Research Reports

20-Sep-23

Orient Cement (SELL): Expansion woes, lofty valuations – cut to SELL

Expansion snags due to plant relocation to hamper medium-term growth as utilisation likely breaches 80% in FY25

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13-Sep-23

Avalon Technologies (NOT RATED): Export-focused EMS player

Electronics, engineering and design manufacturer largely catering to export markets; US a key geography at ~55% of revenue (FY23)

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13-Sep-23

RBL Bank (HOLD): Upside capped; HOLD

Expect pickup in retail loans and newer products to aid a 19% credit CAGR over FY23-FY25, with deposit CAGR of 15%

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08-Sep-23

JK Lakshmi Cement (SELL): AGM takeaways – Challenges persist; maintain SELL

Borrowing limit raised to Rs 70bn at AGM but resolution to hike inter-corporate transaction limit 4x to Rs 100bn rejected

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06-Sep-23

TTK Prestige (NOT RATED): Management call: Confident of demand recovery in H2

Management optimistic on festive-led demand revival in H2FY24; foresees no pricing action as commodity prices have eased

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01-Sep-23

Bajaj Finance (BUY): From strength to strength – initiate with BUY

Momentum across consumer, commercial, SME and mortgage lending to propel a 28% AUM CAGR over FY23-FY25E

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29-Aug-23

Reliance Industries (BUY): AGM takeaways – Long growth runway, reiterate BUY

Pivoted towards consumption and new-age technology in India and beyond for sustainable growth

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23-Aug-23

Crompton Greaves (BUY): Analyst meet – A full revamp

Lighting division moving to a new corporate structure, eyeing commercial orders, and pruning prices to spur volumes

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16-Aug-23

ITC (BUY): Robust growth and margins

Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus

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15-Aug-23

Aurobindo Pharma (HOLD): Broad-based growth; lower to HOLD post rally

Q1 revenue/EBITDA beat consensus by 4%/9% with adj. PAT (ex-one-off charge) running 15% ahead

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14-Aug-23

The Ramco Cements (SELL): Pressure on operational efficiencies to continue

New capacities (+2mt YoY) aid a 28% jump in Q1 volumes but pursuit of growth impacts realisations

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14-Aug-23

Crompton Greaves (BUY): Mixed quarter

ECD revenue growth at par with industry but lighting segment lagged peers in Q1

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12-Aug-23

SAIL (HOLD): Leverage remains an overhang; maintain HOLD

Q1 EBITDA/t drops 42% YoY to Rs 4.2k/t, reflecting the impact of high operating leverage

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12-Aug-23

Voltas (HOLD): UCP growth above industry, EMP losses continue

Q1 a mixed bag with UCP performing well (+ 16% YoY) while losses continued in the EMP segment

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11-Aug-23

ABB India (HOLD): Strong quarter, margins shine

Robust Q2 with revenue up 22% YoY and 420bps EBITDA margin expansion aided by the robotics and electrification segments

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11-Aug-23

Reliance Industries (BUY): FY23 annual report takeaways – Propelling growth

Key AR takeaways: an improving narrative for digital, missing granularity for retail and approaching target dates for new energy business

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11-Aug-23

Ambuja Cements (HOLD): Stepping on the pedal but growth priced in

Q1 consolidated topline grew 9% YoY as volumes increased 9% while realisations stayed flat

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11-Aug-23

LIC (BUY): Mixed quarter; maintain BUY

Q1FY24 individual APE declined 8% YoY but non-par business grew 22% (constituting 10.2% of individual APE vs. 7.8% in Q1FY23)

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10-Aug-23

Alkem Labs (SELL): International sales fuel growth; margin recovery positive

Q1 revenue/EBITDA a beat as international business outperformed; adj. PAT growth in line with consensus at 65% QoQ

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10-Aug-23

V-Guard Industries (HOLD): Strong quarter all through

All-round growth in Q1 led by non-South India markets that grew at 17% YoY

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09-Aug-23

ACC (HOLD): Synergies with Ambuja propel volumes

Robust volume-led performance in Q1 spurred by the MSA agreement between ACC and parent ACEM

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09-Aug-23

Siemens India (HOLD): All-round growth; clarity awaited on LV motors hive-off

Strong execution-led revenue growth of 14% YoY together with 190bps EBITDA margin expansion in Q3

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08-Aug-23

Dalmia Bharat (HOLD): Slow start; expected to catch up in H2

Q1 muted as DBL restricted supply to safeguard prices but still failed to stave off a decline in realisations (-3% YoY)

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08-Aug-23

Godrej Consumer Products (BUY): Strong volume-led growth with margin expansion

Volume-led growth continues in India business at 12% YoY in Q1; margin expansion seen across geographies

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08-Aug-23

360 One (BUY): Annual report analysis – Forging ahead

Shift from commission to recurring revenue model (ARR) paying off – the latter now contributes 61% of AUM and 67% of revenue at end-FY23

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07-Aug-23

Eris Lifesciences (BUY): In-line quarter; margins moving back on track

Q1 revenue/PAT in line but operating margin ahead of consensus at 36.4% (+395bps YoY)

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07-Aug-23

Mahanagar Gas (HOLD): Walking a tightrope; retain HOLD

Q1 ahead of consensus on margin surprise but soft CNG volumes for the third straight quarter worrying

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07-Aug-23

State Bank Of India (BUY): PAT surges on higher other income and cost control

Treasury gains buoyed the topline and together with lower opex and provisioning lifted Q1 PAT 178% YoY

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07-Aug-23

Britannia Industries (BUY): Increased regional competition hurts growth

Relatively soft quarter (revenue up just 8% YoY) due to stiffer local competition and sluggish rural growth

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07-Aug-23

Affle (India) (HOLD): Growth momentum to continue

Q1 revenue up 14% QoQ; device addition tepid but converted user base saw a sizeable ramp-up

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05-Aug-23

Lupin (SELL): Improvements visible; runup behind downgrade

Q1 a beat with revenue/EBITDA running 8%/25% ahead of consensus; gross margin improves to 65.9% (64.4 ex-licensing income)

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04-Aug-23

Orient Electric (HOLD): Reasonably healthy quarter

Q1 topline grew 14% YoY led by ECD, with gross margin up 290bps though EBITDA margin was flat on higher wages

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04-Aug-23

Blue Star (BUY): In-line numbers, steady growth ahead

Q1 UCP revenue beat the industry, rising 7% YoY on the back of B2B sales; EMP order book robust

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04-Aug-23

Zydus Wellness (HOLD): Poor showing in a seasonally strong quarter

Flattish revenue growth in Q1 largely driven by a subdued performance in Glucon-D and Complan

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04-Aug-23

Cummins India (BUY): Strong quarter; primed for rating transition

Domestic pre-buying buoys quarter; new emission norms delayed but KKC well positioned to manage the transition

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04-Aug-23

KEC International (HOLD): Healthy inflows, margin improvement ahead

Good Q1 with 28% YoY topline growth and 70bps EBITDA margin gains to 5.8%; management sees “improving trajectory of profitability”

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04-Aug-23

Dabur India (BUY): Volume growth visible in rural markets

Q1 revenue grew 11% YoY aided by strong growth across categories, except beverages that saw the impact of unseasonal rains

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03-Aug-23

Sun Pharma (HOLD): gRevlimid buoys performance; upside capped – cut to HOLD

Q1 revenue/EBITDA beat consensus by 2%/11%, but reported PAT missed estimates by 6% due to exceptional items

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02-Aug-23

AIA Engineering (BUY): Strong quarter, guidance maintained.

All-round beat with Q1 topline up 15% YoY, EBITDA margin expansion of 480bps and PAT up 43%

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02-Aug-23

Syrma SGS (BUY): Margin miss an aberration; guidance intact

Q1 topline growth robust at 54% YoY but margins falter on lower healthcare business

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02-Aug-23

Thermax (HOLD): Good quarter, healthy order flows

Good Q1 performance though legacy orders continue to weigh on infrastructure margins

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01-Aug-23

JK Lakshmi Cement (SELL): Another slow quarter; maintain SELL

Tepid volume growth of 5% YoY with little support from realisations kept Q1 revenue growth muted

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01-Aug-23

KEI Industries (HOLD): Capacity constraints mar quarter; lower to HOLD post runup

Core cables and wires business hampered by lack of capacity; likely to be addressed in coming quarters

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31-Jul-23

Marico (BUY): Soft performance; outlook remains strong

Q1 revenue dipped 3% YoY owing to destocking and trade scheme rationalisation

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29-Jul-23

Indraprastha Gas (BUY): Volume outlook soft near-term but healthy medium-term

Q1 results benefitted from uptick in margin above long-term guidance, but volumes were soft (+4% YoY)

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29-Jul-23

Ashok Leyland (BUY): Healthy growth trajectory; maintain BUY

Q1 revenue up 13% YoY despite weak seasonality, led by a mix of volume growth (+5%) and realisation gains (+8%)

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29-Jul-23

BOBCAPS Research | SBI Card (BUY): Higher provisions dent net profit

Q1 credit cost climbed 130bps YoY to 7.1% of loans (calc.) owing to stress from customers acquired in CY19, inducing a 5% fall in net profit

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28-Jul-23

Ajanta Pharma (BUY): Q1 beat sparked by sharp margin recovery

Strong Q1 beat with EBITDA/PAT of Rs 2.7bn/Rs 2.1bn coming in 17%/ 39% ahead of consensus due to margin recovery

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28-Jul-23

Nestle India (BUY): Healthy growth backed by market penetration

Q2 revenue up 15% YoY led by strong growth across categories and geographies; margins remained healthy

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28-Jul-23

Nippon Life India AMC (BUY): On a firm footing

QAAUM growth strong at 12% YoY in Q1 fuelled by 20% share of industry-wide net equity flows (ex-arbitrage and index)

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27-Jul-23

Tata Steel (BUY): Thrust on expansion capex, Europe breakeven key positives

Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t

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27-Jul-23

Axis Bank (BUY): Steady growth but costs elevated

Q1 PAT up 41% YoY supported by strong NII (+27%), fee income and treasury gains

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27-Jul-23

Aditya Birla Sun Life AMC (HOLD): Healthy quarter

QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline

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27-Jul-23

Tata Consumer Products (BUY): Momentum continues; outlook positive

Improved demand in core markets led to robust 16% YoY uptick in India business; rural recovery visible but still below pre-Covid levels

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27-Jul-23

Tech Mahindra (HOLD): Toughest quarter in recent times

CME a drag (-9% QoQ) in Q1 mainly due to lower network service and discretionary spends together with deal deferrals

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27-Jul-23

Cipla (BUY): Strong growth coupled with margin expansion

Q1 EBITDA/PAT beat estimates by 7%/16% on the back of growth in North America and One India

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27-Jul-23

Ultratech Cement (HOLD): On a strong pitch but positives priced in; revised to HOLD

Grey cement volumes grew 20% YoY to 28.6mt in Q1; utilisation healthy at ~86%

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26-Jul-23

UTI AMC (HOLD): Equity flows lacklustre; valuations full – downgrade to HOLD

MTM gains boosted Q1 net profit growth to ~150% YoY whereas core net profit fell 25% YoY

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26-Jul-23

Amber Enterprises (HOLD): Topline wavers, margins progressing

Q1 revenue weak given the “worst of bad seasons”, though margins improved on a better product mix

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26-Jul-23

Larsen & Toubro (BUY): Stellar quarter; solid outlook

Stellar Q1 led by inflows, execution and working capital efficiency; closed the quarter with a record Rs 4.1tn order book

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26-Jul-23

SBI Life (BUY): Mixed quarter; robust FY24 outlook maintained

Q1 APE growth softened to 4% YoY as non-par business slowed; management optimistic of a rebound

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26-Jul-23

Dixon Technologies (HOLD): Good quarter; cut to HOLD on limited upside

Q1 topline strong at Rs 32.7bn (+15% YoY) with improved margins; new customer additions provide healthy visibility

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25-Jul-23

JSW Steel (HOLD): Limited upside despite exciting growth ahead

Q1 ahead of consensus with Indian operations limiting the decline in margin and overseas business seeing improvement

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25-Jul-23

Hitachi Energy (HOLD): Supply side constraints persist; cut to HOLD

Q1 EBITDA margin at just 3.2% as supply chain constraints hampered profitability; chip shortage guided to recede gradually

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25-Jul-23

Kotak Mahindra Bank (HOLD): Non-core income drives up profitability

Strong core and non-core revenue supported Q1 net income growth of 50% YoY though NIM contracted 15bps sequentially

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25-Jul-23

HDFC AMC (HOLD): Strong quarter but upsides capped; maintain HOLD

Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive

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24-Jul-23

ICICI Bank (HOLD): High core income and lower provisions buoy PAT

NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1

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24-Jul-23

Persistent Systems (HOLD): Resilient quarter but growth guided to soften near term

Top BFS client the driving force behind Q1 growth, but management expects weakness in the vertical for the next few quarters

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24-Jul-23

Reliance Industries (BUY): Steady she goes

Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum

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23-Jul-23

Glenmark Life Sciences (HOLD): Another good quarter; cut to HOLD post rally

Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue

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22-Jul-23

HDFC Life (HOLD): Healthy quarter but positives priced in; maintain HOLD

Key overhang dispelled with consummation of HDFC-HDFC Bank merger and parent’s stake raise to >50%

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22-Jul-23

Mphasis (HOLD): Tepid Q1; cut to HOLD post runup

Q1 missed estimates as dollar revenue slipped 3.4% QoQ following a slowdown in both direct business and DXC

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21-Jul-23

360 One (BUY): Strong set of numbers

ARR robust at Rs 130bn net flows in Q1, forming 80% of revenue from operations and 65% of AUM

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21-Jul-23

Hindustan Unilever (BUY): Modest quarter but improvement ahead

Q1 volume and value growth moderated; margins improved sequentially as inflation eased

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21-Jul-23

Coforge (HOLD): Miss on margins; deal momentum strong

Q1 revenue in line at US$ 272mn led by BFSI but EBIT margin at 10% fell short of estimates

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21-Jul-23

Infosys (BUY): Guidance cut a temporary blip

FY24 revenue growth guidance slashed from 4-7% to 1-3.5%, implying continued uncertainty – a sector-wide phenomenon

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20-Jul-23

Havells India (BUY): Margins falter

Q1 a miss due to soft EBIT margins in ECD (-220bps YoY to 10.9%) and lighting (-210bps to 14.3%)

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20-Jul-23

IndusInd Bank (BUY): Strong NII and lower provisions drive PAT

Q1 PAT growth robust at 30% YoY to Rs 21.2bn on NII growth and lower provisions which offset elevated opex

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19-Jul-23

Polycab India (BUY): Strong momentum continues

Impressive Q1 fuelled by 47% YoY growth in wires & cables business; FMEG set to improve

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19-Jul-23

HDFC Bank (BUY): Strong PAT on lower provisions

Q1 PAT grew 30% YoY backed by a strong topline and lower provisions. Deposits outpaced loan growth at 19% YoY

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18-Jul-23

ICICI Prudential Life (SELL): Some hits, some misses; maintain SELL

APE down 4% YoY to Rs 14.6bn in Q1 but up 4% ex-ICICIBC despite a soft demand environment

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14-Jul-23

Federal Bank (BUY): Strong business growth but margins under pressure

High-yield retail assets drove 42% YoY PAT growth; NIM (calc) dipped 13bps QoQ to 3.1% on a higher cost of funds

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14-Jul-23

Wipro (HOLD): Another muted quarter; BFSI the biggest drag

Q1 weaker than peers due to a higher mix of consulting services (Capco, Rizing), especially in BFSI and telecom

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13-Jul-23

HCL Technologies (HOLD): Weak Q1 but full-year guidance retained – a tall order

Q1 revenue missed estimates largely due to a slowdown in ER&D services and the telecom & media vertical

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13-Jul-23

Tata Consultancy Services (HOLD): Strong deal flow but near-term softness to continue

Management echoed Accenture’s commentary on temporary weakness due to project delays in the near term

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10-Jul-23

Reliance Industries (BUY): Consumer and new energy businesses key catalysts

Reliance Retail exit offer targeted at minority shareholders and does not reflect full retail business value

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30-Jun-23

Ashok Leyland (BUY): Analyst meet takeaways – Pursuing market share gains

Targeting ~35% MHCV market share in FY24 by growing to 50% of the southern market (vs. 40%) and holding at 35% in North/Central India

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28-Jun-23

Hero Motocorp (HOLD): Management meet takeaways: Climbing on the premium bandwagon

Upcoming launch of high-end 125cc motorcycle to help shore up market share (21% currently)

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28-Jun-23

ICICI Prudential Life (SELL): Stock runup unwarranted; cut to SELL

NBP and individual APE CAGR the lowest in the listed private space for FY17-FY23; underperformance continued in 2MFY24

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22-Jun-23

Gujarat State Petronet (BUY): Discount on standalone business excessive

Standalone business trading at FY24E P/B of 0.4x after adjusting for GUJGA stake at market value minus 30% holding discount

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18-Jun-23

ERRATA: RPG Life Sciences (NOT RATED): Investor day takeaways – Foundation in place; now targeting scale

FY23 a milestone year with revenue/EBITDA of Rs 5bn/1bn; Naprosyn brand crossed Rs 500mn

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15-Jun-23

KEC International (HOLD): Management meet takeaways – Guidance maintained

Management reiterated its FY24 order inflow (+15% YoY), revenue and EBITDA margin (~7%) guidance

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15-Jun-23

TTK Prestige (NOT RATED): Navigating troubled times with confidence

Management optimistic of strong demand recovery in H2FY24; foresees no requirement for price hikes in near term

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15-Jun-23

HDFC AMC (HOLD): Annual report analysis – Stable FY23; focus on growth

Product launches, top-tier scheme outperformance and phygital delivery channels remain key growth levers

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15-Jun-23

Crompton Greaves (BUY): Annual report analysis – Difficult year

New energy labelling norms hit the fans business and subdued demand dimmed lighting sales in FY23

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14-Jun-23

Voltas (HOLD): Management meet takeaways – Trying times

Q1FY24 growth likely to fall short of expectations as unseasonal showers dampened summer demand

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13-Jun-23

Tata Consultancy Services (HOLD): Annual report analysis – Macro headwinds cloud outlook

Key spending areas for FY23 included AI/ML, data & network services, cloud and managed security services

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13-Jun-23

Polycab India (BUY): Annual report analysis – Project Leap well on track

Remains market leader in core wires & cables business; FMEG segment tepid in FY23 but guided to return to form in FY24

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12-Jun-23

Infosys (BUY): Annual report analysis – Sentiments weak; Cobalt to drive growth

Key spending areas in FY23 included cloud, generative AI, cybersecurity, IoT, and immersive technologies

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08-Jun-23

Havells India (BUY): Annual report analysis – Continuity of strategy

Market share growth in Lloyd, rural markets and manufacturing remain strategic focus areas

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06-Jun-23

Voltas (HOLD): Annual report analysis – A challenging year

FY23 saw competition denting margins in VOLT’s AC business and provisioning losses in the projects business

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06-Jun-23

JK Cement (HOLD): Outlook intact; downgrade to HOLD on rich valuations

Volume growth healthy including contribution from the new Panna unit that has attained 60% capacity utilisation

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05-Jun-23

Hindustan Unilever (BUY): Annual report analysis – Weathering the storm

Growth momentum continues with 16% YoY topline growth in FY23 and market share gains in >75% of the portfolio

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31-May-23

V-Guard Industries (HOLD): Sunflame key for FY24

Flat quarter despite growth in non-core markets; Q4 gross margin improved but EBITDA margin still under pressure

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30-May-23

Sun Pharma (BUY): gRevlimid yields margin surprise; raise to BUY post correction

Q4 revenue in line but adj. PAT 9% above consensus at Rs 21.8bn (+46% YoY) on account of strong margins

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30-May-23

Mahindra & Mahindra (BUY): Healthy performance; strong show to continue

Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%

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29-May-23

SAIL (HOLD): Production gains momentum, higher debt a concern

Buildup of production momentum in Q4 but slower pickup in profitability on higher employee costs

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29-May-23

Tata Consumer Products (BUY): Annual report analysis: On a strong wicket

Strong FY23 performance with revenue/PAT up 11%/29%, underpinned by innovation, premiumisation and distribution

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29-May-23

Mphasis (BUY): Dull quarter; sequential recovery guided from Q2

Weak Q4 revenue print (-4.1% QoQ); DR and DXC remained a drag on growth

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29-May-23

LIC (BUY): Focused on profitable products

APE grew 12.5% YoY in FY23 led by strong 36% growth in non-par products; non-par constituted 8.9% of APE vs. 7.1% in FY22

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27-May-23

Ashok Leyland (BUY): Healthy performance continues

Q4 volumes grew 23% YoY with realisations up 9%, aiding 33% topline growth to Rs 116bn

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25-May-23

JK Lakshmi Cement (SELL): Challenging road ahead

Realisations led growth in Q4 while capacity constraints restricted volume gains (to 1% YoY)

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25-May-23

AIA Engineering (BUY): Robust performance

Q4 EBITDA margin expands to 24.8% on a better revenue mix; stronger margin coupled with higher other income aids a beat on PAT

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25-May-23

Cummins India (BUY): From strength to strength; upgrade to BUY

Operationally strong Q4 despite supply chain constraints, with EBITDA and PAT each up ~60% YoY; exports resilient

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25-May-23

Star Cement (BUY): Moving in the right direction

Q4 volume gains steady at 7% YoY; realisation gains at 3%, indicating healthy demand in key areas

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25-May-23

Hitachi Energy (BUY): Improving outlook

Q4 sequentially stronger as supply chain constraints eased; chip shortage guided to recede fully in next two quarters

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24-May-23

Shree Cement (HOLD): High-cost fuel inventory weighs on margins

Healthy Q4 revenue gains driven by both volumes (+10% YoY) and realisations (+6%)

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23-May-23

Dixon Technologies (BUY): In-line quarter; strong guidance reiterated

Q4 topline of Rs 30.7bn in line with our estimate while improved ODM contribution aided a margin beat

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23-May-23

Zydus Wellness (HOLD): Price-led growth in Q4; HFD category a concern

Q4 revenue grew 11.4% YoY on the back of continuous price hikes; volume growth muted at 4%

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22-May-23

Crompton Greaves (BUY): Mixed quarter

Q4 topline grew 16% YoY aided by a good ECD performance; lighting continues to disappoint

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20-May-23

The Ramco Cements (SELL): Strong volume push but pricing pressure persists

New capacities (+2mt YoY) aided 45% jump in Q4 volumes (28% net of added capacities)

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20-May-23

Alkem Labs (SELL): Margin improvement key for revival

Q4 EBITDA/PAT of Rs 3.5bn/Rs 710mn well short of consensus by 21%/ 79% primarily due to higher operating costs

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19-May-23

State Bank Of India (BUY): Sustaining growth and profitability

Lower provisioning supported robust 83% YoY PAT growth in Q4, though PPOP declined sequentially on higher opex

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19-May-23

Syrma SGS (BUY): Strong show; positive outlook intact

Q4 topline/PAT up 83%/160% YoY spurred by strong growth in the auto and consumer segments

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19-May-23

Siemens India (HOLD): Low-voltage deal appears unfavourable; cut to HOLD

Low-voltage and geared motors business divested to parent for Rs 22bn (2.1x revenue)

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19-May-23

ITC (BUY): Strong performance amid macro headwinds

Growth momentum continues with 330bps YoY EBITDA margin expansion; we expect 12% topline growth in FY24

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18-May-23

Thermax (HOLD): Cautious outlook continues

Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious

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18-May-23

Eris Lifesciences (BUY): Integration costs weigh on quarter

Consolidated Q4 revenue/EBITDA growth of 32%/23% YoY missed consensus by 3%/10%

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18-May-23

Affle (India) (BUY): Seasonality impacts Q4; outlook remains healthy

Device addition remained tepid during the quarter but strong additions in converted users

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17-May-23

Jindal Steel & Power (BUY): Streamlining painful but useful, maintain BUY

Streamlining of operations by the new management led to Rs 94bn of impairments over H2 but is helping wipe the slate clean

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17-May-23

Amber Enterprises (HOLD): Strong performance on new client and capacity addition

Q4 a beat as all segments posted strong growth, led by electronics (+69% YoY) and RAC & components (+55%)

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16-May-23

VST Tillers Tractors (BUY): Solid quarter

Q4 volume gains of 32% YoY helped by preponement of festive season and tiller & other non-tractor sales

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15-May-23

Eicher Motors (HOLD): Overall healthy performance

Launches aided Q4 volume growth of 18% YoY and healthy revenue gains; both Hunter and Bullet pushed up realisations

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15-May-23

Polycab India (BUY): Cables business resilient

Wires & cables shore up growth in Q4 while FMEG business struggles; international sales at a record high

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15-May-23

Orient Electric (HOLD): Weak end to a challenging FY23

Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4

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13-May-23

Cipla (BUY): Key launches at least a year away

Q4 EBITDA/PAT grew 57%/45% YoY but missed consensus by 5%/30% on higher R&D spend, field force expansion and other costs

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12-May-23

Marico (BUY): Healthy volume-led growth; improved visibility

Q4 volume growth of 5% YoY in domestic markets backed by diversification and market development

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12-May-23

Escorts (SELL): Medium-term pain to continue

Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half

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12-May-23

Coforge (BUY): Stellar quarter; buoyant outlook

Robust Q4 revenue of US$ 264mn (+4.7% QoQ CC) with US$ 1bn milestone reached in FY23

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12-May-23

Siemens India (BUY): Strong momentum continues

Robust execution and margins in Q2 led by smart infrastructure and mobility segments; base order inflow at Rs 57bn

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11-May-23

Godrej Consumer Products (BUY): Home and personal care segments perform well

Robust volume-led growth aided 12% YoY rise in India revenue; Indonesia business saw strong recovery

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11-May-23

Dr Reddy's Labs (HOLD): Core business remains sluggish

Q4 broadly in line as revenue/EBITDA grew 16%/35% YoY (-7%/-23% QoQ), albeit aided by one-offs

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11-May-23

Larsen & Toubro (BUY): Strong finish; robust outlook for FY24

Q4 in line; FY23 order inflow and revenue beat guidance while margins were on par and order book soared to a record Rs 4tn

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10-May-23

Mahanagar Gas (HOLD): Slow long-term growth prospects; cut to HOLD

Q4 beat consensus as EBITDA margin improved sharply by Rs 4.6/scm QoQ on limited passthrough of lower gas purchase costs

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08-May-23

Alembic Pharma (HOLD): No respite yet

ALPM reported in-line Q4 revenue at Rs 14bn (flat YoY), though negative tax and lower R&D expense resulted in a PAT beat

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08-May-23

Federal Bank (BUY): Strong PAT on higher other income and lower provisions

Higher other income plus lower provisions aided 67% YoY PAT growth in Q4; NIM contracted due to deposit repricing

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06-May-23

Ajanta Pharma (BUY): Margins appear to have bottomed out; raise to BUY

Strong India and US growth in Q4 (17% YoY each) offset by declines in other businesses

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06-May-23

Blue Star (BUY): Momentum continues; outlook bright

UCP business shines in Q4, delivering 20% YoY growth and an 8.4% EBIT margin

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06-May-23

Britannia Industries (BUY): Impressive all-around performance

Strong 13% YoY topline growth in Q4 fuelled by pricing, enhanced distribution reach and market share gains

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06-May-23

ABB India (HOLD): Strong showing but priced in

Robust Q1 with revenue up 23% YoY and EBITDA margin expansion of 230bps aided by the robotics and electrification segments

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05-May-23

Hero Motocorp (HOLD): Improved performance; sustainability to be seen

Q4 revenue grew 12% YoY backed by 5% higher net realisation per vehicle and volume gains of 7%

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05-May-23

360 One (BUY): Tough quarter

Q4 AUM/PAT 6%/10% below our expectations at Rs 2.7tn/Rs 1.6bn; ARR focus continues

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05-May-23

TVS Motor (HOLD): Steady quarter; fresh triggers awaited

Price pass thru availability helps realisation gains in Q4, taking revenue up 19% YoY (flattish QoQ) despite tepid volume growth

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05-May-23

Dabur India (BUY): Steady growth; improving demand visibility

Broad-based growth across categories in Q4, barring healthcare which is navigating the high Covid base

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04-May-23

Orient Cement (HOLD): Listless performance

Focus on realisation gains curbed Q4 volume growth at 5% YoY, indicating lacklustre demand in key areas

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04-May-23

KEC International (HOLD): Standalone margin remains weak

Q4 revenue/PAT ahead of estimates at Rs 55bn/Rs 722mn; revenue growth guidance of 15%+ for FY24 on strong order inflow

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04-May-23

Tata Steel (BUY): Project visibility improving, maintain BUY

Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24

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04-May-23

Ambuja Cements (HOLD): Soft realisations weigh on margins

Q4 revenue growth muted at 8% YoY on tepid realisations and limited volumes owing to a labour strike

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03-May-23

Havells India (BUY): Moderate quarter; in-line performance

Q4 revenue up 10% YoY to Rs 48.6bn anchored by strong switchgear sales and consistent performance in cables & wires

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03-May-23

KEI Industries (BUY): Momentum continues; capacity addition to spur growth

Traction in cable business buoyed Q4 topline growth; EHV set to bounce back in FY24

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03-May-23

ACC (HOLD): Realisations soft; stock lacks strong triggers

Volume-led topline growth truncated by muted realisations (+1% YoY) in Q4, an indication of market share pressure

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02-May-23

Kotak Mahindra Bank (HOLD): Healthy quarter but positives priced in

Q4 PAT grew 26% YoY backed by a strong topline and lower opex; provisions stayed flat

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29-Apr-23

Ultratech Cement (BUY): On a strong pitch, Near term challenges fading away

Q4 revenue grew 20% YoY and QoQ aided by strong double-digit volume gains and supportive pricing

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29-Apr-23

Dalmia Bharat (HOLD): Volumes rise but realisations weak

Q4 revenue grew 16% YoY to Rs 39bn buoyed by higher volumes (+12% YoY); realisations up just 3%

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29-Apr-23

Maruti Suzuki (HOLD): Short-term pricing blip

Q4 volume growth soft due to an unfavourable mix; order book strong at 412k units (vs. 363k units in Q3FY23)

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29-Apr-23

SBI Card (BUY): Positive surprise; maintain BUY

Q4 PAT beat our estimate by 10% due to robust revenue (+32% YoY), partially offset by higher credit cost (+60% YoY)

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29-Apr-23

Glenmark Life Sciences (BUY): All-round beat

Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API

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28-Apr-23

Aditya Birla Sun Life AMC (HOLD): Soft numbers; weakness persists, maintain HOLD

QAAUM declined 7% YoY to Rs 2.8tn at end-FY23 with continued market share bleed

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28-Apr-23

Axis Bank (BUY): Valuations to play catch up

Lower provisioning aids strong Q4 PAT growth of 64% YoY (ex-one-off charge of Rs 125bn towards Citi deal

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28-Apr-23

Laurus Labs (HOLD): Dismal quarter

Q4 a miss on all fronts – revenue/EBITDA/PAT below consensus by 16%/35%/55%

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28-Apr-23

UTI AMC (BUY): Weak set of numbers

Equity outflows coupled with softer yields dampened Q4; core PAT flat YoY at Rs 571mn, well below our estimate

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28-Apr-23

Tech Mahindra (HOLD): Weak performance; near-term outlook cloudy

Q4 revenue flattish at US$ 1.7bn (+0.3% QoQ CC) with 10% growth in FY23 to US$ 6.6bn

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27-Apr-23

Wipro (HOLD): Consulting business likely to dampen near-term growth

Q4 revenue grew 0.6% QoQ CC to US$ 2.8bn due to a drag in technology consumer and communication verticals

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27-Apr-23

SBI Life (BUY): Strong FY23; maintain BUY

Strong performance in FY23 with gross premium up 15% YoY and APE growth of 18%

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27-Apr-23

Hindustan Unilever (BUY): Fair performance in a challenging environment

Underlying pricing growth tapered down in Q4 due to softening input cost; volume growth at 4% YoY

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27-Apr-23

Voltas (HOLD): EMP underperformance overshadows resilient cooling business

UCP EBIT margin returns to double digits in Q4 after languishing at 7-8% over the first three quarters

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27-Apr-23

Bajaj Auto (HOLD): Rural economy revival key for growth; Maintain HOLD

Despite 13% lower volumes YoY, realisations steered topline growth of 12% in Q4 on the back of a better product mix

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26-Apr-23

HDFC Life (HOLD): Strong quarter

Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%

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26-Apr-23

Tata Consumer Products (BUY): Strategic initiatives in place; outlook upbeat

Strong 14% YoY revenue growth in Q4 as key businesses continued to outperform

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26-Apr-23

Nippon Life India AMC (BUY): MTM losses mar quarter

MTM loss on other income led to 7% sequential decline in Q4 total income and 10% drop in pre-tax profit

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26-Apr-23

Persistent Systems (BUY): Growth resilient

Q4 revenue up 3.9% QoQ CC to US$ 275mn, backed by services and top-client business

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25-Apr-23

HDFC AMC (HOLD): Q4 disappoints; cut to HOLD on multiple headwinds

Q4 net profit missed our estimate by 7% owing to below-expected revenue of Rs 6.4bn and QAAUM of Rs 4.5tn

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25-Apr-23

IndusInd Bank (BUY): Gearing up for the next leg of growth

Q4 PAT growth strong at 46% YoY backed by robust business growth that offset lower other income and higher opex

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25-Apr-23

Nestle India (BUY): Stellar performance; beats estimate

Highest quarterly growth in the last decade supported by a strong performance across product segments in Q1CY23

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24-Apr-23

Reliance Industries (BUY): Capital discipline targets positive; maintain BUY

Q4 beat led by O2C business; investor concerns appeased by introduction of a capital discipline target of 1x net debt/EBITDA

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24-Apr-23

HDFC Bank (BUY): RBI clears pitch for merger with HDFC

Central bank permits leeway on PSL norms post-merger which will aid HDFCB’s margins and asset quality in the immediate term

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24-Apr-23

ICICI Bank (HOLD): Strong NII and lower provisions aid healthy PAT

Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income

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21-Apr-23

ICICI Prudential Life (HOLD): FY23 ends on a high note; cut to HOLD post rally

Strong Q4 growth lifts overall FY23 numbers; sustainability of growth and ability to arrest NBP market share loss key monitorables

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20-Apr-23

HCL Technologies (BUY): Software seasonality dampens dollar revenue growth

Q4 revenue down 0.3% QoQ CC, below our estimates

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18-Apr-23

Reliance Industries (BUY): Capex ramp-up likely in sync with structural growth

EBITDA momentum likely to continue in Q4 propelled by both cyclical and consumer engines

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17-Apr-23

HDFC Bank (BUY): Q4 healthy despite higher opex

Deposits outpaced loan growth YoY while a higher cost of funds led to 14bps contraction in NIM to 4.2% in Q4; FY24 NIM guided at 4.1%

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13-Apr-23

Infosys (BUY): All-round miss; sentiments worsening but Cobalt to drive growth

Q4 revenue declined 2.3% QoQ CC, weighed down by project cancellations

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12-Apr-23

Tata Consultancy Services (HOLD): Steady quarter but macro headwinds cloud outlook

Q4 dollar revenue growth of 1.7% QoQ in line with our estimate and broad-based across verticals

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12-Apr-23

ABB India (HOLD): Annual report highlights – Agile business model

CY22 order inflows strong at Rs 100bn (+31% YoY) and revenue growth robust at 24% YoY

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12-Apr-23

HDFC Bank (BUY): Q4 likely to see sustained growth momentum

Expect a healthy March quarter with deposits outpacing loan growth (196bps QoQ decline in CD ratio)

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06-Apr-23

[Initiation] LIC (BUY): Behemoth at a bargain; initiate with BUY

Extensive presence, brand equity and leadership in group life business serve as strong moats, supporting NBP market share of over 60%

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31-Mar-23

Nestle India (BUY): Annual report highlights – Stellar performance in a difficult year

Highest domestic revenue growth in a decade, at 14.8% in CY22, led by both volumes and pricing

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22-Mar-23

Bikaji Foods International (NOT RATED): Appetite for growth

Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks

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16-Mar-23

Kaynes Technology (NOT RATED): Expanding footprint

Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom

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01-Mar-23

Tech Mahindra (HOLD): Sandstorm a potential game changer

TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices

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28-Feb-23

Infosys (BUY): Private 5G-as-a-Service to see multiyear tailwinds

Private 5G expected to be a key enabler for the digital transformation of enterprises

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20-Feb-23

SAIL (HOLD): Higher production positive but legacy issues linger

Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity

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20-Feb-23

TVS Motor (HOLD): Steady performance; healthy outlook

Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing

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16-Feb-23

Nestle India (BUY): Investing for growth

CY22 revenue increased 14.5% YoY with broad-based growth across categories

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16-Feb-23

Maruti Suzuki (HOLD): Focus shifts to high-margin segment

Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales

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15-Feb-23

PI Industries (BUY): Strong quarter spurred by custom synthesis business

Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income

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15-Feb-23

CESC (BUY): Stable performance; DF circles disappoint

Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn

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15-Feb-23

Siemens India (BUY): Stellar quarter

Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner

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14-Feb-23

JK Lakshmi Cement (SELL): Cost overruns remain a concern

Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth

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13-Feb-23

LIC (NOT RATED): Strong 9MFY23 growth but margins moderate

9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%

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13-Feb-23

Thermax (HOLD): Scaling back on large project bids

Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability

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13-Feb-23

ABB India (HOLD): Q4 beat; retain HOLD on full valuations

Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses

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13-Feb-23

Alkem Labs (SELL): Quarter buoyed by seasonal tailwinds

Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn

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11-Feb-23

Shree Cement (HOLD): Cost efficiencies to aid performance

Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions

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11-Feb-23

Ambuja Cement (HOLD): Steady growth continues, maintain HOLD

Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%

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11-Feb-23

Aurobindo Pharma (BUY): Modest Q3; no respite on margin front

Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business

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11-Feb-23

Voltas (HOLD): Subpar quarter as EMP losses deepen

UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier

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10-Feb-23

JK Cement (BUY): Steep costs likely to soften in Q4; maintain BUY

Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices

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09-Feb-23

Cummins India (HOLD): Robust quarter; positives in the price

Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%

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09-Feb-23

Syrma SGS (BUY): Strong topline but margins soften

Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn

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08-Feb-23

Tata Steel (BUY): Weaker Q3 does not disrupt upcoming growth, maintain BUY

Q3 below consensus with softer recovery in India operations and acute losses in Europe

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08-Feb-23

The Ramco Cements (SELL): Performance driven by new capacity addition

Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise

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07-Feb-23

Dalmia Bharat (HOLD): Strong quarter; capacity addition on track

Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains

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07-Feb-23

Hitachi Energy (BUY): Chip shortage takes a toll

Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%

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06-Feb-23

Star Cement (BUY): In-line performance; maintain BUY

Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4

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06-Feb-23

ITC (BUY): Stellar show continues; outlook bright

Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories

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05-Feb-23

Mahanagar Gas (BUY): Growth set to accelerate in medium term; maintain BUY

Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness

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04-Feb-23

Tata Power (BUY): Growth aided by coal profits again

Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand

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04-Feb-23

Divi's Labs (HOLD): Big miss on revenue and margins

Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%

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03-Feb-23

Jindal Steel & Power (BUY): Streamlining management processes a positive; BUY

Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India

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03-Feb-23

Tata Consumer Products (BUY): Subdued quarter; long-term story remains intact

Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing

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03-Feb-23

V-Guard Industries (HOLD): Topline intact while margin pressure persists

EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted

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03-Feb-23

Crompton Greaves (BUY): Weak lighting business dims performance

Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%

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02-Feb-23

Power Grid Corp (BUY): Steady quarter; upgrade to BUY post correction

Steady Q3 performance with 11% YoY growth each in revenue and net profit

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02-Feb-23

UTI AMC (BUY): Dull quarter on MTM losses; maintain BUY

MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%

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02-Feb-23

Britannia Industries (BUY): Strong performance in a challenging environment

Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%

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01-Feb-23

KEC International (HOLD): Disappointing quarter – cut to HOLD

EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business

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01-Feb-23

Godrej Consumer Products (BUY): Broad-based growth; strong margin recovery

Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%

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01-Feb-23

Blue Star (BUY): Buoyant performance; UCP margin expansion continues

UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4

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31-Jan-23

Orient Electric (HOLD): Back on track with Q3 rebound

Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion

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31-Jan-23

Larsen & Toubro (BUY): Revenue beat; commentary optimistic

Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23

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30-Jan-23

Tech Mahindra (HOLD): Weak performance; expect a muted FY23

Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC

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30-Jan-23

Indraprastha Gas (BUY): Dull quarter; focus shifting to non-bus CNG volumes

Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth

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30-Jan-23

Nippon Life India AMC (BUY): Healthy quarter; retain BUY

Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained

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30-Jan-23

NTPC (BUY): Another strong quarter

Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex

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28-Jan-23

Aditya Birla Sun Life AMC (HOLD): Challenges persist, maintain HOLD

Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry

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27-Jan-23

Glenmark Life Sciences (BUY): Sequential recovery in API business

Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits

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27-Jan-23

AIA Engineering (BUY): Stellar quarter despite challenging macro

Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable

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26-Jan-23

Dr Reddy's Labs (HOLD): Strong US sales; recovery in EM and PSAI businesses

Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches

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26-Jan-23

Cipla (BUY): US-led growth; margins strong

Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA

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25-Jan-23

Dixon Technologies (BUY): Dull Q3 as mobiles business dials down

Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%

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25-Jan-23

HDFC AMC (BUY): Muted growth; raise to BUY on price correction

Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense

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25-Jan-23

SBI Card (BUY): Higher costs continue to dent profitability

Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses

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24-Jan-23

JSW Steel (HOLD): Exciting growth but unfavourable risk-reward; maintain HOLD

Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt

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24-Jan-23

Amber Enterprises (HOLD): Strong topline but margins remain muted

Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations

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24-Jan-23

KEI Industries (BUY): Upbeat numbers

Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient

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24-Jan-23

Siemens India (BUY): Annual report highlights – Primed for accelerated growth

Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions

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24-Jan-23

Reliance Industries (BUY): Entry opportunity; upgrade to BUY

Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation

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23-Jan-23

SBI Life (BUY): Upbeat quarter; maintain BUY

Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase

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20-Jan-23

HDFC Life (BUY): Strong growth momentum; maintain BUY

Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%

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20-Jan-23

360 One (BUY): Resilient model; high ROE – maintain BUY

ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend

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20-Jan-23

Polycab India (BUY): Buoyant quarter

Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base

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19-Jan-23

Havells India (BUY): Modest performance amid a challenging environment

Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ

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19-Jan-23

Hindustan Unilever (BUY): Growth momentum continues; margins improve sequentially

Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps

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19-Jan-23

IndusInd Bank (BUY): Recovery plan in play

Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions

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18-Jan-23

Mahanagar Gas (BUY): Healthy medium-term outlook

Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout

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18-Jan-23

Eris Lifesciences (BUY): Oaknet continues to drive revenue growth

Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%

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18-Jan-23

ICICI Prudential Life (BUY): VNB strong but premium growth disappoints

9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%

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16-Jan-23

HDFC Bank (BUY): Steady earnings growth

Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions

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13-Jan-23

Wipro (HOLD): Consulting business likely to dampen growth in the near term

Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate

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12-Jan-23

Chemplast Sanmar (NOT RATED): Uptick in PVC prices could aid margin recovery

Management expects to see benefit of PVC price recovery from Q4 after a muted Q3

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12-Jan-23

HCL Technologies (BUY): Profit beat in seasonally weak quarter

Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates

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12-Jan-23

Infosys (BUY): Cobalt to drive near-term growth

Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation

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09-Jan-23

Tata Consultancy Services (HOLD): Demand drivers intact with some pockets of slowdown

Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate

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27-Dec-22

Indraprastha Gas (BUY): Growth levers intact despite EV

IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles

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23-Dec-22

Solar Industries (NOT RATED): Growth focused

Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence

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20-Dec-22

JSW Steel (HOLD): Dolvi another growth milestone

Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup

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20-Dec-22

Syrma SGS (BUY): Capacity expansion on course

Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23

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12-Dec-22

Voltas (HOLD): Competition weighing on margins

Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition

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09-Dec-22

Siemens India (BUY): Buoyant outlook

Q4 in line; management now focused on aggressive growth, in a shift from consolidation

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08-Dec-22

Syrma SGS (BUY): Niche ODM player – initiate with BUY

Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins

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06-Dec-22

Greenpanel Industries (BUY): Long runway before takeoff

Increase in MDF imports could pose a threat to domestic price realisation, if not curbed

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01-Dec-22

NLC India (NOT RATED): Capacity addition largely on track

Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand

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29-Nov-22

Mahindra & Mahindra (BUY): Performance to strengthen

Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)

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28-Nov-22

TTK Prestige (NOT RATED): Banking on brand value to blunt competition

Demand for premium products buoyant but entry-level segment remains distressed

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21-Nov-22

Eicher Motors (HOLD): Volume gains encouraging; ASP revival key

Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP

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17-Nov-22

BOBCAPS Research | Ashok Leyland (BUY): Healthy performance all round

Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)

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14-Nov-22

TVS Motor (HOLD): Strong quarter but positives in the price

Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)

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14-Nov-22

Aurobindo Pharma (BUY): Margin slippage continues; launches key for growth

Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses

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14-Nov-22

LIC (NOT RATED): Strong growth; focused on raising persistency

Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%

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14-Nov-22

Alembic Pharma (HOLD): Broad-based growth; margin crunch persists

Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline

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14-Nov-22

Alkem Labs (SELL): Near-term outlook weak – cut to SELL

Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins

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11-Nov-22

Hero Motocorp (HOLD): Efforts on to capture premium market

Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base

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11-Nov-22

Astral (HOLD): Inventory loss, one-off expenses drag margin

Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%

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11-Nov-22

Lupin (HOLD): Return to double-digit margins

Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India

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10-Nov-22

Somany Ceramics (BUY): Gas prices continue to weigh on margins

Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY

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10-Nov-22

Pidilite Industries (SELL): Margin expansion ahead but valuations lofty; reiterate SELL

Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%

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10-Nov-22

Zydus Wellness (BUY): High commodity prices play spoilsport

Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth

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09-Nov-22

VST Tillers Tractors (BUY): Gaining momentum slowly but surely

Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales

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09-Nov-22

Cera Sanitaryware (HOLD): Steady demand trends

Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects

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09-Nov-22

Greenpanel Industries (BUY): Domestic demand remains healthy

Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%

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09-Nov-22

Divi's Labs (HOLD): Disappointing quarter

Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business

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08-Nov-22

Greenply Industries (BUY): Stable quarter but margins disappoint

Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations

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05-Nov-22

Maruti Suzuki (HOLD): Healthy performance

Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales

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05-Nov-22

Cipla (BUY): Robust US and India sales

Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter

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04-Nov-22

Orient Electric (HOLD): One-offs mar performance

Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise

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04-Nov-22

Blue Star (HOLD): Best Q2 performer among AC pack

Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers

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04-Nov-22

Ajanta Pharma (HOLD): No respite from margin pressure; cut to HOLD

Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business

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02-Nov-22

Kajaria Ceramics (BUY): Demand sluggish; high gas cost weakens margins

Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm

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02-Nov-22

Voltas (HOLD): Dismal Q2; UCP margins at decadal low

UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22

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01-Nov-22

Sun Pharma (HOLD): Strong Q2 but valuations full – cut to HOLD

Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales

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01-Nov-22

Tata Steel (BUY): Integrated Indian operations to weather downturn

Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1

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31-Oct-22

Supreme Industries (HOLD): Muted quarter but H2 revival on track

Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness

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29-Oct-22

Dr Reddy's Labs (HOLD): US launch of gRevlimid buoys quarter

Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY

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28-Oct-22

JSW Steel (HOLD): Aggressive growth policy fuels earnings volatility

Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24

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28-Oct-22

V-Guard Industries (HOLD): Margin pressure dampens performance

Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4

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28-Oct-22

SBI Card (BUY): Dull quarter on high opex and credit costs

Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up

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28-Oct-22

Reliance Industries (HOLD): Windfall tax limits cyclical upside; consumer business shines

Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth

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28-Oct-22

Crompton Greaves (BUY): Q2 a minor blip; expect swift recovery

Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins

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25-Oct-22

Finolex Industries (HOLD): Revival slipped to Q4

Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%

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22-Oct-22

Laurus Labs (HOLD): CDMO scale-up masks otherwise dismal Q2; cut to HOLD

Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn

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22-Oct-22

Amber Enterprises (HOLD): Structural growth overhang persists

Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost

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22-Oct-22

SBI Life (BUY): Strong margin trajectory; better H2 expected

VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25

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22-Oct-22

Glenmark Life Sciences (BUY): Slowdown in parent-led business weakens revenue

Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)

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21-Oct-22

HDFC Life (BUY): Merger with Exide Life completed; focus on growth

H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%

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21-Oct-22

Dixon Technologies (BUY): Buoyant numbers, bright prospects

Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn

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20-Oct-22

Havells India (BUY): Margins hit trough; expect recovery in H2

Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd

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20-Oct-22

IIFL Wealth (BUY): Guidance maintained despite slower flows

Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact

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19-Oct-22

Bajaj Auto (HOLD): Steady performance in a challenging environment

Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)

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19-Oct-22

Polycab India (BUY): Beat on all fronts

Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%

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19-Oct-22

V-Mart Retail (BUY): LimeRoad deal positive but profitability could suffer

Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence

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15-Oct-22

ICICI Prudential Life (BUY): Some hits, some misses – maintain BUY

H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19

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24-Sep-22

Tata Steel (BUY): Merger to simplify group structure

Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions

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22-Sep-22

Syrma SGS Tech (NOT RATED): Niche player in EMS

Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers

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16-Sep-22

RPG Life Sciences (NOT RATED): Investor day takeaways – Chronic and specialty launch focus

EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off

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15-Sep-22

IIFL Wealth (BUY): Annual report analysis: Recurring model bears fruit

Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets

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14-Sep-22

KEC International (NOT RATED): Analyst meet takeaways – Headwinds abating

FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged

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08-Sep-22

Greenpanel Industries (BUY): Structural tailwinds intact

Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25

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02-Sep-22

IIFL Wealth (BUY): NDR takeaways – Spotlight on recurring revenue and new clients

Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality

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30-Aug-22

Reliance Industries (HOLD): AGM takeaways – Growth contours defined

Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy

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30-Aug-22

SAIL (HOLD): Plodding quest for growth

Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers

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25-Aug-22

Zydus Wellness (BUY): Management meet takeaways – Primed for growth

Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view

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13-Aug-22

Divi's Labs (HOLD): No respite in sight for margins

Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below

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12-Aug-22

Astral (HOLD): Good performance amid challenges; cut to HOLD post rally

Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%

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12-Aug-22

Aurobindo Pharma (BUY): Healthy growth but margin pressure persists

Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%

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11-Aug-22

Pidilite Industries (SELL): Sound business but valuations lofty; reiterate SELL

Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%

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10-Aug-22

Somany Ceramics (BUY): Good quarter; long term outlook remains positive

Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)

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10-Aug-22

Amber Enterprises (HOLD): Mixed quarter; challenges ahead

Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn

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09-Aug-22

V-Mart Retail (BUY): Growth off low base but yet to retrace to pre-Covid levels

Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20

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08-Aug-22

Greenply Industries (BUY): New capacities to form next leg of growth

Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations

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06-Aug-22

Alkem Labs (HOLD): Higher expenses and forex loss dent margins; cut to HOLD

Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins

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05-Aug-22

Glenmark Life Sciences (BUY): Margins improve despite revenue decline

Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin

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05-Aug-22

Blue Star (HOLD): Commendable margin performance

Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers

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05-Aug-22

Cera Sanitaryware (HOLD): Strong Q1; upside capped post rally – cut to HOLD

Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes

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04-Aug-22

Voltas (HOLD): Competitive edge appears blunted; downgrade to HOLD

Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business

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04-Aug-22

ERRATUM: Tata Steel (BUY): Preferred pick as we look beyond volatility

TATA exposed to slower pickup in China but we expect Chinese demand to stabilise over H2, providing support to regional margins

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04-Aug-22

Dixon Technologies (BUY): Annual report analysis: Targeting higher EMS share

Key initiatives taken in FY22 to bolster business in electronic manufacturing services (EMS), including PLI initiatives

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29-Jul-22

Ajanta Pharma (BUY): Margin stress continues despite strong revenue growth

Q1 revenue growth robust at 27% YoY (13% ahead of consensus), supported by a low base in Asia/Africa and momentum in India

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29-Jul-22

Zydus Wellness (BUY): First normal quarter post-Covid; retain BUY

Q1 revenue grew 17% YoY (9% QoQ) to Rs 6.9bn aided by price hikes and 10.3% volume growth

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29-Jul-22

SBI Life (BUY): Standout performance by the market leader; BUY

Stellar growth as Q1 gross premium increased 35% YoY with NBP up 67% and renewal premium up 14%

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29-Jul-22

V-Guard Industries (HOLD): Margin blip in Q1

Q1 EBITDA margin hit by A&P spend and write-offs; ECD/electronics margins guided to recover to ~7%/16% in FY23

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28-Jul-22

SBI Card (BUY): Ticks most boxes; maintain BUY

Q1 credit card spends grew 79% YoY and cards in force 19% YoY, with strong asset quality

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28-Jul-22

Laurus Labs (BUY): Synthesis business saves the day

Q1 revenue/EBITDA came in 5%/8% above consensus and grew 20%/ 15% YoY to Rs 15.4bn/Rs 4.5bn

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27-Jul-22

Dixon Technologies (BUY): Strong Q1 topline; remains the best PLI play

Mobiles segment drove Q1 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially

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27-Jul-22

Reliance Industries (HOLD): Refining upside capped; roadmap for new energy next catalyst

RIL captured upsides in refining margin and gas prices in Q1, but an increase in tax rate and Jio depreciation resulted in a miss on net income

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26-Jul-22

IIFL Wealth (BUY): Decent set of numbers considering headwinds; Maintain ‘BUY’

Focus on expanding trail-based ARR model; recurring revenue constituted 68% share in Q1 and recurring AUM 57%

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26-Jul-22

Orient Electric (HOLD): Headwinds in core portfolio, maintain HOLD

Q1 gross margin maintained but EBITDA margin drained by higher A&P spend (+108% YoY) and logistics & warranty expense (+87% YoY)

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26-Jul-22

JSW Steel (HOLD): Aggressive growth policy a risk – cut to HOLD

With a weaker outlook for steel margins in H1, JSTL lowers capex plan for FY23 to manage leverage but maintains Rs 480bn plan over 3 years

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26-Jul-22

Supreme Industries (HOLD): Healthy topline but margins soft; downgrade to HOLD

Q1 revenue grew 64% YoY led by increased realisations (+8%) and volume recovery (+53%) on a soft base

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26-Jul-22

Finolex Industries (HOLD): Near-term pain ahead; downgrade to HOLD

Q1 revenue increased 23% YoY as volumes/realisations rose 29%/4% in PVC pipes & fittings and 25%/0.2% in PVC resin

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25-Jul-22

Crompton Greaves (BUY): Temporary margin miss; expect swift recovery

Q1 miss on margins due to one-time costs; expect margins to course correct in 9MFY23 against backdrop of lower commodity costs

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22-Jul-22

Greenpanel Industries (BUY): MDF remains in the driver’s seat

Q1 revenue climbed 51% YoY to Rs 4.6bn led by growth of 50%/57% YoY (-1.6%/0.4% QoQ) in MDF/plywood

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21-Jul-22

Kajaria Ceramics (BUY): Margins healthy despite cost inflation; retain BUY

Q1 revenue grew 80% YoY (-8.5% QoQ) spurred by a 15% (+2% QoQ) rise in tile realisations and 53% (-10% QoQ) volume growth

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21-Jul-22

Havells India (BUY): Short-term margin blip, better road ahead

Q1 EBITDA margin hit by absence of price hikes, while falling commodity prices hurt profitability in key cables and wires segment

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21-Jul-22

Century Plyboards (BUY): Impressive sequential performance

Q1 revenue/PAT came in at Rs 8.8bn/Rs 0.9bn led by healthy price realisations across segments (ex-plywood)

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20-Jul-22

Polycab India (BUY): Resilient margins offset moderation in revenue

Pricing action, cost-cutting initiatives and premiumization all helped to keep margins intact in Q1

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19-Jul-22

HDFC Life (BUY): Sustainable growth, high visibility – BUY

Q1 gross premium increased 23% YoY with NBP up 27% and renewal premium up 19%

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18-Jul-22

Jindal Steel & Power (BUY): Q1 beats estimates; look beyond uncertainty – BUY

Q1 results ahead of consensus but net debt reduction muted with higher working capital build

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18-Jul-22

ICICI Prudential Life (BUY): Strong APE growth and high margins but low premium growth

Q1 APE grew 25% YoY to Rs 15.2bn led by the savings segment at 25% and protection at 22%

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15-Jul-22

Larsen & Toubro (NOT RATED): Annual report analysis – In a good place

Strategic growth plan ‘Lakshya’ targets revenue of Rs 2.7tn and ROE of 18%+ by FY26

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12-Jul-22

[Initiation] IIFL Wealth (BUY): Juggernaut rolling; initiate with BUY

Sustainable model with diverse product offerings in HNI/UHNI category and focus on expanding trail-based recurring revenue streams

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04-Jul-22

Orient Electric (HOLD): Annual report analysis – Strategic initiatives paying off

Targeting key growth drivers such as greater reach in South India, channel diversification and innovation-led product development

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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 a