Research Reports

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

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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

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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

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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

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22-Jun-22

Dr Reddy's Labs (HOLD): Investor Day – Peek into the future

DRRD unveiled a framework to make its business future ready

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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

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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

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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

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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

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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%)

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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%

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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%

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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

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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

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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

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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%

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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)

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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

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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

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13-May-22

Amber Enterprises (HOLD): Components business remains in focus

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

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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

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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

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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

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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)

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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

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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%

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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%

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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

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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%

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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

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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

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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

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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

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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

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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

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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%)

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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%)

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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

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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%

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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

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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

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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

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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

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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%

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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

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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%

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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%

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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)

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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%

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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

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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)

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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

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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)

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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%

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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%

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21-Oct-21

Just Dial (BUY): Strategic refresh post Reliance takeover awaited

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

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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

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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

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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

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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

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14-Oct-21

Mindtree (SELL): Upbeat Q2 but valuations lofty

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

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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

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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

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07-Sep-21

Affle (India) (BUY): Annual report analysis – Sustained R&D focus

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

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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%

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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

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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

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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

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12-Aug-21

Pidilite Industries (SELL): Raw material pressure hurts gross margin

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

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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

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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%

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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

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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

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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

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07-Aug-21

Cipla (BUY): Strong quarter

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

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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.

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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

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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

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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

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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%

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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