Organic growth raised by 100bps to 2.5% on better 1QFY25 (AUG YE) which in turn was driven by strong large order wins in FY24
View Report
17-Dec-24
Greenpanel Industries (HOLD): MDF – Weak near-term outlook; positive medium-term outlook
MDF industry margin to remain under pressure in the near future on supply-side pressure and steep rise in timber prices
View Report
16-Dec-24
Lupin (BUY): Reduction in in-licence portfolio to increase margins
LPC’s domestic region in-licence portfolio fell from 15% in Q2FY24 to 12% in Q2FY25 and is expected to reduce further to ~10% by FY26
View Report
13-Dec-24
Cera Sanitaryware (BUY): Management meet key takeaways
The bathware industry slowed down from Q3FY24, but the company expects gradual pick-up in demand from H2FY25 onwards
View Report
12-Dec-24
Dalmia Bharat (SELL): Excess supply to impact performance; downgrade to SELL
DALBHARA’s presence in East and South India may be hit by excess supply; we factor in 1% price hikes in FY26/FY27 after a dent in FY25
View Report
12-Dec-24
Godrej Consumer Products (HOLD): Headwinds – Inflation, innovation from competition, and weather
Extreme weather patterns impacted sales of Household Insecticides. Soap volumes were soft on destocking due to price rises
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11-Dec-24
Ajanta Pharma (SELL): No incremental triggers; valuation expensive
At our virtual conference AJP said it is not looking to venture into newer therapies in India in the next 1-2 years due to hefty valuations
View Report
02-Dec-24
Hindustan Unilever (BUY): Premiumisation may be ahead of its time.
HUVR’s outlook of stable demand trends for FY25 appears conservative as the building blocks for rural demand remain favourable
View Report
18-Nov-24
Orient Cement (COVERAGE DROP): Await growth strategy from acquirer - drop active coverage
Q2 reported revenue declined 25%/22% YoY/QoQ to ~Rs 5.44bn, driven by double-digit dip in volume. Realisation fell YoY
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18-Nov-24
Century Plyboards (HOLD): Weak Q2FY25 on sharp margin pressure
CPBI’s topline beat; EBITDA missed our estimates sharply on margin pressure across segments except plywood
View Report
15-Nov-24
Hero Motocorp (HOLD): Strong festive momentum; sustainability is the key
Q2 revenue grew by ~11% YoY to Rs 104.6bn, driven by a mix of steady volume gain of ~7% YoY and realisation gain of 3% YoY
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15-Nov-24
Crompton Greaves (BUY): In-line Q2, margins to sustain due to prompt pricing actions
Decent Q2 topline from strong B2B lighting and pump sales, and gross margin expansion of 140bps driven by strategic pricing actions
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15-Nov-24
IRM Energy (NOT RATED): Management meet takeaways post Q2FY25 results
Q2 EBITDA decline on margin contraction amid continuing high opex; impact of APM deallocation covered with NWG gas and price hikes
View Report
14-Nov-24
Eicher Motors (HOLD): Steady show; launch pipeline healthy; key growth driver
Q2 revenue increased ~7% YoY (flat QoQ) to Rs 42.1bn, driven by realisation gain of 8% YoY to Rs 184.5k/motorcycle (small dip QoQ)
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14-Nov-24
Alkem Labs (BUY): In-line Q2, margins expected to sustain due to cost efficiencies
Q2 reported in-line numbers, where sales/EBITDA were 4% below our estimates. However, PAT was 1% above our estimate
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14-Nov-24
Hindware Home Innovation (BUY): Another dismal quarter; muted guidance for H2FY25
Dull Q2 on weak performance across segments due to cost inflation pressure in a weak demand environment and sales force rationalisation
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13-Nov-24
Cera Sanitaryware (BUY): Q2 demand slow, management guides for stronger H2FY25
CRS posted strong faucet revenue growth (+23% YoY) in a weak demand environment
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12-Nov-24
Britannia Industries (BUY): Inflation offsets being put in place just in time
Compared to Bloomberg consensus, sales were 2% lower, EBITDA 12% lower as margin came in 200bps below expectations. Volumes +8.5%
View Report
12-Nov-24
Shree Cement (HOLD): Relatively better placed to face tough challenges; retain HOLD
Realisation dent drags revenue growth by a steep 19%/23% in Q2FY25, partially offset by relatively lower volume decline of 7% YoY
View Report
12-Nov-24
The Ramco Cements (SELL): No respite from challenges; maintain SELL
Q2 revenue declined ~13% due to tepid volume growth and pricing pressures affecting realisations (down by 10%/5% YoY/QoQ)
View Report
12-Nov-24
Star Cement (HOLD): Clinker unit stabilisation issues impact performance in Q2
Revenue rose 10% backed by healthy 9% volume gains and realisations remained flat YoY/QoQ at Rs 6,560/t with improved regional mix
View Report
11-Nov-24
Zydus Wellness (HOLD): Broad-based sales growth is a positive or a concern?
Underlying EBITDA +62% YoY. Sales was +12% with EBITDA margin expanding 20bps to 4.0%
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11-Nov-24
Aurobindo Pharma (BUY): The worst is over for Eugia plant
2QFY25 earnings were marginally below our estimates due to supply issues from Eugia plant affecting Global Specialty/Injectable sales
View Report
11-Nov-24
SAIL (HOLD): Volatile profitability despite structural improvements
While Q2 benefitted from prior-period rail revenue, underlying profitability was weak and lagged peers
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10-Nov-24
Divi's Labs (SELL): Healthy Q2; rich valuations
DIVI reported healthy 2QFY25 earnings which was a beat on our estimates. Exports contributed 87% of sales and the US 71%
View Report
09-Nov-24
Gujarat State Petronet (HOLD): Group reorganisation and GUJGA CGD are key value drivers
Q2 EBITDA declined 54% YoY primarily on sharp tariff cut from May’24; GIGL called on GUJS for cash deficit support under sponsor agreement
View Report
09-Nov-24
Ashok Leyland (BUY): Cost respite aids steady show; recovery in sight. Retain BUY
Q2FY25 revenue grew 9% YoY to Rs 87.6bn (up 2% QoQ), helped by flat realisations YoY while volume fell by 9%
View Report
09-Nov-24
Lupin (BUY): In-line quarter; EBITDAM guidance increased to 25%
LPC’s earnings were in line with our estimates but beat street’s estimates. EBITDA margin was 23% in Q2FY25
View Report
09-Nov-24
JK Lakshmi Cement (SELL): Challenges galore leading to weak show; maintain SELL
Q2 revenue fell sharply by 21% YoY/QoQ each dragged by low volume growth, down 14%/20%, and weak realisations that fell by 9% YoY
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08-Nov-24
Prince Pipes & Fittings (BUY): Mixed Q2FY25; market share gain at the cost of inferior margin
PRINCPIP appears to have gained market share in Q2FY25 even after tightening the credit period for its dealers
View Report
08-Nov-24
Escorts Kubota (SELL): No major respite from weakness; maintain SELL
Q2 tractors volume fell by 1% YoY (combined volume from JV partners post amalgamation) despite healthy industry growth
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08-Nov-24
Tata Steel (BUY): Look beyond transient issues, upgrade to BUY
Q2 call highlighted transient issues like delay in break-even at TSK, weaker margin outlook extending to Q3 and lower profitability at TSN
View Report
08-Nov-24
Mahindra & Mahindra (BUY): Auto and Farm segments on healthy trajectory; maintain BUY
Automotive segment grew by ~9% YoY and tractor volume at 3% YoY in the monsoon quarter; festive season sales were encouraging
View Report
07-Nov-24
Alembic Pharma (BUY): The worst is over; H2FY25 to be better than H1FY25
Q2FY25 results were below our estimates on all fronts; however, ALPM expects H2 to be better than H1FY25 driven by healthy product mix
View Report
07-Nov-24
Astral (HOLD): Weak quarter; guidance downgrade yet again
Misses estimates on weak pipe volumes (-2.5% YoY) and continued subdued performance of SEAL IT & paints business
View Report
07-Nov-24
Blue Star (BUY): Strong EMP growth & RAC performance amid soft quarter
Topline jumps 20.4% in Q2, with gross margin rising 170bps due to better product mix and material cost reductions
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07-Nov-24
Jindal Steel & Power (HOLD): Delivery on expansion and further growth visibility key triggers
Q2 results beat our weak expectations; EBITDA margin resilience reflect benefit of captive coal and HSM ramp-up
View Report
07-Nov-24
eClerx Services (NOT RATED): Strong 2Q. Reiterates top quartile revenue growth in FY25
5.7% CC QoQ revenue growth and 480bps EBIT margin expansion was ahead of estimate driven by financial markets vertical and top clients
View Report
06-Nov-24
Dr Reddy's Labs (HOLD): Healthy Q2; margins post gRevlimid LOE to remain wary
Revenue/EBITDA earnings above our and street estimates. APAT ~46% above estimates. Estimates adjusted for JV and impairment cost
View Report
05-Nov-24
VST Tillers Tractors (SELL): Only minor respite from weak show; maintain SELL
Q2 revenue was flat YoY at Rs 2.8bn, dragged by lower realisations of Rs 0.2mn down by ~1.3% YoY (13% MoM)
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31-Oct-24
Cipla (HOLD): Conditional launch of gAbraxane likely in FY25
Goa plant receiving VAI likely to speed up gAbraxane launch in FY25E. In its 2QFY25 earnings call CIPLA said this would be delayed to H1FY27
View Report
31-Oct-24
Indraprastha Gas (HOLD): Lower headroom to avert growth slowdown
IGL indicated near-term increase of Rs 5-6/kg due to loss of APM gas allocation for CNG segment and confirms need for price increase
View Report
31-Oct-24
Dabur India (BUY): Macro and weather tailwinds vs carbonated soft drinks
Sales were in line with consensus and our estimates. EBITDA was 4% below consensus and 1% above our estimates
View Report
30-Oct-24
V-Guard Industries (HOLD): Broad-based growth drives topline
Topline surged 14% YoY, driven by steady gains across Electronics, Electricals, and ECD segments, while Sunflame sales held steady
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30-Oct-24
Voltas (HOLD): In-line revenue; margins on the rise
Topline grew 14% YoY in Q2; EBITDA margin expanded 310bps YoY, fueled by better cost efficiencies
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30-Oct-24
Greenlam Industries (HOLD): Weak quarter; quick ramp up of new projects a key monitorable
Weak Q2 on lower-than-expected laminate volume and slow ramp-up of plywood segment
View Report
30-Oct-24
Maruti Suzuki (BUY): Steady performance; upgrade to BUY on reasonable valuations
Q2FY25 revenue was flat YoY (+5% QoQ) in a challenging quarter, realisation improved by 2%/1% YoY/QoQ
View Report
30-Oct-24
JK Cement (HOLD): Steady performance despite challenges; maintain HOLD
Grey cement volumes at 3.8mt (excluding clinker volumes) fell by ~3% YoY (-12% QoQ) owing to weak demand impacted by seasonality
View Report
30-Oct-24
Marico (HOLD): Urban stable, rural growing
Versus consensus, sales miss 1%, EBITDA miss 2% on 15bps lower-than-expected margins. Parachute volumes +4% vs retail offtake +8%
View Report
30-Oct-24
Cipla (SELL): No meaningful incremental triggers until Goa plant clearance
Earnings in line with our estimates on all fronts. However, US sales was down and 5% lower than our estimates in rupee terms
View Report
29-Oct-24
Somany Ceramics (BUY): Guidance lowered on weak H1; positive medium-term outlook
Topline broadly in line; but EBITDA missed on margin contraction due to low absorption of fixed-cost overhead
View Report
29-Oct-24
Greenply Industries (HOLD): Weak Q2 result on MDF margin pressure
Topline broadly in line; but sharp miss on EBITDA due to steep sequential contraction in MDF margin (-487bps QoQ to 11.8%)
View Report
29-Oct-24
Greenpanel Industries (HOLD): Dismal Q2; MDF margin bottoms out, but recovery to take time
Sharp contraction in GREENP EBITDA (-57% YoY) for eight straight quarters on supply overhang in MDF industry
View Report
29-Oct-24
Sun Pharma (HOLD): All positives built into current valuations
SUNP reported 11% domestic sales growth led by 5% volume growth from ~14,000 MRs; leads in Rx count across 13 doctor categories
View Report
29-Oct-24
Ambuja Cements (HOLD): Steady 2Q show, gearing for demand revival; retain HOLD
Volume-driven revenue growth as realisation weakens by 6.0% YoY due to weak demand in key markets
View Report
29-Oct-24
Firstsource Solutions (NOT RATED): Significant upgrade to revenue guidance
Big upgrade to revenue growth guidance with possibly more on the anvil in 2HFY25
View Report
29-Oct-24
Ajanta Pharma (SELL): Lower growth forecast in multiple geographies
Mixed quarter with revenue/EBITDA beat of 4%/3%; however, PAT reported 1% and EBITDA margin was 30bps lower than our estimate
View Report
28-Oct-24
Syrma SGS (HOLD): Modest revenue growth; margins to revive
Modest topline growth of 17%; EBITDA margin expanded 160bps due to better product mix
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28-Oct-24
ACC (HOLD): 1H below expectations, headroom for improvement
Q2FY25 revenue grew 4% YoY as 15% uptick in volume (supported by inorganic growth) was offset by realisation drop of 6%
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28-Oct-24
Apollo Pipes (HOLD): Dismal performance for fourth consecutive quarter
Weak Q2FY25 due to continued loss of market share and sharp margin contraction
View Report
28-Oct-24
Marico (HOLD): Bangladesh update: Start of something good?
Marico Bangladesh (MB), ~22% of Marico’s Consolidated (MC) EBITDA, reported 2QFY25 sales +8%, est EBITDA +10%. Dividend payout 97%
View Report
28-Oct-24
JSW Steel (HOLD): Poised for H2 recovery but risk-reward unfavourable
Q2 results was better than weak expectations, supported by lower loss on iron ore and inventory valuation. Imports had a significant impact
View Report
26-Oct-24
Mahanagar Gas (HOLD): Resetting margin expectations, reiterate HOLD
Q2 results were broadly in line with our forecasts. Factoring in stronger growth momentum, we raise FY24-27E volume CAGR to 8.4% from 7.5%
View Report
26-Oct-24
Orient Electric (BUY): Strong topline; margins in line. Upgrade to BUY
Decent 16% revenue surge with 210bps gross margin boost from smart cost cuts and strategic price hikes
View Report
26-Oct-24
Finolex Industries (HOLD): Dismal performance on sharp margin contraction
Gained market share in pipe segment in a difficult environment, but still missed our EBITDA estimates by 90% due to sharp margin contraction
View Report
26-Oct-24
Eris Lifesciences (BUY): Fully vertically integrated biologics segment; maintain BUY
Q2 revenue/PAT above our estimates due to better traction in both base and acquired businesses
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25-Oct-24
ITC (BUY): Managing inflation
Sales were 12% higher vs consensus likely due to the volatile, pass-through-based Agri Business segment. EBITDA was in line
View Report
25-Oct-24
Petronet LNG (HOLD): Visibility on Dahej utilisation is key; upgrade to HOLD
Q2 underlying EBITDA broadly in line factoring in UOP adjustments; Dahej utilisation can hold up in Q3 if LNG prices remain range bound
View Report
25-Oct-24
Godrej Consumer Products (HOLD): Partial pass-through impacting margins near term
Compared to Bloomberg consensus, sales were 1% higher but EBITDA beat was 4% as margins came in 60bps above expectations
View Report
25-Oct-24
Dixon Technologies (HOLD): Strong performance; elevated valuations prompt HOLD
Q2 revenue jumped 133% YoY, driven by Mobile and EMS growth; EBITDA margin slid 30bps on change in business mix
View Report
25-Oct-24
Laurus Labs (SELL): Another weak quarter
Earnings miss for 2Q on our and street estimates on all fronts. Revenue/PAT came short of consensus estimates by -5%/39%
View Report
24-Oct-24
Tata Consumer Products (BUY): Share price correction is overdone – BUY
Tata Consumer share price corrected ~7% post 2QFY25 result on Tea inflation and sales challenges in NourishCo. Correction is overdone
View Report
24-Oct-24
Hindustan Unilever (BUY): Managing inflation; FMCG remains rational
2QFY25 sales were 1% above consensus while EBITDA was 2% higher as margins came in 15bps above expectations
View Report
24-Oct-24
Birlasoft (NOT RATED): Pains of trying to match Industry growth
Birlasoft is trying to pivot to address both annuity and transformation deals to remain on the growth path with decent margins
View Report
24-Oct-24
TVS Motor (HOLD): Gearing for structural strength; valuations rich, maintain HOLD
Q2 revenue grew in double digits at 13%/10% YoY/QoQ to Rs 92.3bn
View Report
24-Oct-24
Amber Enterprises (HOLD): Healthy growth to continue
Q2 achieved 82% YoY topline growth with 30bps EBITDAM expansion, although gains were tempered by the shift in product mix
View Report
23-Oct-24
Coforge (NOT RATED): More bullish than peers on demand conditions
Unlike peers who have been tentative on demand, Coforge CEO sounded confident that demand had returned convincingly
View Report
23-Oct-24
Zensar Technologies (NOT RATED): Unseasonal furloughs in TMT clients impacts revenue growth
Weak QoQ growth due to client specific issues in TMT vertical whereas BFSI and HLS show good traction.
View Report
22-Oct-24
Persistent Systems (NOT RATED): Strong quarter both on revenue and margins
Met revenue estimate. But a beat on EBIT margin. Strong 1H and ACV should mean high teen revenue growth with flat EBIT margin vs FY24
View Report
22-Oct-24
Kajaria Ceramics (HOLD): Miss estimates on sharp margin contraction; maintain HOLD
Weak Q2 on sharp margin contraction due to high share of outsourced sales volume and high overhead costs of new commissioned units
View Report
22-Oct-24
Supreme Industries (BUY): Weak Q2; upgrade to BUY on reasonable valuations
Weak Q2 on destocking of pipe inventories in the channel in a falling resin price environment, and MTM inventory loss
View Report
22-Oct-24
Ultratech Cement (BUY): Geared up for short-term challenges; maintain BUY
Steady 3% volume growth aids marginal fall in topline despite dent in realisations in a challenging Q2; capacity utilisation at ~68%
View Report
22-Oct-24
Dalmia Bharat (HOLD): Challenging phase for Dalmia; valuations factored in
Revenue declined by 2%/15% YoY/QoQ to ~Rs 31bn in Q2FY25 as focus returned to volume growth over guarding against declining realisations
View Report
19-Oct-24
Tech Mahindra (NOT RATED): Beats modest expectations; Steady move toward FY27 targets
A beat on revenue, margins and TCV against low expectations. Steadily moving to achieve its FY27 targets. Momentum to continue in 2H.
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19-Oct-24
Tata Consumer Products (BUY): Focus on market share; weathering the tea dynamics
Compared to consensus, sales came in 3% lower while EBITDA was in line
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18-Oct-24
Wipro (NOT RATED): Beats low expectations. Margin & large deal TCV key positives
2QFY25 street expectations were low due to weak performance over the last many quarters. Wipro delivered a modest beat on those
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18-Oct-24
Polycab India (HOLD): Strong run continues
Healthy revenue growth at 30% YoY; EBITDA falls on high competition and high ad spends
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18-Oct-24
LTIMindtree (NOT RATED): Softer revenue and TCV. Efficiency pivot should help
Softer than expected but broad-based growth. TCV numbers have been in a narrow range for many quarters now.
View Report
18-Oct-24
Infosys (NOT RATED): Broadly inline quarter: Revenue guidance and TCV underwhelm
Broad-based growth with European auto the only weak spot. Discretionary spending still restricted to US financial services.
View Report
18-Oct-24
Havells India (HOLD): Q2 margins miss; growth on the way
Q2 grew ~17% on improvement in consumer demand trends. High A&P spends and high staff cost hurt margins
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17-Oct-24
Nestle India (HOLD): Margins remain a priority; HOLD
Sales came in 4% below consensus while EBITDA was 10% lower due to margin being 152bps below expectations
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17-Oct-24
Mphasis (NOT RATED): In line quarter. Steady improvement indicated.
Revenue and EBIT margin broadly in line. TCV a tad soft – deals getting pushed back on greater scrutiny on spending by clients on AI projects.
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17-Oct-24
KEI Industries (BUY): Sustaining growth with stability
KEII reported a 17% YoY rise in Q2 revenue, but margins declined due to raw material price volatility and lower share of EHV sales and exports
View Report
17-Oct-24
Bajaj Auto (HOLD): Well balanced growth strategy; valuations priced in
BJAUT’s Q2FY25 revenue jumped 22%/10% YoY/QoQ to Rs 131bn aided by volume growth of 16% and favourable mix aiding faster growth
View Report
15-Oct-24
Shree Cement (HOLD): Focus on growth to continue; maintain HOLD
Maintaining market share will be the key priority in the supply glut market situation, though capacity utilisation may hover ~70%
View Report
15-Oct-24
Reliance Industries (BUY): Earnings bottomed out but softness may persist near term
Q2 results were broadly in line with muted expectations, earnings likely bottomed out but softness may persist for couple of quarters
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15-Oct-24
HCL Technologies (NOT RATED): Modest beat. Guidance broadly maintained
Broad-based and better-than-expected growth. Guidance is broadly left unchanged. HCLT does not want to extrapolate strong 2Q into 2H
View Report
11-Oct-24
Tata Consultancy Services (NOT RATED): BSNL margin pain pops up
1.1% CC QoQ revenue growth was in line. Margin pain of BSNL order, not visible thus far, showed up
View Report
07-Oct-24
Marico (HOLD): Marico Bangladesh operationally fine; 2QFY25 miss
MB’s 1QFY25 DPS is paid out, bringing trailing 12M payout ratio to 76%. Two cash repatriations were executed within a 30-day period
View Report
03-Oct-24
Dabur India (BUY): 2QFY25 sales, EBITDA miss – Est sales rural +2%, urban -16%
Sales and EBITDA miss on 2QFY25. Estimated sales miss of 11% and EBITDA miss of 25%
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27-Sep-24
Accenture (NOT RATED): Guidance conservative if macro holds up
1.5% LC organic revenue growth at the midpoint FY25 (YE August) is conservative if the US soft landing plays out.
View Report
26-Sep-24
Marico (SELL): The Remittance Test: Dividend payout from Marico Bangladesh
Marico Bangladesh’s 1QFY25 DPS of BDT100 was recorded on 25 Aug’24. This equates to ~30% of MB’s cash/share on balance sheet
View Report
25-Sep-24
Accenture (NOT RATED): A peek into FY26 prospects for Indian players
We see downside risk to current Accenture’s consensus organic growth estimate of 3.5% for FY25. Assuming 2% inorganic.
View Report
23-Sep-24
Polycab India (HOLD): Management meet takeaways – Steady growth on the horizon
W&C on robust growth trajectory, fueled by government infrastructure investments & rising real estate demand; 2HFY25 to exceed 1HFY25
View Report
16-Sep-24
Tata Consumer Products (BUY): Meeting with management – Medium- to long-term targets intact
Medium- to long-term growth prospects remain intact with TCPL targeting double-digit topline growth driven by growth businesses
View Report
04-Sep-24
Havells India (HOLD): Strategic capacity expansion to propel growth
Wires & cables accounted for 34% of HAVL’s FY24 revenue, with capacity expansion to increase from 3.29mn km to 4.58mn km by 2026
View Report
02-Sep-24
Gujarat State Petronet (HOLD): Reorganisation to unlock investment value; maintain HOLD
GSPL stock’s driver to be value of GUJGA and GTL post transaction with a specified swap ratio of 10+3.33 to 13 shares
View Report
30-Aug-24
Marico (SELL): Cash repatriation debate is building up in Bangladesh
Similar to Marico, Indian power companies along with global MNCs are facing increased challenges in cash transfers from Bangladesh
View Report
30-Aug-24
Hindustan Unilever (BUY): Management meeting: Mid/long term prospects remain positive
Volumes were subdued for the past couple of years but trends are improving
View Report
29-Aug-24
Reliance Industries (BUY): Key takeaways from the FY24 AGM
Key positives include announcement of bonus issue, high-growth targets for consumer business, and comfort in working with deep-tech
View Report
29-Aug-24
HCL Technologies (NOT RATED): Wants to deliver industry leading TSR in the future too
Did not change its near-term commentary while being bullish on the medium-term outlook
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23-Aug-24
MOIL (NOT RATED): Marathon run ahead after a sprint in FY24
With moderation of prices, production growth is likely to be the main driver
View Report
17-Aug-24
IRM Energy (NOT RATED): Management meet takeaways – Focus on volume continues
Q1 EBITDA recovered 34% sequentially on recovery in EBITDA margin, but still 28% lower YoY on higher opex
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16-Aug-24
Voltas (HOLD): Strong revenue – UCP leads; EMP turns around
Topline surged 46.5% YoY in Q1; EBITDA margin expanded 310bps YoY, boosted by nationwide heatwave
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15-Aug-24
Marico (SELL): Back in play, but exposure is high and cash remains stuck. Sell
Marico Bangladesh (MB) facility has resumed operations at its usual run rate. Bulk of the sales and distribution team is back to work
View Report
15-Aug-24
Hero Motocorp (HOLD): Gaining momentum; pace likely to accelerate. Maintain HOLD
Q1 revenue grew by ~16% YoY to Rs 101.4bn, driven by strong volume gains of ~14% YoY and realisations gains of 2% YoY
View Report
13-Aug-24
VST Tillers Tractors (SELL): Weakness persists; downgrade to SELL
Q1 revenue fell ~23% YoY to Rs 1.9bn, dragged by lower volume at 7.38k units and down by ~30% YoY due to weak overall activity
View Report
13-Aug-24
Cera Sanitaryware (SELL): Another lacklustre quarter on soft demand
Dull Q1 due to weak demand environment on account of the extreme heatwave and impact of general elections across India
View Report
12-Aug-24
Star Cement (HOLD): Weak quarter; but performance to improve in medium term
Revenue stayed flat as volume fell marginally, and realisations remained flat YoY/QoQ at Rs 6,508/t
View Report
12-Aug-24
JSW Steel (HOLD): Access to prime coking coal in Australia at an attractive price
JSTL acquired access to Illawarra prime hard coking coal, equivalent to 7-9% of its hard coking coal requirements today for the next 14 years
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12-Aug-24
Hindware Home Innovation (BUY): Dismal quarter on muted demand and sales force rationalisation
Dull Q1 on weak bathware performance due to muted demand environment and impact of sales force rationalisation
View Report
10-Aug-24
Gujarat State Petronet (HOLD): Transmission volume pick up not value accretive
Q1 EBITDA was in line with consensus. Factoring in beat to our Q1 estimate and gas consumption pick up, we raise our FY25-26 estimates
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10-Aug-24
SAIL (SELL): Discount to peers is not unjustified
While SAIL clocked sequential improvement in 1Q, the performance fell short of consensus and our expectations
View Report
09-Aug-24
Astral (HOLD): Weak quarter; guidance downgrade across segment
Strong pipe volume growth of 16.4% YoY in Q1FY25, but still lags closest peer SI for the tenth straight quarter
View Report
09-Aug-24
Eicher Motors (HOLD): Steady performance; new launches to drive growth momentum
Q1 revenue increased ~9% YoY to Rs 42.3bn, driven by realisation gains of 9.3% YoY to Rs 187.2k per motorcycle
View Report
08-Aug-24
Godrej Consumer Products (HOLD): Sales miss but margin beat
GCPL missed on sales and EBITDA but business is commoditised and volume growth was in line with high single digits guidance
View Report
08-Aug-24
Reliance Industries (BUY): Quick pointers from FY24 Annual Report
Retail market share at ~3.5% and targeting growth rate double that of market; Digital Services positioned to lead in FWAs and 5G
View Report
07-Aug-24
Shree Cement (HOLD): Performance weak though current valuations capture the same
Realisation dent drags revenue growth by 3%5% in Q1FY25, partially offset by healthy volume growth of 8%/1% YoY/QoQ
View Report
07-Aug-24
Century Plyboards (HOLD): Near-term pain to persist; positive medium-term outlook
CPBI’s topline came broadly in line; EBITDA sharply missed our estimates in Q1 due to loss incurred on newly commissioned AP units
View Report
07-Aug-24
Blue Star (BUY): Strong quarter; outlook bright
Topline jumps 28.7% in Q1, with gross margin rising 140bps and EBITDA margin 180bps
View Report
07-Aug-24
TVS Motor (HOLD): No challenges in performance; valuations gain pace
Q1 revenue increased by 16% YoY driven by volume growth of 14.1% YoY to ~1.1mn units
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06-Aug-24
Orient Cement (SELL): No major performance triggers; valuations stretched
Q1 reported revenue declined 16% YoY to Rs 1.35mn/t, impacted by ~15% YoY fall in volumes
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06-Aug-24
Marico (SELL): Downgrade to SELL on Bangladesh – 22% EBITDA contribution
Marico Bangladesh (MB), operating in Household and Personal Care, accounts for 11% of MRCO’s consolidated sales
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06-Aug-24
Syrma SGS (HOLD): Robust revenue; drag on margins apparent
Strong Q1 topline growth was offset by GM contraction due to higher RM costs; dip in EBITDA margin caused by unfavourable product mix
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06-Aug-24
Marico (HOLD): Focus on long term
Compared to consensus, sales were in line and EBITDA 1% higher. Volumes were +4%, an acceleration vs +2% in the Mar’24 quarter
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06-Aug-24
Britannia Industries (BUY): Leading by example – Topline focus amidst macro tailwinds
Sales were 2% higher, EBITDA 3% lower vs Bloomberg consensus. Volumes +8% along with rise in both EBITDA margins and A&P
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05-Aug-24
State Bank Of India (BUY): Strong performance aided by operational efficiencies
PAT declined on subdued topline and higher credit cost, while operational efficiency offset some of its adverse impact
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03-Aug-24
JK Lakshmi Cement (SELL): Changed dynamics lead to challenges; maintain SELL
Q1 revenue fell 11.5% YoY on the back of low volume growth, down 8%, and weak realisations that fell by 4.6% YoY
View Report
03-Aug-24
Zydus Wellness (HOLD): 1QFY25 result review: Risk from La Nina
Sales (+20%) were 7% higher on heatwave but EBITDA was in line with Bloomberg consensus. We forecast +13% sales growth in FY25
View Report
03-Aug-24
Prince Pipes & Fittings (BUY): In-line Q1; focus on market share gain and better cash flow
PRINCPIP’s Q1 result came broadly in line with our estimate; gained market share even after tightening credit period in Q1
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03-Aug-24
Somany Ceramics (BUY): Near-term pain, medium-term outlook positive
Misses our revenue/EBITDA estimate by 2%/8% mainly due to lower-than-expected tiles volume
View Report
03-Aug-24
Escorts Kubota (SELL): Weakness persists, maintain SELL
Q1 tractors volume dipped 3.2% YoY as weakness persisted in export markets and domestic market lost market share
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03-Aug-24
Maruti Suzuki (HOLD): Healthy show continues; maintain HOLD on elevated valuations
Q1 revenue grew 10% YoY driven by demand in SUVs and realisations which improved 5%/4% YoY/QoQ
View Report
02-Aug-24
Mahindra & Mahindra (BUY): Healthy performance to continue; upgrade to BUY
Automotive segment grew by ~14% YoY and tractor volume an encouraging 5% YoY in a dull quarter
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02-Aug-24
Orient Electric (HOLD): Modest quarter; Hyderabad facility gears up for growth
Modest 7% topline growth with 240bps gross margin boost; EBITDA hit by rising staff costs
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02-Aug-24
Ambuja Cements (HOLD): Weak present but promising future; retain HOLD
Volume-driven revenue growth as realisation weakens by 6.5% YoY owing to weak demand in key markets
View Report
02-Aug-24
ITC (BUY): 1QFY25 earnings review
Hotels and Agri segments drove sales with subdued performances in FMCG and cigarettes
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02-Aug-24
Tata Steel (HOLD): Project delivery and transition to support earnings growth
Q1 results confirmed a rebound in Netherlands for recovery from losses in Europe and stable profitability in India operations
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02-Aug-24
Dabur India (BUY): Rural recovery, potential upside from intense/extended winters
1QFY25 underlying result was broadly in line with consensus with in-line sales but 1% lower EBITDA and EPS
View Report
01-Aug-24
ACC (HOLD): 1Q below expectations, but leaves room for improvement
Q1FY25 revenue stayed flat YoY as 8.5% uptick in volume was offset by realisation drop of 8.3%
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01-Aug-24
Birlasoft (NOT RATED): Among the weakest performers this quarter
Big miss on revenue and margins. Significant shifts in cost items on a QoQ basis help prevent collapse in margins
View Report
01-Aug-24
Indian Oil Corp (SELL): Visibility on growth delivery low, downgrade to SELL
IOCL’s Q1 reflected weaker core refining margin and impact of LPG under-recovery, although it had healthy fuel marketing margins
View Report
01-Aug-24
Crompton Greaves (BUY): Strong quarter; healthy outlook
Strong Q1 topline from higher fan, B2B lighting and pump sales, and GM expansion of 110bps driven by strategic pricing actions
View Report
31-Jul-24
Greenply Industries (HOLD): Strong Q1; upbeat outlook in a challenging environment
Strong Q1 due to better-than-expected plywood volume and sharp improvement in MDF segment margin on better product mix
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31-Jul-24
IDFC First Bank (BUY): Business performance in line with guidance
Management maintained its strong business growth target with major focus on operational leverage to improve return, C/I Ratio <65% by 2027
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31-Jul-24
Hindustan Petroleum Corp (BUY): Growth delivery remains on track, maintain BUY
Q1 results was below consensus. However, underlying margins show benefit of progress at Vizag and healthy fuel margins
View Report
31-Jul-24
Tata Consumer Products (BUY): 1QFY25 results review – Above expectations
TATACONS reported sales and EBITDA beat on improved margins in the unbranded business and M&A
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31-Jul-24
Dixon Technologies (BUY): Beats estimates; mobile dials growth
Q1 revenue jumped 101% YoY, driven by mobile and EMS growth; EBITDA margin slid 20bps on input cost hike
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30-Jul-24
Greenpanel Industries (HOLD): Dismal Q1; MDF margin bottoms out, but recovery to take time
Sharp contraction in GREENP EBITDA (-45% YoY) for seventh straight quarter on supply overhang in MDF industry and rising timber prices
View Report
30-Jul-24
KEI Industries (HOLD): In-line quarter; guidance retained
KEII’s Q1 revenue jumped 16% YoY with 40bps EBITDA margin expansion, and driven by robust infrastructure and real estate demand
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30-Jul-24
Apollo Pipes (HOLD): Weak Q1FY25; return ratio to remain weak over medium term
Weak Q1FY25 as APOLP continued to lose market share even after selling its products at a discount to its peers
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29-Jul-24
Canara Bank (BUY): Despite seasonality performance remained almost stable
Stable business growth coupled with change in credit mix likely aided margin. CBK targets NIM of 2.9-3.0% and opex of 47% over FY25
View Report
29-Jul-24
Finolex Industries (HOLD): Mixed Q1FY25; market share loss on capacity constraints
Topline miss driven by market share loss in pipe segment on capacity constraints; EBITDA beat on improved pipe margin
View Report
29-Jul-24
Bandhan Bank (BUY): Strong business growth across segments aided PAT growth
Strong business growth despite seasonality led healthy NII growth, while lower provision on high base aided PAT growth of 47% YoY
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29-Jul-24
ICICI Bank (HOLD): Modest business; other income increases aid PAT
Moderate business growth led to subdued NII (2%/7% QoQ/YoY), while PAT grew 3%/15% QoQ/YoY aided by higher other income (24% QoQ)
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29-Jul-24
IndusInd Bank (BUY): Stable performance
Business growth moderate on seasonality with credit/deposit growth of 15%16% YoY vs. target 18-23% (guidance intact) leading to flat QoQ NII
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29-Jul-24
Mphasis (NOT RATED): Weak quarter but bullish commentary
Weak quarter despite talk of BFSI bottoming out. Significant TCV uptick QoQ from a very weak base. Much discussion on expanded pipelines
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27-Jul-24
Amber Enterprises (HOLD): Strong quarter; margin expansion sustainable
Q1 sees 41% YoY topline growth and 140bps EBITDA margin expansion from improved product mix
View Report
27-Jul-24
Indraprastha Gas (HOLD): Getting back on track but needs time; downgrade to HOLD
IGL’s Q1 recovery was ahead of our forecasts with a sharper reduction in gas purchase costs partly due to opportune use of cheaper spot gas
View Report
27-Jul-24
Mahanagar Gas (HOLD): Recent run-up raises bar on growth, downgrade to HOLD
MAHGL breaks out of modest growth history, clocking 12% YoY volume growth over past six months
View Report
27-Jul-24
Ashok Leyland (BUY): Good show in a challenging quarter; retain BUY
Q1FY25 revenue grew 5% YoY to Rs 85.9bn, despite a challenging quarter, aided by 6% volume growth
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26-Jul-24
Federal Bank (BUY): Higher other income supports PAT growth
Continued strong (20% YoY) business growth momentum; NII/PAT grew 20%/18% YoY on higher other income and lower opex
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26-Jul-24
Axis Bank (HOLD): Moderate business growth; higher provision dragged PAT
Seasonally weak quarter with moderate business growth coupled with higher stress dragged profitability. PAT declined 15% QoQ, up 4% YoY
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26-Jul-24
Tech Mahindra (NOT RATED): On track with its FY27 objectives
1QFY25 was broadly along expected lines and the first positive but modest step in achieving its FY27 objectives
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26-Jul-24
The Ramco Cements (SELL): Challenges resurface; downgrade to SELL
Q1 revenue showed degrowth of 7% due to weak volume growth amid extreme weather and elections; pricing pressures affected realisations
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25-Jul-24
Nestle India (HOLD): Weak sales growth profile over the next 12 months
Compared to Bloomberg consensus, NEST’s sales were 6% lower and EBITDA 10% lower
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25-Jul-24
V-Guard Industries (HOLD): Summer products drive revenue
Q1 saw a 22% YoY increase in topline, driven by CD and Electronics, fuelled by nationwide demand for cooling products amid a heatwave
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25-Jul-24
Petronet LNG (SELL): Volume growth ahead but watch for downside factors
Q1 underlying EBITDA was up 19% QoQ on 12% volume growth and Rs 0.6bn of trading gain
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25-Jul-24
Jindal Steel & Power (HOLD): Expansion to deliver material growth even after delays
Q1 result was ahead of consensus. Company announced another 6-9 months delay of Angul expansion project
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24-Jul-24
Greenlam Industries (HOLD): Soft quarter; margin pressure to persist in near future
Weak Q1 on sharp margin compression in laminate segment and slow ramp-up of plywood and veneer segments
View Report
24-Jul-24
Coforge (NOT RATED): CEO indicates demand bottoming out. Tepid recovery
CEO believes demand has bottomed out. Industry demand commentary turns positive for the first time in the current cycle
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24-Jul-24
Zensar Technologies (NOT RATED): Starts FY25 well on revenue. But challenges ahead?
1Q growth was better than expected though margins were weak because of one-off client bankruptcy
View Report
24-Jul-24
Hindustan Unilever (BUY): Sales growth in line; expect rebound in 2H
Sales growth of 2% YoY was in line with Bloomberg consensus. Underlying volumes rose 4% on Home Care & Personal Care (Hair Care)
View Report
23-Jul-24
Kajaria Ceramics (HOLD): In-line Q1; downgrade to HOLD on expensive valuations
Q1 operating profit came broadly in line with our estimates, but missed our APAT estimate by 11.5% on lower other income and higher tax rate
View Report
23-Jul-24
RBL Bank (BUY): Healthy loan growth, stable asset quality; maintain BUY
Healthy loan growth led NII to grow 6%20% QoQ/YoY. Lower provision aided PAT growth of 5%/29% QoQ/YoY
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23-Jul-24
Kotak Mahindra Bank (BUY): Healthy business despite higher CoF/provision dragging PAT
Healthy credit growth driven by corporate; deposits remained muted due to slowdown in low-cost deposit mobilisation
View Report
23-Jul-24
JK Cement (HOLD): Valuations run up faster than earnings; downgrade to HOLD
Grey cement volumes at 4.3mt (excluding clinker volumes) grew by ~6% YoY (-7% QoQ) owing to listless demand
View Report
22-Jul-24
Supreme Industries (HOLD): Misses estimates on destocking of pipe channel inventory
Q1 misses our estimates on lower-than-expected pipe performance due to destocking of pipe inventories in the channel in the month of Jun’24
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22-Jul-24
JSW Steel (HOLD): Higher volume growth is priced in
Q1 EBITDA was below consensus and down sequentially on lower volumes and flat margins despite lower coking coal costs
View Report
21-Jul-24
HDFC Bank (BUY): Continued focus on business realignment impedes growth
NII growth remained healthy, while fall in other income was offset by lower opex, provision, and adj PAT. NIM increased 3bps QoQ to 3.7%
View Report
21-Jul-24
Bharat Petroleum Corp (HOLD): Growth hiatus, downgrade to HOLD
Q1 normalisation in line with consensus. Underlying fuel margin surprised on upside. Timing of compensation for LPG loss uncertain
View Report
20-Jul-24
Ultratech Cement (BUY): Firmly on growth path; maintain BUY
Higher single digit volume growth with 80%+ capacity utilisation aids UTCEM’s revenue growth despite realisation dent in a challenging Q1
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20-Jul-24
Reliance Industries (BUY): Structural position to tide over near-term hiccups
RIL missed consensus; while slowdown was anticipated in Retail and O2C, the extent was bit higher
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20-Jul-24
Wipro (NOT RATED): Disappointing outlier
Underwhelming 1Q revenue performance and 2Q guidance. Cautious demand commentary compared to peers
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20-Jul-24
Dalmia Bharat (HOLD): Growth setback in the shorter term; downgrade to HOLD
Volume growth takes a back seat as focus shifts to tackling steep fall in realisation, which leads to flat revenue growth. EBITDA up by 10%
View Report
19-Jul-24
Persistent Systems (NOT RATED): Worry around true underlying margin
Good revenue growth QoQ. Partly helped by passthrough items and delivery shift to onsite
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19-Jul-24
Polycab India (HOLD): Decent quarter across; eyes on project LEAP revisions
Revenue growth reasonable at 21% YoY, but EBITDA margin falls on lower exports and change in business mix
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19-Jul-24
Infosys (NOT RATED): Better-than-expected showing
Revenue comes in 100bps higher than expected as US BFS surprised positively. INFO sees volume growth for the first time in many quarters
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18-Jul-24
Havells India (HOLD): Capacity expansion fuels growth
Robust 20% topline growth with a 160bps EBITDA margin expansion in Q1, despite ongoing raw material price volatility
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18-Jul-24
LTIMindtree (NOT RATED): Current momentum could put FY25 growth a bit ahead of FY24
Better-than-expected revenue growth in 1QFY25. Indicates growth momentum to sustain in 2QFY25. Did not offer its view on 2HFY25
View Report
17-Jul-24
Bajaj Auto (HOLD): Driving a strong path with favourable portfolio mix
BJAUT’s Q1FY25 revenue jumped 16% YoY (4% QoQ) to Rs 119bn aided by volume growth of 7% and favourable mix aiding faster growth
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13-Jul-24
HCL Technologies (NOT RATED): 1QFY25 broadly in line. No material change in demand
1QFY25 revenue and margins were broadly along expected lines. Full-year revenue and growth guidance maintained
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12-Jul-24
Tata Consultancy Services (NOT RATED): Modest growth improvement in FY25 over FY24 likely
Results were better than expected, more so on margins. Broad-based growth seen. However, international growth was much weaker
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08-Jul-24
Marico (HOLD): Business update – Distributor response to Project SETU
Marico noted continued improving demand trend with likely further acceleration through FY25. Volume trend improved despite destocking
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08-Jul-24
Dabur India (BUY): 1QFY25 business update – Slightly improving domestic demand
Dabur’s 1QFY25 business update showed improving trends in sales (+MSD to HSD) and earnings growth slightly ahead of sales
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04-Jul-24
Patanjali Foods (NOT RATED): Home and Personal Care – Rising competition on the horizon
Patanjali Foods acquired Patanjali Ayurved’s HPC business for Rs 11bn. It expects to close the transaction by 15 Aug 2024
View Report
01-Jul-24
Polycab India (HOLD): Annual report analysis – Maintained market leadership
Remains market leader in core wires & cables business; market share expanded 2-3% to reach 25-26% of India’s organised market in FY24
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28-Jun-24
Reliance Industries (BUY): Jio delivers on tariff hike; reiterate BUY
Jio delivers on our expectation of a tariff increase a quarter earlier. We now factor in 9%/11% tariff hikes over FY25/FY26
View Report
24-Jun-24
Canara Bank (BUY): Consistent recovery in business performance
Stable business growth coupled with change in credit mix likely to aid margin. CBK targets NIM of 2.9-3.0% and opex of 47% over FY25
View Report
21-Jun-24
Mahindra & Mahindra (HOLD): Investor day takeaways – Poised to tap growth opportunities
Shifts gears to tap auto segment growth with planned capex to increase capacity by 3.5x in FY26 (vs FY20) with focus on SUVs (ICE + EV)
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21-Jun-24
Voltas (HOLD): Annual report analysis – Beko to fuel growth
Despite denting market share, VOLT notched sales of more than 2mn AC units
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14-Jun-24
Cipla (HOLD): Valuations fully priced in; downgrade to HOLD
Strong traction in North America business and consistent performance in One-India; South Africa and Global Access business stabilising
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13-Jun-24
360 One (HOLD): ET Money acquisition – beneficial in long term
360 One acquired ET Money for a total payment of Rs 3.7bn, partially paid in cash and partly through shares
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05-Jun-24
Havells India (HOLD): Annual report analysis – Product innovation driving growth
Healthy FY24 performance; EBITDA margin expansion of 40bps YoY; Lloyd turns profitable in Q4
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01-Jun-24
Tata Steel (HOLD): Stock price largely captures transition; downgrade to HOLD
Q4 results ahead of consensus on beat in India operations and lower losses in Europe partly due to carbon credits in the UK
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29-May-24
Alkem Labs (SELL): Misses estimates; steep sequential margin decline
ALKEM reported a weak fourth quarter with EBITDA/PAT missing Bloomberg consensus by 9%/16% to Rs 4.0bn/2.9bn
View Report
29-May-24
Hindware Home Innovation (BUY): In-line quarter; upbeat outlook across segments
Beat our EBITDA estimate by 4.5% mainly due to better-than-expected plastic pipe sales volume
View Report
29-May-24
Greenlam Industries (HOLD): Soft quarter; particleboard project cost revised up again
Missed our EBITDA estimates by 4% for Q4FY24 on weak laminates demand from export market
View Report
29-May-24
JK Lakshmi Cement (SELL): Margins gain, volume flat; no major respite, retain SELL
Q4 volumes fell 5% YoY as capacity constraints restricted volume even to cater to steady demand; realisations flat YoY despite weak volumes
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28-May-24
LIC (BUY): Decent quarter; upgrade to BUY
APE and net premium grew 11% and 16% YoY respectively in Q4; EV grew 25% YoY in FY24
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27-May-24
Century Plyboards (HOLD): In-line quarter; weak near-term outlook
CPBI’s Q4 broadly in line; EBITDA fell by 9.4% YoY in Q4 due to weak performance across segments
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27-May-24
Aurobindo Pharma (HOLD): Strong quarter; OAI at Eugia-III an overhang
ARBP reported strong Q4 with EBITDA/Adj. PAT beat of 10%/23%. Exceptional expense of Rs 1.2bn reduced reported PAT beat to 8%
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25-May-24
Star Cement (HOLD): Steady show in a trying quarter; growth intact
Steady 11% growth in a challenging quarter assisted by 12% YoY volume increase; realisations softens
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25-May-24
Divi's Labs (SELL): Strong quarter; rich valuations
DIVI delivered a strong quarter with all round beat. EBITDA/PAT beat Bloomberg consensus estimate by 20% each
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25-May-24
Petronet LNG (SELL): Volume growth visibility still low, downgrade to SELL
Q4 EBITDA missed consensus on provisions for delayed TOP recovery and inventory loss; provisions to muddle EBITDA reporting till FY26
View Report
25-May-24
Ashok Leyland (BUY): Healthy show, all set to continue momentum; retain BUY
Healthy base keeps revenue growth listless in Q4, strong growth of 22% QoQ; volume grew a sturdy ~20% YoY/QoQ
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23-May-24
The Ramco Cements (HOLD): Steady quarter, aggressive capex plans; upgrade to HOLD
Q4 revenue growth muted at 4% YoY as weak demand in key operating regions continues; pricing pressure dampens realisations
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23-May-24
Sun Pharma (HOLD): Gearing for higher R&D spend
SUNP missed consensus EBITDA estimate by 4% as higher R&D spend offset gross margin gains; higher other income & low tax aided PAT
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22-May-24
Shree Cement (HOLD): Cost savings key driver of performance; valuations pricey
Q4 revenue growth of 7% YoY backed entirely by steady 7% volume as realisations stay listless
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22-May-24
Greenply Industries (BUY): Misses estimate on weak plywood margin; upbeat outlook
MTLM missed our EBITDA estimate by 16% in Q4 on sharper-than-expected contraction in plywood margin on high timber prices
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22-May-24
Eris Lifesciences (BUY): Strong revenue growth; integration ongoing
ERIS posted strong revenue performance in Q4 with a beat of 8%, but EBITDA came below BBG consensus due to higher opex and one-offs
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22-May-24
Bandhan Bank (BUY): In line with recovery plan
Healthy business growth, improved asset quality and higher other income supported topline; increased provision dragged PAT
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22-May-24
JK Cement (BUY): Focused on growth; earnings intact; upgrade to BUY
Q4 revenue grew 10% YoY to Rs 29.4bn as grey cement volumes gained 13% YoY/QoQ; realisation resilient YoY with 1% drop
View Report
21-May-24
Astral (HOLD): Weak quarter, strong outlook
EBITDA miss by 6% compared to our estimate on continued weak performance of paints and adhesives segment
View Report
21-May-24
Apollo Pipes (HOLD): Another disappointing quarter on all fronts
Weak Q4 performance on loss of market share due to rise in competitive intensity in the sector
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18-May-24
Mahindra & Mahindra (HOLD): Growth trajectory captured in the valuations
Q4 revenue grew 11% YoY, led by 7% blended realisation gains and 4% volume growth (flat QoQ)
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18-May-24
Amber Enterprises (SELL): Ongoing challenges; maintain SELL
Subdued Q4 topline with EBITDA margin expansion of 110bps on better product mix
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18-May-24
V-Guard Industries (HOLD): Early summer sparks a robust quarter
Q4 topline up 18% YoY, fuelled by Consumer Durables segment, as the early onset of summer boosts overall performance
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17-May-24
Prince Pipes & Fittings (HOLD): Mixed Q4FY24; positive demand outlook
Beats our revenue estimate by 3% on strong volume, but misses our EBITDA estimate by 6% on pricing pressure in the sector
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17-May-24
Eicher Motors (HOLD): Powering growth momentum with new launches
Q4 revenue grew ~9% YoY driven by realisations higher by 5% due to better product mix, and 4% volume growth
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16-May-24
Crompton Greaves (BUY): Healthy quarter, growth ahead
Q4 standalone topline growth ex-BGAL at 12% YoY in Q4, gross margin expanded 130bps and EBITDA margin 30bps ex-BGAL
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16-May-24
Dixon Technologies (BUY): Backward integration to fuel growth; maintain BUY
Q4 revenue jumped 52% YoY, driven by mobile and EMS growth; EBITDA margin down 120bps on input cost hike
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15-May-24
VST Tillers Tractors (HOLD): Tepid performance; no major stress in the medium term
Q4 revenue down 15% YoY driven by 19% volume decline due to slower-than-estimated rural demand recovery
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15-May-24
Somany Ceramics (BUY): Strong show in a challenging environment
Beats our revenue/EBITDA estimate by 5%/14% due to better-than-expected tiles volume and improved margin
View Report
15-May-24
Siemens India (BUY): Robust quarter, fresh capex announced
Topline growth strong at 18.4% in Q2, with gross margin expanding 100bps and EBITDAM 250bps YoY
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14-May-24
Escorts (SELL): Weakness persists and likely to continue – maintain SELL
Q4 tractor volumes dipped 14% YoY, with domestic share recovered but overall market share recovery weak as exports volume declined
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14-May-24
Indraprastha Gas (BUY): Growth focus improving, reiterate BUY
While Q4 EBITDA missed consensus on higher expense booking in a quarter, IGL gained traction in industrials, commercials and households
View Report
14-May-24
Cera Sanitaryware (HOLD): Another lacklustre quarter on soft demand
Sharp contraction in gross margin in Q4FY24 on higher discounts offered to dealers to push volumes in a weak demand environment
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14-May-24
AIA Engineering (HOLD): Uneventful quarter; capacities lined up
Q4 revenue down 9.7% YoY with gross margin expanding 160bps and EBITDA margin 220bps
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13-May-24
ERRATA: State Bank Of India (BUY): Continued strong performance across segment
Strong PAT growth was led by one-off gain in other income and lower operational cost
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13-May-24
Finolex Industries (HOLD): Broadly in-line Q4FY24; positive outlook
Strong pipe performance in Q4FY24, driven by healthy volume growth of 23% YoY as well as sharp margin improvement
View Report
13-May-24
Syrma SGS (HOLD): Strong topline, but margins remain subpar
Robust topline growth in Q4, but EBITDA margin dipped due to product mix
View Report
13-May-24
TVS Motor (BUY): Cruising on the right track; maintain BUY
ICE 2-wheeler volume grew 18% YoY, supporting 24% revenue growth in Q4. FY24 growth was 19% YoY vs. industry’s 13%
View Report
13-May-24
ABB India (HOLD): Margins swell; outlook strong
Strong topline growth of 27.8% with gross margin above 40% after 6 years; EBITDA margin expands 650bps YoY to 18.3% in Q1
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10-May-24
Polycab India (BUY): Strong quarter, strong outlook
Strong topline growth of 27.9% in FY24, with gross and EBIT margin expansion of 90bps and 70bps respectively
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10-May-24
Godrej Consumer Products (HOLD): Strong volume-led growth across markets
India business remains on strong footing; international markets too registered strong volume growth with improvement in margins
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10-May-24
Orient Electric (HOLD): Strong revenue; profitability falters
Healthy 20% topline growth with gross margin expansion of 250bps in Q4; EBITDA lower on EPR provisioning
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09-May-24
Hero Motocorp (HOLD): Healthy performance; await further clarity; maintain HOLD
Q4 revenue grew 15% YoY supported by double-digit volume gains YoY and realisation adding ~5%
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09-May-24
Alembic Pharma (HOLD): Strong margins; positives priced in
ALPM reported strong margin gains in Q4 on account of better utilisation of new facilities and traction in the US business
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09-May-24
Marico (BUY): Volume growth to pick up on improving demand scenario
Stable performance in domestic markets with consistent improvement in gross margins
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09-May-24
Kajaria Ceramics (BUY): Weak quarter on margin pressure, upbeat outlook
Q4 revenue/PAT short of our estimates by 3%/13% on intense competition from Morbi players in a weak demand environment
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09-May-24
HCL Technologies (HOLD): Weak guidance leads to subdued outlook
Revenue growth guidance of 3-5% for FY25, likely to be similar to FY24
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09-May-24
Dr Reddy's Labs (HOLD): Driven by North America; India continues to underperform
DRRD reported largely in-line revenue/EBITDA, but higher tax aided in PAT beat
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08-May-24
Voltas (HOLD): Margins falter; domestic business promising
Healthy topline growth of 42.1% in Q4 as summer sets in, but EBITDA margin contracted 280bps in Q4 and 220bps in FY24
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08-May-24
Ambuja Cements (HOLD): Cost savings key driver; upside priced in, retain HOLD
Standalone Q4 revenue grew 12% YoY backed by strong volume gains of 17%, partially offsetting weak realisations
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08-May-24
Lupin (HOLD): Stable margins; higher tax weighs on PAT
LPC delivered a healthy operational performance in Q4 with largely in-line revenue/PAT; higher tax impacted net profit
View Report
08-May-24
KEC International (BUY): Good quarter, T&D to pull topline and margins; upgrade to BUY
Strong quarter with highest quarterly revenues of Rs 61.6bn, +11.6% YoY; management guides for 15% revenue growth in FY25
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08-May-24
Britannia Industries (BUY): Expect strong volume growth ahead
Subdued growth in Q4 and FY24; however, volume recovery seen in second half of FY25
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08-May-24
Mphasis (HOLD): Modest growth; BFSI yet to pick up
Regional banks and mortgages business will continue to draw down the overall BFSI segment
View Report
07-May-24
Kotak Mahindra Bank (BUY): Healthy business growth; other income supports rise in PAT
Healthy business growth in Q4, deposits outpaced credit growth driven by TDs, NIIs remained modest while boost in other income aided PPOP
View Report
07-May-24
Persistent Systems (HOLD): A discretionary push to drive the growth trajectory
Cost take-out projects and vendor consolidation to be the prime growth driver for PSYS in FY25
View Report
04-May-24
ACC (HOLD): Healthy performance largely priced in; maintain HOLD
Q4 revenue growth of 13% YoY boosted by 22% uptick in volumes (unadjusted to MSA) while realisations moderated ~7%
View Report
03-May-24
Dabur India (BUY): Steady performance during the quarter
Rural markets continue to grow ahead of urban owing to increased penetration and improved product portfolio
View Report
03-May-24
KEI Industries (HOLD): Addressing capacity limitations; maintain HOLD
Q4 revenue jumps 19% YoY with 10bps EBITDA margin boost. FY24 revenue up 17%, driven by robust infrastructure and real estate demand
View Report
03-May-24
Blue Star (BUY): UCP growth strong, margin outlook healthy
Topline growth of 21.4% achieved in FY24, with gross margin expanding 120bps and EBITDA margin 70bps
View Report
03-May-24
Ajanta Pharma (BUY): Strong margins; growth momentum to continue
Strong quarter with EBITDA/PAT beat of 8% each, led by reduction in API prices, logistics costs and reduced intensity of US price erosion
View Report
03-May-24
Orient Cement (SELL): Listless show; no major performance triggers
Q4 revenue growth subdued at 1% YoY as volumes stay flat YoY, guarding realisations a challenge
View Report
02-May-24
Greenpanel Industries (HOLD): Dismal quarter; not out of the woods yet
Sharp contraction in operating profit (-33% YoY) for sixth consecutive quarter on supply overhang in MDF industry and higher timber prices
View Report
02-May-24
ICICI Bank (HOLD): Higher operational efficiency/lower provision aid PAT
NII grew 2%/8% QoQ/YoY due to moderation in credit growth, while PAT grew 4%/17% QoQ /YoY supported by lower opex and provision
View Report
30-Apr-24
Ultratech Cement (BUY): Strong growth; cost savings drive margins; maintain BUY
Strong volume gains of ~11% YoY push revenue growth of 9% even though realisation falls by 3.5%
View Report
30-Apr-24
Havells India (HOLD): Healthy quarter; high valuations – downgrade to HOLD
Healthy 12% topline growth with EBITDA margin expansion of 90bps in Q4; though raw material prices have started inching up
View Report
30-Apr-24
Gujarat State Petronet (HOLD): Downgrade to Hold, decoding HP Gas grid tariff order
Sharp tariff cut due to recognition of higher volumes, adjustment of past excess revenue and extension of pipeline’s economic life
View Report
29-Apr-24
Indusind Bank (BUY): Stable performance
Healthy business growth supported by CFD aided 16% YoY rise in Q4 income, while higher opex led to flat PPOP (1% QoQ)
View Report
29-Apr-24
Aditya Birla Sun Life AMC (HOLD): Better quarter
QAAUM grew 21% YoY to Rs 3.3tn in Q4 with equity assets rising even faster at 31%; however, market share declined
View Report
29-Apr-24
SBI Card (HOLD): Trend of lower NIM, higher credit cost persists
Credit cost soared 50% YoY to Rs 9.4bn (7.9% of loans) in Q4; stress expected to continue in FY25 as well
View Report
29-Apr-24
Axis Bank (HOLD): Moderate business growth; PAT supported by other income
NII growth remained subdued at 11% YoY on higher cost of funds in line with moderate business growth; credit/deposit grew 14%/13% YoY
View Report
27-Apr-24
SBI Life (BUY): Expect market dominance to continue
FY24 APE growth strong at 17% YoY with ULIPs forming 60% of total; continues to lead the market with 23.3% share in individual APE
View Report
27-Apr-24
UTI AMC (HOLD): Core profit in line; maintain HOLD
Q4 QAAUM grew 22% YoY to Rs 2.9tn, but equity and hybrid schemes combined saw sustained outflows
View Report
27-Apr-24
Maruti Suzuki (HOLD): Steady performance, but steep valuations; downgrade to HOLD
Q4 volumes grew 13% YoY driven by healthy demand for SUVs; rural demand for lower-end segment shows no signs of revival
View Report
27-Apr-24
Supreme Industries (HOLD): In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25
Q4 broadly in line with our estimates as strong pipe volume offset the impact of weak pipe margin
View Report
26-Apr-24
Hindustan Unilever (BUY): Subdued performance; expect gradual recovery
Volume growth remained at 2%; revenue growth flat owing to pricing action in key portfolios
View Report
26-Apr-24
Bajaj Finance (BUY): Obstacles for a powerful player on a protracted journey
Rising cost of funds dent NIM; we factor in a further 43bps/13bps YoY decline in FY25/FY26
View Report
26-Apr-24
Glenmark Life Sciences (HOLD): Weak quarter; maintain HOLD
Lower-than-expected 4Q due to Red Sea disruptions. EBITDA/PAT were 17% below consensus estimates
View Report
26-Apr-24
Dalmia Bharat (BUY): Disappointments all over; but paving the way for growth
Q4 revenue grew at a steady 10% YoY supported by ~19% volume growth while realisations weakened 7% YoY/QoQ
View Report
25-Apr-24
Nestle India (HOLD): Robust growth across portfolio
Strong growth witnessed across geographies driven by sustained growth in domestic markets and healthy double-digit growth in exports
View Report
25-Apr-24
Reliance Industries (BUY): Aligned with India growth story through energy/consumer biz
Company delivered 26% EBITDA CAGR over FY21-FY24 clocking 29% CAGR in cyclical business and 22% in consumer businesses
View Report
25-Apr-24
Infosys (HOLD): Muted performance; weak discretionary delays recovery
Cost optimisation/vendor consolidation to be the prime growth driver for Infosys in FY25
View Report
25-Apr-24
Nippon Life India AMC (BUY): Onward and upward; upgrade to BUY
QAAUM growth robust at 47% YoY to Rs 4.3tn at end Q4 led by a strong equity segment (+63% YoY) constituting 49% of the total
View Report
25-Apr-24
360 One (HOLD): Strong quarter, but price runup limits the upside
ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term
View Report
24-Apr-24
Tata Consumer Products (BUY): Strong performance in international markets
Growth businesses continue to maintain high growth trajectory; new acquisitions to fuel growth going ahead
View Report
24-Apr-24
ICICI Prudential Life (HOLD): Strong growth but VNB margin dwindles
APE grew 10% YoY in Q4 (+5% YoY in FY24) beating our estimate; market share gain in individual APE is a key positive
View Report
22-Apr-24
HDFC Bank (BUY): Realigning business dynamics in 4Q to improve profitability
Recovery in deposit mobilisation led to lower C/D ratio while better yield on asset helped NIM (R) stabilise; asset quality remains stable
View Report
20-Apr-24
HDFC AMC (HOLD): Another robust quarter but rich valuation caps upside
Higher equity share drove strong overall QAAUM growth of 36% YoY in FY24; expansion in equity QAAUM market share a key positive
View Report
19-Apr-24
Bajaj Auto (SELL): Spotless performance priced in by rich valuations
Q4 revenue grew 29% YoY backed by healthy domestic 2W volume growth and decent realisation gains. Export volume was steady
View Report
18-Apr-24
HDFC Life (BUY): Subdued quarter
HDFC Life’s APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26
View Report
16-Apr-24
Tata Consultancy Services (HOLD): Strong deal flow but near-term softness to continue
TCS gained market share through vendor consolidation/cost optimisation programmes
View Report
28-Mar-24
Pricol (NOT RATED): Management meet note – Balancing margins and growth
PRICOL is a global-level manufacturer of instrument clusters and fuel-level sensors for 2/3W with ~70% of its revenue from cluster segment
View Report
28-Mar-24
Dalmia Bharat (BUY): All set for healthy growth; upgrade to BUY
DBL gears up for healthy business growth backed by 20% clinker capacity addition by FY26 across its operations
View Report
27-Mar-24
Jai Balaji Industries (NOT RATED): Management meet takeaways – Jai Balaji’s new avatar
JBIL turned around operations improving plant utilisation and efficiency, and restored its balance sheet by restructuring debt
View Report
27-Mar-24
Crompton Greaves (BUY): Crompton 2.0 on track
ECD segment expected to do well on the back of a strong summer and fans premiumisation; solar pumps a big opportunity
View Report
26-Mar-24
Prince Pipes & Fittings (HOLD): Faucetware acquisition to accelerate bathware growth engine
PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn
View Report
21-Mar-24
Rushil Decor (NOT RATED): Management meet takeaways – Aggressive growth plan
RDL maintained its guidance of trebling revenue over the next five years by increasing its presence across wood panel segments
View Report
20-Mar-24
ICICI Prudential Life (HOLD): Green shoots of growth
Individual APE market share grew to 10%/12.4% in Jan/Feb’24 from 8.7% in 9MFY24 – a positive surprise
View Report
11-Mar-24
IDFC First Bank (BUY): Ambitious growth outlook
Management targets credit/deposit CAGR of 20%/25% over FY24-FY29; NIM to stabilise at current mark with upward bias (6.4% in Q3FY24)
View Report
26-Feb-24
Greenlam Industries (HOLD): Management meet – Topline to strengthen post capex drive
Greenfield laminate plant in Andhra Pradesh to aid market share gains for GRLM in both export and domestic markets
View Report
21-Feb-24
ABB India (HOLD): Ends the year on a high note
Healthy Q4 led by growth across segments; order inflows swelled 35% YoY and backlog held strong at Rs 84bn
View Report
19-Feb-24
JK Lakshmi Cement (SELL): Volumes slow, headwinds continue – retain SELL
Q3 volumes grew only 2% YoY due to cold weather and construction halt in northern markets; realisations only steady despite weak volume
View Report
16-Feb-24
IRM Energy (NOT RATED): Management meet takeaways – Volume growth potential
Potential to double volumes to close to 1mmscmd in FY25 and grow to 1.5mmscmd in FY27, as per management
View Report
15-Feb-24
Mahindra & Mahindra (BUY): Healthy volume-led growth
Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations
View Report
15-Feb-24
Crompton Greaves (BUY): Slowdown at BGAL weighs on quarter
Strong Q3 topline from higher fan, lighting and pump sales, but EBITDA margin fell 120bps YoY on ad expenses and weakness in BGAL
View Report
13-Feb-24
Eicher Motors (HOLD): Launch momentum continues
Q3 revenue grew 13% YoY driven by 10% higher realisations from a better product mix; volume growth muted
View Report
13-Feb-24
Hindware Home Innovation (BUY): Tough quarter but outlook healthy
EBITDA fell 35% short of our estimate due to tepid demand climate and steep margin compression across segments
View Report
13-Feb-24
Cera Sanitaryware (HOLD): Weak quarter on soft demand, marketing expense
Q3 EBITDA fell 18% YoY and missed our estimate by 28% on subdued demand and higher brand & sales promotion expense
View Report
13-Feb-24
Aurobindo Pharma (HOLD): Strong margin uptick
Q3 EBITDA/PAT surged 68%/90% YoY led by growth in US/EM revenue and ~700bps jump in operating margin
View Report
13-Feb-24
Siemens India (BUY): Strong topline, margins waver
Robust December quarter order flows and revenue, though margins contracted due to weakness in digital industries segment
View Report
12-Feb-24
Bandhan Bank (BUY): Recovery on track
Healthy business growth drives 21% YoY rise in Q3 NII, though muted other income induces 14% fall in PPOP
View Report
12-Feb-24
Indraprastha Gas (BUY): Legacy UP, new GAs can offset slowdown, reiterate BUY
Factoring in faster e-transition for DTC buses and passenger vehicles in Delhi, we lower FY23-FY26 volume growth to 5.9% from 8.4%
View Report
12-Feb-24
Zydus Wellness (HOLD): Seasonally weak quarter
Q3 revenue dipped 3% YoY owing to dismal performance in food & nutrition segment
View Report
12-Feb-24
Amber Enterprises (SELL): Persistent near-term challenges; cut to SELL
Q3 a muted quarter with net loss of Rs 5mn due to lower revenue and higher interest and depreciation costs
View Report
12-Feb-24
Thermax (HOLD): Improving order outlook; maintain HOLD
Q3 operating performance stable with EBITDA margin inching up 20bps YoY despite a Rs 100mn hit from cost overruns
View Report
12-Feb-24
Hero Motocorp (HOLD): Healthy quarter but positives priced in
Q3 revenue grew 21% YoY steered by 17% growth in motorcycle volumes and 22% in scooters; realisations up 3%
View Report
10-Feb-24
Divi's Labs (SELL): Healthy margin recovery, heady valuations
Q3 revenue grew 9% YoY on 25% rise in custom synthesis business; API and nutraceuticals stayed soft
View Report
10-Feb-24
Alkem Labs (SELL): Good quarter; cut to SELL on stretched valuations
Revenue grew 9% YoY in Q3 backed by strong India and ROW growth that offset lower US business
View Report
10-Feb-24
The Ramco Cements (SELL): Tepid quarter, high capex overhang – retain SELL
Q3 revenue growth muted at 6% YoY due to poor demand; pricing pressure dampens realisations
View Report
09-Feb-24
Power Grid Corp (BUY): In-line quarter, FY25 capex hiked; maintain BUY
Q3 PAT met estimates at Rs 40bn; 20% bump-up in FY25 capex target to Rs 150bn a key positive
View Report
09-Feb-24
Tata Consumer Products (BUY): Strong run continues
Sustained revenue growth (+ 9% YoY) and margin expansion in Q3, propelled by robust India business
View Report
09-Feb-24
LIC (HOLD): Solid quarter; valuations overdone – cut to HOLD
VNB margin improved 200bps YoY to 16.6% at end-9M, leading us to increase our FY24-FY26 estimates by 100-150bps
View Report
09-Feb-24
Torrent Power (HOLD): Dull quarter; high valuations – maintain HOLD
Q3 topline flattish with PAT contraction on lower RLNG trading gains; bright spots from higher PLFs and lower T&D losses
View Report
09-Feb-24
Escorts (SELL): Weakness persists – maintain SELL
Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline
View Report
09-Feb-24
Lupin (HOLD): All-round beat; margins sustain – raise to HOLD
Strong Q3 with EBITDA/PAT of Rs 10.2bn/Rs 6.1bn, beating consensus by 17%/42%
View Report
08-Feb-24
Star Cement (HOLD): Cost savings commendable, growth intact
Steady growth in a challenging quarter aided by 7% YoY volume pickup; realisations softened
View Report
08-Feb-24
Nestle India (BUY): Broad-based growth across product categories
Domestic sales continue to underpin growth, rising 8.9% YoY in the December quarter on better pricing, volumes and product mix
View Report
08-Feb-24
Cummins India (BUY): Powering ahead; maintain BUY
Strong Q3 topline growth of 16% YoY despite lower exports, along with 330bps gross margin expansion as input costs eased
View Report
07-Feb-24
Britannia Industries (BUY): Faster volume growth to boost profitability
Urban markets grew ahead of rural centres largely driven by premium portfolio; volume growth revived to ~5.5% YoY in Q3
View Report
07-Feb-24
AIA Engineering (HOLD): Soft quarter, volume growth uncertain; cut to HOLD
Q3 topline and margins contracted due to change in product mix; FY24 volume guidance cut from 310,000t to 300,000t
View Report
07-Feb-24
Syrma SGS (HOLD): Margin slide continues; retain HOLD
Q3 topline growth strong at 38% YoY but EBITDA margin shrank 380bps to 5.5% on weak product mix
View Report
06-Feb-24
Orient Cement (SELL): Topline muted as volumes decline
Q3 revenue growth subdued at 3% YoY as volumes fell 3% amid state elections and festive season
View Report
06-Feb-24
ERRATA: State Bank Of India (BUY): Pension one-off hurts profitability
Strong business growth in Q3 but one-off pension and ex-gratia provision of Rs 71bn saw net profit drop 36% YoY
View Report
06-Feb-24
Ashok Leyland (BUY): Margins continue to improve, maintain BUY
Q3 revenue grew 3% YoY to Rs 92.7bn in a challenging quarter, aided by 3% higher realisation
View Report
06-Feb-24
Prince Pipes & Fittings (HOLD): Lacklustre quarter on sustained market share loss
Q3 PAT came in 36% below our estimate on continued market share bleed and margin pressure
View Report
06-Feb-24
Greenlam Industries (HOLD): Soft quarter on tepid demand environment
Q3 PAT missed our estimate by 31% on weak laminate volumes and sharp increase in capital charge
View Report
05-Feb-24
VST Tillers Tractors (HOLD): Poor demand dampens performance
Q3 revenue down 20% YoY on steep 33% volume decline due to anaemic rural demand
View Report
05-Feb-24
Alembic Pharma (HOLD): Healthy quarter; PAT beat on low tax rate
Q3 EBITDA ahead of consensus by 4% on healthy margins but strong PAT beat of 22% came from lower tax rate
View Report
05-Feb-24
Century Plyboards (HOLD): Margin stress across segments
Weak Q3 came as a big negative surprise considering management’s upbeat outlook in last earnings call
View Report
05-Feb-24
Ambuja Cements (HOLD): Healthy quarter, sustainability key; retain HOLD
Standalone Q3 revenue grew 7% YoY as volumes increased 7%, ushioning flattish realisations
View Report
05-Feb-24
JSW Steel (HOLD): Progressing on expansion but valuations fair
Q3 below consensus and also weaker than peers amid higher competitive pressure from imports and lower exports
View Report
03-Feb-24
Shree Cement (HOLD): Healthy quarter, expensive valuations
Q3 revenue growth of 20% YoY backed by sharp 11% volume uptick to 8.9mt
View Report
03-Feb-24
Somany Ceramics (BUY): Lacklustre demand dulls performance
Q3 EBITDA miss of 7% on tepid demand environment and rise in competitive intensity from Morbi players
View Report
03-Feb-24
Jindal Steel & Power (HOLD): Valuations overdone; downgrade to HOLD
Q3 results ahead on higher per unit EBITDA margin; first coil from HSM represents next milestone on Angul growth project
View Report
02-Feb-24
Godrej Consumer Products (HOLD): Consistent volume growth; cut to HOLD post rally
Sustained quarterly performance amid macro headwinds in domestic markets and currency devaluation in select global markets
View Report
02-Feb-24
Greenply Industries (BUY): Strong performance on fast ramp-up of MDF plant
EBITDA beat estimates (+6%) in Q3 on quick ramp-up of MDF plant in a challenging environment
View Report
02-Feb-24
V-Guard Industries (HOLD): In-line quarter
Q3 topline up 19% YoY on low base but consumer demand still soft; margins expand on lower input prices
View Report
02-Feb-24
Orient Electric (HOLD): Slow quarter; Hyderabad plant to spur growth
Topline flattish YoY due to high base and soft demand for fans; EBITDA margin lower on advertising expenses
View Report
02-Feb-24
ACC (HOLD): Strong margins; cut to HOLD on full valuations
Q3 revenue growth of 8% YoY bolstered by 16% uptick in volumes while realisations moderated 5%
View Report
01-Feb-24
Greenpanel Industries (HOLD): Dismal Q3FY24; No sigh of relief for MDF in near-future
Sharp contraction in operating profit (-34% YoY) for fifth consecutive quarter owing to supply-side pressure in MDF industry
View Report
01-Feb-24
Dabur India (BUY): Steady growth across portfolios
Consistent performance across segments and markets with 7% YoY revenue growth despite delayed winter and macro headwinds
View Report
01-Feb-24
Sun Pharma (HOLD): Strong quarter driven by specialty business
Strong quarter with revenue/EBITDA in line and reported PAT 4% ahead of Bloomberg consensus
View Report
01-Feb-24
Dixon Technologies (BUY): Mobile business dials up growth; maintain BUY
Q3 revenue up 2x YoY led by robust growth in mobile & EMS segment; EBITDA margin dips 80bps on higher input costs
View Report
31-Jan-24
Maruti Suzuki (BUY): Healthy all-round performance – raise to BUY
Q3 volumes grew 8% YoY driven by continued demand surge for SUVs; we expect sustained outperformance
View Report
31-Jan-24
Kajaria Ceramics (HOLD): Soft demand, intense competition mar quarter
Q3 revenue/PAT short of our estimates by 4%/13% on tepid demand climate and intense competition from Morbi players
View Report
31-Jan-24
Voltas (HOLD): UCP improving, Qatar business a dampener
Q3 revenue growth strong at 31% YoY but challenges in international EMP business cause net loss of Rs 304mn
View Report
31-Jan-24
KEC International (HOLD): Pipeline robust, margin improvement delayed
Strong Q3 led by T&D and civil businesses, though rail revenue was subdued due to increasing competition
View Report
31-Jan-24
Dr Reddy's Labs (HOLD): Buoyant US sales drive performance
Healthy quarter with revenue/PAT coming in 3%/4% ahead of consensus; US sales a positive surprise, rising 6% QoQ
View Report
31-Jan-24
Blue Star (BUY): Purple patch continues; maintain BUY
Strong topline growth of 25% YoY in Q3 aided by festive season sales; margin expansion continues
View Report
31-Jan-24
Aditya Birla Sun Life AMC (HOLD): Double-digit growth but market share bleed continues
QAAUM grew 11% YoY to Rs 3.1tn in Q3 with equity assets rising even faster at 13%; however, market share inched down
View Report
30-Jan-24
Larsen & Toubro (BUY): Order inflow guidance raised; maintain BUY
Q3 order inflows and topline strong but margins declined due to legacy orders in the mix
View Report
30-Jan-24
Astral (HOLD): Mixed quarter, guidance broadly intact
Topline in line at Rs 13.7bn; miss at EBITDA level on one-off expense and MTM inventory loss
View Report
30-Jan-24
Marico (BUY): Domestic business still lacklustre
Dull Q3 performance in domestic as well as international markets amid a challenging operating environment
View Report
30-Jan-24
Nippon Life India AMC (HOLD): Strong growth but upside capped – cut to HOLD
QAAUM growth robust at 29% YoY in Q3 fuelled by 10%+ share of industry-wide net equity flows (ex-arbitrage and index)
View Report
30-Jan-24
NTPC (BUY): Normal quarter, aggressive expansion; maintain BUY
Q3 power generation grew 14% YoY with bump-up in PAT to Rs 45.7bn due to movement in regulatory deferral balance
View Report
30-Jan-24
ITC (BUY): Cigarette and paperboard businesses disappoint
Cigarette business had a soft quarter while FMCG-others remained resilient, and hotels posted its best quarter on a high base
View Report
30-Jan-24
Apollo Pipes (SELL): Disappointing result on all fronts
Weak Q3 performance on rise in competitive intensity in a tepid demand environment
View Report
30-Jan-24
UTI AMC (HOLD): Core earnings miss estimates
Q3 AUM growth in line at 13% YoY to Rs 2.7tn, but equity and hybrid schemes combined saw sustained outflows
View Report
29-Jan-24
Bajaj Finance (BUY): Mixed quarter; maintain BUY
Rural B2C business remains a sore point with overall credit costs climbing 15bps YoY in Q3 to 1.7%
View Report
29-Jan-24
Tata Steel (BUY): UK transition and TSK2 to bolster growth; maintain BUY
Q4 results broadly in line; India beat our estimates with higher margins on leaner coking coal blend and benefit of inventory swing
View Report
29-Jan-24
Dalmia Bharat (HOLD): Soft prices constrain growth
Q3 revenue grew at a slow 7% YoY supported by 8% volume growth while realisations stayed flat
View Report
27-Jan-24
TVS Motor (BUY): On a fast track – raise to BUY
ICE 2W volume growth beats industry at 33% YoY, supporting 26% revenue growth in Q3
View Report
27-Jan-24
Bajaj Auto (SELL): Healthy revival but priced in; downgrade to SELL
Q3 revenue grew 30% YoY backed by healthy domestic 2W volume growth and revival in exports
View Report
27-Jan-24
Mahanagar Gas (BUY): Volume growth accelerating, reiterate BUY
Q3 beats consensus with sharp uptick in volume growth and stable margins despite lower APM gas allocation
View Report
27-Jan-24
SBI Card (HOLD): Asset quality concerns persist; downgrade to HOLD
Credit cost soared 66% YoY to Rs 8.8bn in Q3 amid industry-wide stress in unsecured loans; uncertainty persists
View Report
27-Jan-24
SBI Life (BUY): ULIP-led growth; maintains market leadership
9MFY24 APE growth strong at 17% YoY with ULIPs forming 61% of total; continues to lead the market with 26.5% share in individual APE
View Report
25-Jan-24
Cipla (BUY): Healthy revenue growth, strong margins
Q3 strong with EBITDA beat of 9% over consensus, though impairment charges of Rs 1.9bn limited PAT outperformance vs consensus
View Report
25-Jan-24
DCB Bank (BUY): NII sequentially flat on high interest cost
NII flat QoQ (6%YoY) in Q3 on higher interest expenses; treasury gains and moderate opex aided 9% YoY PPOP growth
View Report
25-Jan-24
Laurus Labs (SELL): Challenges galore – cut to SELL
Fourth straight quarterly miss with upsets on all fronts; Q3 revenue/ EBITDA well short of Bloomberg consensus by 13%/79%
View Report
24-Jan-24
JK Cement (HOLD): Healthy performance but priced in
Q3 revenue grew 22% YoY to Rs 27.8bn as new grey cement capacities aided 17% volume growth and realisation improved 5%
View Report
24-Jan-24
Axis Bank (BUY): Profits subdued despite strong business growth
NII growth subdued at 9% YoY despite credit/deposit growth of 22%/18%, due to a high cost of funds
View Report
24-Jan-24
Hitachi Energy (SELL): In-line quarter but valuations overdone; cut to SELL
Q3 EBITDA margin rose 150bps YoY to 5.3% as chip constraints eased, leading to 5x jump in PAT off a low base
View Report
24-Jan-24
Glenmark Life Sciences (HOLD): Strong margins make up for subdued revenue growth
Q3 revenue growth a miss at 6% YoY but robust 670bps expansion in gross margin helped mitigate the impact on bottomline
View Report
24-Jan-24
Kotak Mahindra Bank (BUY): NIM intact QoQ; higher provisions dull profit
Business growth held strong in Q3, but treasury losses and higher provisions weighed on PAT (-6% QoQ)
View Report
24-Jan-24
KEI Industries (HOLD): Decent quarter; maintain HOLD
Q3 revenue grew 16% YoY with 30bps EBITDA margin expansion; order book up 11% on strong domestic demand
View Report
24-Jan-24
Havells India (BUY): Slow quarter but summer could bring cheer; maintain BUY
Q3 revenue grew just 7% YoY on subdued demand; high A&P spend hurt margins even as Lloyd’s cash burn continued
View Report
23-Jan-24
ICICI Bank (BUY): Temporary blip; maintain BUY
Q3 PAT up 24% YoY but flat QoQ due to higher provisions and modest growth in NII
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23-Jan-24
RBL Bank (BUY): Healthy business growth, stable asset quality; raise to BUY
Healthy business growth led to 35% YoY (+5% QoQ) rise in Q3 PPOP; PAT grew 11% YoY but fell 21% sequentially on higher provisions
View Report
23-Jan-24
Reliance Industries (BUY): Jio 2.0 acceleration vital for next wave of growth
Q3 EBITDA broadly in line at segment level supported by sharp growth in retail, oil and gas, and resilience in oil-to-chemicals
View Report
22-Jan-24
Ultratech Cement (BUY): Cost efficiencies in focus; raise to BUY
Cost savings of 3% YoY boosted Q3 earnings despite slow volumes (+5%) and flat realisations
View Report
22-Jan-24
Supreme Industries (HOLD): Results broadly in line; guidance upgraded on strong pipe demand
Q3 broadly in line with our estimates; strong pipe performance for the eighth consecutive quarter
View Report
20-Jan-24
Hindustan Unilever (BUY): Volume growth subdued in a challenging environment
Delayed rural recovery and elevated competition from regional players impacted volume recovery in Q3
View Report
19-Jan-24
IndusInd Bank (BUY): Stable performance
Strong business growth aided a 10% YoY rise in Q3 PPOP despite higher opex; PAT increased 17% to Rs 23bn
View Report
19-Jan-24
360 One (BUY): Steady quarter; raise to BUY post correction
ARR AUM and total revenue grew 33% and 14% YoY respectively in Q3; flows also stayed strong at Rs 89bn
View Report
19-Jan-24
Finolex Industries (HOLD): Weak quarter on slow recovery in agri pipe demand
Missed our Q3 EBITDA estimate by 16% on slow recovery in agri pipe demand
View Report
19-Jan-24
Polycab India (BUY): Fair quarter but I-T search clouds multiples
Revenue growth reasonable at 17% YoY, but EBITDA margin falls on lower exports and higher advertising expenses
View Report
18-Jan-24
Federal Bank (BUY): Higher other income supports PAT growth
Business growth healthy in Q3 despite deposit mobilisation challenges; PAT grew 25% YoY on higher other income
View Report
18-Jan-24
ICICI Prudential Life (HOLD): Subdued growth
9MFY24 VNB margin contracted 500bps YoY to 26.7% owing to a change in product mix and cost pressures
View Report
17-Jan-24
HDFC Bank (BUY): Margin pressure dampens performance
Operationally weak December quarter due to elevated cost of funds and increased provisions
View Report
12-Jan-24
HDFC Life (BUY): Muted quarter; clear growth roadmap a positive
9MFY24 growth low but management’s clear roadmap for growth raises confidence on medium-term prospects
View Report
11-Jan-24
HDFC AMC (HOLD): Ticks most boxes but upside potential limited
Actively managed equity QAAUM grew 40% YoY, driving 24% AUM growth in Q3; topline growth strong at 23%
View Report
02-Jan-24
LT Foods (NOT RATED): Appetite for growth
Leading domestic player in basmati rice with strong presence in export markets and popular brands, including Daawat, Royal and Ecolife
View Report
22-Dec-23
Siemens India (BUY): Positive outlook continues; Maintain BUY
SIEM ended FY23 on a strong note in terms of order inflows, backlog, revenues, profitability, and cash flows
View Report
15-Dec-23
Thermax (HOLD): Focus on energy transition
Energy transition identified as focus for next five years, especially areas of coal gasification, biomass, bio-CNG and green hydrogen
View Report
14-Dec-23
Nippon Life India AMC (BUY): Management call – MF industry to grow at smart clip
Management expects India’s MF industry to grow 15% in medium term assuming 10% rise in annual inflows
View Report
14-Dec-23
ITC (BUY): Analyst meet takeaways – Multiple levers for growth
Management is guiding for 80-100bps EBITDA margin expansion every year from cost cuts, scale and premiumisation
View Report
12-Dec-23
Bandhan Bank (BUY): Thrust on secured business to aid asset health
Expect 19% credit and deposit CAGR over FY23-FY25 on retail-led growth and targeted increase in secured book
View Report
04-Dec-23
Polycab India (BUY): Management meet takeaways – Brand refresh underway
New brand identity is aimed at driving demand and spurring FMEG business; EHV capacity addition on track
View Report
30-Nov-23
TTK Prestige (NOT RATED): Management call – Sustained leadership in key categories
Management confident of robust demand recovery through H2FY24 as festive and wedding seasons coincide
View Report
29-Nov-23
Siemens India (BUY): Strong quarter, positive outlook – raise to BUY
Q4 revenue grew at robust 25% YoY with 100bps EBITDA margin expansion and 50% rise in PAT to Rs 5.7bn
View Report
29-Nov-23
LT Foods (NOT RATED): Analyst meet takeaways – Eyeing market share gains
Leading basmati rice player with a strong presence in India (30% market share) and exports to 80+ countries
View Report
24-Nov-23
Axis Bank (BUY): Analyst meet takeaways – Balancing growth and returns
Focused on balancing growth ambitions and risk-adjusted returns; loan book guided to log an 18% CAGR over FY23-FY25
View Report
17-Nov-23
SAIL (HOLD): Profit outlook restrained; maintain HOLD
Q2 results flattered by prior-period rail revenue recovery; underlying EBITDA margin flattish sequentially while volume recovered
View Report
16-Nov-23
Bajaj Finance (BUY): Impact of RBI strictures likely to be marginal
RBI has instructed BAF to stop disbursing loans under two digital products, the ‘Insta EMI Card’ and ‘eCOM
View Report
15-Nov-23
Tata Steel (BUY): India growth to take centre stage; maintain BUY
Profit has likely bottomed in Q2 as operations in Netherlands return to breakeven and India’s H2 demand outlook looks up
View Report
13-Nov-23
Eicher Motors (HOLD): Solid quarter; striving to fend off competition
Q2 revenue grew 16% YoY backed by double-digit volume uptick (+11%) and 5% higher realisations
View Report
13-Nov-23
Mahindra & Mahindra (BUY): Auto segment continues to rev up
Net blended realisation per vehicle grew 6% YoY in Q2 and volumes increased 11%
View Report
11-Nov-23
Lupin (SELL): Positive surprise from gSpiriva; valuations rich
Q2 EBITDA/PAT overtook consensus by 16%/25% backed by strong US business from gSpiriva launch and robust margins
View Report
11-Nov-23
LIC (BUY): Weak quarter; focus on recouping market share
H1FY24 APE declined 10% YoY due to flat individual APE (up 20% ex-non-par) and a 25% drop in group business
View Report
11-Nov-23
Ashok Leyland (BUY): On a winning wicket
Q2 net realisation per vehicle grew at healthy 6% to Rs 1,933k on price hikes of 1-2% in CVs
View Report
10-Nov-23
Torrent Power (HOLD): Gas trading tapers
Q2 revenue and PBT flattish YoY as gas trading and power sales in the short-term market tapered
View Report
10-Nov-23
Orient Cement (SELL): Volumes pick up; valuations still expensive
Q2 volumes recovered 15% YoY (-10% QoQ) to 1.4mt helped by below-normal rainfall and higher western region sales
View Report
10-Nov-23
Star Cement (HOLD): Cost relief in an otherwise weak quarter
Monsoon impact in northeast markets kept Q2 volumes flat YoY at 0.9mt while realisation slipped 2%
View Report
09-Nov-23
The Ramco Cements (SELL): Quarterly respite, challenges may continue
New capacities buoyed Q2 volumes by 39% YoY but realisations slipped 5%
View Report
09-Nov-23
ABB India (HOLD): Sprinting along
Robust quarter with revenue up 31% YoY and 590bps EBITDA margin expansion aided by the robotics and robotics segments
View Report
09-Nov-23
Power Grid Corp (BUY): In-line quarter; FY24 capex ramped up
Q2 revenue/PAT in line at Rs 104bn/Rs 38bn; ramp up of FY24 capex target to Rs 100bn from Rs 88bn a key positive
View Report
09-Nov-23
Shree Cement (HOLD): Subpar quarter; earnings chasing valuations
Q2 volume growth of 10% YoY could have been higher but for a pursuit of realisation gains (+10%)
View Report
08-Nov-23
VST Tillers Tractors (HOLD): Healthy performance across segments
Q2 revenue grew 19% YoY as volumes climbed 16% and realisation moved up 3%
View Report
08-Nov-23
Alembic Pharma (HOLD): Higher opex from new facilities to keep a lid on margins
Q2 revenue ticked up 8% YoY as healthy sales in international markets supported by modest India business
View Report
08-Nov-23
Cummins India (BUY): Strong operating performance; maintain BUY
Q2 gross/EBITDA margins expand 500bps/320bps YoY on lower input costs, sustained pricing and better product mix
View Report
08-Nov-23
JK Cement (HOLD): Healthy performance; positive outlook
Q2 revenue grew 20% YoY to Rs 25.7bn as grey cement volumes surged 22% to 3.9mt
View Report
08-Nov-23
Alkem Labs (HOLD): Sizeable margin gains; tax guided to reduce – raise to HOLD
Q2 EBITDA/PAT outstripped consensus by 44%/54% on higher margins, strong US growth and low taxes
View Report
07-Nov-23
JK Lakshmi Cement (SELL): Some respite but challenges continue
Q2 topline grew 12% YoY led by ~10% volume growth; realisation flat due to price hikes in eastern region
View Report
07-Nov-23
Zydus Wellness (HOLD): Subdued growth in a seasonally weak quarter
Flattish volume growth in Q2 owing to muted performance in glucose and sweetener categories
View Report
06-Nov-23
Escorts (SELL): No major positive surprises; maintain SELL
Q2 tractor volumes dipped 7% YoY as sales flagged towards the quarter’s end after an initial pickup
View Report
06-Nov-23
Hitachi Energy (HOLD): Chip constraints receding
Q2 EBITDA margin rose sequentially to 5.3% as chip constraints eased but PAT still down 33% YoY
View Report
06-Nov-23
AIA Engineering (BUY): Volume spillover to FY25
Q2 sales flat YoY but operating leverage enables EBIDTA margin gains of 600bps to 29.5%
View Report
06-Nov-23
Divi's Labs (SELL): Growth remains elusive; cut to SELL
Dull Q2 with EBITDA/PAT plunging 21%/29% YoY, missing consensus by a wide margin
View Report
06-Nov-23
State Bank Of India (BUY): Wage provisions weigh on profits
Q2 PPOP growth dropped 23% QoQ owing to one-time wage revision provisions
View Report
06-Nov-23
Jindal Steel & Power (BUY): Last leg of streamlining, reiterate BUY
Management revises expansion capex to factor in the addition of more downstream and project components to temper risk profile
View Report
06-Nov-23
Thermax (HOLD): Sound operations, measured commentary
Q2 operating performance strong with 210bps YoY margin expansion, half of which management believes is sustainable
View Report
06-Nov-23
Crompton Greaves (BUY): ECD robust; lighting and kitchen appliances falter
ECD revenue growth ahead of peers but lighting segment declines in Q2
View Report
04-Nov-23
Dabur India (BUY): Steady growth and market share gains
Strong growth across categories except beverages which declined 10% YoY in Q2 due to uneven rainfall in North India
View Report
04-Nov-23
Ambuja Cements (HOLD): Relatively weak show
Standalone Q2 revenue grew just 8% YoY (-16% QoQ) as net volumes dropped 9% (-18% QoQ)
View Report
03-Nov-23
Hero Motocorp (HOLD): Poised for growth but upside capped
Q2 revenue grew 4% YoY driven by realisation gains as volumes stayed flat at 1.4mn units.
View Report
03-Nov-23
360 One (BUY): Yields weak but outlook robust; maintain BUY
ARR AUM and revenue grew 31% and 10% YoY respectively, but ARR yield (calc.) slipped 13bps YoY to 63bps
View Report
03-Nov-23
Orient Electric (HOLD): ECD-led growth; working capital rises on festive inventory
Q2 topline up 11% YoY as ECD grew 17%, gross margin up 400bps; working capital cycle doubles due to festive stocking
View Report
03-Nov-23
Godrej Consumer Products (BUY): Strong, sustained volume-led growth in India business
Volume-led growth continues in India business at 11% YoY in Q2; margin expands despite elevated media spend
View Report
03-Nov-23
ACC (BUY): Cost savings boost margin; upgrade to BUY
Q2 volumes flat YoY (-15% QoQ) at 6.9mt due to flood impact in key markets
View Report
02-Nov-23
Syrma SGS (HOLD): Miss on margins; downgrade to HOLD
Q2 topline growth robust at 52% YoY but lower share of ODM business drove gross margin down 690bps
View Report
02-Nov-23
Britannia Industries (BUY): Margin expands despite muted growth
Another soft quarter from BRIT (revenue up just 1% YoY), though EBITDA margin expanded due to lower input cost and savings
View Report
02-Nov-23
KEC International (HOLD): Interest cost mars quarter; strong pipeline for H2
Q2 saw in-line margins but PAT was impacted by high interest cost; margins expected to improve in H2
View Report
02-Nov-23
Sun Pharma (HOLD): Healthy quarter; better mix supports gross margin
Q2 revenue/PAT grew 11%/5% YoY to Rs 122bn/Rs 24bn, largely in line with consensus
View Report
02-Nov-23
Petronet Lng (HOLD): PDHPP project unlikely to be value accretive
PLNG has approved the PDHPP project at a capital intensity of US$ 3,000-3,650/t
View Report
01-Nov-23
V-Guard Industries (HOLD): Average topline, margins improve
Q2 topline up 15% YoY with gross margin expansion of 460bps; markets outside South India grew 11%
View Report
01-Nov-23
DCB Bank (BUY): Steady growth
Q2 advances grew 19% YoY led by agri and inclusive banking (AIB) and co-lending; NIM dipped 13bs QoQ on deposit repricing
View Report
01-Nov-23
Tata Consumer Products (BUY): Strong performance; outlook positive
Q2 topline grew 11% YoY and EBITDA margin rose 150bps on sustained domestic growth and strategic international pricing
View Report
01-Nov-23
KEI Industries (HOLD): Capacity addition to spur growth
Middling Q2 performance with easing capacity constraints; cables revenue healthy but margin lagged peers
View Report
31-Oct-23
Larsen & Toubro (BUY): Strong run continues; maintain BUY
Strong show in Q2 led by highest ever order inflows of Rs 892bn (exit book of Rs 4.5tn), robust execution and working capital efficiency
View Report
31-Oct-23
Ajanta Pharma (BUY): Buoyant margins but higher tax weighs on PAT
Strong Q2 gross/EBITDA margins at 75%/28% drove a 7% EBITDA beat, though higher tax pulled PAT 2% below consensus
View Report
31-Oct-23
TVS Motor (HOLD): Continues to deliver
Q2 volume growth beats industry at 3.1%/13% YoY/QoQ with a focus on high-end products such as Apache and Raider
View Report
31-Oct-23
Blue Star (BUY): On a purple patch
Sustained, strong performance marked by above-industry growth of 39% YoY in UCP segment along with higher margins in Q2
View Report
31-Oct-23
Mahanagar Gas (BUY): Focus on volume growth a positive, upgrade to BUY
Q2 results in line but margin remains above the cycle average; we raise FY24 EBITDA by 11% factoring in a strong H1
View Report
30-Oct-23
Marico (BUY): Muted revenue growth; margins expanded
Q2 revenue flattish YoY owing to a subdued demand environment and regional competition in select categories
View Report
30-Oct-23
Nippon Life India AMC (BUY): Strong show continues
QAAUM growth robust at 23% YoY in Q2 fuelled by 11% share of industry-wide net equity flows (ex-arbitrage and index)
View Report
30-Oct-23
Dr Reddy's Labs (HOLD): One-offs fuel PAT beat; India business still soft
Q2 revenue in line but PAT outdid consensus by 22% on account of PLI benefits, litigation settlement and interest income
View Report
30-Oct-23
Aditya Birla Sun Life AMC (HOLD): Mixed set of numbers; maintain HOLD
QAAUM grew 10% YoY to Rs 3.1tn in Q2 with equity assets rising 9%; however, market share inched down
View Report
30-Oct-23
Reliance Industries (BUY): Jio 2.0 key to growth momentum
Q2 results broadly in line, with continuing structural growth in both consumer businesses and resilience in cyclical energy businesses
View Report
28-Oct-23
NTPC (BUY): No surprises; maintain BUY
Q2 a normal quarter with a flat topline of Rs 409bn and healthy PAT of Rs 39bn
View Report
28-Oct-23
Maruti Suzuki (HOLD): Robust quarter but positives priced in
Q2 volume growth of ~7% YoY continued to beat the industry (~5%); we expect sustained outperformance
View Report
28-Oct-23
Cipla (BUY): Beat on all fronts
Q2 EBITDA/PAT 14%/15% ahead of consensus underpinned by strong growth in US and India businesses
View Report
28-Oct-23
SBI Card (BUY): Challenges persist despite spending frenzy
Credit card spends climbed 27% YoY to a record high of Rs 792bn in Q2; debut on UPI platform promising
View Report
28-Oct-23
SBI Life (BUY): Strong showing
H1 APE growth strong at 21% YoY led by a rebound in ULIP and protection business during Q2
View Report
27-Oct-23
Axis Bank (BUY): Steady growth but costs elevated
Q2 NII up 19% YoY led by strong business growth, aiding a 10% rise in PAT despite a spike in opex due to card-related costs
View Report
26-Oct-23
Dixon Technologies (BUY): Strong quarter, even stronger outlook – upgrade to BUY
Q2 sales up 28% YoY led by a 77% upswing in mobiles & EMS business which offset slow lighting sales
View Report
26-Oct-23
Nestle India (BUY): Analyst meet – Broader footprint lifting volume growth
Innovation and market penetration-led volume growth remain strategic focus areas; growing emphasis on rural markets
View Report
25-Oct-23
RBL Bank (HOLD): Strong growth but priced in
Q2 credit growth rises 21% YoY led by the high-yielding retail book and recovery in deposit mobilisation to 13%
View Report
25-Oct-23
Kotak Mahindra Bank (BUY): Mixed Q2; raise to BUY on low valuation, succession clarity
Strong business growth in Q2 but NIM down 35bps QoQ on higher deposit cost and liquidity buffer; other income muted
View Report
23-Oct-23
ICICI Bank (BUY): Sustained outperformance; raise to BUY
Q2 NII grew 24% YoY despite higher deposit cost, while dividends from subsidiaries offset absence of treasury gains
View Report
23-Oct-23
Hindustan Unilever (BUY): Soft topline but strong margin expansion
Q2 volume and value growth weak YoY owing to delayed rural recovery and heightened competition from regional players
View Report
23-Oct-23
Amber Enterprises (HOLD): Healthy topline; RAC outlook still soft
Q2 topline up 23% YoY with better margins due to dry weather in an otherwise unseasonal quarter for cooling products
View Report
23-Oct-23
JSW Steel (HOLD): Volume momentum from expansion but near-full valuation
Q2 result beat estimates on higher cost savings in standalone operations beyond coking coal reduction
View Report
21-Oct-23
Glenmark Life Sciences (HOLD): Revenue in line but higher opex dampens margins
Q2 revenue in line at Rs 6bn but EBITDA/PAT 3%/6% below our estimates due to higher opex and a product mix change
View Report
21-Oct-23
Voltas (HOLD): UCP upbeat but EMP plays spoilsport
Q2 mixed with UCP performing well (+ 15% YoY) but EMP continuing to post losses due to collection disputes
View Report
21-Oct-23
Dalmia Bharat (HOLD): Cost respite in an otherwise muted quarter
Q2 volume growth slowed to single digits (7% YoY) owing to fierce competition in key operating regions
View Report
20-Oct-23
Ultratech Cement (HOLD): Steady performance with no big surprises
Q2 revenue up 15% YoY backed by 16% rise in dispatches; realisations resilient despite volume push in a monsoon quarter
View Report
20-Oct-23
ITC (BUY): FMCG and hotels continue to shine
FMCG business delivered strong topline (+8% YoY) growth in Q2 led by steady portfolio expansion
View Report
20-Oct-23
IndusInd Bank (BUY): Strong growth with stable margins and asset quality
Despite higher opex, Q2 PAT increased 22% YoY to Rs 22bn driven by steady business growth
View Report
20-Oct-23
Havells India (BUY): Q2 a miss but expect improvement ahead
Mixed quarter with 5% YoY declines in ECD and flat lighting but 8% growth in cable & wires and 9% in switches
View Report
19-Oct-23
UTI AMC (HOLD): Equity flows yet to pick up
Q2 AUM grew 14% YoY to Rs 2.7tn but equity and hybrid schemes saw cumulative outflows for the fourth straight quarter
View Report
19-Oct-23
Bajaj Auto (HOLD): On firm ground
Healthy product mix in 2Ws and buoyancy in 3Ws aid 6% YoY increase in Q2 revenue
View Report
19-Oct-23
Nestle India (BUY): Strong all-round performance
Domestic business posted double-digit growth in Q3 with continued margin expansion
View Report
19-Oct-23
Polycab India (BUY): Impressive run continues
Strong Q2 powered by 29% YoY growth in wires & cables business; FMEG set to improve gradually
View Report
19-Oct-23
Federal Bank (BUY): Strong growth with improving return
Continued healthy business momentum in Q2, with reported PAT rising 35% YoY on lower provisions
View Report
18-Oct-23
ICICI Prudential Life (HOLD): Growth subdued; raise to HOLD post correction
Q2 APE growth muted at 3% YoY due to a 15% drop in the ICICIBC channel; ULIP and protection businesses showed traction
View Report
18-Oct-23
HDFC Bank (BUY): PAT strong despite margin compression
Q2 PAT grew 51% YoY supported by healthy other income and a lower tax rate
View Report
17-Oct-23
Bajaj Finance (BUY): On a strong wicket; maintain BUY
Robust, broad-based AUM growth of 33% YoY to Rs 2.9tn at end-H1FY24; we raise our FY24/FY25 AUM forecast by 3%/4%
View Report
17-Oct-23
Jio Financial Services (NOT RATED): Q2 earnings highlights – Fast-tracking growth
Multi-faceted business model backed by aggressive growth plans in lending, insurance broking and payments
View Report
13-Oct-23
HDFC Life (HOLD): Mixed quarter; maintain HOLD
Q2 slightly short of our estimates; management expects a stronger H2 on new launches, growth in tier-2&3 markets and in bancassurance
View Report
12-Oct-23
HDFC AMC (HOLD): Robust quarter but upside limited
Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18%
View Report
11-Oct-23
ERRATA: BOBCAPS Research | Bigbloc Construction (NOT RATED): Plant visit – Ramping up AAC capacity
Autoclaved aerated concrete (AAC) block production targeted to reach 0.5mn cbm per annum by end-FY24 at Wada plant
View Report
11-Oct-23
Siemens India (HOLD): Innovation Day – Digitalisation key for manufacturing takeoff
SIEM has identified three broad trends in India: high public spending on infrastructure, pent-up private capex and rising decarbonisation
View Report
04-Oct-23
Bajaj Finance (BUY): Making strides
Early data from BAF shows 33% YoY growth in H1 AUM, tracking above the full-year guided range of 29-31%
View Report
28-Sep-23
DCB Bank (BUY): Improving prospects; BUY
Expect a strong 18% credit CAGR over FY23-FY25 (1.4x industry growth), supported by a better portfolio mix
View Report
26-Sep-23
Elecon Engineering (NOT RATED): Plant visit – Focusing on value addition
ELCN has ~40% share in gearbox and components, catering to industries such as sugar, power, steel, cement, rubber and fertilisers
View Report
26-Sep-23
Petronet LNG (HOLD): Cloudy medium-term demand visibility; HOLD
Volume revival surprised in H1FY24 but further upside constrained by higher availability of domestic gas in the near term
View Report
25-Sep-23
Tata Steel (BUY): UK transition to dispel overhang, reiterate BUY
Decarbonisation of UK operation can sharpen competitiveness and add potential value of Rs 6-7/sh for TATA
View Report
20-Sep-23
Orient Cement (SELL): Expansion woes, lofty valuations – cut to SELL
Expansion snags due to plant relocation to hamper medium-term growth as utilisation likely breaches 80% in FY25
View Report
13-Sep-23
Avalon Technologies (NOT RATED): Export-focused EMS player
Electronics, engineering and design manufacturer largely catering to export markets; US a key geography at ~55% of revenue (FY23)
View Report
13-Sep-23
RBL Bank (HOLD): Upside capped; HOLD
Expect pickup in retail loans and newer products to aid a 19% credit CAGR over FY23-FY25, with deposit CAGR of 15%
View Report
08-Sep-23
JK Lakshmi Cement (SELL): AGM takeaways – Challenges persist; maintain SELL
Borrowing limit raised to Rs 70bn at AGM but resolution to hike inter-corporate transaction limit 4x to Rs 100bn rejected
View Report
06-Sep-23
TTK Prestige (NOT RATED): Management call: Confident of demand recovery in H2
Management optimistic on festive-led demand revival in H2FY24; foresees no pricing action as commodity prices have eased
View Report
01-Sep-23
Bajaj Finance (BUY): From strength to strength – initiate with BUY
Momentum across consumer, commercial, SME and mortgage lending to propel a 28% AUM CAGR over FY23-FY25E
View Report
29-Aug-23
Reliance Industries (BUY): AGM takeaways – Long growth runway, reiterate BUY
Pivoted towards consumption and new-age technology in India and beyond for sustainable growth
View Report
23-Aug-23
Crompton Greaves (BUY): Analyst meet – A full revamp
Lighting division moving to a new corporate structure, eyeing commercial orders, and pruning prices to spur volumes
View Report
16-Aug-23
ITC (BUY): Robust growth and margins
Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus
View Report
15-Aug-23
Aurobindo Pharma (HOLD): Broad-based growth; lower to HOLD post rally
Q1 revenue/EBITDA beat consensus by 4%/9% with adj. PAT (ex-one-off charge) running 15% ahead
View Report
14-Aug-23
The Ramco Cements (SELL): Pressure on operational efficiencies to continue
New capacities (+2mt YoY) aid a 28% jump in Q1 volumes but pursuit of growth impacts realisations
View Report
14-Aug-23
Crompton Greaves (BUY): Mixed quarter
ECD revenue growth at par with industry but lighting segment lagged peers in Q1
View Report
12-Aug-23
SAIL (HOLD): Leverage remains an overhang; maintain HOLD
Q1 EBITDA/t drops 42% YoY to Rs 4.2k/t, reflecting the impact of high operating leverage
View Report
12-Aug-23
Voltas (HOLD): UCP growth above industry, EMP losses continue
Q1 a mixed bag with UCP performing well (+ 16% YoY) while losses continued in the EMP segment
View Report
11-Aug-23
ABB India (HOLD): Strong quarter, margins shine
Robust Q2 with revenue up 22% YoY and 420bps EBITDA margin expansion aided by the robotics and electrification segments
View Report
11-Aug-23
Reliance Industries (BUY): FY23 annual report takeaways – Propelling growth
Key AR takeaways: an improving narrative for digital, missing granularity for retail and approaching target dates for new energy business
View Report
11-Aug-23
Ambuja Cements (HOLD): Stepping on the pedal but growth priced in
Q1 consolidated topline grew 9% YoY as volumes increased 9% while realisations stayed flat
View Report
11-Aug-23
LIC (BUY): Mixed quarter; maintain BUY
Q1FY24 individual APE declined 8% YoY but non-par business grew 22% (constituting 10.2% of individual APE vs. 7.8% in Q1FY23)
View Report
10-Aug-23
Alkem Labs (SELL): International sales fuel growth; margin recovery positive
Q1 revenue/EBITDA a beat as international business outperformed; adj. PAT growth in line with consensus at 65% QoQ
View Report
10-Aug-23
V-Guard Industries (HOLD): Strong quarter all through
All-round growth in Q1 led by non-South India markets that grew at 17% YoY
View Report
09-Aug-23
ACC (HOLD): Synergies with Ambuja propel volumes
Robust volume-led performance in Q1 spurred by the MSA agreement between ACC and parent ACEM
View Report
09-Aug-23
Siemens India (HOLD): All-round growth; clarity awaited on LV motors hive-off
Strong execution-led revenue growth of 14% YoY together with 190bps EBITDA margin expansion in Q3
View Report
08-Aug-23
Dalmia Bharat (HOLD): Slow start; expected to catch up in H2
Q1 muted as DBL restricted supply to safeguard prices but still failed to stave off a decline in realisations (-3% YoY)
View Report
08-Aug-23
Godrej Consumer Products (BUY): Strong volume-led growth with margin expansion
Volume-led growth continues in India business at 12% YoY in Q1; margin expansion seen across geographies
View Report
08-Aug-23
360 One (BUY): Annual report analysis – Forging ahead
Shift from commission to recurring revenue model (ARR) paying off – the latter now contributes 61% of AUM and 67% of revenue at end-FY23
View Report
07-Aug-23
Eris Lifesciences (BUY): In-line quarter; margins moving back on track
Q1 revenue/PAT in line but operating margin ahead of consensus at 36.4% (+395bps YoY)
View Report
07-Aug-23
Mahanagar Gas (HOLD): Walking a tightrope; retain HOLD
Q1 ahead of consensus on margin surprise but soft CNG volumes for the third straight quarter worrying
View Report
07-Aug-23
State Bank Of India (BUY): PAT surges on higher other income and cost control
Treasury gains buoyed the topline and together with lower opex and provisioning lifted Q1 PAT 178% YoY
View Report
07-Aug-23
Britannia Industries (BUY): Increased regional competition hurts growth
Relatively soft quarter (revenue up just 8% YoY) due to stiffer local competition and sluggish rural growth
View Report
07-Aug-23
Affle (India) (HOLD): Growth momentum to continue
Q1 revenue up 14% QoQ; device addition tepid but converted user base saw a sizeable ramp-up
View Report
05-Aug-23
Lupin (SELL): Improvements visible; runup behind downgrade
Q1 a beat with revenue/EBITDA running 8%/25% ahead of consensus; gross margin improves to 65.9% (64.4 ex-licensing income)
View Report
04-Aug-23
Orient Electric (HOLD): Reasonably healthy quarter
Q1 topline grew 14% YoY led by ECD, with gross margin up 290bps though EBITDA margin was flat on higher wages
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04-Aug-23
Blue Star (BUY): In-line numbers, steady growth ahead
Q1 UCP revenue beat the industry, rising 7% YoY on the back of B2B sales; EMP order book robust
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04-Aug-23
Zydus Wellness (HOLD): Poor showing in a seasonally strong quarter
Flattish revenue growth in Q1 largely driven by a subdued performance in Glucon-D and Complan
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04-Aug-23
Cummins India (BUY): Strong quarter; primed for rating transition
Domestic pre-buying buoys quarter; new emission norms delayed but KKC well positioned to manage the transition
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04-Aug-23
KEC International (HOLD): Healthy inflows, margin improvement ahead
Good Q1 with 28% YoY topline growth and 70bps EBITDA margin gains to 5.8%; management sees “improving trajectory of profitability”
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04-Aug-23
Dabur India (BUY): Volume growth visible in rural markets
Q1 revenue grew 11% YoY aided by strong growth across categories, except beverages that saw the impact of unseasonal rains
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03-Aug-23
Sun Pharma (HOLD): gRevlimid buoys performance; upside capped – cut to HOLD
Q1 revenue/EBITDA beat consensus by 2%/11%, but reported PAT missed estimates by 6% due to exceptional items
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02-Aug-23
AIA Engineering (BUY): Strong quarter, guidance maintained.
All-round beat with Q1 topline up 15% YoY, EBITDA margin expansion of 480bps and PAT up 43%
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02-Aug-23
Syrma SGS (BUY): Margin miss an aberration; guidance intact
Q1 topline growth robust at 54% YoY but margins falter on lower healthcare business
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02-Aug-23
Thermax (HOLD): Good quarter, healthy order flows
Good Q1 performance though legacy orders continue to weigh on infrastructure margins
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01-Aug-23
JK Lakshmi Cement (SELL): Another slow quarter; maintain SELL
Tepid volume growth of 5% YoY with little support from realisations kept Q1 revenue growth muted
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01-Aug-23
KEI Industries (HOLD): Capacity constraints mar quarter; lower to HOLD post runup
Core cables and wires business hampered by lack of capacity; likely to be addressed in coming quarters
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31-Jul-23
Marico (BUY): Soft performance; outlook remains strong
Q1 revenue dipped 3% YoY owing to destocking and trade scheme rationalisation
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29-Jul-23
Indraprastha Gas (BUY): Volume outlook soft near-term but healthy medium-term
Q1 results benefitted from uptick in margin above long-term guidance, but volumes were soft (+4% YoY)
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29-Jul-23
Ashok Leyland (BUY): Healthy growth trajectory; maintain BUY
Q1 revenue up 13% YoY despite weak seasonality, led by a mix of volume growth (+5%) and realisation gains (+8%)
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29-Jul-23
BOBCAPS Research | SBI Card (BUY): Higher provisions dent net profit
Q1 credit cost climbed 130bps YoY to 7.1% of loans (calc.) owing to stress from customers acquired in CY19, inducing a 5% fall in net profit
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28-Jul-23
Ajanta Pharma (BUY): Q1 beat sparked by sharp margin recovery
Strong Q1 beat with EBITDA/PAT of Rs 2.7bn/Rs 2.1bn coming in 17%/ 39% ahead of consensus due to margin recovery
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28-Jul-23
Nestle India (BUY): Healthy growth backed by market penetration
Q2 revenue up 15% YoY led by strong growth across categories and geographies; margins remained healthy
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28-Jul-23
Nippon Life India AMC (BUY): On a firm footing
QAAUM growth strong at 12% YoY in Q1 fuelled by 20% share of industry-wide net equity flows (ex-arbitrage and index)
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27-Jul-23
Tata Steel (BUY): Thrust on expansion capex, Europe breakeven key positives
Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t
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27-Jul-23
Axis Bank (BUY): Steady growth but costs elevated
Q1 PAT up 41% YoY supported by strong NII (+27%), fee income and treasury gains
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27-Jul-23
Aditya Birla Sun Life AMC (HOLD): Healthy quarter
QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline
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27-Jul-23
Tata Consumer Products (BUY): Momentum continues; outlook positive
Improved demand in core markets led to robust 16% YoY uptick in India business; rural recovery visible but still below pre-Covid levels
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27-Jul-23
Tech Mahindra (HOLD): Toughest quarter in recent times
CME a drag (-9% QoQ) in Q1 mainly due to lower network service and discretionary spends together with deal deferrals
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27-Jul-23
Cipla (BUY): Strong growth coupled with margin expansion
Q1 EBITDA/PAT beat estimates by 7%/16% on the back of growth in North America and One India
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27-Jul-23
Ultratech Cement (HOLD): On a strong pitch but positives priced in; revised to HOLD
Grey cement volumes grew 20% YoY to 28.6mt in Q1; utilisation healthy at ~86%
View Report
26-Jul-23
UTI AMC (HOLD): Equity flows lacklustre; valuations full – downgrade to HOLD
MTM gains boosted Q1 net profit growth to ~150% YoY whereas core net profit fell 25% YoY
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26-Jul-23
Amber Enterprises (HOLD): Topline wavers, margins progressing
Q1 revenue weak given the “worst of bad seasons”, though margins improved on a better product mix
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26-Jul-23
Larsen & Toubro (BUY): Stellar quarter; solid outlook
Stellar Q1 led by inflows, execution and working capital efficiency; closed the quarter with a record Rs 4.1tn order book
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26-Jul-23
SBI Life (BUY): Mixed quarter; robust FY24 outlook maintained
Q1 APE growth softened to 4% YoY as non-par business slowed; management optimistic of a rebound
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26-Jul-23
Dixon Technologies (HOLD): Good quarter; cut to HOLD on limited upside
Q1 topline strong at Rs 32.7bn (+15% YoY) with improved margins; new customer additions provide healthy visibility
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25-Jul-23
JSW Steel (HOLD): Limited upside despite exciting growth ahead
Q1 ahead of consensus with Indian operations limiting the decline in margin and overseas business seeing improvement
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25-Jul-23
Hitachi Energy (HOLD): Supply side constraints persist; cut to HOLD
Q1 EBITDA margin at just 3.2% as supply chain constraints hampered profitability; chip shortage guided to recede gradually
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25-Jul-23
Kotak Mahindra Bank (HOLD): Non-core income drives up profitability
Strong core and non-core revenue supported Q1 net income growth of 50% YoY though NIM contracted 15bps sequentially
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25-Jul-23
HDFC AMC (HOLD): Strong quarter but upsides capped; maintain HOLD
Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive
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24-Jul-23
ICICI Bank (HOLD): High core income and lower provisions buoy PAT
NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1
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24-Jul-23
Persistent Systems (HOLD): Resilient quarter but growth guided to soften near term
Top BFS client the driving force behind Q1 growth, but management expects weakness in the vertical for the next few quarters
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24-Jul-23
Reliance Industries (BUY): Steady she goes
Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum
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23-Jul-23
Glenmark Life Sciences (HOLD): Another good quarter; cut to HOLD post rally
Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue
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22-Jul-23
HDFC Life (HOLD): Healthy quarter but positives priced in; maintain HOLD
Key overhang dispelled with consummation of HDFC-HDFC Bank merger and parent’s stake raise to >50%
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22-Jul-23
Mphasis (HOLD): Tepid Q1; cut to HOLD post runup
Q1 missed estimates as dollar revenue slipped 3.4% QoQ following a slowdown in both direct business and DXC
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21-Jul-23
360 One (BUY): Strong set of numbers
ARR robust at Rs 130bn net flows in Q1, forming 80% of revenue from operations and 65% of AUM
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21-Jul-23
Hindustan Unilever (BUY): Modest quarter but improvement ahead
Q1 volume and value growth moderated; margins improved sequentially as inflation eased
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21-Jul-23
Coforge (HOLD): Miss on margins; deal momentum strong
Q1 revenue in line at US$ 272mn led by BFSI but EBIT margin at 10% fell short of estimates
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21-Jul-23
Infosys (BUY): Guidance cut a temporary blip
FY24 revenue growth guidance slashed from 4-7% to 1-3.5%, implying continued uncertainty – a sector-wide phenomenon
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20-Jul-23
Havells India (BUY): Margins falter
Q1 a miss due to soft EBIT margins in ECD (-220bps YoY to 10.9%) and lighting (-210bps to 14.3%)
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20-Jul-23
IndusInd Bank (BUY): Strong NII and lower provisions drive PAT
Q1 PAT growth robust at 30% YoY to Rs 21.2bn on NII growth and lower provisions which offset elevated opex
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19-Jul-23
Polycab India (BUY): Strong momentum continues
Impressive Q1 fuelled by 47% YoY growth in wires & cables business; FMEG set to improve
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19-Jul-23
HDFC Bank (BUY): Strong PAT on lower provisions
Q1 PAT grew 30% YoY backed by a strong topline and lower provisions. Deposits outpaced loan growth at 19% YoY
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18-Jul-23
ICICI Prudential Life (SELL): Some hits, some misses; maintain SELL
APE down 4% YoY to Rs 14.6bn in Q1 but up 4% ex-ICICIBC despite a soft demand environment
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14-Jul-23
Federal Bank (BUY): Strong business growth but margins under pressure
High-yield retail assets drove 42% YoY PAT growth; NIM (calc) dipped 13bps QoQ to 3.1% on a higher cost of funds
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14-Jul-23
Wipro (HOLD): Another muted quarter; BFSI the biggest drag
Q1 weaker than peers due to a higher mix of consulting services (Capco, Rizing), especially in BFSI and telecom
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13-Jul-23
HCL Technologies (HOLD): Weak Q1 but full-year guidance retained – a tall order
Q1 revenue missed estimates largely due to a slowdown in ER&D services and the telecom & media vertical
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13-Jul-23
Tata Consultancy Services (HOLD): Strong deal flow but near-term softness to continue
Management echoed Accenture’s commentary on temporary weakness due to project delays in the near term
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10-Jul-23
Reliance Industries (BUY): Consumer and new energy businesses key catalysts
Reliance Retail exit offer targeted at minority shareholders and does not reflect full retail business value
View Report
30-Jun-23
Ashok Leyland (BUY): Analyst meet takeaways – Pursuing market share gains
Targeting ~35% MHCV market share in FY24 by growing to 50% of the southern market (vs. 40%) and holding at 35% in North/Central India
View Report
28-Jun-23
Hero Motocorp (HOLD): Management meet takeaways: Climbing on the premium bandwagon
Upcoming launch of high-end 125cc motorcycle to help shore up market share (21% currently)
View Report
28-Jun-23
ICICI Prudential Life (SELL): Stock runup unwarranted; cut to SELL
NBP and individual APE CAGR the lowest in the listed private space for FY17-FY23; underperformance continued in 2MFY24
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22-Jun-23
Gujarat State Petronet (BUY): Discount on standalone business excessive
Standalone business trading at FY24E P/B of 0.4x after adjusting for GUJGA stake at market value minus 30% holding discount
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18-Jun-23
ERRATA: RPG Life Sciences (NOT RATED): Investor day takeaways – Foundation in place; now targeting scale
FY23 a milestone year with revenue/EBITDA of Rs 5bn/1bn; Naprosyn brand crossed Rs 500mn
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15-Jun-23
KEC International (HOLD): Management meet takeaways – Guidance maintained
Management reiterated its FY24 order inflow (+15% YoY), revenue and EBITDA margin (~7%) guidance
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15-Jun-23
TTK Prestige (NOT RATED): Navigating troubled times with confidence
Management optimistic of strong demand recovery in H2FY24; foresees no requirement for price hikes in near term
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15-Jun-23
HDFC AMC (HOLD): Annual report analysis – Stable FY23; focus on growth
Product launches, top-tier scheme outperformance and phygital delivery channels remain key growth levers
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15-Jun-23
Crompton Greaves (BUY): Annual report analysis – Difficult year
New energy labelling norms hit the fans business and subdued demand dimmed lighting sales in FY23
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14-Jun-23
Voltas (HOLD): Management meet takeaways – Trying times
Q1FY24 growth likely to fall short of expectations as unseasonal showers dampened summer demand
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13-Jun-23
Tata Consultancy Services (HOLD): Annual report analysis – Macro headwinds cloud outlook
Key spending areas for FY23 included AI/ML, data & network services, cloud and managed security services
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13-Jun-23
Polycab India (BUY): Annual report analysis – Project Leap well on track
Remains market leader in core wires & cables business; FMEG segment tepid in FY23 but guided to return to form in FY24
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12-Jun-23
Infosys (BUY): Annual report analysis – Sentiments weak; Cobalt to drive growth
Key spending areas in FY23 included cloud, generative AI, cybersecurity, IoT, and immersive technologies
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08-Jun-23
Havells India (BUY): Annual report analysis – Continuity of strategy
Market share growth in Lloyd, rural markets and manufacturing remain strategic focus areas
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06-Jun-23
Voltas (HOLD): Annual report analysis – A challenging year
FY23 saw competition denting margins in VOLT’s AC business and provisioning losses in the projects business
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06-Jun-23
JK Cement (HOLD): Outlook intact; downgrade to HOLD on rich valuations
Volume growth healthy including contribution from the new Panna unit that has attained 60% capacity utilisation
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05-Jun-23
Hindustan Unilever (BUY): Annual report analysis – Weathering the storm
Growth momentum continues with 16% YoY topline growth in FY23 and market share gains in >75% of the portfolio
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31-May-23
V-Guard Industries (HOLD): Sunflame key for FY24
Flat quarter despite growth in non-core markets; Q4 gross margin improved but EBITDA margin still under pressure
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30-May-23
Sun Pharma (BUY): gRevlimid yields margin surprise; raise to BUY post correction
Q4 revenue in line but adj. PAT 9% above consensus at Rs 21.8bn (+46% YoY) on account of strong margins
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30-May-23
Mahindra & Mahindra (BUY): Healthy performance; strong show to continue
Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%
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29-May-23
SAIL (HOLD): Production gains momentum, higher debt a concern
Buildup of production momentum in Q4 but slower pickup in profitability on higher employee costs
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29-May-23
Tata Consumer Products (BUY): Annual report analysis: On a strong wicket
Strong FY23 performance with revenue/PAT up 11%/29%, underpinned by innovation, premiumisation and distribution
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29-May-23
Mphasis (BUY): Dull quarter; sequential recovery guided from Q2
Weak Q4 revenue print (-4.1% QoQ); DR and DXC remained a drag on growth
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29-May-23
LIC (BUY): Focused on profitable products
APE grew 12.5% YoY in FY23 led by strong 36% growth in non-par products; non-par constituted 8.9% of APE vs. 7.1% in FY22
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27-May-23
Ashok Leyland (BUY): Healthy performance continues
Q4 volumes grew 23% YoY with realisations up 9%, aiding 33% topline growth to Rs 116bn
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25-May-23
JK Lakshmi Cement (SELL): Challenging road ahead
Realisations led growth in Q4 while capacity constraints restricted volume gains (to 1% YoY)
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25-May-23
AIA Engineering (BUY): Robust performance
Q4 EBITDA margin expands to 24.8% on a better revenue mix; stronger margin coupled with higher other income aids a beat on PAT
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25-May-23
Cummins India (BUY): From strength to strength; upgrade to BUY
Operationally strong Q4 despite supply chain constraints, with EBITDA and PAT each up ~60% YoY; exports resilient
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25-May-23
Star Cement (BUY): Moving in the right direction
Q4 volume gains steady at 7% YoY; realisation gains at 3%, indicating healthy demand in key areas
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25-May-23
Hitachi Energy (BUY): Improving outlook
Q4 sequentially stronger as supply chain constraints eased; chip shortage guided to recede fully in next two quarters
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24-May-23
Shree Cement (HOLD): High-cost fuel inventory weighs on margins
Healthy Q4 revenue gains driven by both volumes (+10% YoY) and realisations (+6%)
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23-May-23
Dixon Technologies (BUY): In-line quarter; strong guidance reiterated
Q4 topline of Rs 30.7bn in line with our estimate while improved ODM contribution aided a margin beat
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23-May-23
Zydus Wellness (HOLD): Price-led growth in Q4; HFD category a concern
Q4 revenue grew 11.4% YoY on the back of continuous price hikes; volume growth muted at 4%
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22-May-23
Crompton Greaves (BUY): Mixed quarter
Q4 topline grew 16% YoY aided by a good ECD performance; lighting continues to disappoint
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20-May-23
The Ramco Cements (SELL): Strong volume push but pricing pressure persists
New capacities (+2mt YoY) aided 45% jump in Q4 volumes (28% net of added capacities)
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20-May-23
Alkem Labs (SELL): Margin improvement key for revival
Q4 EBITDA/PAT of Rs 3.5bn/Rs 710mn well short of consensus by 21%/ 79% primarily due to higher operating costs
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19-May-23
State Bank Of India (BUY): Sustaining growth and profitability
Lower provisioning supported robust 83% YoY PAT growth in Q4, though PPOP declined sequentially on higher opex
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19-May-23
Syrma SGS (BUY): Strong show; positive outlook intact
Q4 topline/PAT up 83%/160% YoY spurred by strong growth in the auto and consumer segments
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19-May-23
Siemens India (HOLD): Low-voltage deal appears unfavourable; cut to HOLD
Low-voltage and geared motors business divested to parent for Rs 22bn (2.1x revenue)
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19-May-23
ITC (BUY): Strong performance amid macro headwinds
Growth momentum continues with 330bps YoY EBITDA margin expansion; we expect 12% topline growth in FY24
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18-May-23
Thermax (HOLD): Cautious outlook continues
Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious
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18-May-23
Eris Lifesciences (BUY): Integration costs weigh on quarter
Consolidated Q4 revenue/EBITDA growth of 32%/23% YoY missed consensus by 3%/10%
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18-May-23
Affle (India) (BUY): Seasonality impacts Q4; outlook remains healthy
Device addition remained tepid during the quarter but strong additions in converted users
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17-May-23
Jindal Steel & Power (BUY): Streamlining painful but useful, maintain BUY
Streamlining of operations by the new management led to Rs 94bn of impairments over H2 but is helping wipe the slate clean
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17-May-23
Amber Enterprises (HOLD): Strong performance on new client and capacity addition
Q4 a beat as all segments posted strong growth, led by electronics (+69% YoY) and RAC & components (+55%)
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16-May-23
VST Tillers Tractors (BUY): Solid quarter
Q4 volume gains of 32% YoY helped by preponement of festive season and tiller & other non-tractor sales
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15-May-23
Eicher Motors (HOLD): Overall healthy performance
Launches aided Q4 volume growth of 18% YoY and healthy revenue gains; both Hunter and Bullet pushed up realisations
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15-May-23
Polycab India (BUY): Cables business resilient
Wires & cables shore up growth in Q4 while FMEG business struggles; international sales at a record high
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15-May-23
Orient Electric (HOLD): Weak end to a challenging FY23
Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4
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13-May-23
Cipla (BUY): Key launches at least a year away
Q4 EBITDA/PAT grew 57%/45% YoY but missed consensus by 5%/30% on higher R&D spend, field force expansion and other costs
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12-May-23
Marico (BUY): Healthy volume-led growth; improved visibility
Q4 volume growth of 5% YoY in domestic markets backed by diversification and market development
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12-May-23
Escorts (SELL): Medium-term pain to continue
Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half
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12-May-23
Coforge (BUY): Stellar quarter; buoyant outlook
Robust Q4 revenue of US$ 264mn (+4.7% QoQ CC) with US$ 1bn milestone reached in FY23
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12-May-23
Siemens India (BUY): Strong momentum continues
Robust execution and margins in Q2 led by smart infrastructure and mobility segments; base order inflow at Rs 57bn
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11-May-23
Godrej Consumer Products (BUY): Home and personal care segments perform well
Robust volume-led growth aided 12% YoY rise in India revenue; Indonesia business saw strong recovery
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11-May-23
Dr Reddy's Labs (HOLD): Core business remains sluggish
Q4 broadly in line as revenue/EBITDA grew 16%/35% YoY (-7%/-23% QoQ), albeit aided by one-offs
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11-May-23
Larsen & Toubro (BUY): Strong finish; robust outlook for FY24
Q4 in line; FY23 order inflow and revenue beat guidance while margins were on par and order book soared to a record Rs 4tn
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10-May-23
Mahanagar Gas (HOLD): Slow long-term growth prospects; cut to HOLD
Q4 beat consensus as EBITDA margin improved sharply by Rs 4.6/scm QoQ on limited passthrough of lower gas purchase costs
View Report
08-May-23
Alembic Pharma (HOLD): No respite yet
ALPM reported in-line Q4 revenue at Rs 14bn (flat YoY), though negative tax and lower R&D expense resulted in a PAT beat
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08-May-23
Federal Bank (BUY): Strong PAT on higher other income and lower provisions
Higher other income plus lower provisions aided 67% YoY PAT growth in Q4; NIM contracted due to deposit repricing
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06-May-23
Ajanta Pharma (BUY): Margins appear to have bottomed out; raise to BUY
Strong India and US growth in Q4 (17% YoY each) offset by declines in other businesses
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06-May-23
Blue Star (BUY): Momentum continues; outlook bright
UCP business shines in Q4, delivering 20% YoY growth and an 8.4% EBIT margin
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06-May-23
Britannia Industries (BUY): Impressive all-around performance
Strong 13% YoY topline growth in Q4 fuelled by pricing, enhanced distribution reach and market share gains
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06-May-23
ABB India (HOLD): Strong showing but priced in
Robust Q1 with revenue up 23% YoY and EBITDA margin expansion of 230bps aided by the robotics and electrification segments
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05-May-23
Hero Motocorp (HOLD): Improved performance; sustainability to be seen
Q4 revenue grew 12% YoY backed by 5% higher net realisation per vehicle and volume gains of 7%
View Report
05-May-23
360 One (BUY): Tough quarter
Q4 AUM/PAT 6%/10% below our expectations at Rs 2.7tn/Rs 1.6bn; ARR focus continues
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05-May-23
TVS Motor (HOLD): Steady quarter; fresh triggers awaited
Price pass thru availability helps realisation gains in Q4, taking revenue up 19% YoY (flattish QoQ) despite tepid volume growth
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05-May-23
Dabur India (BUY): Steady growth; improving demand visibility
Broad-based growth across categories in Q4, barring healthcare which is navigating the high Covid base
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04-May-23
Orient Cement (HOLD): Listless performance
Focus on realisation gains curbed Q4 volume growth at 5% YoY, indicating lacklustre demand in key areas
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04-May-23
KEC International (HOLD): Standalone margin remains weak
Q4 revenue/PAT ahead of estimates at Rs 55bn/Rs 722mn; revenue growth guidance of 15%+ for FY24 on strong order inflow
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04-May-23
Tata Steel (BUY): Project visibility improving, maintain BUY
Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24
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04-May-23
Ambuja Cements (HOLD): Soft realisations weigh on margins
Q4 revenue growth muted at 8% YoY on tepid realisations and limited volumes owing to a labour strike
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03-May-23
Havells India (BUY): Moderate quarter; in-line performance
Q4 revenue up 10% YoY to Rs 48.6bn anchored by strong switchgear sales and consistent performance in cables & wires
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03-May-23
KEI Industries (BUY): Momentum continues; capacity addition to spur growth
Traction in cable business buoyed Q4 topline growth; EHV set to bounce back in FY24
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03-May-23
ACC (HOLD): Realisations soft; stock lacks strong triggers
Volume-led topline growth truncated by muted realisations (+1% YoY) in Q4, an indication of market share pressure
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02-May-23
Kotak Mahindra Bank (HOLD): Healthy quarter but positives priced in
Q4 PAT grew 26% YoY backed by a strong topline and lower opex; provisions stayed flat
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29-Apr-23
Ultratech Cement (BUY): On a strong pitch, Near term challenges fading away
Q4 revenue grew 20% YoY and QoQ aided by strong double-digit volume gains and supportive pricing
View Report
29-Apr-23
Dalmia Bharat (HOLD): Volumes rise but realisations weak
Q4 revenue grew 16% YoY to Rs 39bn buoyed by higher volumes (+12% YoY); realisations up just 3%
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29-Apr-23
Maruti Suzuki (HOLD): Short-term pricing blip
Q4 volume growth soft due to an unfavourable mix; order book strong at 412k units (vs. 363k units in Q3FY23)
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29-Apr-23
SBI Card (BUY): Positive surprise; maintain BUY
Q4 PAT beat our estimate by 10% due to robust revenue (+32% YoY), partially offset by higher credit cost (+60% YoY)
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29-Apr-23
Glenmark Life Sciences (BUY): All-round beat
Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API
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28-Apr-23
Aditya Birla Sun Life AMC (HOLD): Soft numbers; weakness persists, maintain HOLD
QAAUM declined 7% YoY to Rs 2.8tn at end-FY23 with continued market share bleed
View Report
28-Apr-23
Axis Bank (BUY): Valuations to play catch up
Lower provisioning aids strong Q4 PAT growth of 64% YoY (ex-one-off charge of Rs 125bn towards Citi deal
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28-Apr-23
Laurus Labs (HOLD): Dismal quarter
Q4 a miss on all fronts – revenue/EBITDA/PAT below consensus by 16%/35%/55%
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28-Apr-23
UTI AMC (BUY): Weak set of numbers
Equity outflows coupled with softer yields dampened Q4; core PAT flat YoY at Rs 571mn, well below our estimate
View Report
28-Apr-23
Tech Mahindra (HOLD): Weak performance; near-term outlook cloudy
Q4 revenue flattish at US$ 1.7bn (+0.3% QoQ CC) with 10% growth in FY23 to US$ 6.6bn
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27-Apr-23
Wipro (HOLD): Consulting business likely to dampen near-term growth
Q4 revenue grew 0.6% QoQ CC to US$ 2.8bn due to a drag in technology consumer and communication verticals
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27-Apr-23
SBI Life (BUY): Strong FY23; maintain BUY
Strong performance in FY23 with gross premium up 15% YoY and APE growth of 18%
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27-Apr-23
Hindustan Unilever (BUY): Fair performance in a challenging environment
Underlying pricing growth tapered down in Q4 due to softening input cost; volume growth at 4% YoY
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27-Apr-23
Voltas (HOLD): EMP underperformance overshadows resilient cooling business
UCP EBIT margin returns to double digits in Q4 after languishing at 7-8% over the first three quarters
View Report
27-Apr-23
Bajaj Auto (HOLD): Rural economy revival key for growth; Maintain HOLD
Despite 13% lower volumes YoY, realisations steered topline growth of 12% in Q4 on the back of a better product mix
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26-Apr-23
HDFC Life (HOLD): Strong quarter
Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%
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26-Apr-23
Tata Consumer Products (BUY): Strategic initiatives in place; outlook upbeat
Strong 14% YoY revenue growth in Q4 as key businesses continued to outperform
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26-Apr-23
Nippon Life India AMC (BUY): MTM losses mar quarter
MTM loss on other income led to 7% sequential decline in Q4 total income and 10% drop in pre-tax profit
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26-Apr-23
Persistent Systems (BUY): Growth resilient
Q4 revenue up 3.9% QoQ CC to US$ 275mn, backed by services and top-client business
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25-Apr-23
HDFC AMC (HOLD): Q4 disappoints; cut to HOLD on multiple headwinds
Q4 net profit missed our estimate by 7% owing to below-expected revenue of Rs 6.4bn and QAAUM of Rs 4.5tn
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25-Apr-23
IndusInd Bank (BUY): Gearing up for the next leg of growth
Q4 PAT growth strong at 46% YoY backed by robust business growth that offset lower other income and higher opex
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25-Apr-23
Nestle India (BUY): Stellar performance; beats estimate
Highest quarterly growth in the last decade supported by a strong performance across product segments in Q1CY23
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24-Apr-23
Reliance Industries (BUY): Capital discipline targets positive; maintain BUY
Q4 beat led by O2C business; investor concerns appeased by introduction of a capital discipline target of 1x net debt/EBITDA
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24-Apr-23
HDFC Bank (BUY): RBI clears pitch for merger with HDFC
Central bank permits leeway on PSL norms post-merger which will aid HDFCB’s margins and asset quality in the immediate term
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24-Apr-23
ICICI Bank (HOLD): Strong NII and lower provisions aid healthy PAT
Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income
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21-Apr-23
ICICI Prudential Life (HOLD): FY23 ends on a high note; cut to HOLD post rally
Strong Q4 growth lifts overall FY23 numbers; sustainability of growth and ability to arrest NBP market share loss key monitorables
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20-Apr-23
HCL Technologies (BUY): Software seasonality dampens dollar revenue growth
Q4 revenue down 0.3% QoQ CC, below our estimates
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18-Apr-23
Reliance Industries (BUY): Capex ramp-up likely in sync with structural growth
EBITDA momentum likely to continue in Q4 propelled by both cyclical and consumer engines
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17-Apr-23
HDFC Bank (BUY): Q4 healthy despite higher opex
Deposits outpaced loan growth YoY while a higher cost of funds led to 14bps contraction in NIM to 4.2% in Q4; FY24 NIM guided at 4.1%
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13-Apr-23
Infosys (BUY): All-round miss; sentiments worsening but Cobalt to drive growth
Q4 revenue declined 2.3% QoQ CC, weighed down by project cancellations
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12-Apr-23
Tata Consultancy Services (HOLD): Steady quarter but macro headwinds cloud outlook
Q4 dollar revenue growth of 1.7% QoQ in line with our estimate and broad-based across verticals
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12-Apr-23
ABB India (HOLD): Annual report highlights – Agile business model
CY22 order inflows strong at Rs 100bn (+31% YoY) and revenue growth robust at 24% YoY
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12-Apr-23
HDFC Bank (BUY): Q4 likely to see sustained growth momentum
Expect a healthy March quarter with deposits outpacing loan growth (196bps QoQ decline in CD ratio)
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06-Apr-23
[Initiation] LIC (BUY): Behemoth at a bargain; initiate with BUY
Extensive presence, brand equity and leadership in group life business serve as strong moats, supporting NBP market share of over 60%
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31-Mar-23
Nestle India (BUY): Annual report highlights – Stellar performance in a difficult year
Highest domestic revenue growth in a decade, at 14.8% in CY22, led by both volumes and pricing
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22-Mar-23
Bikaji Foods International (NOT RATED): Appetite for growth
Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks
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16-Mar-23
Kaynes Technology (NOT RATED): Expanding footprint
Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom
View Report
01-Mar-23
Tech Mahindra (HOLD): Sandstorm a potential game changer
TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices
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28-Feb-23
Infosys (BUY): Private 5G-as-a-Service to see multiyear tailwinds
Private 5G expected to be a key enabler for the digital transformation of enterprises
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20-Feb-23
SAIL (HOLD): Higher production positive but legacy issues linger
Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity
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20-Feb-23
TVS Motor (HOLD): Steady performance; healthy outlook
Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing
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16-Feb-23
Nestle India (BUY): Investing for growth
CY22 revenue increased 14.5% YoY with broad-based growth across categories
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16-Feb-23
Maruti Suzuki (HOLD): Focus shifts to high-margin segment
Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales
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15-Feb-23
PI Industries (BUY): Strong quarter spurred by custom synthesis business
Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income
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15-Feb-23
CESC (BUY): Stable performance; DF circles disappoint
Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn
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15-Feb-23
Siemens India (BUY): Stellar quarter
Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner
View Report
14-Feb-23
JK Lakshmi Cement (SELL): Cost overruns remain a concern
Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth
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13-Feb-23
LIC (NOT RATED): Strong 9MFY23 growth but margins moderate
9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%
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13-Feb-23
Thermax (HOLD): Scaling back on large project bids
Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability
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13-Feb-23
ABB India (HOLD): Q4 beat; retain HOLD on full valuations
Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses
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13-Feb-23
Alkem Labs (SELL): Quarter buoyed by seasonal tailwinds
Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn
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11-Feb-23
Shree Cement (HOLD): Cost efficiencies to aid performance
Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions
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11-Feb-23
Ambuja Cement (HOLD): Steady growth continues, maintain HOLD
Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%
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11-Feb-23
Aurobindo Pharma (BUY): Modest Q3; no respite on margin front
Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business
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11-Feb-23
Voltas (HOLD): Subpar quarter as EMP losses deepen
UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier
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10-Feb-23
JK Cement (BUY): Steep costs likely to soften in Q4; maintain BUY
Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices
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09-Feb-23
Cummins India (HOLD): Robust quarter; positives in the price
Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%
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09-Feb-23
Syrma SGS (BUY): Strong topline but margins soften
Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn
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08-Feb-23
Tata Steel (BUY): Weaker Q3 does not disrupt upcoming growth, maintain BUY
Q3 below consensus with softer recovery in India operations and acute losses in Europe
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08-Feb-23
The Ramco Cements (SELL): Performance driven by new capacity addition
Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise
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07-Feb-23
Dalmia Bharat (HOLD): Strong quarter; capacity addition on track
Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains
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07-Feb-23
Hitachi Energy (BUY): Chip shortage takes a toll
Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%
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06-Feb-23
Star Cement (BUY): In-line performance; maintain BUY
Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4
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06-Feb-23
ITC (BUY): Stellar show continues; outlook bright
Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories
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05-Feb-23
Mahanagar Gas (BUY): Growth set to accelerate in medium term; maintain BUY
Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness
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04-Feb-23
Tata Power (BUY): Growth aided by coal profits again
Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand
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04-Feb-23
Divi's Labs (HOLD): Big miss on revenue and margins
Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%
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03-Feb-23
Jindal Steel & Power (BUY): Streamlining management processes a positive; BUY
Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India
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03-Feb-23
Tata Consumer Products (BUY): Subdued quarter; long-term story remains intact
Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing
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03-Feb-23
V-Guard Industries (HOLD): Topline intact while margin pressure persists
EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted
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03-Feb-23
Crompton Greaves (BUY): Weak lighting business dims performance
Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%
View Report
02-Feb-23
Power Grid Corp (BUY): Steady quarter; upgrade to BUY post correction
Steady Q3 performance with 11% YoY growth each in revenue and net profit
View Report
02-Feb-23
UTI AMC (BUY): Dull quarter on MTM losses; maintain BUY
MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%
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02-Feb-23
Britannia Industries (BUY): Strong performance in a challenging environment
Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%
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01-Feb-23
KEC International (HOLD): Disappointing quarter – cut to HOLD
EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business
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01-Feb-23
Godrej Consumer Products (BUY): Broad-based growth; strong margin recovery
Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%
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01-Feb-23
Blue Star (BUY): Buoyant performance; UCP margin expansion continues
UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4
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31-Jan-23
Orient Electric (HOLD): Back on track with Q3 rebound
Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion
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31-Jan-23
Larsen & Toubro (BUY): Revenue beat; commentary optimistic
Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23
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30-Jan-23
Tech Mahindra (HOLD): Weak performance; expect a muted FY23
Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC
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30-Jan-23
Indraprastha Gas (BUY): Dull quarter; focus shifting to non-bus CNG volumes
Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth
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30-Jan-23
Nippon Life India AMC (BUY): Healthy quarter; retain BUY
Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained
View Report
30-Jan-23
NTPC (BUY): Another strong quarter
Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex
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28-Jan-23
Aditya Birla Sun Life AMC (HOLD): Challenges persist, maintain HOLD
Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry
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27-Jan-23
Glenmark Life Sciences (BUY): Sequential recovery in API business
Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits
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27-Jan-23
AIA Engineering (BUY): Stellar quarter despite challenging macro
Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable
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26-Jan-23
Dr Reddy's Labs (HOLD): Strong US sales; recovery in EM and PSAI businesses
Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches
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26-Jan-23
Cipla (BUY): US-led growth; margins strong
Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA
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25-Jan-23
Dixon Technologies (BUY): Dull Q3 as mobiles business dials down
Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%
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25-Jan-23
HDFC AMC (BUY): Muted growth; raise to BUY on price correction
Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense
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25-Jan-23
SBI Card (BUY): Higher costs continue to dent profitability
Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses
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24-Jan-23
JSW Steel (HOLD): Exciting growth but unfavourable risk-reward; maintain HOLD
Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt
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24-Jan-23
Amber Enterprises (HOLD): Strong topline but margins remain muted
Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations
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24-Jan-23
KEI Industries (BUY): Upbeat numbers
Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient
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24-Jan-23
Siemens India (BUY): Annual report highlights – Primed for accelerated growth
Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions
View Report
24-Jan-23
Reliance Industries (BUY): Entry opportunity; upgrade to BUY
Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation
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23-Jan-23
SBI Life (BUY): Upbeat quarter; maintain BUY
Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase
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20-Jan-23
HDFC Life (BUY): Strong growth momentum; maintain BUY
Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%
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20-Jan-23
360 One (BUY): Resilient model; high ROE – maintain BUY
ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend
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20-Jan-23
Polycab India (BUY): Buoyant quarter
Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base
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19-Jan-23
Havells India (BUY): Modest performance amid a challenging environment
Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ
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19-Jan-23
Hindustan Unilever (BUY): Growth momentum continues; margins improve sequentially
Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps
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19-Jan-23
IndusInd Bank (BUY): Recovery plan in play
Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions
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18-Jan-23
Mahanagar Gas (BUY): Healthy medium-term outlook
Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout
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18-Jan-23
Eris Lifesciences (BUY): Oaknet continues to drive revenue growth
Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%
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18-Jan-23
ICICI Prudential Life (BUY): VNB strong but premium growth disappoints
9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%
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16-Jan-23
HDFC Bank (BUY): Steady earnings growth
Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions
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13-Jan-23
Wipro (HOLD): Consulting business likely to dampen growth in the near term
Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate
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12-Jan-23
Chemplast Sanmar (NOT RATED): Uptick in PVC prices could aid margin recovery
Management expects to see benefit of PVC price recovery from Q4 after a muted Q3
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12-Jan-23
HCL Technologies (BUY): Profit beat in seasonally weak quarter
Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates
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12-Jan-23
Infosys (BUY): Cobalt to drive near-term growth
Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation
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09-Jan-23
Tata Consultancy Services (HOLD): Demand drivers intact with some pockets of slowdown
Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate
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27-Dec-22
Indraprastha Gas (BUY): Growth levers intact despite EV
IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles
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23-Dec-22
Solar Industries (NOT RATED): Growth focused
Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence
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20-Dec-22
JSW Steel (HOLD): Dolvi another growth milestone
Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup
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20-Dec-22
Syrma SGS (BUY): Capacity expansion on course
Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23
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12-Dec-22
Voltas (HOLD): Competition weighing on margins
Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition
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09-Dec-22
Siemens India (BUY): Buoyant outlook
Q4 in line; management now focused on aggressive growth, in a shift from consolidation
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08-Dec-22
Syrma SGS (BUY): Niche ODM player – initiate with BUY
Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins
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06-Dec-22
Greenpanel Industries (BUY): Long runway before takeoff
Increase in MDF imports could pose a threat to domestic price realisation, if not curbed
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01-Dec-22
NLC India (NOT RATED): Capacity addition largely on track
Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand
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29-Nov-22
Mahindra & Mahindra (BUY): Performance to strengthen
Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)
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28-Nov-22
TTK Prestige (NOT RATED): Banking on brand value to blunt competition
Demand for premium products buoyant but entry-level segment remains distressed
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21-Nov-22
Eicher Motors (HOLD): Volume gains encouraging; ASP revival key
Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP
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17-Nov-22
BOBCAPS Research | Ashok Leyland (BUY): Healthy performance all round
Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)
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14-Nov-22
TVS Motor (HOLD): Strong quarter but positives in the price
Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)
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14-Nov-22
Aurobindo Pharma (BUY): Margin slippage continues; launches key for growth
Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses
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14-Nov-22
LIC (NOT RATED): Strong growth; focused on raising persistency
Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%
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14-Nov-22
Alembic Pharma (HOLD): Broad-based growth; margin crunch persists
Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline
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14-Nov-22
Alkem Labs (SELL): Near-term outlook weak – cut to SELL
Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins
View Report
11-Nov-22
Hero Motocorp (HOLD): Efforts on to capture premium market
Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base
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11-Nov-22
Astral (HOLD): Inventory loss, one-off expenses drag margin
Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%
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11-Nov-22
Lupin (HOLD): Return to double-digit margins
Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India
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10-Nov-22
Somany Ceramics (BUY): Gas prices continue to weigh on margins
Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY
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10-Nov-22
Pidilite Industries (SELL): Margin expansion ahead but valuations lofty; reiterate SELL
Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%
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10-Nov-22
Zydus Wellness (BUY): High commodity prices play spoilsport
Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth
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09-Nov-22
VST Tillers Tractors (BUY): Gaining momentum slowly but surely
Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales
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09-Nov-22
Cera Sanitaryware (HOLD): Steady demand trends
Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects
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09-Nov-22
Greenpanel Industries (BUY): Domestic demand remains healthy
Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%
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09-Nov-22
Divi's Labs (HOLD): Disappointing quarter
Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business
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08-Nov-22
Greenply Industries (BUY): Stable quarter but margins disappoint
Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations
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05-Nov-22
Maruti Suzuki (HOLD): Healthy performance
Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales
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05-Nov-22
Cipla (BUY): Robust US and India sales
Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter
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04-Nov-22
Orient Electric (HOLD): One-offs mar performance
Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise
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04-Nov-22
Blue Star (HOLD): Best Q2 performer among AC pack
Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers
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04-Nov-22
Ajanta Pharma (HOLD): No respite from margin pressure; cut to HOLD
Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business
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02-Nov-22
Kajaria Ceramics (BUY): Demand sluggish; high gas cost weakens margins
Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm
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02-Nov-22
Voltas (HOLD): Dismal Q2; UCP margins at decadal low
UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22
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01-Nov-22
Sun Pharma (HOLD): Strong Q2 but valuations full – cut to HOLD
Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales
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01-Nov-22
Tata Steel (BUY): Integrated Indian operations to weather downturn
Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1
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31-Oct-22
Supreme Industries (HOLD): Muted quarter but H2 revival on track
Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness
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29-Oct-22
Dr Reddy's Labs (HOLD): US launch of gRevlimid buoys quarter
Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY
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28-Oct-22
JSW Steel (HOLD): Aggressive growth policy fuels earnings volatility
Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24
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28-Oct-22
V-Guard Industries (HOLD): Margin pressure dampens performance
Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4
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28-Oct-22
SBI Card (BUY): Dull quarter on high opex and credit costs
Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up
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28-Oct-22
Reliance Industries (HOLD): Windfall tax limits cyclical upside; consumer business shines
Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth
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28-Oct-22
Crompton Greaves (BUY): Q2 a minor blip; expect swift recovery
Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins
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25-Oct-22
Finolex Industries (HOLD): Revival slipped to Q4
Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%
View Report
22-Oct-22
Laurus Labs (HOLD): CDMO scale-up masks otherwise dismal Q2; cut to HOLD
Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn
View Report
22-Oct-22
Amber Enterprises (HOLD): Structural growth overhang persists
Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost
View Report
22-Oct-22
SBI Life (BUY): Strong margin trajectory; better H2 expected
VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25
View Report
22-Oct-22
Glenmark Life Sciences (BUY): Slowdown in parent-led business weakens revenue
Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)
View Report
21-Oct-22
HDFC Life (BUY): Merger with Exide Life completed; focus on growth
H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%
View Report
21-Oct-22
Dixon Technologies (BUY): Buoyant numbers, bright prospects
Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn
View Report
20-Oct-22
Havells India (BUY): Margins hit trough; expect recovery in H2
Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd
View Report
20-Oct-22
IIFL Wealth (BUY): Guidance maintained despite slower flows
Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact
View Report
19-Oct-22
Bajaj Auto (HOLD): Steady performance in a challenging environment
Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)
View Report
19-Oct-22
Polycab India (BUY): Beat on all fronts
Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%
View Report
19-Oct-22
V-Mart Retail (BUY): LimeRoad deal positive but profitability could suffer
Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence
View Report
15-Oct-22
ICICI Prudential Life (BUY): Some hits, some misses – maintain BUY
H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19
View Report
24-Sep-22
Tata Steel (BUY): Merger to simplify group structure
Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions
View Report
22-Sep-22
Syrma SGS Tech (NOT RATED): Niche player in EMS
Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers
View Report
16-Sep-22
RPG Life Sciences (NOT RATED): Investor day takeaways – Chronic and specialty launch focus
EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off
View Report
15-Sep-22
IIFL Wealth (BUY): Annual report analysis: Recurring model bears fruit
Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets
View Report
14-Sep-22
KEC International (NOT RATED): Analyst meet takeaways – Headwinds abating
FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged
View Report
08-Sep-22
Greenpanel Industries (BUY): Structural tailwinds intact
Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25
View Report
02-Sep-22
IIFL Wealth (BUY): NDR takeaways – Spotlight on recurring revenue and new clients
Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality
View Report
30-Aug-22
Reliance Industries (HOLD): AGM takeaways – Growth contours defined
Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy
View Report
30-Aug-22
SAIL (HOLD): Plodding quest for growth
Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers
View Report
25-Aug-22
Zydus Wellness (BUY): Management meet takeaways – Primed for growth
Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view
View Report
13-Aug-22
Divi's Labs (HOLD): No respite in sight for margins
Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below
View Report
12-Aug-22
Astral (HOLD): Good performance amid challenges; cut to HOLD post rally
Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%
View Report
12-Aug-22
Aurobindo Pharma (BUY): Healthy growth but margin pressure persists
Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%
View Report
11-Aug-22
Pidilite Industries (SELL): Sound business but valuations lofty; reiterate SELL
Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%
View Report
10-Aug-22
Somany Ceramics (BUY): Good quarter; long term outlook remains positive
Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)
View Report
10-Aug-22
Amber Enterprises (HOLD): Mixed quarter; challenges ahead
Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn
View Report
09-Aug-22
V-Mart Retail (BUY): Growth off low base but yet to retrace to pre-Covid levels
Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20
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08-Aug-22
Greenply Industries (BUY): New capacities to form next leg of growth
Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations
View Report
06-Aug-22
Alkem Labs (HOLD): Higher expenses and forex loss dent margins; cut to HOLD
Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins
View Report
05-Aug-22
Glenmark Life Sciences (BUY): Margins improve despite revenue decline
Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin
View Report
05-Aug-22
Blue Star (HOLD): Commendable margin performance
Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers
View Report
05-Aug-22
Cera Sanitaryware (HOLD): Strong Q1; upside capped post rally – cut to HOLD
Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes
View Report
04-Aug-22
Voltas (HOLD): Competitive edge appears blunted; downgrade to HOLD
Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business
View Report
04-Aug-22
ERRATUM: Tata Steel (BUY): Preferred pick as we look beyond volatility
TATA exposed to slower pickup in China but we expect Chinese demand to stabilise over H2, providing support to regional margins
View Report
04-Aug-22
Dixon Technologies (BUY): Annual report analysis: Targeting higher EMS share
Key initiatives taken in FY22 to bolster business in electronic manufacturing services (EMS), including PLI initiatives
View Report
29-Jul-22
Ajanta Pharma (BUY): Margin stress continues despite strong revenue growth
Q1 revenue growth robust at 27% YoY (13% ahead of consensus), supported by a low base in Asia/Africa and momentum in India
View Report
29-Jul-22
Zydus Wellness (BUY): First normal quarter post-Covid; retain BUY
Q1 revenue grew 17% YoY (9% QoQ) to Rs 6.9bn aided by price hikes and 10.3% volume growth
View Report
29-Jul-22
SBI Life (BUY): Standout performance by the market leader; BUY
Stellar growth as Q1 gross premium increased 35% YoY with NBP up 67% and renewal premium up 14%
View Report
29-Jul-22
V-Guard Industries (HOLD): Margin blip in Q1
Q1 EBITDA margin hit by A&P spend and write-offs; ECD/electronics margins guided to recover to ~7%/16% in FY23
View Report
28-Jul-22
SBI Card (BUY): Ticks most boxes; maintain BUY
Q1 credit card spends grew 79% YoY and cards in force 19% YoY, with strong asset quality
View Report
28-Jul-22
Laurus Labs (BUY): Synthesis business saves the day
Q1 revenue/EBITDA came in 5%/8% above consensus and grew 20%/ 15% YoY to Rs 15.4bn/Rs 4.5bn
View Report
27-Jul-22
Dixon Technologies (BUY): Strong Q1 topline; remains the best PLI play
Mobiles segment drove Q1 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially
View Report
27-Jul-22
Reliance Industries (HOLD): Refining upside capped; roadmap for new energy next catalyst
RIL captured upsides in refining margin and gas prices in Q1, but an increase in tax rate and Jio depreciation resulted in a miss on net income
View Report
26-Jul-22
IIFL Wealth (BUY): Decent set of numbers considering headwinds; Maintain ‘BUY’
Focus on expanding trail-based ARR model; recurring revenue constituted 68% share in Q1 and recurring AUM 57%
View Report
26-Jul-22
Orient Electric (HOLD): Headwinds in core portfolio, maintain HOLD
Q1 gross margin maintained but EBITDA margin drained by higher A&P spend (+108% YoY) and logistics & warranty expense (+87% YoY)
View Report
26-Jul-22
JSW Steel (HOLD): Aggressive growth policy a risk – cut to HOLD
With a weaker outlook for steel margins in H1, JSTL lowers capex plan for FY23 to manage leverage but maintains Rs 480bn plan over 3 years
View Report
26-Jul-22
Supreme Industries (HOLD): Healthy topline but margins soft; downgrade to HOLD
Q1 revenue grew 64% YoY led by increased realisations (+8%) and volume recovery (+53%) on a soft base
View Report
26-Jul-22
Finolex Industries (HOLD): Near-term pain ahead; downgrade to HOLD
Q1 revenue increased 23% YoY as volumes/realisations rose 29%/4% in PVC pipes & fittings and 25%/0.2% in PVC resin
View Report
25-Jul-22
Crompton Greaves (BUY): Temporary margin miss; expect swift recovery
Q1 miss on margins due to one-time costs; expect margins to course correct in 9MFY23 against backdrop of lower commodity costs
View Report
22-Jul-22
Greenpanel Industries (BUY): MDF remains in the driver’s seat
Q1 revenue climbed 51% YoY to Rs 4.6bn led by growth of 50%/57% YoY (-1.6%/0.4% QoQ) in MDF/plywood
View Report
21-Jul-22
Kajaria Ceramics (BUY): Margins healthy despite cost inflation; retain BUY
Q1 revenue grew 80% YoY (-8.5% QoQ) spurred by a 15% (+2% QoQ) rise in tile realisations and 53% (-10% QoQ) volume growth
View Report
21-Jul-22
Havells India (BUY): Short-term margin blip, better road ahead
Q1 EBITDA margin hit by absence of price hikes, while falling commodity prices hurt profitability in key cables and wires segment
View Report
21-Jul-22
Century Plyboards (BUY): Impressive sequential performance
Q1 revenue/PAT came in at Rs 8.8bn/Rs 0.9bn led by healthy price realisations across segments (ex-plywood)
View Report
20-Jul-22
Polycab India (BUY): Resilient margins offset moderation in revenue
Pricing action, cost-cutting initiatives and premiumization all helped to keep margins intact in Q1
View Report
19-Jul-22
HDFC Life (BUY): Sustainable growth, high visibility – BUY
Q1 gross premium increased 23% YoY with NBP up 27% and renewal premium up 19%
View Report
18-Jul-22
Jindal Steel & Power (BUY): Q1 beats estimates; look beyond uncertainty – BUY
Q1 results ahead of consensus but net debt reduction muted with higher working capital build
View Report
18-Jul-22
ICICI Prudential Life (BUY): Strong APE growth and high margins but low premium growth
Q1 APE grew 25% YoY to Rs 15.2bn led by the savings segment at 25% and protection at 22%
View Report
15-Jul-22
Larsen & Toubro (NOT RATED): Annual report analysis – In a good place
Strategic growth plan ‘Lakshya’ targets revenue of Rs 2.7tn and ROE of 18%+ by FY26
View Report
12-Jul-22
[Initiation] IIFL Wealth (BUY): Juggernaut rolling; initiate with BUY
Sustainable model with diverse product offerings in HNI/UHNI category and focus on expanding trail-based recurring revenue streams
View Report
04-Jul-22
Orient Electric (HOLD): Annual report analysis – Strategic initiatives paying off
Targeting key growth drivers such as greater reach in South India, channel diversification and innovation-led product development
View Report
01-Jul-22
Cera Sanitaryware (BUY): Consistent Performer
We expect CRS to clock revenue CAGR of ~16.5% during FY22-24E aided by growth in sanitaryware and faucetware segments
View Report
01-Jul-22
Crompton Greaves (BUY): Annual Report Analysis – Fortifying its market position
Leadership maintained in fans and pumps, while being a top player in lighting. BGAL acquisition to strengthen adjacency offerings
View Report
30-Jun-22
Calcom Vision (NOT RATED): An upcoming ODM player in LEDs and fans
Calcom Vision Ltd, an ODM player, specializes in LED manufacturing and is expanding its competencies in BLDC fans
View Report
29-Jun-22
Zydus Wellness (BUY): In a sweet spot !!!
Accelerated launch of innovative products, growing international footprint, and expanding customer base augur well for the company
View Report
22-Jun-22
Dr Reddy's Labs (HOLD): Investor Day – Peek into the future
DRRD unveiled a framework to make its business future ready
View Report
20-Jun-22
V-Mart Retail (BUY): Near-term pain gets accentuated
Due to disruptions in UP and Bihar, which form 65-70% of the top-line, the sale is expected to be adversely impacted in Q1FY23
View Report
20-Jun-22
[Initiation] Glenmark Life Sciences (BUY): Niche API player with superior margins – initiate with BUY
Pure-play API company with robust market share in key high-value, low-volume chronic therapies, alongside budding CDMO business
View Report
10-Jun-22
Havells India (BUY): Annual report analysis: Product innovation focus paying off
Management optimistic about margin recovery on the back of strong underlying demand across segments
View Report
09-Jun-22
Greenpanel Industries (BUY): On a strong MDF-led growth trajectory – raise to BUY
Well placed to capitalise on near-term MDF demand traction, with strong guidance of 15-18%/15% volume growth in FY23/FY24
View Report
08-Jun-22
Polycab India (BUY): Annual report analysis – W&C well capitalised; FMEG remains key
Maintains leadership in wires & cables with ~23% market share; growth momentum in FMEG business sustained in FY22 (5Y CAGR of 30%)
View Report
06-Jun-22
Voltas (BUY): Market share partly recouped in April
Claws back ~200bps of market share in April over March, taking share to 21.6%
View Report
06-Jun-22
[Initiation] SBI Card (BUY): A play on India’s cashless revolution – initiate with BUY
Major player in credit card domain with vast growth potential due to partnership with parent SBIN and customised offerings
View Report
31-May-22
Aurobindo Pharma (BUY): Launch momentum to gather pace; valuations attractive
Q4 EBITDA margin stable QoQ at 16.8% but down 450bps YoY with 335bps YoY contraction in gross margin
View Report
31-May-22
Sun Pharma (BUY): Strong India growth; cost normalisation impacts margins
Q4 EBITDA/adj. PAT declined 17%/28% QoQ (+6%/-5% YoY) due to 350bps QoQ contraction in operating margin
View Report
31-May-22
Astral (BUY): Emerging as a one-stop building materials player; raise to BUY
Consolidated Q4 revenue grew 23% YoY with pipe/adhesive segments up 22%/27%; pipe volumes increased 11%
View Report
30-May-22
Dixon Technologies (BUY): A play on PLI
Mobiles segment drove 40% YoY Q4 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially
View Report
30-May-22
Crompton Greaves (BUY): Prudent cost management aids Q4
Q4 margin well maintained led by key initiatives of brand building, fortifying the distribution network and cost cutting
View Report
30-May-22
Blue Star (HOLD): AC industry growth to double amid ‘golden era’
Management expects AC market to clock 20% CAGR over five years (vs. 7-10% historically) buoyed by increased affordability and reach
View Report
30-May-22
Voltas (BUY): Annual report analysis: Reinforcing its #1 position
Retains leadership in RAC segment with 23.4% market share; bolstering supply chain through JV with Highly
View Report
26-May-22
V-Mart Retail (BUY): Festive demand drives growth
Q4 revenue grew 30% YoY to Rs 4.6bn, with 84% coming from VMART and 16% from Unlimited stores
View Report
23-May-22
Divi's Labs (HOLD): Strong all-round beat but growth unsustainable – cut to HOLD
Robust standalone Q4 revenue/EBITDA growth of 45%/57% YoY, ahead of consensus by 11%/17%
View Report
22-May-22
Lupin (SELL): Operationally poor quarter; further weighed down by one-offs
LPC booked a loss of Rs. 5.2 bn in Q4 with weak operating performance and contraction in margins, EBITDA was ~50% below consensus
View Report
20-May-22
V-Guard Industries (HOLD): Margin pressure continues
Q4 revenue growth strong at 24% YoY on the back of higher sales in electrical and consumer durables segments, but margins remain stressed
View Report
20-May-22
Dr Reddy's Labs (HOLD): Operating performance in line; impairment weighs down profit
India, Russia, US and one-off opportunities drove 15% YoY sales growth in Q4; non-core brands divested in Russia and India
View Report
20-May-22
Somany Ceramics (BUY): Another quarter of weak performance
Q4 revenue growth muted at 9.7% YoY due to a 5% decline in tile volumes, though blended realisation rose 14% to Rs 333/msm
View Report
19-May-22
Pidilite Industries (SELL): Earnings miss, unabated cost inflation; downgrade to SELL
Consolidated Q4 net revenue increased 12% YoY to Rs 25bn as the C&B/B2B segments grew 11%/21%
View Report
19-May-22
Finolex Industries (BUY): Higher volumes drive topline but PVC price volatility persists
Q4 revenue increased 28% YoY as volumes/realisations rose 4%/9% in PVC pipes & fittings and 32%/8% in PVC resin
View Report
19-May-22
PI Industries (BUY): Healthy quarter
Q4 revenue growth healthy at 17% YoY driven by a 47%/11% increase in the AgChem/CSM segments
View Report
18-May-22
Zydus Wellness (BUY): Revival underway; retain BUY
Q4 revenue grew 5.6% YoY (65% QoQ) to Rs 6.4bn aided by price hikes; volumes muted
View Report
17-May-22
Kajaria Ceramics (BUY): Muted volume growth and higher gas prices play spoilsport
Q4 revenue grew 16% YoY (+3% QoQ) spurred by a 13% rise in tile realisations; volume growth was subdued at 2%
View Report
17-May-22
Century Plyboards (BUY): Strong quarter; raise to BUY post correction
Q4 revenue/PAT came in at Rs 8.9bn/Rs 0.9bn led by robust price realisations across segments (ex-plywood)
View Report
16-May-22
Greenply Industries (BUY): Steady revenue; new capacities to form next leg of growth
Consolidated Q4 revenue grew 13% YoY backed by an 8% rise in plywood volumes and 7% rise in price realisation for India operations
View Report
14-May-22
Alkem Labs (BUY): Q4 revenue in line; margin guidance weak
Q4 revenue of Rs 24.8bn broadly in line with our estimate; PAT reduced 55% to Rs 1.1bn on account of prior years’ tax
View Report
13-May-22
Amber Enterprises (HOLD): Components business remains in focus
Q4 topline strong but higher RM and operating costs dent margins and bottomline
View Report
13-May-22
Tech Mahindra (BUY): In-line performance; Communication TCV strong
Q4 revenue growth in line at 4.9% QoQ USD, spearheaded by the enterprise segment; TCV robust at US$ 1.01bn
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12-May-22
Voltas (BUY): Strong strategy for southern market holds the key
Analysis of AC/cooler ownership shows higher product penetration in North India while the South lags
View Report
11-May-22
Cera Sanitaryware (BUY): Highest-ever EBITDA margin with healthy demand outlook
Consolidated Q4 revenue up 7% YoY ex-one-offs of Anjani Tiles divestment and Ind AS-105 application; amounted to Rs 525mn
View Report
11-May-22
Polycab India (BUY): Wired for growth
Strong quarter with the core cable and wire business performing well on revenue and margins, beside maintaining market leadership
View Report
11-May-22
Cipla (BUY): Strong India and US growth marred by lower margins
Slight miss on Q4 revenue but EBITDA underperformed our estimate by 32% due to lower margins (incl. one-time charge of Rs 2bn)
View Report
11-May-22
Orient Electric (HOLD): Premiumisation is key
ECD weakness hurt Q4 topline growth; aggressive price hikes helped to sustain gross margin despite RM cost pressure
View Report
11-May-22
Ajanta Pharma (BUY): Margin stress continues
Q4 revenue 6% ahead of our estimate but margins disappointed with gross/EBITDA margin contraction of 530bps/1050bps YoY to ~72%/24%
View Report
10-May-22
Reliance Industries (HOLD): Margin uptick in cyclicals; consumer business to drive growth
Q4 results in line with consensus – O2C and digital services performed well; we raise FY23/FY24 EBITDA by 8%/4%
View Report
09-May-22
Voltas (BUY): Structural story intact
Below-expected quarter but strong portfolio and distribution coupled with low market penetration remain key structural drivers
View Report
06-May-22
Greenpanel Industries (HOLD): Strong margin expansion despite lower MDF & plywood volumes
Q4 revenue climbed 21% YoY to Rs 4.7bn led by 31% growth in MDF but plywood revenue declined by 15%
View Report
06-May-22
Blue Star (HOLD): Gunning for market share
Good quarter with strong room AC sales due to harsh summer and pent-up demand in target markets, aided by its broad product portfolio
View Report
05-May-22
Tata Steel (BUY): Results in line; growth allocation to improve – BUY
Q4 results in line with consensus, dividend payout raised to 15% with improved gearing, and 10:1 stock split announced
View Report
05-May-22
Havells India (BUY): Plenty of positives – BUY
Strong Q4 topline aided by Lloyd and the wires & cables business, though RM inflation remained a drag on margins
View Report
04-May-22
Eris Lifesciences (BUY): Launch investments cramp margins; forays into derma
Q4 sales/EBITDA contracted 8%/20% QoQ (up 10%/3% YoY) due to structural decline in the cardiometabolic segment
View Report
02-May-22
Alembic Pharma (HOLD): Mixed quarter; cut to HOLD amid rising margin pressure
Q4 revenue growth at 11% YoY led by broad-based domestic uptick and 17% growth in the US; ROW declined 19% YoY
View Report
02-May-22
LIC (SUBSCRIBE): Insurance colossus with sharp growth focus – SUBSCRIBE
Steadfastly retains >60% market share despite stiff competition and is well positioned to capture opportunities in a growing industry
View Report
29-Apr-22
Wipro (BUY): In-line performance; maintain BUY
Q4 revenue growth slightly ahead of estimates at 3.1% QoQ USD driven by manufacturing, retail and BFSI
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29-Apr-22
Supreme Industries (BUY): Healthy volumes but margins soft; raise to BUY post correction
Q4 revenue grew 23% YoY led by increased realisations (+6%) and volume recovery (+16%)
View Report
29-Apr-22
Laurus Labs (HOLD): Mixed Q4; non-ARV business guided to drive $1bn in sales
Q4 topline growth 14% ahead of consensus as healthy CDMO, FDF and non-ARV API sales offset decline in ARV business
View Report
28-Apr-22
Persistent Systems (HOLD): Stellar, all-round performance
Q4 revenue growth of 9.1% QoQ USD outperformed estimates led by services business; TCV at US$ 361mn rose 8% QoQ
View Report
21-Apr-22
HCL Technologies (BUY): Growth muted; TCV and guidance robust
Q4 revenue growth of 0.5% QoQ USD underperformed our estimate owing to a double-digit slowdown in Mode-3 business
View Report
20-Apr-22
L&T Infotech (BUY): Soft growth; maintain BUY on strong TCV
Q4 revenue growth of 3.6% QoQ CC below our estimate of 5%; however, net new TCV robust at US$ 80mn, up 21% YoY
View Report
18-Apr-22
Mindtree (BUY): In-line quarter; robust TCV a key positive
Q4 revenue growth at 4.8% QoQ USD was largely in line with our estimate, driven by travel and BFSI verticals; manufacturing and retail slowed
View Report
13-Apr-22
Infosys (BUY): Subpar quarter; FY23 guidance robust
Q4 revenue growth muted at 0.7% QoQ USD, below our (4.1%) and street estimates. TCV robust at US$ 2.3bn
View Report
12-Apr-22
Tata Consultancy Services (BUY): Resilient margins
Q4 revenue growth at 3.2% QoQ CC beat consensus expectations of 2.3% but came in a tad lower than our estimate
View Report
29-Mar-22
Aurobindo Pharma (BUY): Acquisition of Veritaz Healthcare marks India formulations
ARBP acquired Veritaz Healthcare at 1x FY22E sales (9.8x EBITDA), marking its foray into domestic formulations
View Report
14-Mar-22
[Initiation] Zydus Wellness (BUY): Robust health and wellness portfolio – initiate with BUY
Product innovation, distribution expansion and Heinz India merger synergies expected to aid brisk PAT CAGR of 11% for FY21-FY24
View Report
04-Mar-22
Greenpanel Industries (BUY): On a strong growth trajectory
GREENP well placed to capitalise on near-term MDF opportunity with management guiding for 15% volume growth in FY23E
View Report
24-Feb-22
Sun Pharma (BUY): Alchemee acquisition to expand global branded derma portfolio
SUNP, through subsidiary Taro Pharma, to acquire Galderma’s skincare arm Alchemee in US$ 90mn all-cash deal
View Report
18-Feb-22
Butterfly Gandhimathi Appliances (NOT RATED): Fast-growing, pan-India branded play
One of the fastest growing kitchen appliance companies in India with leadership in steel LPG stoves and tabletop wet grinders
View Report
18-Feb-22
Oil & Gas: Expert call - Refining and shipping outlook
Current refining demand growth expectations may prove conservative, keeping refining and product markets tight
View Report
18-Feb-22
Affle (India) (BUY): Limited impact from Google’s new privacy measures
Google plans to adopt new privacy initiatives (termed Privacy Sandbox) to curtail tracking across apps on Android smartphones
View Report
15-Feb-22
Greenply Industries (BUY): New capacities to cater the growing demand
Consolidated Q3 revenue grew 24% YoY backed by 11% increase in plywood volumes and 7% rise in price realisation for India operations
View Report
14-Feb-22
Reliance Industries (HOLD): Derisking the O2C business
RIL plans to restructure a part of its O2C business to address climate risks and open up new opportunities for value addition
View Report
11-Feb-22
Divi's Labs (BUY): Remarkable quarter; upgrade to BUY
Q3 surpassed expectations on all fronts with revenue/EBITDA growth at 49%/62% YoY, ahead of consensus by 15%/26%
View Report
11-Feb-22
V-Mart Retail (BUY): Well placed to capture value fashion opportunity; raise to BUY
Q3 revenue growth at 47% YoY to Rs 6.9bn, with 83% coming from VMART and 17% from Unlimited stores
View Report
11-Feb-22
Alembic Pharma (BUY): US business weak but showing signs of stabilising
Q3 revenue dipped 3% YoY on a steep decline in US (-23%) and API (-8%) business, despite growth in India (+17%) and ROW (+13%)
View Report
10-Feb-22
Aurobindo Pharma (BUY): Headwinds continue; Plans India formulations foray
Q3 revenue declined 6% YoY despite 48% growth in APIs as US (-13%) and ARV (-65%) business contracted
View Report
07-Feb-22
Affle (India) (BUY): Record revenue growth aided by JAMPP
Q3 revenue growth at 24% QoQ and 126% YoY – the highest ever in AFFLE’s history led by rise in CPCU and user volumes
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05-Feb-22
Lupin (SELL): Major benefits remain back ended, 3Q disappoints
Q3 revenue growth modest at 4% YoY (+2% QoQ) despite strong US and India formulation business, as API revenue declined 25%
View Report
05-Feb-22
Alkem Labs (HOLD): Strong domestic growth; weak margins
Robust traction in India formulations (+20% YoY) during Q3, partly offset by a 7% decline in US generic revenue
View Report
05-Feb-22
Astral (HOLD): Decent quarter; FY24 outlook bright
Consolidated Q3 revenue grew ~23% YoY with pipe/adhesive segments up 25%/16%; pipe volumes dipped 4% due to dealer destocking
View Report
02-Feb-22
eClerx Services (BUY): All-round outperformance; maintain BUY
Q3 revenue growth at 5.9% QoQ USD beat our estimate led by a sharp increase in offshoring
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01-Feb-22
Tech Mahindra (BUY): Mixed bag – growth outperforms, margin disappoints
Q3 revenue growth robust at 4.1% QoQ USD, outperforming our estimate of 3.6%, driven by the CME vertical
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01-Feb-22
Ajanta Pharma (BUY): Strong revenue growth but margins contract
Q3 revenue up 12% YoY spurred by branded formulations business in India and Africa; US sales down 14% QoQ to US$ 22mn
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01-Feb-22
Sun Pharma (BUY): Broad based growth; steady margins
Strong Q3 with YoY growth across geographies; flat sequential growth in domestic/ROW markets due to lower Covid portfolio contribution
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31-Jan-22
Info Edge (BUY): Impressive growth led by recruitment business
Q3 revenue growth of 14.7% QoQ and 48% YoY was INFOE’s highest in over a decade, led by its recruitment business
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31-Jan-22
Century Plyboards (BUY): Strong quarter but margin disappoints; raise to BUY post correction
Q3 revenue/PAT came in at Rs 8.5bn/Rs 0.9bn led by robust price realisations across segments (except plywood)
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31-Jan-22
Dr Reddy's Labs (HOLD): Stable quarter, US price erosion continues; cut to HOLD
Growth in Q3 driven by product launches and higher volumes, partly offset by US price erosion
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29-Jan-22
Eris Lifesciences (BUY): Cardio-metabolic segment headwinds hamper growth
Industry-wide slowdown in cardiometabolic segment (59% revenue share for ERIS) affected Q3 growth
View Report
29-Jan-22
Laurus Labs (HOLD): PAT declines 44% on negative operating leverage
Inventory destocking in ARV API/FDF led to 20% YoY decline in revenue; guided to normalise from Q4
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28-Jan-22
Reliance Industries (HOLD): Broader growth canvas; raise to HOLD
Q3 results a mixed bag – retail and oil & gas performed well but digital services and O2C delivered muted sequential growth
View Report
27-Jan-22
Coforge (BUY): Robust quarter – beat on margins
Q3 revenue grew 4.2% QoQ USD, roughly in line with estimate. Growth was driven by the BFS vertical with a modest uptick in travel
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27-Jan-22
Pidilite Industries (HOLD): Broad-based growth but sharp RM headwinds a drag
Consolidated Q3 net revenue up 24% YoY to Rs 28.5bn as C&B/B2B segments grew 23%/30%
View Report
27-Jan-22
Finolex Industries (HOLD): Tepid earnings outlook; PVC prices volatile
Q3 revenue declined 6% YoY as volumes fell 15% in PVC pipes & fittings and 36% in PVC resin
View Report
26-Jan-22
Cipla (BUY): Growth led by India business
Q3 sales growth modest at 6% YoY led by US and India formulations. API sales declined due to slowdown in orders from developed markets
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25-Jan-22
IndiaMart InterMesh (BUY): Below-expected Q3; retain BUY on deferred revenue growth
Q3 revenue up 3% QoQ, short of our estimates due to weak ARPU growth
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25-Jan-22
Cera Sanitaryware (BUY): Healthy demand traction with positive outlook
Q3 consolidated revenue grew 28% YoY with the sanitaryware/faucet segments increasing 51%/60%
View Report
25-Jan-22
ICICI Bank (HOLD): Gaining traction; cut to HOLD on fair valuations
Augmented risk architecture to enhance overall performance with total CAR estimated at robust 19-20% levels, enabling growth
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25-Jan-22
Supreme Industries (BUY): Disappointing quarter; structural story intact
Q3 revenue grew 5.5% YoY led by high realisations (+31%) though volumes declined 18%
View Report
24-Jan-22
Greenpanel Industries (BUY): Excellent quarter despite lower MDF volumes
Q3 revenue climbed 34% YoY to Rs 4.2bn led by 40% growth in MDF and 8% in plywood segment
View Report
24-Jan-22
JSW Steel (BUY): Upgrade to BUY on favourable risk-reward
Q3 results broadly in line; we raise our earnings forecasts on consolidation of BPSL
View Report
21-Jan-22
Kajaria Ceramics (BUY): Robust volume growth reflects strong demand; raise to BUY
Q3 revenue grew 27% YoY (+10% QoQ) driven by 14% volume growth to 25.6msm – the highest-ever volumes for KJC
View Report
21-Jan-22
Persistent Systems (HOLD): Stellar quarter
Above-expected Q3 with revenue growth of 9.2% QoQ USD led by IP business
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21-Jan-22
Mphasis (HOLD): Strong growth, lukewarm margins
Q3 revenue growth robust at 7.6% QoQ USD, ahead of our estimate, driven by direct business, BCM and communications
View Report
20-Jan-22
Just Dial (BUY): Disappointing Q3; Maintain BUY on RRVL led synergy potential
Just Dial (JUST) reported revenue growth of mere 1.9% QoQ-far below estimates, dragged by impact on SMEs from covid waves
View Report
19-Jan-22
L&T Infotech (BUY): Growth spree continues; outperformance on all counts
L&T Infotech (LTI) reported strong growth beat with 8.7% QoQ USD growth. EBIT margin at 17.9% was up 70bps QoQ, was above estimates
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19-Jan-22
Errata: HDFC Bank (BUY): Balanced Growth
Bank remains reasonably stable during turbulence
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14-Jan-22
HCL Technologies (BUY): Major growth beat; mode-3 drives momentum
HCL Tech (HCLT) reported stellar growth of 6.7% QoQ USD, beating our estimate of 3.5%
View Report
13-Jan-22
Mindtree (BUY): Margin beat despite supply constraints; upgrade to BUY
Mindtree (MTCL) reported growth of 4.7% QoQ USD, in-line with estimates. Momentum was driven by travel, CMT and BFSI
View Report
21-Dec-21
Prataap Snacks (NOT RATED): Emerging contender in booming snacks business
Fast-growing player in savoury packaged snacks. Strengthening of processes (to stabilise RM cost) and distribution channels to spur growth
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16-Dec-21
AMI Organics (NOT RATED): Emerging pharma intermediate play; riding on Chinese import substitution
Company benefits from the best of two domains in chemical industry: Pharma intermediates and specialty chemicals
View Report
06-Dec-21
Eris Lifesciences (BUY): Foray into India’s insulin market
ERIS enters ten-year, 70:30 JV with MJ Biopharm for marketing rh-insulin, insulin analogues, GLP1 agonists and biosimilars
View Report
03-Dec-21
Tata Power (SELL): Stock rally too high, too fast
TPWR’s ~70% run-up in two months stems from power demand growth, international coal price rally and possible renewables business IPO
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22-Nov-21
Wipro (BUY): Transformed model paying off
WPRO’s analyst meet focused on highlighting results of a transformed business model and reiterating a “bold” strategy
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15-Nov-21
Info Edge (BUY): Strong real estate and recruitment business pickup
Q2 revenue grew 37% YoY, outperforming consensus, with broad-based uptick across Naukri, 99acres and other verticals
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12-Nov-21
Affle (India) (BUY): Growth shines aided by stellar JAMPP performance
Q2 revenue surged 104% YoY aided by above-expected rebound at JAMPP and strong native business growth
View Report
12-Nov-21
Somany Ceramics (BUY): Strong recovery, positive outlook
Consolidated Q2 revenue grew 32% YoY to Rs 5.6bn with tile volumes up 25% and blended realisation up 6% YoY to Rs 306/msm
View Report
12-Nov-21
Pidilite Industries (SELL): Broad-based growth but sharp RM headwinds a drag
Consolidated Q2 net revenue up 40% YoY to Rs 26.3bn. Like-to-like growth at 33% (ex-PAPL)
View Report
12-Nov-21
Tech Mahindra (BUY): Positive commentary instils confidence; 5G outlook optimistic
TECHM’s analyst meet today focused on the 3Ps – Purpose, People and Performance
View Report
11-Nov-21
CESC (HOLD): Fairly priced but upside if distribution is delicensed
Despite steady 8% YoY growth in Q2 pretax income, consolidated net income fell 11% due to lower tax rate in comparable quarter
View Report
10-Nov-21
V-Mart Retail (HOLD): Well placed to capture value fashion opportunity; raise to HOLD
Q2FY22 revenue grew 93% YoY to Rs 3.4bn, marking 107% recovery vs. pre-Covid (Q2FY20) levels on consolidation of 74 ‘Unlimited’ stores
View Report
10-Nov-21
Power Grid Corp (HOLD): Steady but limited growth drivers
Steady 1.9% YoY growth in Q2 pretax income and appreciable decline in outstanding payments
View Report
10-Nov-21
IndiaMart InterMesh (BUY): Correction offers a good opportunity; upgrade to BUY
Stock looks attractive following ~25% correction from its Oct’21 peak – upgrade from HOLD to BUY with unchanged TP of Rs 8,430
View Report
03-Nov-21
Century Plyboards (HOLD): Best quarter ever but valuations full
Q2 revenue/PAT came in at Rs 8.1bn/Rs 1bn led by robust price realisations across segments
View Report
03-Nov-21
eClerx Services (BUY): Stellar Q2FY22 performance; upbeat demand environment
Q2 revenue grew 7.1% QoQ USD, delivering a strong beat. EBIT margin missed our estimate but outperformed consensus expectations
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02-Nov-21
VRL Logistics (BUY): Recovery, expansion and new customers driving growth
Q2 PAT increased 60% YoY as revenue grew 45% due to strong recovery in goods transport and bus service volumes
View Report
01-Nov-21
Finolex Industries (HOLD): Strong realisation and volume growth aid profitability
Q2 revenue growth robust at 85% YoY as PVC realisations surged 63% and pipe volumes grew 27% YoY
View Report
28-Oct-21
Greenpanel Industries (HOLD): Strong quarter led by MDF; cut to HOLD on limited upside
Q2 revenue climbed ~88% YoY to Rs 4.2bn led by ~103% growth in MDF and ~38% in plywood
View Report
27-Oct-21
Cera Sanitaryware (HOLD): Healthy demand traction but priced in
Q2 consolidated revenue grew 24% YoY with the sanitaryware/faucet segments increasing 30%/63%
View Report
27-Oct-21
Persistent Systems (HOLD): Growth outperformance continues
Stellar Q2 print with revenue growth of 9.3% QoQ USD (incl. Capiot) driven by BFSI and healthcare
View Report
27-Oct-21
Cipla (BUY): Results better than expected; EBITDA margin resilient
Q2 revenue/EBITDA grew 10%/4% YoY to Rs 55bn/Rs 12bn, beating our estimates by 6%/4%
View Report
26-Oct-21
Tech Mahindra (BUY): Growth outperforms; 5G demand outlook robust
Q2 revenue growth beat estimates at 6.4% QoQ USD on 6.3%/6.7% enterprise/communications business growth
View Report
25-Oct-21
Coforge (BUY): Strong Q2 performance coupled with large deals
Robust Q2 revenue growth of 6.6% QoQ USD led by BFSI; EBIT margin in line at 14.8% (+230bps QoQ)
View Report
25-Oct-21
Kajaria Ceramics (HOLD): Robust volume growth reflects strong underlying demand
Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm
View Report
23-Oct-21
Supreme Industries (BUY): Long-term structural story intact; OPM disappoints
Strong Q2 revenue growth led by high realisations (+38% YoY) and healthy volumes in plastics (+9% YoY)
View Report
23-Oct-21
IndiaMart InterMesh (HOLD): In-line results; on course for growth recovery
Q2 performance in line as sales grew 12% YoY and EBITDA margin stood at 46%
View Report
23-Oct-21
TCI Express (HOLD): Strong volume-led growth
Robust volume growth in Q2 a reflection of improving macros. Network expansion and new sorting centre to sustain growth
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22-Oct-21
Mphasis (HOLD): Mixed bag
Q2 revenue grew 6.4% QoQ USD, outperforming our (4.9%) and street estimates; EBIT margin a miss at 15.1%
View Report
21-Oct-21
Just Dial (BUY): Strategic refresh post Reliance takeover awaited
Disappointing Q2 with revenue contracting 6.9% YoY and miss on margins
View Report
19-Oct-21
L&T Infotech (BUY): Outperformance on all counts
Best revenue growth ever at 8.3% QoQ USD in Q2, aided by secular uptick across verticals, clients, service lines and geographies
View Report
15-Oct-21
HCL Technologies (BUY): Product business a drag on performance
Q2 a miss with subdued revenue growth of 2.6% QoQ USD due to 8.4% contraction in product business
View Report
14-Oct-21
Infosys (BUY): Operational beat coupled with revenue guidance upgrade
Stellar Q2 with revenue growth at 5.7% USD QoQ vs. 4.2% estimated and resilient operating margin
View Report
14-Oct-21
Wipro (BUY): Strong growth and confident commentary; upgrade to BUY
Q2 revenue growth beat estimates at 6.9% USD/8.1% CC QoQ and surpassed guided range of 5-7% CC QoQ
View Report
14-Oct-21
Mindtree (SELL): Upbeat Q2 but valuations lofty
Strong Q2 beat led by significant revenue surprise and resilient operating margin
View Report
12-Oct-21
IndiaMart InterMesh (HOLD): Takeaways from INMART management interaction
Pandemic-led boost to INMART’s outsourced client acquisition model (DSA-based) has improved sales engine efficiency
View Report
09-Oct-21
Tata Consultancy Services (BUY): Management confident of strong medium-term demand
Q2 revenue grew 2.9% QoQ USD, in line with our estimate of 3%; TCV was healthy at US$ 7.6bn
View Report
07-Sep-21
Affle (India) (BUY): Annual report analysis – Sustained R&D focus
Ecosystem-level partnerships fortify AFFLE’s defense against data/ privacy risk
View Report
17-Aug-21
Info Edge (BUY): Naukri poised for accelerated growth; upgrade to BUY
In-line Q1 with revenue up 14% YoY (deferred revenue up 36%) and EBITDA margin at 31.2%
View Report
14-Aug-21
eClerx Services (BUY): In-line quarter; robust outlook
Q1 revenue growth at 1.4% QoQ USD, roughly in line with our estimate of 1.7% QoQ USD
View Report
13-Aug-21
Hero MotoCorp (HOLD): Lacklustre quarter
Q1 revenue fell 37% QoQ on reduced volumes and ASP. High RM cost and lower operating efficiency further dampened PAT
View Report
13-Aug-21
Ashok Leyland (SELL): Margin stress ahead; maintain SELL
Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability
View Report
12-Aug-21
Pidilite Industries (SELL): Raw material pressure hurts gross margin
Consolidated Q1 revenue grew 121% YoY, rebounding from a tepid base
View Report
12-Aug-21
Eicher Motors (SELL): Dull quarter as volumes trend down; maintain SELL
Q1 revenue declined 35% QoQ on weak volumes (-40%). Lower operating efficiency further pulled down profitability
View Report
11-Aug-21
Century Plyboards (HOLD): In-line quarter
Q1 standalone revenue growth robust at 124% YoY off a low base, with strong growth across segments
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09-Aug-21
Astral (SELL): Pipe volumes muted; valuations rich
Consolidated Q1 revenue grew 73% YoY with pipes/adhesives rising 63%/107% due to a low base; pipe volumes grew just 13%
View Report
09-Aug-21
MRF (SELL): Margins to remain under pressure
Q1 revenue fell 13% QoQ, EBITDA margin shrank 400bps on gross margin pressure and adj. PAT fell 49% QoQ to Rs 1.6bn
View Report
09-Aug-21
Affle (India) (BUY): Stellar quarter
Q1 revenue increased 70% YoY driven by 89% growth in CPCU business, with a broad-based uptick across E, F, G, H verticals
View Report
09-Aug-21
VRL Logistics (BUY): Lower losses; volume recovery and price increase to drive growth
Q1 losses fell to below 10% of last year but declined from strong profits in Q4FY21 as volumes slowed and bus operations continued to bleed
View Report
07-Aug-21
Cipla (BUY): Strong quarter
Q1 revenue/EBITDA grew 27%/28% YoY, beating consensus estimates by 7%/19%
View Report
06-Aug-21
Somany Ceramics (BUY): In-line quarter; outlook stronger
Consolidated Q1 revenue grew 95% YoY with tile volumes up 94% due to a low base.
View Report
06-Aug-21
Tata Power (BUY): Strong Q1 led by solar business; transmission reentry announced
Strong results driven by growth in solar products, award to CGPL under APTEL order and uptick in coal mining associates
View Report
06-Aug-21
Balkrishna Industries (SELL): Valuations rich, maintain SELL
Q1 revenue beat our estimate at Rs 18.1bn but EBITDA margin dropped to 28.3% on lower gross margin and higher other expense
View Report
06-Aug-21
JK Tyre & Industries (SELL): Weak Q1; maintain SELL
Q1 revenue in line but gross margin fell short of our estimate, denting operating performance. Adj. PAT a miss at Rs 567mn
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06-Aug-21
TVS Srichakra (SELL): Poor demand and high input cost hit profitability
Q1 revenue in line at Rs 4.8bn but EBITDA margin disappoints at 5.1% due to poor operating efficiency
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06-Aug-21
Cera Sanitaryware (HOLD): Growth picks up off a low base
Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%
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06-Aug-21
Greenply Industries (HOLD): Low base aids Q1; MDF foray to be beneficial in long run
Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business
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05-Aug-21
Mayur Uniquoters (BUY): Demand trends improving; upgrade to BUY
Standalone Q1 revenue tripled YoY as volumes surged 217% aided by a low base
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05-Aug-21
Hindustan Petroleum Corp (BUY): Q1 muted, project completion the key driver
Q1 reflects weak benchmark refining margin and impact of planned shutdowns but robust marketing margin
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05-Aug-21
Apollo Tyres (SELL): Dull quarter; maintain SELL
Q1 revenue in line but EBITDA margin disappoints at 12.4% due to gross margin pressure and lower operating efficiency
View Report
03-Aug-21
Kajaria Ceramics (HOLD): In-line quarter
Consolidated Q1 revenue grew 102% YoY as tile volumes doubled, aided by a soft lockdown-hit base quarter
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02-Aug-21
Indian Oil Corp (BUY): Q1 muted but core refining earnings have bottomed out
Q1 earnings reflect a muted refining performance but recovery in marketing margin
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02-Aug-21
Finolex Industries (HOLD): Higher PVC resin prices aid profitability
Q1FY22 revenue growth robust at 72% YoY as PVC realisations surged 93% YoY
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31-Jul-21
Ajanta Pharma (BUY): Strong earnings growth; reiterate BUY
Q1 PAT robust at Rs 1.7bn, up 17% YoY. Sales grew 12% YoY while EBITDA declined 2%
View Report
30-Jul-21
Eris Lifesciences (HOLD): Strong quarter; cut to HOLD post recent rally
Q1 EBITDA/PAT growth strong at 22%/20% YoY to Rs 1.3bn/Rs 1.1bn, meeting street estimates
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29-Jul-21
Tech Mahindra (BUY): Positive 5G-led traction in large deals
Q1 dollar revenue growth beat our estimate at 4.1% QoQ on 4.7% enterprise business growth and 3.2% recovery in communications
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29-Jul-21
TVS Motor (SELL): Dull quarter; maintain SELL
Q1 revenue met our estimate but EBITDA margin fell short at 7% and adj. PAT declined 70% QoQ to Rs 833mn
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29-Jul-21
Coforge (BUY): Yet another positive surprise; maintain BUY
Q1 strong with 16% QoQ USD revenue growth led by BFSI. EBIT margin in line at 12.6% (-107bps QoQ)
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28-Jul-21
Greenpanel Industries (BUY): MDF continues to witness strong growth
Q1 consolidated revenue growth robust at 242% YoY with 272%/132% rebound in MDF/plywood segments off a soft base
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28-Jul-21
Maruti Suzuki (HOLD): Weak Q1, volume outlook healthy; cut to HOLD on limited upside
MSIL’s Q1 revenue fell 26% QoQ while lower gross margin and higher staff cost capped EBITDA margin at 4.6%. Adj. PAT declined 62% QoQ
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28-Jul-21
Mahindra Logistics (BUY): Recovery in net income; focus on warehousing
Strong Q1 operating income of Rs 164mn in a challenging quarter vs. a loss of Rs 206mn in Q1FY21
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27-Jul-21
Alembic Pharma (HOLD): US disappoints; acute-led recovery in domestic business
ALPM reported a 42% YoY decline in Q1 EBITDA due to weak US sales led by increased competition in key molecules and launch delays
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26-Jul-21
GNA Axles (HOLD): Healthy Q1 but recent rally limits upside; maintain HOLD
GNA’s Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%
View Report
24-Jul-21
Persistent Systems (HOLD): An all-round growth beat; upgrade to HOLD
PSYS reported stellar Q1FY22 numbers with dollar revenue growth of 9.1% QoQ (incl. Capiot) driven by BFSI and healthcare
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23-Jul-21
IndiaMart Intermesh (HOLD): Resilient showing in Covid-hit Q1
INMART reported a decent Q1FY22 performance with 20% YoY revenue growth and a 50% EBITDA margin
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23-Jul-21
Mphasis (HOLD): Direct business growth negates shortfall in DXC – raise to HOLD
MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact
View Report
22-Jul-21
Bajaj Auto (SELL): Input cost headwinds weaken margins
BJAUT’s Q1 revenue declined 14% QoQ on lower volumes (-14%) and flat ASP. High RM cost further pulled down profitability
View Report
22-Jul-21
Ceat (SELL): Gross margin pressure and poor demand hit profitability
CEAT’s Q1 revenue fell below projections at Rs 19bn and gross margin declined, weakening EBITDA margin to 8.7%. Adj. PAT was at Rs 199mn
View Report
21-Jul-21
Supreme Industries (HOLD): Volumes hit by lower agricultural pipe sales
SI’s Q1 volumes slipped 22% YoY as agri pipe demand slowed, but pass-along of higher RM prices aided consolidated revenue growth of 27% YoY
View Report
19-Jul-21
HCL Technologies (BUY): Second Covid wave hinders growth
HCLT reported 0.9% QoQ dollar revenue growth in Q1FY22, underperforming our estimate of 1.5% due to the Covid2.0 impact
View Report
19-Jul-21
Swaraj Engines (SELL): Healthy Q1; cut to SELL on recent stock rally
Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT
View Report
17-Jul-21
Just Dial (BUY): Reliance Retail to acquire controlling stake; BUY
RRVL’s Rs21.6bn capital infusion to acquire 25% of JUST DIAL (JUST) to drive revenue growth was the key positive development
View Report
16-Jul-21
L&T Infotech (BUY): Strong start to FY22
LTI’s Q1FY22 revenue grew 5.1% QoQ USD, its best first-quarter growth ever, due to an uptick in hi-tech and BFS
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16-Jul-21
Wipro (HOLD): Simplified operating model pays off
WPRO posted an upbeat QoQ performance in Q1FY22 with 12% CC revenue growth, ahead of our (8.9%) and street estimates
View Report
14-Jul-21
Infosys (BUY): Strong start to FY22 fortifies growth leadership; upgrade to BUY
INFO’s Q1FY22 revenue growth of 4.8% CC QoQ outperformed our estimate of 3.8% CC and street expectations of 3.8% USD
View Report
13-Jul-21
Mindtree (SELL): Demand robust; margin weighed down by supply constraints
Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates
View Report
09-Jul-21
Tata Consultancy Services (BUY): India contraction plays spoilsport; core market growth intact
TCS reported 2.4% QoQ cc growth (vs. est. of 3.5%), impacted by contraction in India geography. Core market growth was intact at 4.1%
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07-Jul-21
Deepak Fertilisers (NOT RATED): Takeaways from company interaction
DPFCL’s FY21 performance was best ever for the company with EBITDA/PAT jump of 2.1x/4.6x YoY
View Report
01-Jul-21
Spicejet (SELL): Liquidity crisis, rising fuel cost dampen outlook; SELL
SJET’s Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9
View Report
28-Jun-21
Finolex Industries (HOLD): Higher PVC prices boost profitability
FNXP reported strong Q4FY21 revenue growth of 63% YoY as PVC prices surged 68% YoY, driving up realisations
View Report
24-Jun-21
Cera Sanitaryware (HOLD): Near-term headwinds but outlook improving
CRS’s management expects unlocking to rejuvenate demand led by tier-2-and-below cities and targets 17-18% revenue growth for FY22
View Report
21-Jun-21
Info Edge (SELL): Higher momentum in other verticals to weigh on profitability
INFOE reported below-expected Q4FY21 numbers with revenue down 10% YoY (-6.5% est.) and EBITDA margin at 18% (29% est.)
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21-Jun-21
NTPC (HOLD): Renewables target doubled but not giving up on coal yet
NTPC reported strong 31% YoY growth in Q4FY21 net income driven by capacity expansion
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21-Jun-21
Vst Tillers Tractors (HOLD): Limited upside; cut to HOLD
VSTT’s Q4 operating performance was in line. EBITDA margin fell 220bps QoQ on higher RM cost and adj. PAT declined 14% to Rs 264mn
View Report
18-Jun-21
RPG Life Sciences (NOT RATED): Annual investor conference takeaways
RPGL reported revenue growth, margin expansion and debt reduction in FY21 despite Covid-led disruptions in the acute portfolio
View Report
17-Jun-21
Somany Ceramics (BUY): Strong operational performance, BUY remains
SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year
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17-Jun-21
Ceat (SELL): Endeavouring to gain market share in non-core segments
At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook
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15-Jun-21
Greenply Industries (ADD): Decent quarter; cut to ADD on limited upside
GIL reported Q4FY21 consolidated revenue growth of 15% YoY backed by a 21% uptick in India business
View Report
15-Jun-21
Kajaria Ceramics (REDUCE): Strong quarter; maintain REDUCE due to rich valuations
KJC reported consolidated Q4FY21 revenue growth of 46% YoY as tile volumes grew 39%, aided by a soft lockdown-hit base quarter
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13-Jun-21
Mayur Uniquoters (ADD): Stellar quarter; recent rally caps upside – downgrade to ADD
MUNI’s standalone Q4FY21 revenue grew 35% YoY as volumes increased 26% aided by a low base
View Report
11-Jun-21
Century Plyboards (SELL): Strong quarter; downgrade to SELL on rich valuations
CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%
View Report
11-Jun-21
Cera Sanitaryware (REDUCE): Good quarter; cut to REDUCE on limited upside
CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%
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10-Jun-21
eClerx Services (BUY): Upbeat FY22 outlook; upgrade to BUY
ECLX reported Q4FY21 revenue growth of 19.3% CC QoQ, including 6.3% organic growth and the balance from its Personiv acquisition
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09-Jun-21
InterGlobe Aviation (ADD): Strong balance sheet, leadership premium – upgrade to ADD
IndiGo’s Q4FY21 RASK came in at Rs 3.3, EBITDAR at Rs 7.3bn was hit by rising fuel costs and the company suffered a Rs 11.6bn net loss
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07-Jun-21
MRF (SELL): Margin headwinds to persist; maintain SELL
MRF’s Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn
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01-Jun-21
V-Mart Retail (SELL): Anaemic quarter, near-term outlook remains bleak – SELL
Despite a soft base, V-Mart Retail (VMART) reported weak 6% YoY Q4FY21 revenue growth due to sustained Covid-19 headwinds.
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28-May-21
Mahindra & Mahindra (SELL): Adverse sales mix and rising input cost to hurt earnings
M&M’s (MM) Q4FY21 revenue was in line at Rs 133.4bn (–5% QoQ).
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28-May-21
Eicher Motors (SELL): In-line quarter; maintain SELL
Eicher Motors (EIM) reported in-line Q4FY21 standalone revenue of Rs 29bn, a 22% EBITDA margin and adj. PAT of Rs 4.7bn.
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26-May-21
Alkem Labs (BUY): Poor US sales and inventory provision affect Q4
Alkem Labs reported a below-expected Q4FY21 with +7%/–4% YoY sales/EBITDA growth.
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26-May-21
Greenpanel Industries (BUY): Lockdown to subdue near-term demand but outlook upbeat
We present key takeaways from our interaction with the management of Greenpanel Industries (GREENP).
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25-May-21
TVS Srichakra (SELL): Bleak volume and margin outlook; SELL
TVS Srichakra (TVSS) posted a 5% QoQ increase in Q4FY21 revenue, with an above-expected EBITDA margin of 13.3% (11.2% est.).
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21-May-21
State Bank Of India (BUY): Strong show on asset quality – retain BUY
State Bank of India’s (SBIN) Q4FY21 PAT of Rs 64.5bn was backed by 19% YoY NII growth and strong non-interest income from a lumpy NPA recovery worth Rs 40bn.
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21-May-21
JK Tyre & Industries (SELL): Balance sheet concerns, margin headwinds ahead; maintain SELL
JK Tyre’s (JKI) Q4FY21 revenue increased 6% QoQ to Rs 29bn while operating margin contracted 260bps QoQ to 15.5%, albeit beating our estimate of 13.8% due to an above-expected gross margin.
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21-May-21
Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids
Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids
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19-May-21
Astral (SELL): Good performance but valuations lofty – SELL
Astral’s (ASTRA) Q4FY21 consolidated revenue grew 79% YoY, with 80%/78% growth in pipes/adhesives.
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19-May-21
Canara Bank (ADD): Operating performance stable
Canara Bank (CBK) reported Q4FY21 PAT of Rs 10bn aided by 6% QoQ growth in operating profit.
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19-May-21
Minda Corporation (BUY): Healthy Q4; upgrade to BUY
Minda Corp’s (MDA) Q4FY21 topline increased 7% QoQ to Rs 7.9bn.
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17-May-21
Federal Bank (BUY): Balance sheet resilient – upgrade to BUY
Federal Bank’s (FB) Q4FY21 PAT at Rs 4.8bn beat our/consensus estimates on below-expected provisions.
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15-May-21
Balkrishna Industries (SELL): Valuations rich; maintain SELL
Balkrishna Industries (BIL) posted healthy Q4FY21 volume growth of 17% YoY to 68k MT, 15% ahead of our projections.
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14-May-21
Greenpanel Industries (BUY): Stellar performance, maintain BUY
Greenpanel Industries’ (GREENP) consolidated Q4FY21 revenue grew 64% YoY aided by a 63%/65% increase in the MDF/plywood segments.
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14-May-21
Escorts (BUY): Fundamentals in place; valuations attractive – upgrade to BUY
Escorts (ESC) reported Q4FY21 revenue of Rs 22bn (+60% YoY) with above-expected ASP.
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14-May-21
Mphasis (SELL): DXC drag to continue; cut to SELL
Mphasis (MPHL) reported dollar revenue growth of 1.8% QoQ in Q4FY21, underperforming our estimate.
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13-May-21
Pidilite Industries (SELL): Higher RM cost to crimp margins; maintain SELL
Pidilite Industries (PIDI) reported consolidated Q4FY21 revenue growth of 45% YoY on a tepid base, with a 45%/26% rise in standalone C&B/B2B volumes.
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13-May-21
Apollo Tyres (SELL): Margin headwinds ahead; maintain SELL
Apollo Tyres (APTY) delivered an operational beat in Q4FY21 led by better margins in European operation.
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10-May-21
DCB Bank (ADD): Recoveries to improve gradually – upgrade to ADD
DCB Bank’s (DCBB) Q4FY21 PAT of Rs 0.8bn (+13% YoY) beat our estimate on below-expected provisions.
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08-May-21
Bandhan Bank (ADD): Aggressive write-offs prop up asset quality
Bandhan Bank (Bandhan) reported Q4FY21 PAT of Rs 1bn (–80% YoY), much below our and consensus estimates owing to a spike in provisions.
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07-May-21
Hero MotoCorp (REDUCE): Near-term headwinds; REDUCE
Hero MotoCorp’s (HMCL) Q4FY21 operating performance was marginally ahead of our estimates due to an above-expected gross margin.
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06-May-21
CEAT (SELL): Rising raw material costs to impact earnings; SELL
CEAT’s revenue was 8% ahead of our estimate at Rs 23bn in Q4FY21.
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06-May-21
Coforge (BUY): Bumper FY22 guidance; reiterate BUY
Coforge reported a strong Q4FY21 with 7.1% QoQ USD revenue growth led by the ‘other’ vertical, though EBIT margin underperformed at 13.6% (+63bps QoQ).
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05-May-21
L&T Infotech (BUY): Market-leading growth in FY21
L&T Infotech’s (LTI) Q4FY21 revenue growth was strong at 4.4% QoQ CC due to an uptick in the hi-tech, manufacturing and BFS verticals.
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04-May-21
RBL Bank (ADD): Heading in the right direction – upgrade to ADD
RBL Bank’s (RBK) Q4FY21 PAT of Rs 0.8bn declined 34% YoY due to an 11% fall in NII and accelerated provisions.
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03-May-21
Supreme Industries (SELL): Profit boosted by inventory gains, maintain SELL
Supreme Industries’ (SI) Q4FY21 revenue grew 46% YoY, aided by an 8% rise in volumes off a tepid base.
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03-May-21
Kotak Mahindra Bank (BUY): Q4 in line; well capitalised for growth
Kotak Bank’s (KMB) Q4FY21 PAT at Rs 16.8bn (+33% YoY) was largely in line with our estimates.
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03-May-21
Ajanta Pharma (BUY): Another good quarter
Ajanta Pharma (AJP) reported strong Q4FY21 revenue/EBITDA growth of 11%/56% YoY to Rs 7.6bn/Rs 2.6bn, surpassing consensus estimates by 3%/23%.
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01-May-21
Laurus Labs (BUY): Solid margins despite higher API mix
Laurus Labs reported yet another strong quarter on the back of high growth in the API (esp. ARV) and formulation segments.
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01-May-21
AU Small Finance Bank (BUY): Miss on asset quality
AU Small Finance Bank (AUBANK) reported below-estimated Q4FY21 PAT of Rs 1.7bn due to slower NII growth and one-off employee cost.
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01-May-21
IndusInd Bank (BUY): Steady operating performance; growth to pick up
IndusInd Bank (IIB) reported in-line Q4FY21 PAT of Rs 9.3bn with a steady operating performance marked by 9%/10% YoY growth in NII/operating profit.
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30-Apr-21
Mahindra Logistics (BUY): Earnings call takeaways – Management upbeat on growth
In its Q4FY21 earnings call, Mahindra Logistics’ (MLL) management spoke about its vision to triple revenue by FY26, driven by formalisation, auto recovery, service expansion and integrated solutions to customers.
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30-Apr-21
Persistent Systems (SELL): Good execution despite IP seasonality
Persistent Systems (PSYS) reported in-line Q4FY21 numbers, with dollar revenue growth at 4.6% QoQ.
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29-Apr-21
Mahindra Logistics (BUY): Strong quarter as SCM continues to deliver
Mahindra Logistics’ (MLL) Q4FY21 net income increased 58% YoY on 28% revenue growth in the SCM segment, even as the enterprise mobility business remained weak.
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29-Apr-21
BOBCAPS Research | Bajaj Auto (SELL): In-line Q4; maintain SELL
Bajaj Auto’s Q4FY21 revenue was ahead of estimates at Rs 86bn.
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28-Apr-21
TVS Motor (SELL): Upgrade estimates; maintain SELL on rich valuations
TVS Motor (TVSL) posted a Q4FY21 beat on all counts.
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27-Apr-21
Axis Bank (BUY): Good show on asset quality
Axis Bank (AXSB) delivered strong Q4FY21 PAT of Rs 27bn (+2.4x QoQ) on 17% YoY growth in operating profit.
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27-Apr-21
Maruti Suzuki (BUY): Strong growth outlook, attractive valuations – upgrade to BUY
Maruti (MSIL) posted in-line Q4FY21 revenue, but an adverse sales mix, higher input costs and lower other income pulled PAT down 10% YoY.
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26-Apr-21
Tech Mahindra (BUY): Subdued Q4; deal win acceleration lends visibility
Tech Mahindra (TECHM) posted below-estimated Q4FY21 dollar revenue growth of 1.6% QoQ.
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24-Apr-21
ICICI Bank (BUY): No negative pandemic surprises
ICICI Bank (ICICIBC) reported Q4FY21 PAT of Rs 44bn on 17% YoY growth in NII and 14% loan growth.
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23-Apr-21
HCL Technologies (BUY): Q4 in line; deal wins gain momentum
HCL Tech (HCLT) reported 3% QoQ dollar revenue growth in Q4FY21, in line with our estimate.
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23-Apr-21
GNA Axles (ADD): In-line operating performance; ADD
GNA Axles’ (GNA) Q4FY21 revenue was 10% ahead of estimates at Rs 3.1bn (+72% YoY), led by healthy volumes.
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20-Apr-21
Swaraj Engines (ADD): Better sales mix to aid earnings; upgrade to ADD
Swaraj Engines’ (SWE) Q4FY21 revenue was below estimates on lower volumes.
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17-Apr-21
HDFC Bank (BUY): Asset quality stable despite NPA recognition
HDFC Bank’s (HDFCB) Q4FY21 PAT was in line at Rs 82bn (+18% YoY) and asset quality was stable with GNPA ratio at ~1.3% despite the SC vacating its stay on NPA recognition.
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16-Apr-21
Mindtree (ADD): Continued recovery in travel; TCV robust
Mindtree (MTCL) reported a strong Q4FY21 performance with dollar revenue growth of 5.2% QoQ, ahead of estimates.
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15-Apr-21
Wipro (ADD): Good execution; FY22 guidance robust
Wipro (WPRO) delivered an upbeat QoQ performance in Q4FY21 with 3% CC revenue growth, ahead of our estimate of 2.6%.
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15-Apr-21
Infosys (ADD): FY22 guidance in line; first signs of supply pressure
Infosys’ (INFO) Q4FY21 revenue growth of 2% CC QoQ was in line with our estimate of 1.9%, with the company also posting robust TCV of US$ 2.1bn.
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13-Apr-21
Coforge (BUY): SLK Global acquisition to derisk travel business
Coforge has acquired 60% stake in SLK Global Solutions – a BPM and digital solutions company for the financial services industry.
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13-Apr-21
[Initiation] Bandhan Bank (ADD): Near-term headwinds cloud prospects – initiate with ADD
We initiate coverage on Bandhan Bank (Bandhan) with ADD and a Mar’22 TP of Rs 375 based on 2.4x FY23E P/BV.
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12-Apr-21
Tata Consultancy Services (BUY): Strong contract wins lend a head start for FY22
TCS’s Q4FY21 revenue growth of 4.2% QoQ CC was broadly in line with our optimistic estimates in a seasonally weak quarter.
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07-Apr-21
[Initiation] AU Small Finance Bank (BUY): A budding, high-quality franchise – initiate with BUY
We expect AU Small Finance Bank’s (AUBANK) longstanding expertise in vehicle finance and successful extension into secured business loans to aid a 22% loan CAGR over FY20-FY23.
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25-Mar-21
Greenpanel Industries (BUY): MDF demand remains robust
Key takeaways from our interaction with the management of Greenpanel Industries (GREENP)
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19-Mar-21
Greenply Industries (BUY): Demand trends strong
Key takeaways from our interaction with the management of Greenply Industries (GIL).
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12-Mar-21
Balrampur Chini (NOT RATED): Sugar prices subdued; ethanol sales to support profitability
Key takeaways from our interaction with the management of Balrampur Chini Mills (BRCM).
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05-Mar-21
Wipro (ADD): Bold Capco acquisition
The Capco acquisition, Wipro’s (WPRO) largest to date, for a cash consideration of US$ 1.45bn is another of CEO Thierry’s bold moves to achieve industry-leading growth.
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05-Mar-21
Eris Lifesciences (BUY): NDR takeaways – Execution on track
We hosted virtual investor meetings with V Krishnakumar, COO of Eris Lifesciences (ERIS).
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01-Mar-21
Greenpanel Industries (BUY): MDF demand trends robust
Domestic MDF demand remains strong in Q4FY21 backed by higher purchases of readymade furniture, a shift away from low-end plywood and continued slowdown in imports (25-30% of the total market).
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15-Feb-21
Info Edge (SELL): Core businesses fail to revive
Info Edge (INFOE) reported a 15% YoY sales decline in Q3FY21.
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15-Feb-21
Mayur Uniquoters (BUY): All-round beat – upgrade to BUY
Mayur Uniquoters’ (MUNI) Q3FY21 standalone revenue swelled 31% YoY to a record Rs 1.6bn.
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15-Feb-21
ONGC (BUY): Q3 weak; rising oil prices offer respite
ONGC’s Q3FY21 EBITDA at Rs 65bn (–47% YoY) underperformed estimates owing to higher operating costs.
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12-Feb-21
Ashok Leyland (SELL): Lacklustre quarter – maintain SELL
Ashok Leyland (AL) reported a weak Q3FY21 as revenue at Rs 48.1bn fell 5% short of our estimate.
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12-Feb-21
Petronet LNG (BUY): Valuations disconnected from fundamentals – maintain BUY
Petronet LNG’s (PLNG) Q3FY21 EBITDA outperformed estimates at Rs 13.4bn (+21% YoY).
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11-Feb-21
Greenply Industries (BUY): Q3 beat as demand gains traction
Greenply Industries’ (GIL) consolidated Q3FY21 revenue dipped 2% YoY, bettering our estimate of a 6% drop.
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11-Feb-21
MRF (SELL): Near-term headwinds persist; maintain SELL
MRF delivered Q3FY21 revenue as per projections but above-expected gross margins led to a beat on both EBITDA (+58% YoY to Rs 9.6bn) and operating margins (21.1% vs. 16.2% estimated).
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10-Feb-21
SpiceJet (SELL): Lower yields amidst rising fuel costs; maintain SELL
SpiceJet’s (SJET) Q3FY21 revenue plunged 54% YoY to Rs 16.9bn.
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10-Feb-21
Century Plyboards (ADD): Strong operational performance; MDF expansion to spur growth
Century Plyboards’ (CPBI) standalone revenue rose 10% YoY in Q3FY21, with plywood/MDF up 11%/21% YoY.
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10-Feb-21
GAIL (BUY): Cyclicals bolster earnings
GAIL’s Q3FY21 PAT was in line at Rs 14.9bn (+24% YoY) aided by an improved operating performance across segments (ex-trading).
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10-Feb-21
TCI Express (BUY): Operating excellence continues to offset volume weakness
TCI Express’s (TCIEXP) Q3FY21 revenue missed estimates (–2% YoY vs. +5% est.) but strong EBITDA margin gains (+450bps YoY) yielded a solid earnings beat (+32% YoY vs. +9% est.).
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10-Feb-21
Eicher Motors (SELL): In-line quarter; maintain SELL
Eicher Motors (EIM) reported in-line Q3FY21 revenue and a slight beat on EBITDA margins (23.5% vs. 21.4% estimated), led by better operating efficiencies.
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09-Feb-21
Balkrishna Industries (SELL): Healthy Q3 but margin headwinds ahead – maintain SELL
Balkrishna Industries (BIL) posted healthy volume growth of 17% YoY to 59.8k MT in Q3FY21, 8% ahead of our projections.
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08-Feb-21
VRL Logistics (BUY): Earnings momentum gathering pace
VRL Logistics’ (VRLL) Q3FY21 print had many positives – (1) strong EBITDA growth (+24% YoY), (2) sustained GT realisations despite muted volumes, and (3) buyback of Rs 600mn.
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06-Feb-21
Gujarat Gas (BUY): Volumes ahead of estimates
Gujarat Gas’ (GUJGA) Q3FY21 performance sustained the traction seen in Q2, with adj. PAT doubling YoY to Rs 3.9bn.
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06-Feb-21
Container Corp of India (SELL): Earnings in line; LLF remains a key monitorable
Container Corp’s (CCRI) Q3FY21 revenue was a beat but EBITDA met our estimates.
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05-Feb-21
Alkem Labs (BUY): Q3 in line; strong free cash to support rerating
Alkem Labs’ Q3FY21 was in line, with sales/EBITDA growth at 6%/17% YoY.
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05-Feb-21
Mahindra & Mahindra (SELL): Healthy Q3, valuations expensive – maintain SELL
M&M’s (MM) Q3FY21 revenue was in line at Rs 140.6bn (+16% YoY).
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05-Feb-21
Hero MotoCorp (SELL): Optimism priced in – maintain SELL
Hero MotoCorp’s (HMCL) Q3FY21 operating performance beat estimates due to above-expected gross margins.
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04-Feb-21
Somany Ceramics (BUY): Strong operational performance, outlook improving
Somany Ceramics’ (SOMC) consolidated revenue grew 13% YoY to Rs 4.9bn in Q3FY21 as tile volumes grew 12%.
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04-Feb-21
State Bank of India (BUY): Asset quality outlook remains upbeat
State Bank of India’s (SBIN) Q3FY21 PAT declined 7% YoY to Rs 52bn on a 5% dip in operating profit.
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04-Feb-21
Inox Leisure (BUY): Light at the end of the tunnel
A lack of fresh content weighed on Inox Leisure’s (INOL) footfalls in Q3FY21, yielding paltry revenue Rs 149mn.
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04-Feb-21
Apollo Tyres (SELL): Positives priced in; maintain SELL
Apollo Tyres (APTY) delivered an operational beat in Q3FY21.
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04-Feb-21
Transport Corp of India (BUY): A lot to like
Transport Corp’s (TRPC) Q3FY21 print beat estimates on all fronts.
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03-Feb-21
Astral Poly Technik (SELL): Good quarter but valuations rich – downgrade to SELL
Astral Poly Technik’s (ASTRA) consolidated revenue grew 35% YoY in Q3FY21, backed by 42% growth in the adhesives segment and a 33% uptick in pipes.
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03-Feb-21
PI Industries (BUY): Q3 above estimates on better execution; robust outlook intact
PI Industries’ (PI) revenue/EBITDA growth of 37%/48% YoY beat estimates by 13%/9%.
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03-Feb-21
Minda Corporation (ADD): Q3 results in line; upside limited – downgrade to ADD
With higher revenue growth in the mechatronics & aftermarket division, Minda Corp’s (MDA) Q3FY21 topline increased 7% YoY to Rs 7.2bn.
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03-Feb-21
Cera Sanitaryware (BUY): Supply disruptions hit Q3 but demand outlook strong – raise to BUY
Cera Sanitaryware (CRS) reported a 3% YoY decline in consolidated revenue for Q3FY21, with the sanitaryware segment down 5% due to production issues.
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02-Feb-21
Finolex Industries (ADD): Higher PVC prices aid profitability
Finolex Industries’ (FNXP) Q3FY21 revenue grew 53% YoY, aided by a 15% rise in PVC resin volumes while pipe volumes increased 5%.
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02-Feb-21
Ajanta Pharma (BUY): Another good quarter; resilient outlook to drive stock upside
Ajanta Pharma (AJP) reported yet another excellent quarter with Q3 revenue/ EBITDA growth of 15%/30% YoY to Rs 7.5bn/Rs 2.4bn, surpassing our estimates by 11%/14%.
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02-Feb-21
Escorts (SELL): Management cautious on margins; maintain SELL
Escorts (ESC) reported Q3FY21 revenue at Rs 20bn (+24% YoY) and above-estimated operating margins at 18%.
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30-Jan-21
ICICI Bank (BUY): Stress manageable and provisioning comfortable
ICICI Bank’s (ICICIBC) Q3FY21 PAT at Rs 49.3bn (+19% YoY) beat estimates on strong 17% growth in operating profit.
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30-Jan-21
UPL (BUY): Mixed Q3; LATAM sales pushed to Q4 – growth tailwinds strong
UPL reported a mixed Q3 with in-line EBITDA and a 9% sales miss.
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30-Jan-21
Mahindra Logistics (BUY): Topline growth makes a stellar comeback
Mahindra Logistics’ (MLL) Q3FY21 consolidated revenue grew by a strong 15% YoY led by SCM (+24%) while the mobility segment lagged (–60%).
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30-Jan-21
Dr Reddy's Labs (ADD): US sales weak; gVascepa and margin recovery near-term triggers
Dr Reddy’s (DRRD) reported a Q3 operational miss after a strong H1.
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30-Jan-21
Tech Mahindra (BUY): Communication leads growth driven by large 5G deal win
Tech Mahindra (TECHM) posted 2.8% QoQ CC revenue growth and 150bps EBITDA margin expansion, bettering our estimates for Q3FY21.
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30-Jan-21
Sun Pharma (ADD): EBITDA beat ex-Taro; sustaining specialty recovery is key
Sun Pharma (SUNP) reported a healthy ex-Taro EBITDA beat of 5% in Q3FY21.
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29-Jan-21
Cipla (BUY): All-round beat; India delivers key surprise
Cipla reported a Q3 sales/EBITDA beat of 8%/14% steered by (1) India (Rx up 25% YoY), EU & ROW sales, and (2) cost control (–10% YoY, flat QoQ).
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29-Jan-21
IndusInd Bank (BUY): Gearing for growth; asset quality outlook improving
IndusInd Bank (IIB) reported higher PAT of Rs 8.3bn (Rs 6.1bn est.) on below-estimated provisions.
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29-Jan-21
eClerx Services (REDUCE): Upbeat quarter led by organic growth
eClerx (ECLX) reported a substantial topline beat in Q3FY21 backed partly by Personiv revenues flowing in and robust CLX business.
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29-Jan-21
Pidilite Industries (SELL): Margin headwinds expected in the near future
Pidilite Industries (PIDI) reported healthy Q3FY21 consolidated revenue growth of 19% YoY, supported by a 22%/12% rise in standalone C&B/B2B volumes.
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29-Jan-21
Persistent Systems (SELL): IP business seasonality bolsters growth
Persistent Systems (PSYS) reported a surprisingly strong set of numbers in Q3FY21, with dollar revenue growth at 7.4% QoQ.
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29-Jan-21
Laurus Labs (BUY): Solid margins despite higher API mix – TP raised to Rs 480
Laurus Labs reported another solid beat in Q3FY21 fuelled by strong growth in the API and synthesis segments.
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29-Jan-21
Lupin (ADD): In-line Q3; several near-term catalysts
Lupin’s (LPC) EBITDA was boosted by one-time licensing income (Rs 700mn est.).
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28-Jan-21
RBL Bank (SELL): Weak asset quality; elevated provisions – maintain SELL
RBL Bank’s (RBK) PAT was largely in line at Rs 1.5bn.
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28-Jan-21
Eris Lifesciences (BUY): Healthy Q3; chronic franchise and FCF growth to unlock value
Eris Lifesciences (ERIS) reported a healthy Q3 with a 3% revenue beat led by superior execution on the core cardio-metabolic and VMN portfolios (~78% of sales).
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28-Jan-21
Coforge (BUY): Travel recovery and BFS drive growth
Coforge reported a robust Q3FY21 performance, marked by 3.3% QoQ CC revenue growth led by the BFS and travel verticals.
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28-Jan-21
TVS Motor (SELL): Valuations rich; maintain SELL
TVS Motor’s (TVSL) Q3FY21 revenue was marginally better than estimated due to above-expected ASP.
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28-Jan-21
InterGlobe Aviation (SELL): Rising fuel costs to burn earnings; cut to SELL
InterGlobe Aviation’s (IndiGo) Q3FY21 RASK stood at Rs 3.2.
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28-Jan-21
Maruti Suzuki (SELL): Operational performance along expected lines; maintain SELL
Maruti (MSIL) reported Q3FY21 earnings of Rs 19bn backed by higher other income and a lower tax rate.
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28-Jan-21
Canara Bank (ADD): Earnings beat but asset quality risks persist
Canara Bank’s (CBK) Q3 PAT of Rs 7bn beat our estimate on strong 47% YoY growth in operating profit.
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27-Jan-21
Axis Bank (BUY): Prudent provisioning dampens earnings but fortifies balance sheet
Axis Bank’s (AXSB) Q3FY21 PAT of Rs 11.2bn (–36% YoY) was marred by high provisions.
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27-Jan-21
Greenpanel Industries (BUY): Significant all-round beat, outlook bright
Greenpanel Industries’ (GREENP) Q3FY21 consolidated revenue grew 34.5% YoY aided by a 44% increase in the MDF segment.
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25-Jan-21
Supreme Industries (SELL): Inventory gains aid higher profitability
Supreme Industries’ (SI) Q3FY21 revenue grew 34% YoY, aided by a 10% rise in volumes.
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25-Jan-21
V-Mart Retail (SELL): Demand remains lacklustre
While the third quarter is typically its best season, V-Mart Retail (VMART) reported a Q3FY21 revenue decline of 16% YoY to Rs 4.7bn due to continued Covid-19 headwinds.
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25-Jan-21
Kotak Mahindra Bank (BUY): Manageable stress formation in Q3 – maintain BUY
Kotak Bank’s (KMB) Q3FY21 PAT of Rs 18.5bn (+16% YoY) was backed by strong 29% growth in operating profit.
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24-Jan-21
Reliance Industries (REDUCE): Oil-to-Chemicals outlook remains cloudy
Q3FY21 highlights: (a) RIL’s EBITDA was in line with estimates at Rs 216bn (–5% YoY, +14% QoQ) as Oil-to-Chemicals (O2C) and RJio met expectations while retail outperformed.
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24-Jan-21
DCB Bank (SELL): Growth remains subdued
DCB Bank’s (DCBB) Q3FY21 PAT of ~Rs 1bn beat estimates on higher treasury income and contained opex.
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22-Jan-21
Mphasis (REDUCE): DXC revenue contracts further; BFS growth slows
Mphasis (MPHL) reported dollar revenue growth of 2% QoQ in Q3FY21, in line with estimates but lagging behind peers.
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21-Jan-21
Kajaria Ceramics (REDUCE): Margins surprise positively
Kajaria Ceramics (KJC) posted an above-expected Q3FY21 with 13% YoY revenue growth and volumes up 11%.
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21-Jan-21
JK Tyre & Industries (SELL): Good Q3 but rising RM cost and poor sales mix to hurt margins
JK Tyre (JKI) surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand as well as above-expected gross margins which could stem from low-cost inventory.
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21-Jan-21
Bajaj Auto (SELL): Operating performance healthy but unsustainable
Bajaj Auto’s (BJAUT) Q3FY21 revenue was in line with projections.
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20-Jan-21
L&T Infotech (BUY): Large deals accelerate; margins shine
L&T Infotech’s (LTI) Q3FY21 dollar revenue growth was strong at 5.8% QoQ due to an uptick in the manufacturing and BFS verticals.
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20-Jan-21
Federal Bank (ADD): Operating performance remains strong
Federal Bank (FB) reported above-estimated PAT of ~Rs 4bn (–8% YoY) on lower provisioning than forecast.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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27-Nov-20
Greenpanel Industries (BUY): MDF growth holds strong
Key takeaways from our interaction with the management of Greenpanel Industries (GREENP).
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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).
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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.).
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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).
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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.
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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).
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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.).
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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%.
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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).
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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.
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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%).
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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.
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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.
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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.
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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%.
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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.
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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%).
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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.
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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%.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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%.
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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.
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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%.
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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).
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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.
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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.
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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.
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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).
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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).
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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).
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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).
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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.
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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.
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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.
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22-Jun-20
VRL Logistics (BUY): Insipid quarter
VRL Logistics’ (VRLL) Q4FY20 print was weak.
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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.
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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.
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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).
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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.
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17-Jun-20
Hindustan Petroleum Corp (BUY): Marketing advantage in challenging times
HPCL’s Q4FY20 PAT was battered by Rs 41bn in inventory losses.
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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.
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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.
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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).
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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.
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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.
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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%.
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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.
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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.
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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.
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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).
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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.
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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.
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05-Jun-20
Gujarat Gas (BUY): Robust margin outlook
Gujarat Gas’ (GUJGA) Q4FY20 earnings beat estimates, surging 115% YoY to Rs 2.5bn.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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%.
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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.
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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.
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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.
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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.
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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.
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21-May-20
Bajaj Auto (ADD): Strong operational performance
Bajaj Auto’s (BJAUT) Q4 operating performance was well ahead of estimates.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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02-May-20
Reliance Industries (ADD): RJio, Retail drive earnings; cut to ADD on limited upside
Key highlights from Reliance Industries’ (RIL) Q4FY20 results.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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15-Apr-20
Transport Corp of India (BUY): Fundamentals intact, valuations compelling
Covid-19 has severely disrupted Transport Corp’s (TRPC) operations across verticals.
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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.
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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.
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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.
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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.
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01-Apr-20
ONGC (BUY): Riding the storm
Key takeaways from our recent interaction with the ONGC management.
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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.
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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.
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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).
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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.
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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).
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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.
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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.
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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.
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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).
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28-Feb-20
IndusInd Bank (BUY): Leadership overhang recedes
As per a press release on the exchanges, IndusInd Bank (IIB) has received RBI approval to appoint Sumant Kathpalia as MD & CEO for three years beginning 24 March.
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22-Feb-20
Aurobindo Pharma (ADD): USFDA error on Unit IV to erase recent stock gains
Aurobindo Pharma (ARBP) has received further communication from the USFDA on its Unit IV injectable plant stating that the inspection is still open and under review.
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20-Feb-20
Hero MotoCorp (REDUCE): Visit to HMCL’s R&D centre – key takeaways
We visited Hero Moto’s (HMCL) R&D centre and attended its investor meet.
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20-Feb-20
Greenply Industries (BUY): Demand slows but margins resilient
Key takeaways from our roadshow with the management of Greenply Industries (GIL).
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19-Feb-20
Aurobindo Pharma (ADD): EIR received for Unit IV – a key sentiment booster
Aurobindo Pharma (ARBP) has received an establishment inspection report (EIR) from the USFDA for its Unit IV injectable plant, with the observations classified as voluntary action indicated (VAI).
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18-Feb-20
Greenpanel Industries (BUY): MDF traction to continue
Key takeaways from our roadshow with the management of Greenpanel Industries (GREENP).
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17-Feb-20
Ashok Leyland (SELL): Weak Q3FY20; recovery still some time away
Ashok Leyland’s (AL) Q3FY20 EBITDA missed estimates by 14% as weak demand and BS-IV inventory de-stocking hurt gross margins.
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15-Feb-20
Sadbhav Engineering (BUY): Q3 disappoints as tight liquidity impedes execution
Sadbhav Engineering’s (SADE) Q3FY20 standalone revenue plunged 52% YoY as prolonged monsoons and tight liquidity slowed execution.
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15-Feb-20
KNR Constructions (BUY): Healthy quarter; execution to pick up from Q4
KNR Constructions’ (KNRC) Q3FY20 core revenue ex-arbitral awards grew 23% YoY to Rs 5.5bn and core EBITDA margin beat estimates at 22% (+170bps YoY).
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14-Feb-20
Muthoot Finance (BUY): Rate increase, better resource mobilisation buoy margins
Muthoot Finance’s (MUTH) gold AUM increased 19% YoY to Rs 377bn in Q3FY20 due to better resource mobilisation.
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14-Feb-20
ONGC (BUY): Earnings miss, pricing in the worst
ONGC’s Q3FY20 earnings underperformed at Rs 41bn (–50% YoY).
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14-Feb-20
Allcargo Logistics (ADD): Soft quarter; downgrade to ADD on limited upside
Allcargo Logistics’ (AGLL) Q3FY20 consolidated revenue fell 1% YoY marred by a decline across segments.
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14-Feb-20
Mayur Uniquoters (BUY): Slow quarter but demand outlook improving
Mayur Uniquoters’ (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).
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14-Feb-20
Bharat Petroleum Corp (REDUCE): Pricing in stake sale
BPCL’s Q3FY20 EBITDA at Rs 27bn (up 3.6x YoY) outperformed estimates on higher GRMs (US$ 2.2/bbl ex-inventory).
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13-Feb-20
Gujarat State Petronet (BUY): EBITDA underperforms; volume outlook improving
Gujarat State Petronet’s (GUJS) Q3FY20 EBITDA underperformed estimates at Rs 3.8bn (+7.6% YoY) due to lower volumes (37mmscmd, –5.7% QoQ).
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13-Feb-20
Finolex Industries (BUY): Better PVC-EDC delta aids profitability – upgrade to BUY
Finolex Industries’ (FNXP) revenue declined 8% YoY, with an 11% drop in PVC pipe and resin volumes.
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12-Feb-20
Astral Poly Technik (REDUCE): Pipe segment continues to lead growth
Astral Poly Technik’s (ASTRA) Q3FY20 consolidated revenue grew 5.4% YoY, aided by pipe segment volume growth of 15% (~6.5% ex-Rex).
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12-Feb-20
Greenply Industries (BUY): Gabon operations disappoint
Greenply Industries’ (GIL) consolidated Q3FY20 revenue slipped 1% YoY, coming in below estimates.
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11-Feb-20
Ashoka Buildcon (BUY): Disappointing quarter; execution to ramp up from FY21
Hampered by the prolonged monsoons and delayed AD in HAM projects, Ashoka Buildcon’s (ASBL) Q3FY20 revenue declined 8% YoY.
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11-Feb-20
Hexaware Technologies (BUY): Client-specific challenges receding; upgrade to BUY
An above-expected furlough impact and challenges at a large secondary-mortgage client marred revenue performance in Q4CY19.
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11-Feb-20
Mahindra & Mahindra (ADD): Healthy core performance; subsidiaries a drag again
M&M’s (MM) Q3 EBITDA at Rs 17.9bn (+5% YoY) beat estimates by ~5% on a strong margin uptick led by cost control and a richer auto model mix.
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11-Feb-20
Petronet LNG (BUY): Margins improve, volumes underperform
Petronet LNG’s (PLNG) Q3FY20 EBITDA surged to Rs 11bn (+31% YoY) on account of higher marketing margins on spot LNG.
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11-Feb-20
Somany Ceramics (BUY): Revenues in line, margins lower
Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 2.5% YoY to Rs 4.4bn in Q3FY20, aided by a 4% uptick in tile volumes.
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11-Feb-20
Oil India (BUY): Volumes remain a drag
Oil India’s (OINL) Q3FY20 earnings disappointed at Rs 4bn (–67% YoY).
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11-Feb-20
Dilip Buildcon (BUY): Lacklustre quarter; order inflows key to watch
Dilip Buildcon’s (DBL) Q3FY20 standalone revenue fell 4% YoY to Rs 23.8bn (Rs 25bn est.) due to the extended monsoon and delayed appointed dates.
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10-Feb-20
GAIL (BUY): Operationally robust; demerger uncertainty priced in
GAIL’s Q3FY20 PAT was in line at Rs 10.2bn (–40% YoY).
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10-Feb-20
Container Corp of India (ADD): Weak quarter; DFC trigger awaited
Container Corp’s (CCRI IN) standalone Q3FY20 revenue declined 3% YoY on lower volumes and realisations.
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10-Feb-20
Kajaria Ceramics (ADD): All round miss
Kajaria Ceramics (KJC) posted a below-expected Q3FY20 with revenue down 2% YoY due to flat volumes (+0.5% YoY) and lower realisations (–4.1% YoY).
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10-Feb-20
VRL Logistics (BUY): Soft quarter as macro challenges continue
VRL Logistics’ (VRLL) Q3FY20 revenue grew at a tepid 1% YoY, with the goods/people transport segments growing at +3%/–8% YoY as the macro slowdown continued to take a toll.
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10-Feb-20
Future Supply Chain Solutions (REDUCE): Limited growth visibility; cut to REDUCE
Future Supply Chain (FSCSL) reported yet another weak quarter as standalone Q3FY20 revenue/EBITDA declined 5%/15% YoY (adj. for Ind-AS 116), causing a 59% drop in adj. PAT.
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07-Feb-20
Mahanagar Gas (SELL): Volumes drag and margins peak out
Mahanagar Gas’s (MAHGL) Q3FY20 PAT was in line at Rs 1.86bn (+25.4% YoY).
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07-Feb-20
Alkem Labs (BUY): Solid beat – moving to street-high TP of Rs 2,870
Alkem Labs reported a 24% EBITDA beat in Q3 driven by better gross margins (product mix, soft RM prices).
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07-Feb-20
Mphasis (ADD): Cloudy DXC/HP visibility overshadows strong operating beat
Mphasis (MPHL) reported a beat on both revenue and margins in Q3FY20.
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07-Feb-20
Aurobindo Pharma (ADD): Q3 in line; facility resolution, Sandoz key stock catalysts
Aurobindo’s (ARBP) operating results were in line, with above-expected US sales of US$ 418mn (volume-led) but subdued gross margins at 56.5% (down 120bps QoQ) due to a higher ARV mix.
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07-Feb-20
Hero MotoCorp (REDUCE): Decent Q3 but outlook challenging
Hero Moto (HMCL) posted an operational beat in Q3FY20 led by healthy gross margins.
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07-Feb-20
Eicher Motors (BUY): Steady operational performance
Eicher Motors’ (EIM) consolidated Q3FY20 EBITDA at Rs 5.9bn (–14% YoY) was in line with estimates.
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07-Feb-20
Sun Pharma (REDUCE): Q3 a tad lower – US (ex-Taro) ramp-up subdued; REDUCE
Sun Pharma (SUNP) reported a 6% EBITDA miss, largely driven by higher other expense (up 8% QoQ) and despite better gross margins (up 110bps QoQ) & lower R&D (6.4% of sales).
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07-Feb-20
PNC Infratech (BUY): Strong execution; order inflows holds key for growth beyond FY21
PNC Infratech’s (PNCL) Q3FY20 revenue grew 68% YoY.
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06-Feb-20
Lupin (ADD): Weak result; healthy FY21 outlook
Lupin (LPC) reported a 40% miss on Q3 EBITDA while one-offs dented PAT (incl. US$ 222mn Gavis impairment).
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06-Feb-20
Greenpanel Industries (BUY): Strong performance marred by forex losses
Greenpanel Industries’ (GREENP) Q3FY20 consolidated revenue grew 46% YoY aided by an 85%/37% increase in the plywood/MDF segments.
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06-Feb-20
Indraprastha Gas (BUY): Margins expand, volume growth stable
Indraprastha Gas’ (IGL) Q3FY20 EBITDA was in line at Rs 3.9bn (+23% YoY, Rs 6.4/scm).
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06-Feb-20
V-Mart Retail (REDUCE): Margins surprise positively
V-Mart Retail (VMART) reported below-expected Q3FY20 revenue growth of 21% YoY to Rs 5.6bn, with SSSg of 1%.
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06-Feb-20
Cera Sanitaryware (BUY): Q3 marginally better than estimates
Cera Sanitaryware (CRS) reported a dull Q3FY20 with standalone revenue growth of 1% YoY to Rs 3.2bn, as the sanitaryware segment declined ~11%.
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06-Feb-20
Gujarat Gas (BUY): Volumes and margins robust
Gujarat Gas (GUJGA) reported Q3FY20 earnings above estimates at Rs 1.96bn (+26% YoY).
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05-Feb-20
Divi's Labs (ADD): Earnings miss but expect recovery from Q4
Divi’s Labs (DIVI) reported a Q3FY20 revenue/EBITDA miss of 8-10% as multiple regulatory inspections restricted full production.
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05-Feb-20
Hindustan Petroleum Corp (BUY): Earnings muted but largely priced in
HPCL’s Q3FY20 PAT was below estimates due to subdued marketing business earnings of Rs 22bn (+12% YoY ex-inventory).
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05-Feb-20
Mahindra Logistics (BUY): Auto weakness persists, non-auto on steady footing
Mahindra Logistics’ (MLL) Q3FY20 consolidated revenue/EBITDA declined 7%/20% YoY (adj. for Ind-AS 116), marginally below estimates.
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05-Feb-20
Cipla (BUY): EBITDA a tad lower but India/US deliver a good beat; retain BUY
Cipla’s adj. EBITDA missed estimates by 3% due to lower gross margins which saw a 120bps one-off impact.
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05-Feb-20
TVS Motor (REDUCE): Margins resilient; outlook challenging
TVS Motor’s (TVSL) Q3 EBITDA beat estimates by ~11% led by resilient margins at 8.8% (+70bps YoY, flat QoQ), despite a sharp 17% YoY drop in volumes.
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04-Feb-20
Century Plyboards (BUY): In-line quarter
Century Plyboards’ (CPBI) standalone Q3FY20 revenue growth was in line with estimates at 2.9% YoY, aided by 9.5% growth in the MDF segment.
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31-Jan-20
Tech Mahindra (REDUCE): Good quarter buoyed by communications vertical
Tech Mahindra’s (TECHM) swift ramp-up of the AT&T deal aided a Q3 revenue beat (up 4.3% QoQ CC to US$ 1.4bn vs. 3% estimated).
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31-Jan-20
State Bank of India (BUY): Recoveries aid earnings growth
State Bank of India’s (SBIN) Q3FY20 PAT at Rs 56bn was driven by strong NII growth and lower provisions, but a one-time DTA charge shaved Rs 13bn off earnings.
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31-Jan-20
Indian Oil Corp (BUY): Uncertainties abound but look priced in
IOCL’s Q3FY20 EBITDA at Rs 66bn (+84% YoY) was well above estimates.
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31-Jan-20
Laurus Labs (BUY): Another good beat – TP raised to Rs 510
Laurus Labs reported a consecutive beat with best-ever Q3 EBITDA, led by strong operating leverage in formulations and higher gross margins.
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31-Jan-20
Tata Motors (ADD): Underwhelming Q3 print; outlook better on cost control efforts
JLR’s Q3 EBIT margin at 3.3% was below estimates largely due to forex headwinds.
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31-Jan-20
eClerx Services (SELL): Good show but repeat act unlikely – downgrade to SELL
A mix of favourable yet transient dynamics saw eClerx (ECLX) staging a surprising operational beat in Q3FY20 (revenue up 3% QoQ, EBIT margin up 590bps).
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30-Jan-20
Bajaj Auto (ADD): Strong operational performance
Bajaj Auto’s (BJAUT) Q3 EBITDA rose 18% YoY led by 17.9% margins (seven-quarter high) and beat estimates by ~10%.
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30-Jan-20
Pidilite Industries (SELL): Margins surprise positively, CBP volumes disappoint
Pidilite Industries (PIDI) reported below-expected Q3FY20 consolidated revenue growth of 4% YoY – CBP volumes grew just 2% while industrial volumes rose 13% YoY.
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30-Jan-20
Transport Corp of India (BUY): Topline disappoints, margin resilient
Transport Corp’s (TRPC) consolidated Q3FY20 revenue (–0.6% YoY) was a miss due to lower SCS (–6.8%) and seaways (–1.3%) revenue, while freight grew at a decent clip (+4.5%).
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30-Jan-20
Kotak Mahindra Bank (BUY): Promoter holding dispute resolved at last
KMB has received in-principle approval from RBI to cap its promoters' voting rights in the bank from ~30% currently to 20% of paid-up voting equity share capital (PUVESC) until Mar'20, and thereafter reduce this to 15%.
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30-Jan-20
NIIT Technologies (SELL): Risk-reward unfavourable; cut to SELL
NIIT Tech’s (NITEC) Q3FY20 performance was mixed with a miss on operating margins (–20bps QoQ to 18.1%) but healthy deal wins.
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30-Jan-20
Bajaj Finance (BUY): Healthy performance in secular slowdown
Bajaj Finance (BAF) reported healthy 35% YoY growth in AUM in Q3FY20.
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29-Jan-20
HG Infra Engineering (BUY): Subdued execution; order inflow and AD award hold key
HG Infra’s (HGIEL) Q3FY20 earnings (+18% YoY) were below estimates due to softer revenue and higher interest cost and taxes.
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29-Jan-20
Manappuram Finance (BUY): Steady growth in gold and microfinance businesses
Manappuram Finance’s (MGFL) gold AUM surged 30% YoY to Rs 162bn in Q3FY20.
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29-Jan-20
Maruti Suzuki (BUY): Operational miss largely led by transient impact
Maruti’s (MSIL) Q3FY20 operating performance missed estimates, largely due to the exaggerated impact of discounts and higher fixed cost appropriation.
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28-Jan-20
TCI Express (ADD): Growth lacklustre but margin beat yields in-line EBITDA
TCI Express (TCIEXP) reported an in-line operating performance in Q3FY20 as solid gross margin expansion (+310bps YoY) compensated for muted topline growth (+2%).
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27-Jan-20
Dr Reddy's Labs (ADD): Margin beat to sustain; TP raised to Rs 3,350
Strong cost control and operating leverage led to a Q3 EBITDA beat of 5%.
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25-Jan-20
ICICI Bank (BUY): Core profitability remains strong
ICICI Bank’s (ICICIBC) Q3FY20 PAT at Rs 41bn was driven by 24% YoY growth in NII and lower provisions.
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24-Jan-20
Supreme Industries (ADD): Margins surprise positively, volumes disappoint
Supreme Industries (SI) reported below-estimated Q3FY20 revenue (–2.6% YoY) owing to flat volumes.
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24-Jan-20
[Initiation] Bajaj Finance (BUY): BAF 2.0 – Revamped growth engine; initiate with BUY
We initiate coverage on Bajaj Finance (BAF) with BUY and a Mar’21 TP of Rs 5,000.
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22-Jan-20
Axis Bank (BUY): Stressed book still elevated
Axis Bank’s (AXSB) Q3FY20 PAT at ~Rs 18bn missed estimates due to above-expected provisions.
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22-Jan-20
Alembic Pharma (BUY): Good beat – we raise EPS estimates by 5-7%
Alembic Pharma (ALPM) reported a 15% EBITDA beat in Q3 driven by a sales beat and stable opex despite an additional expense hit from Aleor-Derma unit commercialisation.
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20-Jan-20
Kotak Mahindra Bank (BUY): Growth slips while credit cost spikes
Kotak Mahindra Bank’s (KMB) Q3FY20 PAT at Rs 16bn was below estimates due to weak NII growth and high provisions.
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19-Jan-20
Reliance Industries (BUY): RJio and Retail drive earnings; cyclicals struggle
Key highlights from Reliance Industries’ (RIL) Q3 financials: (a) Cyclicals under-performed on low GRMs (US$9.2/bbl, Vs US$10.7 ests); and tepid petchem margins (US$100/MT EBITDA, -23% QoQ)); (b) higher than expected earnings from retail – Rs27 bn (+62% YoY, 6% margins) and (c) lower than estimates earnings from RJIO – Rs58 bn (+9.6% YoY).
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18-Jan-20
HDFC Bank (BUY): Better retail asset quality trends
HDFC Bank’s (HDFCB) Q3FY20 PAT at Rs 74bn (+33% YoY) was ahead of our estimates largely due to strong non-interest income.
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18-Jan-20
HCL Technologies (BUY): IP business drives robust Q3
HCL Tech (HCLT) reported an above-expected operating performance in Q3FY20, supported by a modest beat on both revenue and margins.
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18-Jan-20
Tata Consultancy Services (ADD): Margins resilient
TCS reported a mixed Q3FY20 as revenue missed the mark for the third quarter in a row but EBIT margins staged a strong beat.
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16-Jan-20
Greenpanel Industries (BUY): Firmer pricing, MDF plant ramp-up to boost margins
Our interactions with dealers and industry participants suggest that demand for MDF remains strong.
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15-Jan-20
L&T Infotech (BUY): Stellar show
L&T Infotech (LTI) reported 8.3% QoQ CC revenue growth in Q3FY20, well ahead of estimates.
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15-Jan-20
Wipro (SELL): Tepid performance; soft outlook
Wipro (WPRO) reported an in-line operating performance in Q3FY20 with 1.8% QoQ CC revenue growth and 18.4% IT services EBIT margins.
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14-Jan-20
Mindtree (SELL): Impressive margin show but growth grounds weak ahead
Mindtree’s (MTCL) Q3FY20 operating performance was buoyed by operating margin beat as revenue fell short on expectations.
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14-Jan-20
IndusInd Bank (BUY): Asset quality amiss
IndusInd Bank’s (IIB) Q3FY20 PAT grew 33% YoY to Rs 13bn, largely due to 34% YoY growth in NII and 5bps QoQ NIM expansion to 4.15%.
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11-Jan-20
Infosys (ADD): Commentary lack new growth impetus
Infosys (INFO)’s Q3FY20 operating performance fell tad short on expectations led by operating margin miss (EBIT margins at 21.9% V/s our est. of 22.4%).
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01-Jan-20
Reliance Industries (BUY): RJio and Retail neutralise uncertainty over cyclicals
In this report, we present key highlights from our recent meeting with Reliance Industries (RIL).
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31-Dec-19
Gujarat State Petronet (BUY): Power demand could be a dark horse
Our interaction with the Gujarat State Petronet (GSPL) management reinforces our core investment thesis.
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30-Dec-19
Gujarat Gas (BUY): Improving outlook on volumes
At our recent meeting, GUJGA’s management assured robust outlook on volumes driven by (a) implementation of anti-pollution measures by the state government (new CNG state buses), and (b) relatively low LNG prices.
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24-Dec-19
HG Infra Engineering (BUY): Gurgaon-Sohna site visit indicates steady execution progress
We visited HG Infra’s (HGIEL) Gurgaon-Sohna NHAI HAM project site and also met CMD Harendra Singh.
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23-Dec-19
Cera Sanitaryware (BUY): Near-term demand outlook remains challenging
We recently hosted investor meetings with the Cera Sanitaryware (CRS) management.
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19-Dec-19
Transport Corp of India (BUY): NDR takeaways
We hosted the senior management of Transport Corp of India (TRPC) for investor meetings.
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18-Dec-19
Tech Mahindra (REDUCE): Analyst meet takeaways
We attended Tech Mahindra’s (TECHM) recent analyst meet and present the key takeaways.
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12-Dec-19
Allcargo Logistics (BUY): Gati acquisition – deriving synergies an uphill task
Allcargo Logistics (AGLL) recently announced the acquisition of a 45% controlling stake in Gati (GTIC) for ~Rs 4.2bn (13.6x TTM H1FY20 EV/EBITDA).
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11-Dec-19
L&T Infotech (BUY): Analyst meet takeaways
L&T Infotech’s (LTI) analyst meet reassured us that its strong sales engine and efficient delivery will continue to drive profitable growth.
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09-Dec-19
[INITIATION] Alembic Pharma (BUY): Entering into new multi-year earnings cycle – initiate with BUY
Alembic Pharma (ALPM) has underperformed the midcap and Sensex indices since 2015 due to subdued earnings. This cycle should reverse in the next 3-4 years.
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06-Dec-19
[INITIATION] Kotak Mahindra Bank (BUY): In a league of its own – initiate with BUY
Kotak Mahindra Bank (KMB) has forged a powerful banking franchise backed by a formidable liability profile.
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28-Nov-19
Laurus Labs (BUY): NDR takeaways
We recently hosted the management of Laurus Labs with investors. Overall, we found management's tone confident yet realistic.
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28-Nov-19
[INITIATION] VRL Logistics (BUY): Robust model, formidable moats – initiate with BUY
We initiate coverage on VRL Logistics (VRLL) with BUY and a Mar’21 TP of Rs 330, set at 22x FY22E P/E.
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27-Nov-19
Greenply Industries (BUY): Upbeat margin guidance
We attended Greenply Industries’ (GIL) analyst meet.
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18-Nov-19
Sadbhav Engineering (BUY): Execution challenges continue to cloud growth
Sadbhav Engineering’s (SADE) Q2FY20 revenue missed estimates, dropping 18% YoY as the heavy monsoons hindered execution at key EPC projects and as AD award was delayed for newer contracts.
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17-Nov-19
PNC Infratech (BUY): Strong quarter, momentum to continue
PNC Infratech’s (PNCL) Q2FY20 core revenue ex-arbitral awards grew 92% YoY.
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17-Nov-19
KNR Constructions (BUY): Strong quarter; revenue guidance cut on project delays
KNR Constructions’ (KNRC) Q2FY20 core revenue ex-arbitral awards grew 26% YoY and core EBITDA margin beat estimates at 20.6% (+60bps YoY).
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16-Nov-19
Ashoka Buildcon (BUY): Subdued execution, growth to pick up in H2
Ashoka Buildcon’s (ASBL) Q2FY20 execution remained muted due to the extended monsoons, with revenue growth at 7.6% YoY.
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15-Nov-19
Mphasis (ADD): Cut to ADD on HP/DXC channel uncertainty
Mphasis’ (MPHL) Q2FY20 revenue at US$ 306mn met estimates, marked by strong traction in the direct channel business.
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15-Nov-19
Dilip Buildcon (BUY): Subdued execution drives guidance cut
Dilip Buildcon’s (DBL) Q2FY20 standalone revenue was in line at Rs 18.1bn (+11% YoY), but PAT (–31% YoY) missed estimates on higher depreciation and taxes.
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15-Nov-19
ONGC (BUY): Low costs drive profitability
ONGC’s Q2FY20 earnings outperformed at Rs 62.6bn (–24% YoY).
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14-Nov-19
Pidilite Industries (SELL): Volumes and margins disappoint
Pidilite Industries (PIDI) reported below-expected consolidated Q2FY20 revenue growth of 2.8% YoY as CBP volumes dipped 0.9%, offsetting industrial volume growth of 12.6%.
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14-Nov-19
Cera Sanitaryware (BUY): Weak product mix crimps margins
Cera Sanitaryware (CRS) reported tepid Q2FY20 standalone revenue of Rs 3.3bn (–1.1% YoY), with the sanitaryware segment contracting 9% YoY.
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13-Nov-19
Muthoot Finance (BUY): Demand uptick to offset lower liability mobilisation
Muthoot Finance’s (MUTH) gold AUM increased 11% YoY to Rs 357bn in Q2FY20, the slowest growth in the last five quarters as the company calibrated LTV to 68%.
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13-Nov-19
Mayur Uniquoters (BUY): Demand slowdown deepens
Mayur Uniquoters’ (MUNI) Q2FY20 standalone revenue declined 16% YoY amid a continued slowdown in user industries (footwear, auto) where volumes dropped 20% YoY.
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13-Nov-19
Finolex Industries (ADD): Lower PVC-EDC delta hurts profitability
Finolex Industries (FNXP) reported above-expected Q2FY20 revenue growth of 6.3% YoY, aided by a 6% increase in PVC pipe volumes while PVC resins declined 4.7%.
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13-Nov-19
Aurobindo Pharma (ADD): Q2 beat; facility resolution, Sandoz key stock triggers
Sequential improvement in US sales to US$ 405mn and stable gross margins led to a modest beat overall in Q2.
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12-Nov-19
Mahanagar Gas (SELL): Volumes drag and margins peak out – downgrade to SELL
Mahanagar Gas’s (MAHGL) Q2FY20 adj. PAT underperformed estimates at Rs 2.1bn (+57% YoY).
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12-Nov-19
Lupin (ADD): Kyowa divestment – good value unlocking
Lupin (LPC) has signed a definitive agreement with financial investor Unison to sell its entire 99.8% stake in Kyowa for an EV of US$ 520mn.
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11-Nov-19
HG Infra Engineering (BUY): Solid quarter; growth momentum to pick up in H2
HG Infra’s (HGIEL) Q2FY20 PAT grew ahead of estimates at 57% YoY, led by gross margin expansion, softer interest cost and a lower tax rate.
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11-Nov-19
Somany Ceramics (BUY): Margins surprise positively
Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 7.9% YoY in Q2FY20 to Rs 4.2bn, aided by a 4.8% uptick in tile volumes.
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11-Nov-19
Alkem Labs (BUY): Good Q2, tax cut drives EPS upgrade; retain BUY
Alkem reported an 11% EBITDA beat in Q2 driven by a sales beat and better cost control.
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11-Nov-19
Allcargo Logistics (BUY): CFS, P&E segments drag down profitability
Allcargo Logistics’ (AGLL) Q2FY20 performance was below our estimates.
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11-Nov-19
Century Plyboards (BUY): Laminates and MDF perform well; plywood disappoints
Century Plyboards’ (CPBI) standalone revenue growth for Q2FY20 was in line with estimates at 4.4% YoY, aided by the MDF (+27%) and laminate (+22%) segments.
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10-Nov-19
Oil India (BUY): Operationally strong
Oil India’s (OINL) Q2 FY20 earnings at Rs 6.2bn (-27% YoY) was below estimates.
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09-Nov-19
Gujarat State Petronet (BUY): EBITDA above estimates; volume outlook improving
Gujarat State Petronet’s (GUJS) Q2FY20 EBITDA outperformed estimates at Rs 4.4bn (–15% YoY), backed by higher margins of Rs 1.2/scm (Rs 1.1/scm estimated).
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09-Nov-19
GAIL (BUY): Trading earnings slump
GAIL’s Q2FY20 PAT was well below estimates at Rs 10.6bn (–42% YoY).
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08-Nov-19
Greenply Industries (BUY): Modest quarter, margin expansion continues
Greenply Industries (GIL) reported consolidated Q2FY20 revenue growth of 5% YoY.
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08-Nov-19
eClerx Services (REDUCE): Cost control saves margins; no respite from structural challenges
eClerx (ECLX) reported a margin beat for Q2FY20 (EBIT margin at 16.9%), albeit backed largely by marketing cuts, while dollar revenue was a miss (–1.6% QoQ).
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07-Nov-19
Sun Pharma (REDUCE): Headline beat on low R&D, US base ex-Taro weaker; REDUCE
Sun Pharma (SUNP) delivered a 10% EBITDA beat largely driven by lower R&D (6% of sales vs. 8-9% guided).
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07-Nov-19
Greenpanel Industries (BUY): Healthy quarter; better capacity utilisation to fuel growth
Greenpanel Industries (GREENP), the newly demerged entity of Greenply Industries, reported consolidated revenue growth of 44% YoY in Q2FY20 aided by a 53%/40% upswing in the plywood/MDF segments.
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07-Nov-19
Indraprastha Gas (BUY): Margins expand, volume growth robust
Indraprastha Gas’ (IGL) Q2FY20 EBITDA was above estimates at Rs 3.9bn (+27.5% YoY; Rs 6.5/scm).
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07-Nov-19
Manappuram Finance (BUY): Healthy growth in gold and microfinance businesses
Manappuram Finance’s (MGFL) gold AUM surged 20% YoY to Rs 152bn in Q2FY20, clocking the highest growth rate in the past 11 quarters.
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07-Nov-19
Lupin (ADD): Q2 a slight miss; US to improve in H2
Core Q2 EBITDA, normalised for licensing income, was a 5% miss at Rs 6bn (flat QoQ).
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06-Nov-19
Cipla (BUY): All-round beat – India drives 6-11% EPS upgrade; retain BUY
Cipla reported a strong quarter with an EBITDA beat of 30%/11% on our/ consensus estimates due to a surprise recovery in India sales (up 29% QoQ), 100bps sequential improvement in core margins, and better growth across EM/ EU/US.
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06-Nov-19
Transport Corp of India (BUY): Growth subdued across segments
Transport Corp (TRPC) saw muted consolidated revenue/EBITDA growth of 1%/2% YoY in Q2FY20 as the weak demand climate weighed on segmental performance.
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06-Nov-19
Tech Mahindra (REDUCE): Enterprise business stage surprising growth
Tech Mahindra reported better than expected Q2FY20 operating performance led by beat on both revenues and operating margins.
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05-Nov-19
Mahindra Logistics (BUY): Auto weakness mask strength in other verticals
Mahindra Logistics (MLL) reported below expected performance in Q2FY20, with consolidated revenue/EBITDA (adj. for IND-AS 116) declining 8%/28% YoY.
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05-Nov-19
Divi's Labs (ADD): Good Q2 beat; FY20 margin guidance cut is negative
Overall Revenue/EBITDA were 13% ahead of our estimates but largely in-line with consensus.
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05-Nov-19
Gujarat Gas (BUY): Margins decline, robust volumes
Gujarat Gas (GUJGA) reported Q2 FY20 earnings below estimates at Rs 2.2bn (Adjusted for Rs 2.9 bn tax write-back; +5.3x YoY).
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05-Nov-19
TCI Express (ADD): In line quarter; downgrade to ADD on limited upside
TCI Express (TCIEXP) posted in line operating performance in Q2, with revenue/EBITDA growth of 9%13% YoY.
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04-Nov-19
V-Mart Retail (REDUCE): Higher expenses drive operating loss
V-Mart Retail (VMART) reported below-expected revenue growth of 20% YoY to Rs 3.1bn in Q2FY20, with SSSg of 1% (volumes –8%).
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03-Nov-19
Future Supply Chain Solutions (BUY): Dull Q2 as demand slowdown deepens
Future Supply Chain’s (FSCSL) Q2FY20 standalone earnings nosedived 64% YoY (ex. Ind-AS 116), dented by lower EBITDA (–13% YoY) and higher depreciation (+61%) & interest costs (+332%).
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01-Nov-19
Yes Bank (SELL): No respite from asset quality woes
Yes Bank (YES) reported a Rs 6bn loss due to a one-time DTA impact of Rs 7.1bn.
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01-Nov-19
Dr Reddy's Labs (ADD): Multiple one-offs – US to recover from Q3
Q2 headline EBITDA of Rs 14bn (Rs 8.5bn est.) had multiple one-time impacts: (1) licensing income of Rs 6.84bn net of cost, (2) sales hit in the US ($10mn-15mn in our view) from Ranitidine recall & logistic issues, and (3) Rs 1bn in SG&A. Adj. EBITDA was a 3% miss.
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01-Nov-19
Laurus Labs (BUY): All-round beat – formulations turn EBITDA positive; BUY
Laurus Labs reported its best-ever EBITDA in Q2FY20 with a good topline beat, led by strong operating leverage in the formulation business and gross margin expansion.
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01-Nov-19
Indian Oil Corp (BUY): GRMs remain a drag, other segments outperform
IOCL’s Q2FY20 EBITDA at Rs 36bn (–47% YoY) was well below estimates.
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31-Oct-19
Container Corp of India (ADD): Decent operating performance in tough demand climate
Container Corp (CCRI) reported an in-line operating performance in Q2FY20.
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30-Oct-19
Petronet LNG (BUY): Volumes and margins surge
Petronet LNG’s (PLNG) Q2FY20 EBITDA surged to Rs 11.6bn (+31% YoY), as volumes rose to 250tbtu (+15% YoY, +11% QoQ).
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25-Oct-19
Supreme Industries (ADD): Healthy volume growth
Supreme Industries’ (SI) Q2FY20 revenue grew 2.5% YoY (adj. for property sale last year), coming in slightly below estimates despite a healthy 12% YoY rise in volumes.
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25-Oct-19
Astral Poly Technik (REDUCE): Operational performance in line
Astral Poly Technik’s (ASTRA) consolidated revenue grew 8.5% YoY in Q2FY20, aided by piping segment volume growth of 27% (~17% ex-Rex Poly).
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25-Oct-19
State Bank of India (BUY): Slippages abate but stressed book remains high
State Bank of India’s (SBIN) Q2FY20 PAT of Rs 30bn beat consensus estimates due to 17% YoY NII growth.
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24-Oct-19
HCL Technologies (BUY): Organic growth trending higher
HCL Tech (HCLT) reported an above-expected operating performance in Q2FY20 supported by a margin beat (EBIT margin up 290bps QoQ to 20%).
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24-Oct-19
NIIT Technologies (ADD): Solid Q2; cut to ADD on full valuations
NIIT Tech (NITEC) reported organic revenue growth of 4.1% QoQ CC and EBITDA margins of 18.3% in Q2FY20, marking a better-than-expected operating performance.
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24-Oct-19
Hexaware Technologies (ADD): In-line operating show; near-term outlook cloudy
Hexaware (HEXW) reported in-line dollar revenue growth of 11.7% QoQ and EBIT margins of 13.9% in Q3CY19.
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24-Oct-19
Kajaria Ceramics (ADD): Tepid quarter; upsides capped – downgrade to ADD
Kajaria Ceramics (KJC) posted a below-expected Q2FY20 with revenue down 1.5% YoY (volumes +1.1%, realisations –3.5%).
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21-Oct-19
Reliance Industries (BUY): Cyclicals a mixed bag, RJio and Retail surge ahead
Reliance Industries’ (RIL) Q2FY20 EBITDA marginally beat estimates at Rs 221bn (+5% YoY, +4% QoQ).
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18-Oct-19
Ather Energy (NOT LISTED): Key call takeaways
We hosted a call with Karan Punjabi, Head of Finance at electric scooter manufacturer Ather Energy (Ather).
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18-Oct-19
L&T Infotech (BUY): On course for a rebound
L&T Infotech (LTI) did better than expected in Q2FY20, posting 2.4% QoQ CC revenue growth despite client-specific challenges.
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16-Oct-19
Mindtree (SELL): High attrition, hazy outlook worrying – reiterate SELL
Mindtree’s (MTCL) Q2FY20 operating performance was in line (3.2% QoQ CC revenue growth), with a broad-based uptick across verticals.
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16-Oct-19
Wipro (REDUCE): Puzzling margin beat; unlikely to hold up
Wipro (WPRO) reported in-line revenue growth of 1.1% QoQ CC, but a surprising beat on operating margins (18.1%, +10bps QoQ vs. –60bps est.) that materialised despite the impact of compensation revision.
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12-Oct-19
Infosys (ADD): Guidance signals industrywide growth headwinds
Infosys (INFO) met expectations with 3.3% QoQ CC revenue growth and 21.7% EBIT margins, delivering a better performance than TCS in Q2FY20.
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12-Oct-19
Cipla (BUY): Goa 483s – no data integrity concerns but many procedurals; BUY
Cipla has received 12 observation from the USFDA’s inspection of its Goa facility over 16-27 Sep.
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11-Oct-19
TCS (ADD): Disappoints for second consecutive quarter
TCS reported a dull Q2FY20 operating performance with both revenues (+1.6% QoQ CC) and EBIT margins (flat at 24%) disappointing for the second straight quarter.
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10-Oct-19
IndusInd Bank (BUY): Asset quality blip, loan growth drops
IndusInd Bank’s (IIB) Q2FY20 PAT grew 52% YoY to Rs 14bn, largely due to 32% YoY growth in NII and 5bps QoQ NIM expansion to 4.1%.
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08-Oct-19
Aurobindo Pharma (ADD): Form 483 for Unit 7: Warning letter risk largely priced in
ARBP’s stock corrected 20% on 7th Oct following 483 details on Unit 7 (oral formulation unit).
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27-Sep-19
Greenply Industries (BUY): India business steady; Gabon to lend growth impetus
In our recent meeting, Greenply Industries’ (GIL) management outlined the following targets for FY20: (1) India plywood business to grow 8-10% despite a challenging market, (2) India operating margins to expand 100-150bps to 10.5-11%, and (3) Gabon operations to ramp up substantially to ~Rs 2bn in revenues (+60% YoY) with ~18% (+200bps) operating margins.
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26-Sep-19
Mahindra Logistics (BUY): Meeting takeaways: Reiterates growth plan; technology to the fore
We interacted with Mahindra Logistics' (MLL) CEO designate Rampraveen Swaminathan who will assume the role of CEO from Oct 1.
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23-Sep-19
Petronet LNG (BUY): Concerns seem overstated on investments in Tellurian
We hosted an investor call with the Petronet LNG (PLNG) management to discuss its proposed investment in Tellurian Inc's Driftwood LNG project.
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20-Sep-19
Future Supply Chain Solutions (BUY): Minority stake sale to strategic investor
Future Supply Chain (FSCSL) today announced plans to sell a 22% minority stake to Nippon Express, a Japanese logistics company.
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18-Sep-19
Cera Sanitaryware (BUY): Margins resilient despite soft demand
We recently met the management of Cera Sanitaryware (CRS) and present our key key takeaways.
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11-Sep-19
ONGC (BUY): Oil production targets ambitious
In a recent meeting, ONGC’s management highlighted (a) its unchanged domestic gas production guidance at ~3mmscmd/year over FY20-FY25, and (b) expectations of sustained long-term growth in OVL production through added stake in the Vankor fields and start-up of the Mozambique project (by 2024-25).
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09-Sep-19
HIGH CONVICTION | Petronet LNG (BUY): Earnings outlook upbeat
Our recent meeting with the Petronet LNG (PLNG) management has reinforced our core investment thesis.
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07-Sep-19
Dilip Buildcon (BUY): Successful stake sale to Cube; another deal in the offing
Dilip Buildcon (DBL) has entered into a SPA with Cube Highways (Cube) for 100% stake sale in five under-construction NHAI HAM projects for a pre-tax equity consideration of ~Rs 7bn, against a total equity requirement of Rs 5.7bn.
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23-Aug-19
Mindtree (SELL): CEO interaction takeaways: Navigating rough waters
We attended a call hosted by the CEO and senior management at Mindtree (MTCL) to discuss the company’s growth strategy post takeover by L&T.
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21-Aug-19
Blue Dart Express (NOT RATED): Buffeted by headwinds
We recently met the management of Blue Dart Express (BDE) and present the key takeaways in this report.
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17-Aug-19
KNR Constructions (BUY): Revenue disappoints but beat on margins; growth visibility intact
KNR Constructions’ (KNRC) Q1FY20 revenue dropped 17% YoY to Rs 4.6bn, >20% under estimates due to deferred AD award.
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16-Aug-19
Sadbhav Engineering (BUY): Execution challenges cloud FY20 outlook
Sadbhav Engineering’s (SADE) Q1FY20 revenue underperformed estimates, dropping 8% YoY due to tardy execution of HAM projects and delayed AD award for newer contracts.
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16-Aug-19
Ashoka Buildcon (BUY): Revenue miss; execution to scale up from H2FY20
Ashoka Buildcon’s (ASBL) Q1FY20 revenue grew 28% YoY to Rs 8.8bn, below our estimate of Rs 11.8bn due to delayed execution of power T&D/ railways projects.
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15-Aug-19
Greenply Industries (BUY): Margin expansion continues
Greenply Industries (GIL) reported consolidated Q1FY20 revenue growth of 13%, with India plywood operations growing at 6.2% YoY.
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14-Aug-19
Indraprastha Gas (BUY): Volumes robust, margins improve
Indraprastha Gas’ (IGL) Q1FY20 earnings were in line at Rs 2.2bn (+24% YoY).
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14-Aug-19
PNC Infratech (BUY): Execution par excellence; momentum to pick up further in H2
PNC Infratech’s (PNCL) Q1FY20 revenue surpassed expectations, scaling a new high of Rs 13.2bn (+86% YoY) fuelled by strong execution.
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14-Aug-19
Century Plyboards (BUY): MDF and laminate segments shore up growth
Century Plyboards’ (CPBI) standalone revenue growth for Q1FY20 was better than estimates at 6.8% YoY, aided by the MDF (+32%) and laminate (+17%) divisions.
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14-Aug-19
Container Corp of India (ADD): Annual report analysis: Well-rounded FY19 – raise to ADD
Container Corp (CCRI) posted a well-rounded performance in FY19.
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14-Aug-19
ONGC (BUY): Valuations pricing in the worst case
ONGC’s Q1FY20 earnings outperformed at Rs 59bn (–4% YoY).
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13-Aug-19
Sun Pharma (REDUCE): Adj. EBITDA miss, US base to normalise; retain REDUCE
Q1 EBITDA was in line despite a gross margin miss which was partly set off by low R&D expense (5% of sales vs. 8% guidance).
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13-Aug-19
HG Infra Engineering (BUY): Revenue miss; expect steady growth momentum ahead
HG Infra’s (HGIEL) Q1FY20 revenue grew 17% YoY to Rs 5.3bn but was below estimates due to delayed AD award for the Hapur-Moradabad project.
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13-Aug-19
Finolex Industries (ADD): Profitability drained by lower PVC-EDC delta
Finolex Industries (FNXP) reported above-expected Q1FY20 revenue growth of 14% YoY, aided by 15%/18% higher volumes in PVC resin/PVC pipes.
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13-Aug-19
Bharat Petroleum Corp (SELL): Macro concerns weigh heavy
BPCL’s Q1FY20 EBITDA at Rs 21.8bn (–44% YoY) outperformed estimates on higher GRMs (US$ 2.8/bbl after US$ 0.8/bbl inventory loss).
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13-Aug-19
Alkem Labs (BUY): Good Q1, guiding for better margins ahead; retain BUY
Alkem Labs reported a good Q1FY20 with an 11% EBITDA beat owing to gross margin expansion and better cost control.
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12-Aug-19
Oil India (BUY): Low costs drive earnings, but volumes remain a drag
Oil India’s (OINL) Q1 FY20 earnings at Rs 6.3bn (-11% YoY) was above estimates.
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12-Aug-19
Reliance Industries (BUY): AGM highlights – Deleveraging via stake sale in cash cows
Chairman Mukesh Ambani’s FY19 AGM speech envisages: (a) deleveraging by FY21 through stake sales, (b) enhancing shareholder value, and (c) expanding RJio’s value proposition.
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12-Aug-19
GAIL (BUY): Pricing in the worst case
GAIL’s Q1FY20 PAT/EBITDA surpassed estimates at Rs 13bn/Rs 23bn (+2.2%/flat YoY).
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12-Aug-19
Mphasis (BUY): Analyst meet takeaways: Staying agile amid structural demand shift
Mphasis (MPHL), at its analyst meet, highlighted its constant strategic adaption to stay aligned with the changing technology demands of clients.
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10-Aug-19
Divi's Labs (REDUCE): Lacklustre Q1, normalcy expected from Q3
Q1FY20 saw a lackluster with a revenue/EBITDA miss of 2%/5% led by continued consumption of high-cost RM and a weak product mix (lower CS contribution at 41%, flat QoQ).
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09-Aug-19
Mahanagar Gas (ADD): Margins surge, volumes drag; raise to ADD on positive risk-reward
Mahanagar Gas’s (MAHGL) Q1FY20 PAT was well above estimates at Rs 1.7bn (+20% YoY).
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09-Aug-19
Allcargo Logistics (BUY): In-line quarter
Allcargo Logistics (AGLL) reported an in-line topline of Rs 18bn, up 12% YoY.
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09-Aug-19
Tech Mahindra (REDUCE): Subsidiary troubles afresh; cut to REDUCE
Tech Mahindra (TECHM) subsidiary Pininfarina (PINF) was a harbinger of growth for the company over the past two years, bringing in 16% of incremental FY19 revenue.
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09-Aug-19
Hexaware Technologies (ADD): Strong margin showing
Hexaware’s (HEXW) operating margins outperformed at 14.6% (+90bps QoQ vs. –30bps est.), taking the Jun’19 quarter ahead of expectations.
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08-Aug-19
Lupin (ADD): Adj. EBITDA in line; US base trend to improve
Q1 core EBITDA was in line at Rs 6bn, normalised for a temporary drop in SG&A spends and Ranexa FTF.
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08-Aug-19
HIGH CONVICTION | Petronet LNG (BUY): Margins normalise, volumes improve
Petronet LNG (PLNG) reported a mixed Q1FY20 due to the new Ind-AS 116 lease standards, which led to higher EBITDA (Rs 10.3bn, +10% YoY) but lower PAT (Rs 5.6bn, –4.5% YoY).
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08-Aug-19
Aurobindo Pharma (BUY): Good beat; progress on facility issues & Sandoz are key catalysts
Q1FY20 revenue/EBITDA beat estimates by 8%/10% spurred by strong US sales at US$ 384mn and 260bps gross margin expansion YoY and QoQ.
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08-Aug-19
HCL Technologies (BUY): Organic growth trending up; upgrade to BUY on cheap valuations
A strong revenue beat (+4.2% QoQ CC vs. +1.8% est.) but below-expected margins rounded off an in-line operating performance from HCL Tech (HCLT) for the Jun’19 quarter.
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08-Aug-19
Hindustan Petroleum Corp (SELL): Near-term outlook remains bleak
HPCL’s Q1FY20 earnings at Rs 8.1bn (–52% YoY) came in below estimates, marred by low GRMs (US$ 0.75/bbl, after US$ 2.6/bbl inventory loss).
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07-Aug-19
Cipla (BUY): Core EBITDA miss; recovery ahead
Q1 was subdued and had multiple moving parts: (1) reduction in India GRx business by Rs 2bn, (2) Rs 1.6bn sales deferral in India Rx + EM market, (3) gSensipar sales worth US$40mn, and (4) weak ROW commentary.
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07-Aug-19
Mayur Uniquoters (BUY): Auto demand slump, margin contraction mar Q1
Mayur Uniquoters’ (MUNI) Q1FY20 standalone revenue decreased 9% YoY as a sharp slowdown in footwear and auto sector demand saw volumes drop 9%.
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07-Aug-19
Pidilite Industries (SELL): In-line quarter; cut to SELL on rich valuations
Pidilite Industries (PIDI) reported in-line consolidated Q1FY20 revenue growth of 10% YoY, aided by a 6% rise in consumer & bazaar (CBP) volumes.
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06-Aug-19
Dilip Buildcon (BUY): Delayed appointed dates continue to hurt revenue
Dilip Buildcon (DBL) reported below-expected Q1FY20 revenue at Rs 23bn, down 6% YoY, due to execution constraints from delays in award of appointed dates for HAM projects.
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05-Aug-19
Somany Ceramics (BUY): Decent volume growth but lower margins
Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 3.9% YoY in Q1FY20 to Rs 3.95bn, as tile volumes grew 8% YoY.
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05-Aug-19
Laurus Labs (BUY): High opex offsets formulation positives; expect recovery in Q2
Q1FY20 operational results were in line despite strong gross margin expansion.
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05-Aug-19
V-Mart Retail (REDUCE): Margins continue to disappoint
V-Mart Retail’s (VMART) Q1FY20 revenue growth was in line at 26% YoY, with SSSg of 5.2%.
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03-Aug-19
eClerx Services (SELL): No sign of respite on margins; cut to SELL
eClerx (ECLX) underperformed sharply in the Jun’19 quarter as operating margins continued to sink well below estimates.
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03-Aug-19
Gujarat State Petronet (BUY): Volume surge, low LNG prices buoy outlook – upgrade to BUY
Gujarat State Petronet’s (GUJS) Q1FY20 earnings outperformed estimates at Rs 2.1bn (+43% YoY), bolstered by higher volumes of 38mmscmd (+5% YoY).
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02-Aug-19
Mahindra Logistics (BUY): Disappointing quarter on all fronts
Subdued user industries exacted a heavy toll on Mahindra Logistics’ (MLL) Q1FY20 performance.
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02-Aug-19
Astral Poly Technik (REDUCE): Piping segment aided by Rex acquisition spurs growth
Astral Poly Technik (ASTRA) reported marginally better consolidated revenue growth than expected at 27% YoY in Q1FY20.
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02-Aug-19
State Bank of India (BUY): Dismal quarter
State Bank of India’s (SBIN) Q1FY20 PAT of Rs 23bn was in line with our estimate.
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02-Aug-19
Cera Sanitaryware (BUY): Insipid quarter
Cera Sanitaryware (CRS) reported subpar Q1FY20 standalone revenue of Rs 2.7bn, down 4.8% YoY, with the sanitaryware segment declining 12.7%.
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01-Aug-19
Future Supply Chain Solutions (BUY): Big earnings miss
Future Supply Chain (FSCSL) sharply underperformed our Q1FY20 profit estimates.
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01-Aug-19
ICICI Bank (BUY): 20F filing highlights
ICICI Bank’s (ICICIBC) early delinquency indicators, as disclosed in its 20F filing for FY19, suggest corporate loan stress has been largely dealt with.
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01-Aug-19
Container Corp of India (REDUCE): Volume concerns overshadow otherwise decent quarter
Container Corp (CCRI) reported a healthy operating performance in Q1FY20.
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01-Aug-19
Indian Oil Corp (BUY): GRMs disappoint
IOCL’s Q1FY20 EBITDA at Rs 76.6bn (ex-inventory gains) was marginally below estimates.
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31-Jul-19
TCI Express (BUY): Macro slowdown derails growth
The subdued macro climate weighed on TCI Express’ (TCIEXP) Q1FY20 results.
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31-Jul-19
Tech Mahindra (ADD): Miss on all counts
Tech Mahindra (TECHM) posted a disappointing Q1FY20 as (1) revenue contracted in all verticals except ‘others’, (2) top 5/10/20 client performance flagged, (3) EBIT margins shrank 390bps QoQ, (4) attrition failed to cool off, (5) DSO rose due to high unbilled revenues, and (6) cash generation slumped.
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30-Jul-19
Axis Bank (BUY): Asset quality disappoints
Axis Bank’s (AXSB) Q1FY20 PAT at Rs 13.7bn fell short of our/consensus estimates on high provisions.
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30-Jul-19
Gujarat Gas (BUY): Volumes and margins surge
Gujarat Gas (GUJGA) reported Q1FY20 earnings well above estimates at Rs 2.3bn (+93% YoY, +2x QoQ), backed by strong volumes of 9.15mmscmd (+42% YoY) and expanded EBITDA margins of Rs 5.6/scm (+32% YoY, +29% QoQ).
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30-Jul-19
Greenlam Industries (NOT RATED): Prominent player in India’s laminate market
We attended Greenlam Industries’ (GRLM) analyst meet and outline management’s outlook on growth across business segments.
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30-Jul-19
Transport Corp of India (BUY): Slowdown weighs on topline growth; margin expansion stands out
Transport Corp (TRPC) reported a below-estimated operating performance in Q1FY20 amidst challenging macros.
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29-Jul-19
Dr Reddy's Labs (ADD): Adj. EBITDA in line; upgrade to ADD on reasonable valuations
Q1 reported 18% EBITDA miss impacted by one-offs in gross margins (PSAI & inventory write-offs in US totaling US$20mn, in my view), while adj. EBITDA was in line.
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29-Jul-19
Supreme Industries (ADD): Good volume growth but margins underperform
Supreme Industries (SI) reported below-expected Q1FY20 revenue growth of 6.8% YoY despite a healthy 13.5% rise in volumes.
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29-Jul-19
Reliance Industries (ADD): Diversification now bearing fruit
Reliance Industries’ (RIL) FY19 Annual Report spells out its vision across its diversified businesses.
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27-Jul-19
ICICI Bank (BUY): Stable on most fronts
ICICI Bank’s (ICICIBC) Q1FY20 PAT at Rs 19.1bn was above our estimate due to below-expected provisions.
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27-Jul-19
Mphasis (BUY): In-line operating performance
Mphasis’ (MPHL) Q1FY20 revenue at US$ 297mn met expectations, marked by balanced growth in both direct and DXC/HP channels.
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26-Jul-19
Persistent Systems (REDUCE): Results first cut – Lacklustre quarter
Persistent Systems (PSYS) reported another quarter of subpar operating performance as both revenue and operating margins missed estimates in Q1FY20.
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25-Jul-19
NCC (NOT RATED): Management call takeaways – A tough FY20; better times ahead
We spoke with Y D Murthy, Executive Vice President – Finance, of NCC Ltd (NJCC) for an update on Andhra Pradesh work orders.
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24-Jul-19
NIIT Technologies (BUY): Healthy Q1 despite pockets of weakness in BFS
Adjusted for GIS divestment, NIIT Tech (NITEC) reported organic revenue growth of 4% QoQ CC and EBITDA margins of 16.9% in Q1FY20, marking a better-than-expected operating performance.
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23-Jul-19
Kajaria Ceramics (BUY): Modest Q1; upgrade to BUY on reasonable valuations
Kajaria Ceramics (KJC) posted below-expected Q1FY20 revenue growth of 6.5% YoY, with volumes up 9.6% but realisations down 3.8%.
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21-Jul-19
Reliance Industries (ADD): Concerns on cyclicals
Reliance Industries’ (RIL) Q1 FY20 EBITDA marginally beat estimates at Rs 213bn (+3% YoY, +2.3% QoQ)…
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20-Jul-19
HDFC Bank (ADD): Mixed quarter
HDFC Bank’s (HDFCB) Q1FY20 PAT at Rs 56bn (+21% YoY) was largely in line with our estimates…
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20-Jul-19
L&T Infotech (BUY): Client-specific challenges to hamper growth in FY20
L&T Infotech (LTI) reported a sedate Q1FY20 with 1% QoQ CC revenue growth and 16% EBIT margins…
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18-Jul-19
Wipro (SELL): Another disappointing quarter
Wipro (WPRO) reported another tepid quarter as a wind-down of large projects in the retail & CPG ver
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18-Jul-19
Mindtree (SELL): Painful transition begins; downgrade to SELL
Mindtree’s (MTCL) Q1FY20 reported EBIT missed estimates by 46% as both revenue and operating margins
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17-Jul-19
Yes Bank (SELL): Yet another miss on asset quality
Yes Bank’s (YES) Q1FY20 PAT at Rs 1.1bn beat our/consensus estimates on higher non-interest income a
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