Research Reports

14-Jun-24

Cipla (HOLD): Valuations fully priced in; downgrade to HOLD

Strong traction in North America business and consistent performance in One-India; South Africa and Global Access business stabilising

View Report PDF

13-Jun-24

360 One (HOLD): ET Money acquisition – beneficial in long term

360 One acquired ET Money for a total payment of Rs 3.7bn, partially paid in cash and partly through shares

View Report PDF

05-Jun-24

Havells India (HOLD): Annual report analysis – Product innovation driving growth

Healthy FY24 performance; EBITDA margin expansion of 40bps YoY; Lloyd turns profitable in Q4

View Report PDF

01-Jun-24

Tata Steel (HOLD): Stock price largely captures transition; downgrade to HOLD

Q4 results ahead of consensus on beat in India operations and lower losses in Europe partly due to carbon credits in the UK

View Report PDF

29-May-24

Alkem Labs (SELL): Misses estimates; steep sequential margin decline

ALKEM reported a weak fourth quarter with EBITDA/PAT missing Bloomberg consensus by 9%/16% to Rs 4.0bn/2.9bn

View Report PDF

29-May-24

Hindware Home Innovation (BUY): In-line quarter; upbeat outlook across segments

Beat our EBITDA estimate by 4.5% mainly due to better-than-expected plastic pipe sales volume

View Report PDF

29-May-24

Greenlam Industries (HOLD): Soft quarter; particleboard project cost revised up again

Missed our EBITDA estimates by 4% for Q4FY24 on weak laminates demand from export market

View Report PDF

29-May-24

JK Lakshmi Cement (SELL): Margins gain, volume flat; no major respite, retain SELL

Q4 volumes fell 5% YoY as capacity constraints restricted volume even to cater to steady demand; realisations flat YoY despite weak volumes

View Report PDF

28-May-24

LIC (BUY): Decent quarter; upgrade to BUY

APE and net premium grew 11% and 16% YoY respectively in Q4; EV grew 25% YoY in FY24

View Report PDF

27-May-24

Century Plyboards (HOLD): In-line quarter; weak near-term outlook

CPBI’s Q4 broadly in line; EBITDA fell by 9.4% YoY in Q4 due to weak performance across segments

View Report PDF

27-May-24

Aurobindo Pharma (HOLD): Strong quarter; OAI at Eugia-III an overhang

ARBP reported strong Q4 with EBITDA/Adj. PAT beat of 10%/23%. Exceptional expense of Rs 1.2bn reduced reported PAT beat to 8%

View Report PDF

25-May-24

Star Cement (HOLD): Steady show in a trying quarter; growth intact

Steady 11% growth in a challenging quarter assisted by 12% YoY volume increase; realisations softens

View Report PDF

25-May-24

Divi's Labs (SELL): Strong quarter; rich valuations

DIVI delivered a strong quarter with all round beat. EBITDA/PAT beat Bloomberg consensus estimate by 20% each

View Report PDF

25-May-24

Petronet LNG (SELL): Volume growth visibility still low, downgrade to SELL

Q4 EBITDA missed consensus on provisions for delayed TOP recovery and inventory loss; provisions to muddle EBITDA reporting till FY26

View Report PDF

25-May-24

Ashok Leyland (BUY): Healthy show, all set to continue momentum; retain BUY

Healthy base keeps revenue growth listless in Q4, strong growth of 22% QoQ; volume grew a sturdy ~20% YoY/QoQ

View Report PDF

23-May-24

The Ramco Cements (HOLD): Steady quarter, aggressive capex plans; upgrade to HOLD

Q4 revenue growth muted at 4% YoY as weak demand in key operating regions continues; pricing pressure dampens realisations

View Report PDF

23-May-24

Sun Pharma (HOLD): Gearing for higher R&D spend

SUNP missed consensus EBITDA estimate by 4% as higher R&D spend offset gross margin gains; higher other income & low tax aided PAT

View Report PDF

22-May-24

Shree Cement (HOLD): Cost savings key driver of performance; valuations pricey

Q4 revenue growth of 7% YoY backed entirely by steady 7% volume as realisations stay listless

View Report PDF

22-May-24

Greenply Industries (BUY): Misses estimate on weak plywood margin; upbeat outlook

MTLM missed our EBITDA estimate by 16% in Q4 on sharper-than-expected contraction in plywood margin on high timber prices

View Report PDF

22-May-24

Eris Lifesciences (BUY): Strong revenue growth; integration ongoing

ERIS posted strong revenue performance in Q4 with a beat of 8%, but EBITDA came below BBG consensus due to higher opex and one-offs

View Report PDF

22-May-24

Bandhan Bank (BUY): In line with recovery plan

Healthy business growth, improved asset quality and higher other income supported topline; increased provision dragged PAT

View Report PDF

22-May-24

JK Cement (BUY): Focused on growth; earnings intact; upgrade to BUY

Q4 revenue grew 10% YoY to Rs 29.4bn as grey cement volumes gained 13% YoY/QoQ; realisation resilient YoY with 1% drop

View Report PDF

21-May-24

Astral (HOLD): Weak quarter, strong outlook

EBITDA miss by 6% compared to our estimate on continued weak performance of paints and adhesives segment

View Report PDF

21-May-24

Apollo Pipes (HOLD): Another disappointing quarter on all fronts

Weak Q4 performance on loss of market share due to rise in competitive intensity in the sector

View Report PDF

18-May-24

Mahindra & Mahindra (HOLD): Growth trajectory captured in the valuations

Q4 revenue grew 11% YoY, led by 7% blended realisation gains and 4% volume growth (flat QoQ)

View Report PDF

18-May-24

Amber Enterprises (SELL): Ongoing challenges; maintain SELL

Subdued Q4 topline with EBITDA margin expansion of 110bps on better product mix

View Report PDF

18-May-24

V-Guard Industries (HOLD): Early summer sparks a robust quarter

Q4 topline up 18% YoY, fuelled by Consumer Durables segment, as the early onset of summer boosts overall performance

View Report PDF

17-May-24

Prince Pipes & Fittings (HOLD): Mixed Q4FY24; positive demand outlook

Beats our revenue estimate by 3% on strong volume, but misses our EBITDA estimate by 6% on pricing pressure in the sector

View Report PDF

17-May-24

Eicher Motors (HOLD): Powering growth momentum with new launches

Q4 revenue grew ~9% YoY driven by realisations higher by 5% due to better product mix, and 4% volume growth

View Report PDF

16-May-24

Crompton Greaves (BUY): Healthy quarter, growth ahead

Q4 standalone topline growth ex-BGAL at 12% YoY in Q4, gross margin expanded 130bps and EBITDA margin 30bps ex-BGAL

View Report PDF

16-May-24

Dixon Technologies (BUY): Backward integration to fuel growth; maintain BUY

Q4 revenue jumped 52% YoY, driven by mobile and EMS growth; EBITDA margin down 120bps on input cost hike

View Report PDF

15-May-24

VST Tillers Tractors (HOLD): Tepid performance; no major stress in the medium term

Q4 revenue down 15% YoY driven by 19% volume decline due to slower-than-estimated rural demand recovery

View Report PDF

15-May-24

Somany Ceramics (BUY): Strong show in a challenging environment

Beats our revenue/EBITDA estimate by 5%/14% due to better-than-expected tiles volume and improved margin

View Report PDF

15-May-24

Siemens India (BUY): Robust quarter, fresh capex announced

Topline growth strong at 18.4% in Q2, with gross margin expanding 100bps and EBITDAM 250bps YoY

View Report PDF

14-May-24

Escorts (SELL): Weakness persists and likely to continue – maintain SELL

Q4 tractor volumes dipped 14% YoY, with domestic share recovered but overall market share recovery weak as exports volume declined

View Report PDF

14-May-24

Indraprastha Gas (BUY): Growth focus improving, reiterate BUY

While Q4 EBITDA missed consensus on higher expense booking in a quarter, IGL gained traction in industrials, commercials and households

View Report PDF

14-May-24

Cera Sanitaryware (HOLD): Another lacklustre quarter on soft demand

Sharp contraction in gross margin in Q4FY24 on higher discounts offered to dealers to push volumes in a weak demand environment

View Report PDF

14-May-24

AIA Engineering (HOLD): Uneventful quarter; capacities lined up

Q4 revenue down 9.7% YoY with gross margin expanding 160bps and EBITDA margin 220bps

View Report PDF

13-May-24

ERRATA: State Bank Of India (BUY): Continued strong performance across segment

Strong PAT growth was led by one-off gain in other income and lower operational cost

View Report PDF

13-May-24

Finolex Industries (HOLD): Broadly in-line Q4FY24; positive outlook

Strong pipe performance in Q4FY24, driven by healthy volume growth of 23% YoY as well as sharp margin improvement

View Report PDF

13-May-24

Syrma SGS (HOLD): Strong topline, but margins remain subpar

Robust topline growth in Q4, but EBITDA margin dipped due to product mix

View Report PDF

13-May-24

TVS Motor (BUY): Cruising on the right track; maintain BUY

ICE 2-wheeler volume grew 18% YoY, supporting 24% revenue growth in Q4. FY24 growth was 19% YoY vs. industry’s 13%

View Report PDF

13-May-24

ABB India (HOLD): Margins swell; outlook strong

Strong topline growth of 27.8% with gross margin above 40% after 6 years; EBITDA margin expands 650bps YoY to 18.3% in Q1

View Report PDF

10-May-24

Polycab India (BUY): Strong quarter, strong outlook

Strong topline growth of 27.9% in FY24, with gross and EBIT margin expansion of 90bps and 70bps respectively

View Report PDF

10-May-24

Godrej Consumer Products (HOLD): Strong volume-led growth across markets

India business remains on strong footing; international markets too registered strong volume growth with improvement in margins

View Report PDF

10-May-24

Orient Electric (HOLD): Strong revenue; profitability falters

Healthy 20% topline growth with gross margin expansion of 250bps in Q4; EBITDA lower on EPR provisioning

View Report PDF

09-May-24

Hero Motocorp (HOLD): Healthy performance; await further clarity; maintain HOLD

Q4 revenue grew 15% YoY supported by double-digit volume gains YoY and realisation adding ~5%

View Report PDF

09-May-24

Alembic Pharma (HOLD): Strong margins; positives priced in

ALPM reported strong margin gains in Q4 on account of better utilisation of new facilities and traction in the US business

View Report PDF

09-May-24

Marico (BUY): Volume growth to pick up on improving demand scenario

Stable performance in domestic markets with consistent improvement in gross margins

View Report PDF

09-May-24

Kajaria Ceramics (BUY): Weak quarter on margin pressure, upbeat outlook

Q4 revenue/PAT short of our estimates by 3%/13% on intense competition from Morbi players in a weak demand environment

View Report PDF

09-May-24

HCL Technologies (HOLD): Weak guidance leads to subdued outlook

Revenue growth guidance of 3-5% for FY25, likely to be similar to FY24

View Report PDF

09-May-24

Dr Reddy's Labs (HOLD): Driven by North America; India continues to underperform

DRRD reported largely in-line revenue/EBITDA, but higher tax aided in PAT beat

View Report PDF

08-May-24

Voltas (HOLD): Margins falter; domestic business promising

Healthy topline growth of 42.1% in Q4 as summer sets in, but EBITDA margin contracted 280bps in Q4 and 220bps in FY24

View Report PDF

08-May-24

Ambuja Cements (HOLD): Cost savings key driver; upside priced in, retain HOLD

Standalone Q4 revenue grew 12% YoY backed by strong volume gains of 17%, partially offsetting weak realisations

View Report PDF

08-May-24

Lupin (HOLD): Stable margins; higher tax weighs on PAT

LPC delivered a healthy operational performance in Q4 with largely in-line revenue/PAT; higher tax impacted net profit

View Report PDF

08-May-24

KEC International (BUY): Good quarter, T&D to pull topline and margins; upgrade to BUY

Strong quarter with highest quarterly revenues of Rs 61.6bn, +11.6% YoY; management guides for 15% revenue growth in FY25

View Report PDF

08-May-24

Britannia Industries (BUY): Expect strong volume growth ahead

Subdued growth in Q4 and FY24; however, volume recovery seen in second half of FY25

View Report PDF

08-May-24

Mphasis (HOLD): Modest growth; BFSI yet to pick up

Regional banks and mortgages business will continue to draw down the overall BFSI segment

View Report PDF

07-May-24

Kotak Mahindra Bank (BUY): Healthy business growth; other income supports rise in PAT

Healthy business growth in Q4, deposits outpaced credit growth driven by TDs, NIIs remained modest while boost in other income aided PPOP

View Report PDF

07-May-24

Persistent Systems (HOLD): A discretionary push to drive the growth trajectory

Cost take-out projects and vendor consolidation to be the prime growth driver for PSYS in FY25

View Report PDF

04-May-24

ACC (HOLD): Healthy performance largely priced in; maintain HOLD

Q4 revenue growth of 13% YoY boosted by 22% uptick in volumes (unadjusted to MSA) while realisations moderated ~7%

View Report PDF

03-May-24

Dabur India (BUY): Steady performance during the quarter

Rural markets continue to grow ahead of urban owing to increased penetration and improved product portfolio

View Report PDF

03-May-24

KEI Industries (HOLD): Addressing capacity limitations; maintain HOLD

Q4 revenue jumps 19% YoY with 10bps EBITDA margin boost. FY24 revenue up 17%, driven by robust infrastructure and real estate demand

View Report PDF

03-May-24

Blue Star (BUY): UCP growth strong, margin outlook healthy

Topline growth of 21.4% achieved in FY24, with gross margin expanding 120bps and EBITDA margin 70bps

View Report PDF

03-May-24

Ajanta Pharma (BUY): Strong margins; growth momentum to continue

Strong quarter with EBITDA/PAT beat of 8% each, led by reduction in API prices, logistics costs and reduced intensity of US price erosion

View Report PDF

03-May-24

Orient Cement (SELL): Listless show; no major performance triggers

Q4 revenue growth subdued at 1% YoY as volumes stay flat YoY, guarding realisations a challenge

View Report PDF

02-May-24

Greenpanel Industries (HOLD): Dismal quarter; not out of the woods yet

Sharp contraction in operating profit (-33% YoY) for sixth consecutive quarter on supply overhang in MDF industry and higher timber prices

View Report PDF

02-May-24

ICICI Bank (HOLD): Higher operational efficiency/lower provision aid PAT

NII grew 2%/8% QoQ/YoY due to moderation in credit growth, while PAT grew 4%/17% QoQ /YoY supported by lower opex and provision

View Report PDF

30-Apr-24

Ultratech Cement (BUY): Strong growth; cost savings drive margins; maintain BUY

Strong volume gains of ~11% YoY push revenue growth of 9% even though realisation falls by 3.5%

View Report PDF

30-Apr-24

Havells India (HOLD): Healthy quarter; high valuations – downgrade to HOLD

Healthy 12% topline growth with EBITDA margin expansion of 90bps in Q4; though raw material prices have started inching up

View Report PDF

30-Apr-24

Gujarat State Petronet (HOLD): Downgrade to Hold, decoding HP Gas grid tariff order

Sharp tariff cut due to recognition of higher volumes, adjustment of past excess revenue and extension of pipeline’s economic life

View Report PDF

29-Apr-24

Indusind Bank (BUY): Stable performance

Healthy business growth supported by CFD aided 16% YoY rise in Q4 income, while higher opex led to flat PPOP (1% QoQ)

View Report PDF

29-Apr-24

Aditya Birla Sun Life AMC (HOLD): Better quarter

QAAUM grew 21% YoY to Rs 3.3tn in Q4 with equity assets rising even faster at 31%; however, market share declined

View Report PDF

29-Apr-24

SBI Card (HOLD): Trend of lower NIM, higher credit cost persists

Credit cost soared 50% YoY to Rs 9.4bn (7.9% of loans) in Q4; stress expected to continue in FY25 as well

View Report PDF

29-Apr-24

Axis Bank (HOLD): Moderate business growth; PAT supported by other income

NII growth remained subdued at 11% YoY on higher cost of funds in line with moderate business growth; credit/deposit grew 14%/13% YoY

View Report PDF

27-Apr-24

SBI Life (BUY): Expect market dominance to continue

FY24 APE growth strong at 17% YoY with ULIPs forming 60% of total; continues to lead the market with 23.3% share in individual APE

View Report PDF

27-Apr-24

UTI AMC (HOLD): Core profit in line; maintain HOLD

Q4 QAAUM grew 22% YoY to Rs 2.9tn, but equity and hybrid schemes combined saw sustained outflows

View Report PDF

27-Apr-24

Maruti Suzuki (HOLD): Steady performance, but steep valuations; downgrade to HOLD

Q4 volumes grew 13% YoY driven by healthy demand for SUVs; rural demand for lower-end segment shows no signs of revival

View Report PDF

27-Apr-24

Supreme Industries (HOLD): In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25

Q4 broadly in line with our estimates as strong pipe volume offset the impact of weak pipe margin

View Report PDF

26-Apr-24

Hindustan Unilever (BUY): Subdued performance; expect gradual recovery

Volume growth remained at 2%; revenue growth flat owing to pricing action in key portfolios

View Report PDF

26-Apr-24

Bajaj Finance (BUY): Obstacles for a powerful player on a protracted journey

Rising cost of funds dent NIM; we factor in a further 43bps/13bps YoY decline in FY25/FY26

View Report PDF

26-Apr-24

Glenmark Life Sciences (HOLD): Weak quarter; maintain HOLD

Lower-than-expected 4Q due to Red Sea disruptions. EBITDA/PAT were 17% below consensus estimates

View Report PDF

26-Apr-24

Dalmia Bharat (BUY): Disappointments all over; but paving the way for growth

Q4 revenue grew at a steady 10% YoY supported by ~19% volume growth while realisations weakened 7% YoY/QoQ

View Report PDF

25-Apr-24

Nestle India (HOLD): Robust growth across portfolio

Strong growth witnessed across geographies driven by sustained growth in domestic markets and healthy double-digit growth in exports

View Report PDF

25-Apr-24

Reliance Industries (BUY): Aligned with India growth story through energy/consumer biz

Company delivered 26% EBITDA CAGR over FY21-FY24 clocking 29% CAGR in cyclical business and 22% in consumer businesses

View Report PDF

25-Apr-24

Infosys (HOLD): Muted performance; weak discretionary delays recovery

Cost optimisation/vendor consolidation to be the prime growth driver for Infosys in FY25

View Report PDF

25-Apr-24

Nippon Life India AMC (BUY): Onward and upward; upgrade to BUY

QAAUM growth robust at 47% YoY to Rs 4.3tn at end Q4 led by a strong equity segment (+63% YoY) constituting 49% of the total

View Report PDF

25-Apr-24

360 One (HOLD): Strong quarter, but price runup limits the upside

ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term

View Report PDF

24-Apr-24

Tata Consumer Products (BUY): Strong performance in international markets

Growth businesses continue to maintain high growth trajectory; new acquisitions to fuel growth going ahead

View Report PDF

24-Apr-24

ICICI Prudential Life (HOLD): Strong growth but VNB margin dwindles

APE grew 10% YoY in Q4 (+5% YoY in FY24) beating our estimate; market share gain in individual APE is a key positive

View Report PDF

22-Apr-24

HDFC Bank (BUY): Realigning business dynamics in 4Q to improve profitability

Recovery in deposit mobilisation led to lower C/D ratio while better yield on asset helped NIM (R) stabilise; asset quality remains stable

View Report PDF

20-Apr-24

HDFC AMC (HOLD): Another robust quarter but rich valuation caps upside

Higher equity share drove strong overall QAAUM growth of 36% YoY in FY24; expansion in equity QAAUM market share a key positive

View Report PDF

19-Apr-24

Bajaj Auto (SELL): Spotless performance priced in by rich valuations

Q4 revenue grew 29% YoY backed by healthy domestic 2W volume growth and decent realisation gains. Export volume was steady

View Report PDF

18-Apr-24

HDFC Life (BUY): Subdued quarter

HDFC Life’s APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26

View Report PDF

16-Apr-24

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

TCS gained market share through vendor consolidation/cost optimisation programmes

View Report PDF

28-Mar-24

Pricol (NOT RATED): Management meet note – Balancing margins and growth

PRICOL is a global-level manufacturer of instrument clusters and fuel-level sensors for 2/3W with ~70% of its revenue from cluster segment

View Report PDF

28-Mar-24

Dalmia Bharat (BUY): All set for healthy growth; upgrade to BUY

DBL gears up for healthy business growth backed by 20% clinker capacity addition by FY26 across its operations

View Report PDF

27-Mar-24

Jai Balaji Industries (NOT RATED): Management meet takeaways – Jai Balaji’s new avatar

JBIL turned around operations improving plant utilisation and efficiency, and restored its balance sheet by restructuring debt

View Report PDF

27-Mar-24

Crompton Greaves (BUY): Crompton 2.0 on track

ECD segment expected to do well on the back of a strong summer and fans premiumisation; solar pumps a big opportunity

View Report PDF

26-Mar-24

Prince Pipes & Fittings (HOLD): Faucetware acquisition to accelerate bathware growth engine

PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn

View Report PDF

21-Mar-24

Rushil Decor (NOT RATED): Management meet takeaways – Aggressive growth plan

RDL maintained its guidance of trebling revenue over the next five years by increasing its presence across wood panel segments

View Report PDF

20-Mar-24

ICICI Prudential Life (HOLD): Green shoots of growth

Individual APE market share grew to 10%/12.4% in Jan/Feb’24 from 8.7% in 9MFY24 – a positive surprise

View Report PDF

11-Mar-24

IDFC First Bank (BUY): Ambitious growth outlook

Management targets credit/deposit CAGR of 20%/25% over FY24-FY29; NIM to stabilise at current mark with upward bias (6.4% in Q3FY24)

View Report PDF

26-Feb-24

Greenlam Industries (HOLD): Management meet – Topline to strengthen post capex drive

Greenfield laminate plant in Andhra Pradesh to aid market share gains for GRLM in both export and domestic markets

View Report PDF

21-Feb-24

ABB India (HOLD): Ends the year on a high note

Healthy Q4 led by growth across segments; order inflows swelled 35% YoY and backlog held strong at Rs 84bn

View Report PDF

19-Feb-24

JK Lakshmi Cement (SELL): Volumes slow, headwinds continue – retain SELL

Q3 volumes grew only 2% YoY due to cold weather and construction halt in northern markets; realisations only steady despite weak volume

View Report PDF

16-Feb-24

IRM Energy (NOT RATED): Management meet takeaways – Volume growth potential

Potential to double volumes to close to 1mmscmd in FY25 and grow to 1.5mmscmd in FY27, as per management

View Report PDF

15-Feb-24

Mahindra & Mahindra (BUY): Healthy volume-led growth

Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations

View Report PDF

15-Feb-24

Crompton Greaves (BUY): Slowdown at BGAL weighs on quarter

Strong Q3 topline from higher fan, lighting and pump sales, but EBITDA margin fell 120bps YoY on ad expenses and weakness in BGAL

View Report PDF

13-Feb-24

Eicher Motors (HOLD): Launch momentum continues

Q3 revenue grew 13% YoY driven by 10% higher realisations from a better product mix; volume growth muted

View Report PDF

13-Feb-24

Hindware Home Innovation (BUY): Tough quarter but outlook healthy

EBITDA fell 35% short of our estimate due to tepid demand climate and steep margin compression across segments

View Report PDF

13-Feb-24

Cera Sanitaryware (HOLD): Weak quarter on soft demand, marketing expense

Q3 EBITDA fell 18% YoY and missed our estimate by 28% on subdued demand and higher brand & sales promotion expense

View Report PDF

13-Feb-24

Aurobindo Pharma (HOLD): Strong margin uptick

Q3 EBITDA/PAT surged 68%/90% YoY led by growth in US/EM revenue and ~700bps jump in operating margin

View Report PDF

13-Feb-24

Siemens India (BUY): Strong topline, margins waver

Robust December quarter order flows and revenue, though margins contracted due to weakness in digital industries segment

View Report PDF

12-Feb-24

Bandhan Bank (BUY): Recovery on track

Healthy business growth drives 21% YoY rise in Q3 NII, though muted other income induces 14% fall in PPOP

View Report PDF

12-Feb-24

Indraprastha Gas (BUY): Legacy UP, new GAs can offset slowdown, reiterate BUY

Factoring in faster e-transition for DTC buses and passenger vehicles in Delhi, we lower FY23-FY26 volume growth to 5.9% from 8.4%

View Report PDF

12-Feb-24

Zydus Wellness (HOLD): Seasonally weak quarter

Q3 revenue dipped 3% YoY owing to dismal performance in food & nutrition segment

View Report PDF

12-Feb-24

Amber Enterprises (SELL): Persistent near-term challenges; cut to SELL

Q3 a muted quarter with net loss of Rs 5mn due to lower revenue and higher interest and depreciation costs

View Report PDF

12-Feb-24

Thermax (HOLD): Improving order outlook; maintain HOLD

Q3 operating performance stable with EBITDA margin inching up 20bps YoY despite a Rs 100mn hit from cost overruns

View Report PDF

12-Feb-24

Hero Motocorp (HOLD): Healthy quarter but positives priced in

Q3 revenue grew 21% YoY steered by 17% growth in motorcycle volumes and 22% in scooters; realisations up 3%

View Report PDF

10-Feb-24

Divi's Labs (SELL): Healthy margin recovery, heady valuations

Q3 revenue grew 9% YoY on 25% rise in custom synthesis business; API and nutraceuticals stayed soft

View Report PDF

10-Feb-24

Alkem Labs (SELL): Good quarter; cut to SELL on stretched valuations

Revenue grew 9% YoY in Q3 backed by strong India and ROW growth that offset lower US business

View Report PDF

10-Feb-24

The Ramco Cements (SELL): Tepid quarter, high capex overhang – retain SELL

Q3 revenue growth muted at 6% YoY due to poor demand; pricing pressure dampens realisations

View Report PDF

09-Feb-24

Power Grid Corp (BUY): In-line quarter, FY25 capex hiked; maintain BUY

Q3 PAT met estimates at Rs 40bn; 20% bump-up in FY25 capex target to Rs 150bn a key positive

View Report PDF

09-Feb-24

Tata Consumer Products (BUY): Strong run continues

Sustained revenue growth (+ 9% YoY) and margin expansion in Q3, propelled by robust India business

View Report PDF

09-Feb-24

LIC (HOLD): Solid quarter; valuations overdone – cut to HOLD

VNB margin improved 200bps YoY to 16.6% at end-9M, leading us to increase our FY24-FY26 estimates by 100-150bps

View Report PDF

09-Feb-24

Torrent Power (HOLD): Dull quarter; high valuations – maintain HOLD

Q3 topline flattish with PAT contraction on lower RLNG trading gains; bright spots from higher PLFs and lower T&D losses

View Report PDF

09-Feb-24

Escorts (SELL): Weakness persists – maintain SELL

Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline

View Report PDF

09-Feb-24

Lupin (HOLD): All-round beat; margins sustain – raise to HOLD

Strong Q3 with EBITDA/PAT of Rs 10.2bn/Rs 6.1bn, beating consensus by 17%/42%

View Report PDF

08-Feb-24

Star Cement (HOLD): Cost savings commendable, growth intact

Steady growth in a challenging quarter aided by 7% YoY volume pickup; realisations softened

View Report PDF

08-Feb-24

Nestle India (BUY): Broad-based growth across product categories

Domestic sales continue to underpin growth, rising 8.9% YoY in the December quarter on better pricing, volumes and product mix

View Report PDF

08-Feb-24

Cummins India (BUY): Powering ahead; maintain BUY

Strong Q3 topline growth of 16% YoY despite lower exports, along with 330bps gross margin expansion as input costs eased

View Report PDF

07-Feb-24

Britannia Industries (BUY): Faster volume growth to boost profitability

Urban markets grew ahead of rural centres largely driven by premium portfolio; volume growth revived to ~5.5% YoY in Q3

View Report PDF

07-Feb-24

AIA Engineering (HOLD): Soft quarter, volume growth uncertain; cut to HOLD

Q3 topline and margins contracted due to change in product mix; FY24 volume guidance cut from 310,000t to 300,000t

View Report PDF

07-Feb-24

Syrma SGS (HOLD): Margin slide continues; retain HOLD

Q3 topline growth strong at 38% YoY but EBITDA margin shrank 380bps to 5.5% on weak product mix

View Report PDF

06-Feb-24

Orient Cement (SELL): Topline muted as volumes decline

Q3 revenue growth subdued at 3% YoY as volumes fell 3% amid state elections and festive season

View Report PDF

06-Feb-24

ERRATA: State Bank Of India (BUY): Pension one-off hurts profitability

Strong business growth in Q3 but one-off pension and ex-gratia provision of Rs 71bn saw net profit drop 36% YoY

View Report PDF

06-Feb-24

Ashok Leyland (BUY): Margins continue to improve, maintain BUY

Q3 revenue grew 3% YoY to Rs 92.7bn in a challenging quarter, aided by 3% higher realisation

View Report PDF

06-Feb-24

Prince Pipes & Fittings (HOLD): Lacklustre quarter on sustained market share loss

Q3 PAT came in 36% below our estimate on continued market share bleed and margin pressure

View Report PDF

06-Feb-24

Greenlam Industries (HOLD): Soft quarter on tepid demand environment

Q3 PAT missed our estimate by 31% on weak laminate volumes and sharp increase in capital charge

View Report PDF

05-Feb-24

VST Tillers Tractors (HOLD): Poor demand dampens performance

Q3 revenue down 20% YoY on steep 33% volume decline due to anaemic rural demand

View Report PDF

05-Feb-24

Alembic Pharma (HOLD): Healthy quarter; PAT beat on low tax rate

Q3 EBITDA ahead of consensus by 4% on healthy margins but strong PAT beat of 22% came from lower tax rate

View Report PDF

05-Feb-24

Century Plyboards (HOLD): Margin stress across segments

Weak Q3 came as a big negative surprise considering management’s upbeat outlook in last earnings call

View Report PDF

05-Feb-24

Ambuja Cements (HOLD): Healthy quarter, sustainability key; retain HOLD

Standalone Q3 revenue grew 7% YoY as volumes increased 7%, ushioning flattish realisations

View Report PDF

05-Feb-24

JSW Steel (HOLD): Progressing on expansion but valuations fair

Q3 below consensus and also weaker than peers amid higher competitive pressure from imports and lower exports

View Report PDF

03-Feb-24

Shree Cement (HOLD): Healthy quarter, expensive valuations

Q3 revenue growth of 20% YoY backed by sharp 11% volume uptick to 8.9mt

View Report PDF

03-Feb-24

Somany Ceramics (BUY): Lacklustre demand dulls performance

Q3 EBITDA miss of 7% on tepid demand environment and rise in competitive intensity from Morbi players

View Report PDF

03-Feb-24

Jindal Steel & Power (HOLD): Valuations overdone; downgrade to HOLD

Q3 results ahead on higher per unit EBITDA margin; first coil from HSM represents next milestone on Angul growth project

View Report PDF

02-Feb-24

Godrej Consumer Products (HOLD): Consistent volume growth; cut to HOLD post rally

Sustained quarterly performance amid macro headwinds in domestic markets and currency devaluation in select global markets

View Report PDF

02-Feb-24

Greenply Industries (BUY): Strong performance on fast ramp-up of MDF plant

EBITDA beat estimates (+6%) in Q3 on quick ramp-up of MDF plant in a challenging environment

View Report PDF

02-Feb-24

V-Guard Industries (HOLD): In-line quarter

Q3 topline up 19% YoY on low base but consumer demand still soft; margins expand on lower input prices

View Report PDF

02-Feb-24

Orient Electric (HOLD): Slow quarter; Hyderabad plant to spur growth

Topline flattish YoY due to high base and soft demand for fans; EBITDA margin lower on advertising expenses

View Report PDF

02-Feb-24

ACC (HOLD): Strong margins; cut to HOLD on full valuations

Q3 revenue growth of 8% YoY bolstered by 16% uptick in volumes while realisations moderated 5%

View Report PDF

01-Feb-24

Greenpanel Industries (HOLD): Dismal Q3FY24; No sigh of relief for MDF in near-future

Sharp contraction in operating profit (-34% YoY) for fifth consecutive quarter owing to supply-side pressure in MDF industry

View Report PDF

01-Feb-24

Dabur India (BUY): Steady growth across portfolios

Consistent performance across segments and markets with 7% YoY revenue growth despite delayed winter and macro headwinds

View Report PDF

01-Feb-24

Sun Pharma (HOLD): Strong quarter driven by specialty business

Strong quarter with revenue/EBITDA in line and reported PAT 4% ahead of Bloomberg consensus

View Report PDF

01-Feb-24

Dixon Technologies (BUY): Mobile business dials up growth; maintain BUY

Q3 revenue up 2x YoY led by robust growth in mobile & EMS segment; EBITDA margin dips 80bps on higher input costs

View Report PDF

31-Jan-24

Maruti Suzuki (BUY): Healthy all-round performance – raise to BUY

Q3 volumes grew 8% YoY driven by continued demand surge for SUVs; we expect sustained outperformance

View Report PDF

31-Jan-24

Kajaria Ceramics (HOLD): Soft demand, intense competition mar quarter

Q3 revenue/PAT short of our estimates by 4%/13% on tepid demand climate and intense competition from Morbi players

View Report PDF

31-Jan-24

Voltas (HOLD): UCP improving, Qatar business a dampener

Q3 revenue growth strong at 31% YoY but challenges in international EMP business cause net loss of Rs 304mn

View Report PDF

31-Jan-24

KEC International (HOLD): Pipeline robust, margin improvement delayed

Strong Q3 led by T&D and civil businesses, though rail revenue was subdued due to increasing competition

View Report PDF

31-Jan-24

Dr Reddy's Labs (HOLD): Buoyant US sales drive performance

Healthy quarter with revenue/PAT coming in 3%/4% ahead of consensus; US sales a positive surprise, rising 6% QoQ

View Report PDF

31-Jan-24

Blue Star (BUY): Purple patch continues; maintain BUY

Strong topline growth of 25% YoY in Q3 aided by festive season sales; margin expansion continues

View Report PDF

31-Jan-24

Aditya Birla Sun Life AMC (HOLD): Double-digit growth but market share bleed continues

QAAUM grew 11% YoY to Rs 3.1tn in Q3 with equity assets rising even faster at 13%; however, market share inched down

View Report PDF

30-Jan-24

Larsen & Toubro (BUY): Order inflow guidance raised; maintain BUY

Q3 order inflows and topline strong but margins declined due to legacy orders in the mix

View Report PDF

30-Jan-24

Astral (HOLD): Mixed quarter, guidance broadly intact

Topline in line at Rs 13.7bn; miss at EBITDA level on one-off expense and MTM inventory loss

View Report PDF

30-Jan-24

Marico (BUY): Domestic business still lacklustre

Dull Q3 performance in domestic as well as international markets amid a challenging operating environment

View Report PDF

30-Jan-24

Nippon Life India AMC (HOLD): Strong growth but upside capped – cut to HOLD

QAAUM growth robust at 29% YoY in Q3 fuelled by 10%+ share of industry-wide net equity flows (ex-arbitrage and index)

View Report PDF

30-Jan-24

NTPC (BUY): Normal quarter, aggressive expansion; maintain BUY

Q3 power generation grew 14% YoY with bump-up in PAT to Rs 45.7bn due to movement in regulatory deferral balance

View Report PDF

30-Jan-24

ITC (BUY): Cigarette and paperboard businesses disappoint

Cigarette business had a soft quarter while FMCG-others remained resilient, and hotels posted its best quarter on a high base

View Report PDF

30-Jan-24

Apollo Pipes (SELL): Disappointing result on all fronts

Weak Q3 performance on rise in competitive intensity in a tepid demand environment

View Report PDF

30-Jan-24

UTI AMC (HOLD): Core earnings miss estimates

Q3 AUM growth in line at 13% YoY to Rs 2.7tn, but equity and hybrid schemes combined saw sustained outflows

View Report PDF

29-Jan-24

Bajaj Finance (BUY): Mixed quarter; maintain BUY

Rural B2C business remains a sore point with overall credit costs climbing 15bps YoY in Q3 to 1.7%

View Report PDF

29-Jan-24

Tata Steel (BUY): UK transition and TSK2 to bolster growth; maintain BUY

Q4 results broadly in line; India beat our estimates with higher margins on leaner coking coal blend and benefit of inventory swing

View Report PDF

29-Jan-24

Dalmia Bharat (HOLD): Soft prices constrain growth

Q3 revenue grew at a slow 7% YoY supported by 8% volume growth while realisations stayed flat

View Report PDF

27-Jan-24

TVS Motor (BUY): On a fast track – raise to BUY

ICE 2W volume growth beats industry at 33% YoY, supporting 26% revenue growth in Q3

View Report PDF

27-Jan-24

Bajaj Auto (SELL): Healthy revival but priced in; downgrade to SELL

Q3 revenue grew 30% YoY backed by healthy domestic 2W volume growth and revival in exports

View Report PDF

27-Jan-24

Mahanagar Gas (BUY): Volume growth accelerating, reiterate BUY

Q3 beats consensus with sharp uptick in volume growth and stable margins despite lower APM gas allocation

View Report PDF

27-Jan-24

SBI Card (HOLD): Asset quality concerns persist; downgrade to HOLD

Credit cost soared 66% YoY to Rs 8.8bn in Q3 amid industry-wide stress in unsecured loans; uncertainty persists

View Report PDF

27-Jan-24

SBI Life (BUY): ULIP-led growth; maintains market leadership

9MFY24 APE growth strong at 17% YoY with ULIPs forming 61% of total; continues to lead the market with 26.5% share in individual APE

View Report PDF

25-Jan-24

Cipla (BUY): Healthy revenue growth, strong margins

Q3 strong with EBITDA beat of 9% over consensus, though impairment charges of Rs 1.9bn limited PAT outperformance vs consensus

View Report PDF

25-Jan-24

DCB Bank (BUY): NII sequentially flat on high interest cost

NII flat QoQ (6%YoY) in Q3 on higher interest expenses; treasury gains and moderate opex aided 9% YoY PPOP growth

View Report PDF

25-Jan-24

Laurus Labs (SELL): Challenges galore – cut to SELL

Fourth straight quarterly miss with upsets on all fronts; Q3 revenue/ EBITDA well short of Bloomberg consensus by 13%/79%

View Report PDF

24-Jan-24

JK Cement (HOLD): Healthy performance but priced in

Q3 revenue grew 22% YoY to Rs 27.8bn as new grey cement capacities aided 17% volume growth and realisation improved 5%

View Report PDF

24-Jan-24

Axis Bank (BUY): Profits subdued despite strong business growth

NII growth subdued at 9% YoY despite credit/deposit growth of 22%/18%, due to a high cost of funds

View Report PDF

24-Jan-24

Hitachi Energy (SELL): In-line quarter but valuations overdone; cut to SELL

Q3 EBITDA margin rose 150bps YoY to 5.3% as chip constraints eased, leading to 5x jump in PAT off a low base

View Report PDF

24-Jan-24

Glenmark Life Sciences (HOLD): Strong margins make up for subdued revenue growth

Q3 revenue growth a miss at 6% YoY but robust 670bps expansion in gross margin helped mitigate the impact on bottomline

View Report PDF

24-Jan-24

Kotak Mahindra Bank (BUY): NIM intact QoQ; higher provisions dull profit

Business growth held strong in Q3, but treasury losses and higher provisions weighed on PAT (-6% QoQ)

View Report PDF

24-Jan-24

KEI Industries (HOLD): Decent quarter; maintain HOLD

Q3 revenue grew 16% YoY with 30bps EBITDA margin expansion; order book up 11% on strong domestic demand

View Report PDF

24-Jan-24

Havells India (BUY): Slow quarter but summer could bring cheer; maintain BUY

Q3 revenue grew just 7% YoY on subdued demand; high A&P spend hurt margins even as Lloyd’s cash burn continued

View Report PDF

23-Jan-24

ICICI Bank (BUY): Temporary blip; maintain BUY

Q3 PAT up 24% YoY but flat QoQ due to higher provisions and modest growth in NII

View Report PDF

23-Jan-24

RBL Bank (BUY): Healthy business growth, stable asset quality; raise to BUY

Healthy business growth led to 35% YoY (+5% QoQ) rise in Q3 PPOP; PAT grew 11% YoY but fell 21% sequentially on higher provisions

View Report PDF

23-Jan-24

Reliance Industries (BUY): Jio 2.0 acceleration vital for next wave of growth

Q3 EBITDA broadly in line at segment level supported by sharp growth in retail, oil and gas, and resilience in oil-to-chemicals

View Report PDF

22-Jan-24

Ultratech Cement (BUY): Cost efficiencies in focus; raise to BUY

Cost savings of 3% YoY boosted Q3 earnings despite slow volumes (+5%) and flat realisations

View Report PDF

22-Jan-24

Supreme Industries (HOLD): Results broadly in line; guidance upgraded on strong pipe demand

Q3 broadly in line with our estimates; strong pipe performance for the eighth consecutive quarter

View Report PDF

20-Jan-24

Hindustan Unilever (BUY): Volume growth subdued in a challenging environment

Delayed rural recovery and elevated competition from regional players impacted volume recovery in Q3

View Report PDF

19-Jan-24

IndusInd Bank (BUY): Stable performance

Strong business growth aided a 10% YoY rise in Q3 PPOP despite higher opex; PAT increased 17% to Rs 23bn

View Report PDF

19-Jan-24

360 One (BUY): Steady quarter; raise to BUY post correction

ARR AUM and total revenue grew 33% and 14% YoY respectively in Q3; flows also stayed strong at Rs 89bn

View Report PDF

19-Jan-24

Finolex Industries (HOLD): Weak quarter on slow recovery in agri pipe demand

Missed our Q3 EBITDA estimate by 16% on slow recovery in agri pipe demand

View Report PDF

19-Jan-24

Polycab India (BUY): Fair quarter but I-T search clouds multiples

Revenue growth reasonable at 17% YoY, but EBITDA margin falls on lower exports and higher advertising expenses

View Report PDF

18-Jan-24

Federal Bank (BUY): Higher other income supports PAT growth

Business growth healthy in Q3 despite deposit mobilisation challenges; PAT grew 25% YoY on higher other income

View Report PDF

18-Jan-24

ICICI Prudential Life (HOLD): Subdued growth

9MFY24 VNB margin contracted 500bps YoY to 26.7% owing to a change in product mix and cost pressures

View Report PDF

17-Jan-24

HDFC Bank (BUY): Margin pressure dampens performance

Operationally weak December quarter due to elevated cost of funds and increased provisions

View Report PDF

12-Jan-24

HDFC Life (BUY): Muted quarter; clear growth roadmap a positive

9MFY24 growth low but management’s clear roadmap for growth raises confidence on medium-term prospects

View Report PDF

11-Jan-24

HDFC AMC (HOLD): Ticks most boxes but upside potential limited

Actively managed equity QAAUM grew 40% YoY, driving 24% AUM growth in Q3; topline growth strong at 23%

View Report PDF

02-Jan-24

LT Foods (NOT RATED): Appetite for growth

Leading domestic player in basmati rice with strong presence in export markets and popular brands, including Daawat, Royal and Ecolife

View Report PDF

22-Dec-23

Siemens India (BUY): Positive outlook continues; Maintain BUY

SIEM ended FY23 on a strong note in terms of order inflows, backlog, revenues, profitability, and cash flows

View Report PDF

15-Dec-23

Thermax (HOLD): Focus on energy transition

Energy transition identified as focus for next five years, especially areas of coal gasification, biomass, bio-CNG and green hydrogen

View Report PDF

14-Dec-23

Nippon Life India AMC (BUY): Management call – MF industry to grow at smart clip

Management expects India’s MF industry to grow 15% in medium term assuming 10% rise in annual inflows

View Report PDF

14-Dec-23

ITC (BUY): Analyst meet takeaways – Multiple levers for growth

Management is guiding for 80-100bps EBITDA margin expansion every year from cost cuts, scale and premiumisation

View Report PDF

12-Dec-23

Bandhan Bank (BUY): Thrust on secured business to aid asset health

Expect 19% credit and deposit CAGR over FY23-FY25 on retail-led growth and targeted increase in secured book

View Report PDF

04-Dec-23

Polycab India (BUY): Management meet takeaways – Brand refresh underway

New brand identity is aimed at driving demand and spurring FMEG business; EHV capacity addition on track

View Report PDF

30-Nov-23

TTK Prestige (NOT RATED): Management call – Sustained leadership in key categories

Management confident of robust demand recovery through H2FY24 as festive and wedding seasons coincide

View Report PDF

29-Nov-23

Siemens India (BUY): Strong quarter, positive outlook – raise to BUY

Q4 revenue grew at robust 25% YoY with 100bps EBITDA margin expansion and 50% rise in PAT to Rs 5.7bn

View Report PDF

29-Nov-23

LT Foods (NOT RATED): Analyst meet takeaways – Eyeing market share gains

Leading basmati rice player with a strong presence in India (30% market share) and exports to 80+ countries

View Report PDF

24-Nov-23

Axis Bank (BUY): Analyst meet takeaways – Balancing growth and returns

Focused on balancing growth ambitions and risk-adjusted returns; loan book guided to log an 18% CAGR over FY23-FY25

View Report PDF

17-Nov-23

SAIL (HOLD): Profit outlook restrained; maintain HOLD

Q2 results flattered by prior-period rail revenue recovery; underlying EBITDA margin flattish sequentially while volume recovered

View Report PDF

16-Nov-23

Bajaj Finance (BUY): Impact of RBI strictures likely to be marginal

RBI has instructed BAF to stop disbursing loans under two digital products, the ‘Insta EMI Card’ and ‘eCOM

View Report PDF

15-Nov-23

Tata Steel (BUY): India growth to take centre stage; maintain BUY

Profit has likely bottomed in Q2 as operations in Netherlands return to breakeven and India’s H2 demand outlook looks up

View Report PDF

13-Nov-23

Eicher Motors (HOLD): Solid quarter; striving to fend off competition

Q2 revenue grew 16% YoY backed by double-digit volume uptick (+11%) and 5% higher realisations

View Report PDF

13-Nov-23

Mahindra & Mahindra (BUY): Auto segment continues to rev up

Net blended realisation per vehicle grew 6% YoY in Q2 and volumes increased 11%

View Report PDF

11-Nov-23

Lupin (SELL): Positive surprise from gSpiriva; valuations rich

Q2 EBITDA/PAT overtook consensus by 16%/25% backed by strong US business from gSpiriva launch and robust margins

View Report PDF

11-Nov-23

LIC (BUY): Weak quarter; focus on recouping market share

H1FY24 APE declined 10% YoY due to flat individual APE (up 20% ex-non-par) and a 25% drop in group business

View Report PDF

11-Nov-23

Ashok Leyland (BUY): On a winning wicket

Q2 net realisation per vehicle grew at healthy 6% to Rs 1,933k on price hikes of 1-2% in CVs

View Report PDF

10-Nov-23

Torrent Power (HOLD): Gas trading tapers

Q2 revenue and PBT flattish YoY as gas trading and power sales in the short-term market tapered

View Report PDF

10-Nov-23

Orient Cement (SELL): Volumes pick up; valuations still expensive

Q2 volumes recovered 15% YoY (-10% QoQ) to 1.4mt helped by below-normal rainfall and higher western region sales

View Report PDF

10-Nov-23

Star Cement (HOLD): Cost relief in an otherwise weak quarter

Monsoon impact in northeast markets kept Q2 volumes flat YoY at 0.9mt while realisation slipped 2%

View Report PDF

09-Nov-23

The Ramco Cements (SELL): Quarterly respite, challenges may continue

New capacities buoyed Q2 volumes by 39% YoY but realisations slipped 5%

View Report PDF

09-Nov-23

ABB India (HOLD): Sprinting along

Robust quarter with revenue up 31% YoY and 590bps EBITDA margin expansion aided by the robotics and robotics segments

View Report PDF

09-Nov-23

Power Grid Corp (BUY): In-line quarter; FY24 capex ramped up

Q2 revenue/PAT in line at Rs 104bn/Rs 38bn; ramp up of FY24 capex target to Rs 100bn from Rs 88bn a key positive

View Report PDF

09-Nov-23

Shree Cement (HOLD): Subpar quarter; earnings chasing valuations

Q2 volume growth of 10% YoY could have been higher but for a pursuit of realisation gains (+10%)

View Report PDF

08-Nov-23

VST Tillers Tractors (HOLD): Healthy performance across segments

Q2 revenue grew 19% YoY as volumes climbed 16% and realisation moved up 3%

View Report PDF

08-Nov-23

Alembic Pharma (HOLD): Higher opex from new facilities to keep a lid on margins

Q2 revenue ticked up 8% YoY as healthy sales in international markets supported by modest India business

View Report PDF

08-Nov-23

Cummins India (BUY): Strong operating performance; maintain BUY

Q2 gross/EBITDA margins expand 500bps/320bps YoY on lower input costs, sustained pricing and better product mix

View Report PDF

08-Nov-23

JK Cement (HOLD): Healthy performance; positive outlook

Q2 revenue grew 20% YoY to Rs 25.7bn as grey cement volumes surged 22% to 3.9mt

View Report PDF

08-Nov-23

Alkem Labs (HOLD): Sizeable margin gains; tax guided to reduce – raise to HOLD

Q2 EBITDA/PAT outstripped consensus by 44%/54% on higher margins, strong US growth and low taxes

View Report PDF

07-Nov-23

JK Lakshmi Cement (SELL): Some respite but challenges continue

Q2 topline grew 12% YoY led by ~10% volume growth; realisation flat due to price hikes in eastern region

View Report PDF

07-Nov-23

Zydus Wellness (HOLD): Subdued growth in a seasonally weak quarter

Flattish volume growth in Q2 owing to muted performance in glucose and sweetener categories

View Report PDF

06-Nov-23

Escorts (SELL): No major positive surprises; maintain SELL

Q2 tractor volumes dipped 7% YoY as sales flagged towards the quarter’s end after an initial pickup

View Report PDF

06-Nov-23

Hitachi Energy (HOLD): Chip constraints receding

Q2 EBITDA margin rose sequentially to 5.3% as chip constraints eased but PAT still down 33% YoY

View Report PDF

06-Nov-23

AIA Engineering (BUY): Volume spillover to FY25

Q2 sales flat YoY but operating leverage enables EBIDTA margin gains of 600bps to 29.5%

View Report PDF

06-Nov-23

Divi's Labs (SELL): Growth remains elusive; cut to SELL

Dull Q2 with EBITDA/PAT plunging 21%/29% YoY, missing consensus by a wide margin

View Report PDF

06-Nov-23

State Bank Of India (BUY): Wage provisions weigh on profits

Q2 PPOP growth dropped 23% QoQ owing to one-time wage revision provisions

View Report PDF

06-Nov-23

Jindal Steel & Power (BUY): Last leg of streamlining, reiterate BUY

Management revises expansion capex to factor in the addition of more downstream and project components to temper risk profile

View Report PDF

06-Nov-23

Thermax (HOLD): Sound operations, measured commentary

Q2 operating performance strong with 210bps YoY margin expansion, half of which management believes is sustainable

View Report PDF

06-Nov-23

Crompton Greaves (BUY): ECD robust; lighting and kitchen appliances falter

ECD revenue growth ahead of peers but lighting segment declines in Q2

View Report PDF

04-Nov-23

Dabur India (BUY): Steady growth and market share gains

Strong growth across categories except beverages which declined 10% YoY in Q2 due to uneven rainfall in North India

View Report PDF

04-Nov-23

Ambuja Cements (HOLD): Relatively weak show

Standalone Q2 revenue grew just 8% YoY (-16% QoQ) as net volumes dropped 9% (-18% QoQ)

View Report PDF

03-Nov-23

Hero Motocorp (HOLD): Poised for growth but upside capped

Q2 revenue grew 4% YoY driven by realisation gains as volumes stayed flat at 1.4mn units.

View Report PDF

03-Nov-23

360 One (BUY): Yields weak but outlook robust; maintain BUY

ARR AUM and revenue grew 31% and 10% YoY respectively, but ARR yield (calc.) slipped 13bps YoY to 63bps

View Report PDF

03-Nov-23

Orient Electric (HOLD): ECD-led growth; working capital rises on festive inventory

Q2 topline up 11% YoY as ECD grew 17%, gross margin up 400bps; working capital cycle doubles due to festive stocking

View Report PDF

03-Nov-23

Godrej Consumer Products (BUY): Strong, sustained volume-led growth in India business

Volume-led growth continues in India business at 11% YoY in Q2; margin expands despite elevated media spend

View Report PDF

03-Nov-23

ACC (BUY): Cost savings boost margin; upgrade to BUY

Q2 volumes flat YoY (-15% QoQ) at 6.9mt due to flood impact in key markets

View Report PDF

02-Nov-23

Syrma SGS (HOLD): Miss on margins; downgrade to HOLD

Q2 topline growth robust at 52% YoY but lower share of ODM business drove gross margin down 690bps

View Report PDF

02-Nov-23

Britannia Industries (BUY): Margin expands despite muted growth

Another soft quarter from BRIT (revenue up just 1% YoY), though EBITDA margin expanded due to lower input cost and savings

View Report PDF

02-Nov-23

KEC International (HOLD): Interest cost mars quarter; strong pipeline for H2

Q2 saw in-line margins but PAT was impacted by high interest cost; margins expected to improve in H2

View Report PDF

02-Nov-23

Sun Pharma (HOLD): Healthy quarter; better mix supports gross margin

Q2 revenue/PAT grew 11%/5% YoY to Rs 122bn/Rs 24bn, largely in line with consensus

View Report PDF

02-Nov-23

Petronet Lng (HOLD): PDHPP project unlikely to be value accretive

PLNG has approved the PDHPP project at a capital intensity of US$ 3,000-3,650/t

View Report PDF

01-Nov-23

V-Guard Industries (HOLD): Average topline, margins improve

Q2 topline up 15% YoY with gross margin expansion of 460bps; markets outside South India grew 11%

View Report PDF

01-Nov-23

DCB Bank (BUY): Steady growth

Q2 advances grew 19% YoY led by agri and inclusive banking (AIB) and co-lending; NIM dipped 13bs QoQ on deposit repricing

View Report PDF

01-Nov-23

Tata Consumer Products (BUY): Strong performance; outlook positive

Q2 topline grew 11% YoY and EBITDA margin rose 150bps on sustained domestic growth and strategic international pricing

View Report PDF

01-Nov-23

KEI Industries (HOLD): Capacity addition to spur growth

Middling Q2 performance with easing capacity constraints; cables revenue healthy but margin lagged peers

View Report PDF

31-Oct-23

Larsen & Toubro (BUY): Strong run continues; maintain BUY

Strong show in Q2 led by highest ever order inflows of Rs 892bn (exit book of Rs 4.5tn), robust execution and working capital efficiency

View Report PDF

31-Oct-23

Ajanta Pharma (BUY): Buoyant margins but higher tax weighs on PAT

Strong Q2 gross/EBITDA margins at 75%/28% drove a 7% EBITDA beat, though higher tax pulled PAT 2% below consensus

View Report PDF

31-Oct-23

TVS Motor (HOLD): Continues to deliver

Q2 volume growth beats industry at 3.1%/13% YoY/QoQ with a focus on high-end products such as Apache and Raider

View Report PDF

31-Oct-23

Blue Star (BUY): On a purple patch

Sustained, strong performance marked by above-industry growth of 39% YoY in UCP segment along with higher margins in Q2

View Report PDF

31-Oct-23

Mahanagar Gas (BUY): Focus on volume growth a positive, upgrade to BUY

Q2 results in line but margin remains above the cycle average; we raise FY24 EBITDA by 11% factoring in a strong H1

View Report PDF

30-Oct-23

Marico (BUY): Muted revenue growth; margins expanded

Q2 revenue flattish YoY owing to a subdued demand environment and regional competition in select categories

View Report PDF

30-Oct-23

Nippon Life India AMC (BUY): Strong show continues

QAAUM growth robust at 23% YoY in Q2 fuelled by 11% share of industry-wide net equity flows (ex-arbitrage and index)

View Report PDF

30-Oct-23

Dr Reddy's Labs (HOLD): One-offs fuel PAT beat; India business still soft

Q2 revenue in line but PAT outdid consensus by 22% on account of PLI benefits, litigation settlement and interest income

View Report PDF

30-Oct-23

Aditya Birla Sun Life AMC (HOLD): Mixed set of numbers; maintain HOLD

QAAUM grew 10% YoY to Rs 3.1tn in Q2 with equity assets rising 9%; however, market share inched down

View Report PDF

30-Oct-23

Reliance Industries (BUY): Jio 2.0 key to growth momentum

Q2 results broadly in line, with continuing structural growth in both consumer businesses and resilience in cyclical energy businesses

View Report PDF

28-Oct-23

NTPC (BUY): No surprises; maintain BUY

Q2 a normal quarter with a flat topline of Rs 409bn and healthy PAT of Rs 39bn

View Report PDF

28-Oct-23

Maruti Suzuki (HOLD): Robust quarter but positives priced in

Q2 volume growth of ~7% YoY continued to beat the industry (~5%); we expect sustained outperformance

View Report PDF

28-Oct-23

Cipla (BUY): Beat on all fronts

Q2 EBITDA/PAT 14%/15% ahead of consensus underpinned by strong growth in US and India businesses

View Report PDF

28-Oct-23

SBI Card (BUY): Challenges persist despite spending frenzy

Credit card spends climbed 27% YoY to a record high of Rs 792bn in Q2; debut on UPI platform promising

View Report PDF

28-Oct-23

SBI Life (BUY): Strong showing

H1 APE growth strong at 21% YoY led by a rebound in ULIP and protection business during Q2

View Report PDF

27-Oct-23

Axis Bank (BUY): Steady growth but costs elevated

Q2 NII up 19% YoY led by strong business growth, aiding a 10% rise in PAT despite a spike in opex due to card-related costs

View Report PDF

26-Oct-23

Dixon Technologies (BUY): Strong quarter, even stronger outlook – upgrade to BUY

Q2 sales up 28% YoY led by a 77% upswing in mobiles & EMS business which offset slow lighting sales

View Report PDF

26-Oct-23

Nestle India (BUY): Analyst meet – Broader footprint lifting volume growth

Innovation and market penetration-led volume growth remain strategic focus areas; growing emphasis on rural markets

View Report PDF

25-Oct-23

RBL Bank (HOLD): Strong growth but priced in

Q2 credit growth rises 21% YoY led by the high-yielding retail book and recovery in deposit mobilisation to 13%

View Report PDF

25-Oct-23

Kotak Mahindra Bank (BUY): Mixed Q2; raise to BUY on low valuation, succession clarity

Strong business growth in Q2 but NIM down 35bps QoQ on higher deposit cost and liquidity buffer; other income muted

View Report PDF

23-Oct-23

ICICI Bank (BUY): Sustained outperformance; raise to BUY

Q2 NII grew 24% YoY despite higher deposit cost, while dividends from subsidiaries offset absence of treasury gains

View Report PDF

23-Oct-23

Hindustan Unilever (BUY): Soft topline but strong margin expansion

Q2 volume and value growth weak YoY owing to delayed rural recovery and heightened competition from regional players

View Report PDF

23-Oct-23

Amber Enterprises (HOLD): Healthy topline; RAC outlook still soft

Q2 topline up 23% YoY with better margins due to dry weather in an otherwise unseasonal quarter for cooling products

View Report PDF

23-Oct-23

JSW Steel (HOLD): Volume momentum from expansion but near-full valuation

Q2 result beat estimates on higher cost savings in standalone operations beyond coking coal reduction

View Report PDF

21-Oct-23

Glenmark Life Sciences (HOLD): Revenue in line but higher opex dampens margins

Q2 revenue in line at Rs 6bn but EBITDA/PAT 3%/6% below our estimates due to higher opex and a product mix change

View Report PDF

21-Oct-23

Voltas (HOLD): UCP upbeat but EMP plays spoilsport

Q2 mixed with UCP performing well (+ 15% YoY) but EMP continuing to post losses due to collection disputes

View Report PDF

21-Oct-23

Dalmia Bharat (HOLD): Cost respite in an otherwise muted quarter

Q2 volume growth slowed to single digits (7% YoY) owing to fierce competition in key operating regions

View Report PDF

20-Oct-23

Ultratech Cement (HOLD): Steady performance with no big surprises

Q2 revenue up 15% YoY backed by 16% rise in dispatches; realisations resilient despite volume push in a monsoon quarter

View Report PDF

20-Oct-23

ITC (BUY): FMCG and hotels continue to shine

FMCG business delivered strong topline (+8% YoY) growth in Q2 led by steady portfolio expansion

View Report PDF

20-Oct-23

IndusInd Bank (BUY): Strong growth with stable margins and asset quality

Despite higher opex, Q2 PAT increased 22% YoY to Rs 22bn driven by steady business growth

View Report PDF

20-Oct-23

Havells India (BUY): Q2 a miss but expect improvement ahead

Mixed quarter with 5% YoY declines in ECD and flat lighting but 8% growth in cable & wires and 9% in switches

View Report PDF

19-Oct-23

UTI AMC (HOLD): Equity flows yet to pick up

Q2 AUM grew 14% YoY to Rs 2.7tn but equity and hybrid schemes saw cumulative outflows for the fourth straight quarter

View Report PDF

19-Oct-23

Bajaj Auto (HOLD): On firm ground

Healthy product mix in 2Ws and buoyancy in 3Ws aid 6% YoY increase in Q2 revenue

View Report PDF

19-Oct-23

Nestle India (BUY): Strong all-round performance

Domestic business posted double-digit growth in Q3 with continued margin expansion

View Report PDF

19-Oct-23

Polycab India (BUY): Impressive run continues

Strong Q2 powered by 29% YoY growth in wires & cables business; FMEG set to improve gradually

View Report PDF

19-Oct-23

Federal Bank (BUY): Strong growth with improving return

Continued healthy business momentum in Q2, with reported PAT rising 35% YoY on lower provisions

View Report PDF

18-Oct-23

ICICI Prudential Life (HOLD): Growth subdued; raise to HOLD post correction

Q2 APE growth muted at 3% YoY due to a 15% drop in the ICICIBC channel; ULIP and protection businesses showed traction

View Report PDF

18-Oct-23

HDFC Bank (BUY): PAT strong despite margin compression

Q2 PAT grew 51% YoY supported by healthy other income and a lower tax rate

View Report PDF

17-Oct-23

Bajaj Finance (BUY): On a strong wicket; maintain BUY

Robust, broad-based AUM growth of 33% YoY to Rs 2.9tn at end-H1FY24; we raise our FY24/FY25 AUM forecast by 3%/4%

View Report PDF

17-Oct-23

Jio Financial Services (NOT RATED): Q2 earnings highlights – Fast-tracking growth

Multi-faceted business model backed by aggressive growth plans in lending, insurance broking and payments

View Report PDF

13-Oct-23

HDFC Life (HOLD): Mixed quarter; maintain HOLD

Q2 slightly short of our estimates; management expects a stronger H2 on new launches, growth in tier-2&3 markets and in bancassurance

View Report PDF

12-Oct-23

HDFC AMC (HOLD): Robust quarter but upside limited

Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18%

View Report PDF

11-Oct-23

ERRATA: BOBCAPS Research | Bigbloc Construction (NOT RATED): Plant visit – Ramping up AAC capacity

Autoclaved aerated concrete (AAC) block production targeted to reach 0.5mn cbm per annum by end-FY24 at Wada plant

View Report PDF

11-Oct-23

Siemens India (HOLD): Innovation Day – Digitalisation key for manufacturing takeoff

SIEM has identified three broad trends in India: high public spending on infrastructure, pent-up private capex and rising decarbonisation

View Report PDF

04-Oct-23

Bajaj Finance (BUY): Making strides

Early data from BAF shows 33% YoY growth in H1 AUM, tracking above the full-year guided range of 29-31%

View Report PDF

28-Sep-23

DCB Bank (BUY): Improving prospects; BUY

Expect a strong 18% credit CAGR over FY23-FY25 (1.4x industry growth), supported by a better portfolio mix

View Report PDF

26-Sep-23

Elecon Engineering (NOT RATED): Plant visit – Focusing on value addition

ELCN has ~40% share in gearbox and components, catering to industries such as sugar, power, steel, cement, rubber and fertilisers

View Report PDF

26-Sep-23

Petronet LNG (HOLD): Cloudy medium-term demand visibility; HOLD

Volume revival surprised in H1FY24 but further upside constrained by higher availability of domestic gas in the near term

View Report PDF

25-Sep-23

Tata Steel (BUY): UK transition to dispel overhang, reiterate BUY

Decarbonisation of UK operation can sharpen competitiveness and add potential value of Rs 6-7/sh for TATA

View Report PDF

20-Sep-23

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

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

View Report PDF

13-Sep-23

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

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

View Report PDF

13-Sep-23

RBL Bank (HOLD): Upside capped; HOLD

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

View Report PDF

08-Sep-23

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

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

View Report PDF

06-Sep-23

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

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

View Report PDF

01-Sep-23

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

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

View Report PDF

29-Aug-23

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

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

View Report PDF

23-Aug-23

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

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

View Report PDF

16-Aug-23

ITC (BUY): Robust growth and margins

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

View Report PDF

15-Aug-23

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

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

View Report PDF

14-Aug-23

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

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

View Report PDF

14-Aug-23

Crompton Greaves (BUY): Mixed quarter

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

View Report PDF

12-Aug-23

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

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

View Report PDF

12-Aug-23

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

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

View Report PDF

11-Aug-23

ABB India (HOLD): Strong quarter, margins shine

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

View Report PDF

11-Aug-23

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

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

View Report PDF

11-Aug-23

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

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

View Report PDF

11-Aug-23

LIC (BUY): Mixed quarter; maintain BUY

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

View Report PDF

10-Aug-23

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

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

View Report PDF

10-Aug-23

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

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

View Report PDF

09-Aug-23

ACC (HOLD): Synergies with Ambuja propel volumes

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

View Report PDF

09-Aug-23

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

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

View Report PDF

08-Aug-23

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

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

View Report PDF

08-Aug-23

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

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

View Report PDF

08-Aug-23

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

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

View Report PDF

07-Aug-23

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

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

View Report PDF

07-Aug-23

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

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

View Report PDF

07-Aug-23

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

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

View Report PDF

07-Aug-23

Britannia Industries (BUY): Increased regional competition hurts growth

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

View Report PDF

07-Aug-23

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

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

View Report PDF

05-Aug-23

Lupin (SELL): Improvements visible; runup behind downgrade

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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”

View Report PDF

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

View Report PDF

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

View Report PDF

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%

View Report PDF

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

View Report PDF

02-Aug-23

Thermax (HOLD): Good quarter, healthy order flows

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

View Report PDF

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

View Report PDF

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

View Report PDF

31-Jul-23

Marico (BUY): Soft performance; outlook remains strong

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

View Report PDF

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)

View Report PDF

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%)

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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)

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

27-Jul-23

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

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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%

View Report PDF

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

View Report PDF

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

View Report PDF

21-Jul-23

Hindustan Unilever (BUY): Modest quarter but improvement ahead

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

View Report PDF

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

View Report PDF

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

View Report PDF

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%)

View Report PDF

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

View Report PDF

19-Jul-23

Polycab India (BUY): Strong momentum continues

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

10-Jul-23

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

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

View Report PDF

30-Jun-23

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

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

View Report PDF

28-Jun-23

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

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

14-Jun-23

Voltas (HOLD): Management meet takeaways – Trying times

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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%

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

25-May-23

JK Lakshmi Cement (SELL): Challenging road ahead

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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%)

View Report PDF

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

View Report PDF

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%

View Report PDF

22-May-23

Crompton Greaves (BUY): Mixed quarter

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

View Report PDF

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)

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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)

View Report PDF

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

View Report PDF

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

View Report PDF

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%

View Report PDF

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

View Report PDF

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

View Report PDF

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%)

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

10-May-23

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

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

05-May-23

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

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

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

View Report PDF

29-Apr-23

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

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

View Report PDF

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%

View Report PDF

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)

View Report PDF

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)

View Report PDF

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

View Report PDF

28-Apr-23

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

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

View Report PDF

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

View Report PDF

28-Apr-23

Laurus Labs (HOLD): Dismal quarter

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

View Report PDF

28-Apr-23

UTI AMC (BUY): Weak set of numbers

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

View Report PDF

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

View Report PDF

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

View Report PDF

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%

View Report PDF

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

View Report PDF

27-Apr-23

Voltas (HOLD): EMP underperformance overshadows resilient cooling business

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

View Report PDF

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

View Report PDF

26-Apr-23

HDFC Life (HOLD): Strong quarter