Research Reports

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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12-Feb-24

Zydus Wellness (HOLD): Seasonally weak quarter

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

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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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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30-Jan-24

Marico (BUY): Domestic business still lacklustre

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

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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)

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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

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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

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30-Jan-24

Apollo Pipes (SELL): Disappointing result on all fronts

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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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%

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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

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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

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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

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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)

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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

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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

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23-Jan-24

ICICI Bank (BUY): Temporary blip; maintain BUY

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

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23-Jan-24

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

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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17-Jan-24

HDFC Bank (BUY): Margin pressure dampens performance

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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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%

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09-Nov-23

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

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

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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

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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

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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%)

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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

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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)

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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)

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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19-Oct-23

Nestle India (BUY): Strong all-round performance

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

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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

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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

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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

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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

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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%

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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

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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

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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%

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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

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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

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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%

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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

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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

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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

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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

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20-Sep-23

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

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

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13-Sep-23

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

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

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13-Sep-23

RBL Bank (HOLD): Upside capped; HOLD

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

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08-Sep-23

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

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

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06-Sep-23

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

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

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01-Sep-23

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

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

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29-Aug-23

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

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

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23-Aug-23

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

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

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16-Aug-23

ITC (BUY): Robust growth and margins

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

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15-Aug-23

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

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

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14-Aug-23

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

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

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14-Aug-23

Crompton Greaves (BUY): Mixed quarter

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

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12-Aug-23

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

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

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12-Aug-23

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

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

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11-Aug-23

ABB India (HOLD): Strong quarter, margins shine

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

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11-Aug-23

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

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

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11-Aug-23

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

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

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11-Aug-23

LIC (BUY): Mixed quarter; maintain BUY

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

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10-Aug-23

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

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

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10-Aug-23

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

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

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09-Aug-23

ACC (HOLD): Synergies with Ambuja propel volumes

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

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09-Aug-23

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

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

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08-Aug-23

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

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

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08-Aug-23

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

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

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08-Aug-23

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

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

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07-Aug-23

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

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

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07-Aug-23

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

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

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07-Aug-23

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

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

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07-Aug-23

Britannia Industries (BUY): Increased regional competition hurts growth

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

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07-Aug-23

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

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

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05-Aug-23

Lupin (SELL): Improvements visible; runup behind downgrade

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

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04-Aug-23

Orient Electric (HOLD): Reasonably healthy quarter

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

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04-Aug-23

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

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

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04-Aug-23

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

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

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04-Aug-23

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

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

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04-Aug-23

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

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

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04-Aug-23

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

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

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03-Aug-23

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

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

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02-Aug-23

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

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

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02-Aug-23

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

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

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02-Aug-23

Thermax (HOLD): Good quarter, healthy order flows

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

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01-Aug-23

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

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

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01-Aug-23

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

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

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31-Jul-23

Marico (BUY): Soft performance; outlook remains strong

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

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29-Jul-23

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

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

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29-Jul-23

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

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

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29-Jul-23

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

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

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28-Jul-23

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

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

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28-Jul-23

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

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

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28-Jul-23

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

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

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27-Jul-23

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

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

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27-Jul-23

Axis Bank (BUY): Steady growth but costs elevated

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

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27-Jul-23

Aditya Birla Sun Life AMC (HOLD): Healthy quarter

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

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27-Jul-23

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

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

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27-Jul-23

Tech Mahindra (HOLD): Toughest quarter in recent times

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

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27-Jul-23

Cipla (BUY): Strong growth coupled with margin expansion

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

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27-Jul-23

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

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

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26-Jul-23

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

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

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26-Jul-23

Amber Enterprises (HOLD): Topline wavers, margins progressing

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

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26-Jul-23

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

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

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26-Jul-23

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

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

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26-Jul-23

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

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

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25-Jul-23

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

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

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25-Jul-23

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

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

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25-Jul-23

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

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

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25-Jul-23

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

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

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24-Jul-23

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

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

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24-Jul-23

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

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

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24-Jul-23

Reliance Industries (BUY): Steady she goes

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

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23-Jul-23

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

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

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22-Jul-23

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

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

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22-Jul-23

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

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

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21-Jul-23

360 One (BUY): Strong set of numbers

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

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21-Jul-23

Hindustan Unilever (BUY): Modest quarter but improvement ahead

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

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21-Jul-23

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

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

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21-Jul-23

Infosys (BUY): Guidance cut a temporary blip

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

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20-Jul-23

Havells India (BUY): Margins falter

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

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20-Jul-23

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

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

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19-Jul-23

Polycab India (BUY): Strong momentum continues

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

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19-Jul-23

HDFC Bank (BUY): Strong PAT on lower provisions

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

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18-Jul-23

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

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

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14-Jul-23

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

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

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14-Jul-23

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

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

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13-Jul-23

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

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

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13-Jul-23

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

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

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10-Jul-23

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

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

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30-Jun-23

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

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

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28-Jun-23

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

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

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28-Jun-23

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

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

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22-Jun-23

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

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

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18-Jun-23

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

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

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15-Jun-23

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

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

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15-Jun-23

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

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

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15-Jun-23

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

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

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15-Jun-23

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

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

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14-Jun-23

Voltas (HOLD): Management meet takeaways – Trying times

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

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13-Jun-23

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

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

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13-Jun-23

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

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

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12-Jun-23

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

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

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08-Jun-23

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

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

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06-Jun-23

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

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

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06-Jun-23

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

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

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05-Jun-23

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

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

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31-May-23

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

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

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30-May-23

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

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

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30-May-23

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

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

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29-May-23

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

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

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29-May-23

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

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

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29-May-23

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

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

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29-May-23

LIC (BUY): Focused on profitable products

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

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27-May-23

Ashok Leyland (BUY): Healthy performance continues

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

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25-May-23

JK Lakshmi Cement (SELL): Challenging road ahead

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

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25-May-23

AIA Engineering (BUY): Robust performance

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

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25-May-23

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

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

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25-May-23

Star Cement (BUY): Moving in the right direction

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

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25-May-23

Hitachi Energy (BUY): Improving outlook

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

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24-May-23

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

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

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23-May-23

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

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

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23-May-23

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

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

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22-May-23

Crompton Greaves (BUY): Mixed quarter

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

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20-May-23

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

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

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20-May-23

Alkem Labs (SELL): Margin improvement key for revival

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

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19-May-23

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

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

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19-May-23

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

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

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19-May-23

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

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

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19-May-23

ITC (BUY): Strong performance amid macro headwinds

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

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18-May-23

Thermax (HOLD): Cautious outlook continues

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

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18-May-23

Eris Lifesciences (BUY): Integration costs weigh on quarter

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

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18-May-23

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

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

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17-May-23

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

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

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17-May-23

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

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

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16-May-23

VST Tillers Tractors (BUY): Solid quarter

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

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15-May-23

Eicher Motors (HOLD): Overall healthy performance

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

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15-May-23

Polycab India (BUY): Cables business resilient

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

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15-May-23

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

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

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13-May-23

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

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

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12-May-23

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

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

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12-May-23

Escorts (SELL): Medium-term pain to continue

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

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12-May-23

Coforge (BUY): Stellar quarter; buoyant outlook

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

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12-May-23

Siemens India (BUY): Strong momentum continues

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

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11-May-23

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

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

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11-May-23

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

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

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11-May-23

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

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

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10-May-23

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

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

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08-May-23

Alembic Pharma (HOLD): No respite yet

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

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08-May-23

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

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

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06-May-23

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

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

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06-May-23

Blue Star (BUY): Momentum continues; outlook bright

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

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06-May-23

Britannia Industries (BUY): Impressive all-around performance

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

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06-May-23

ABB India (HOLD): Strong showing but priced in

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

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05-May-23

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

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

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05-May-23

360 One (BUY): Tough quarter

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

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05-May-23

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

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

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05-May-23

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

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

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04-May-23

Orient Cement (HOLD): Listless performance

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

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04-May-23

KEC International (HOLD): Standalone margin remains weak

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

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04-May-23

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

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

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04-May-23

Ambuja Cements (HOLD): Soft realisations weigh on margins

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

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03-May-23

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

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

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03-May-23

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

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

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03-May-23

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

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

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02-May-23

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

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

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29-Apr-23

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

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

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29-Apr-23

Dalmia Bharat (HOLD): Volumes rise but realisations weak

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

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29-Apr-23

Maruti Suzuki (HOLD): Short-term pricing blip

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

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29-Apr-23

SBI Card (BUY): Positive surprise; maintain BUY

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

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29-Apr-23

Glenmark Life Sciences (BUY): All-round beat

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

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28-Apr-23

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

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

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28-Apr-23

Axis Bank (BUY): Valuations to play catch up

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

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28-Apr-23

Laurus Labs (HOLD): Dismal quarter

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

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28-Apr-23

UTI AMC (BUY): Weak set of numbers

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

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28-Apr-23

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

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

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27-Apr-23

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

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

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27-Apr-23

SBI Life (BUY): Strong FY23; maintain BUY

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

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27-Apr-23

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

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

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27-Apr-23

Voltas (HOLD): EMP underperformance overshadows resilient cooling business

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

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27-Apr-23

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

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

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26-Apr-23

HDFC Life (HOLD): Strong quarter

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

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26-Apr-23

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

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

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26-Apr-23

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

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

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26-Apr-23

Persistent Systems (BUY): Growth resilient

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

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25-Apr-23

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

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

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25-Apr-23

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

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

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25-Apr-23

Nestle India (BUY): Stellar performance; beats estimate

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

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24-Apr-23

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

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

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24-Apr-23

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

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

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24-Apr-23

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

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

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21-Apr-23

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

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

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20-Apr-23

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

Q4 revenue down 0.3% QoQ CC, below our estimates

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18-Apr-23

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

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

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17-Apr-23

HDFC Bank (BUY): Q4 healthy despite higher opex

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

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13-Apr-23

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

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

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12-Apr-23

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

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

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12-Apr-23

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

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

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12-Apr-23

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

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

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06-Apr-23

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

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

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31-Mar-23

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

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

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22-Mar-23

Bikaji Foods International (NOT RATED): Appetite for growth

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

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16-Mar-23

Kaynes Technology (NOT RATED): Expanding footprint

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

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01-Mar-23

Tech Mahindra (HOLD): Sandstorm a potential game changer

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

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28-Feb-23

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

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

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20-Feb-23

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

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

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20-Feb-23

TVS Motor (HOLD): Steady performance; healthy outlook

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

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16-Feb-23

Nestle India (BUY): Investing for growth

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

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16-Feb-23

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

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

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15-Feb-23

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

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

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15-Feb-23

CESC (BUY): Stable performance; DF circles disappoint

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

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15-Feb-23

Siemens India (BUY): Stellar quarter

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

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14-Feb-23

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

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

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13-Feb-23

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

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

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13-Feb-23

Thermax (HOLD): Scaling back on large project bids

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

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13-Feb-23

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

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

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13-Feb-23

Alkem Labs (SELL): Quarter buoyed by seasonal tailwinds

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

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11-Feb-23

Shree Cement (HOLD): Cost efficiencies to aid performance

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

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11-Feb-23

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

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

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11-Feb-23

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

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

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11-Feb-23

Voltas (HOLD): Subpar quarter as EMP losses deepen

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

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10-Feb-23

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

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

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09-Feb-23

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

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

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09-Feb-23

Syrma SGS (BUY): Strong topline but margins soften

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

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08-Feb-23

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

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

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08-Feb-23

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

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

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07-Feb-23

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

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

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07-Feb-23

Hitachi Energy (BUY): Chip shortage takes a toll

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

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06-Feb-23

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

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

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06-Feb-23

ITC (BUY): Stellar show continues; outlook bright

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

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05-Feb-23

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

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

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04-Feb-23

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

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

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04-Feb-23

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

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

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03-Feb-23

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

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

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03-Feb-23

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

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

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03-Feb-23

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

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

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03-Feb-23

Crompton Greaves (BUY): Weak lighting business dims performance

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

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02-Feb-23

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

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

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02-Feb-23

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

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

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02-Feb-23

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

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

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01-Feb-23

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

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

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01-Feb-23

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

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

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01-Feb-23

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

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

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31-Jan-23

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

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

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31-Jan-23

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

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

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30-Jan-23

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

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

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30-Jan-23

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

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

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30-Jan-23

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

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

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30-Jan-23

NTPC (BUY): Another strong quarter

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

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28-Jan-23

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

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

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27-Jan-23

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

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

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27-Jan-23

AIA Engineering (BUY): Stellar quarter despite challenging macro

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

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26-Jan-23

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

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

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26-Jan-23

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

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

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25-Jan-23

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

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

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25-Jan-23

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

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

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25-Jan-23

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

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

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24-Jan-23

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

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

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24-Jan-23

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

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

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24-Jan-23

KEI Industries (BUY): Upbeat numbers

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

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24-Jan-23

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

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

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24-Jan-23

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

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

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23-Jan-23

SBI Life (BUY): Upbeat quarter; maintain BUY

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

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20-Jan-23

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

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

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20-Jan-23

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

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

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20-Jan-23

Polycab India (BUY): Buoyant quarter

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

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19-Jan-23

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

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

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19-Jan-23

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

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

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19-Jan-23

IndusInd Bank (BUY): Recovery plan in play

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

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18-Jan-23

Mahanagar Gas (BUY): Healthy medium-term outlook

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

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18-Jan-23

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

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

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18-Jan-23

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

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

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16-Jan-23

HDFC Bank (BUY): Steady earnings growth

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

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13-Jan-23

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

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

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12-Jan-23

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

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

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12-Jan-23

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

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

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12-Jan-23

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

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

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09-Jan-23

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

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

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27-Dec-22

Indraprastha Gas (BUY): Growth levers intact despite EV

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

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23-Dec-22

Solar Industries (NOT RATED): Growth focused

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

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20-Dec-22

JSW Steel (HOLD): Dolvi another growth milestone

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

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20-Dec-22

Syrma SGS (BUY): Capacity expansion on course

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

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12-Dec-22

Voltas (HOLD): Competition weighing on margins

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

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09-Dec-22

Siemens India (BUY): Buoyant outlook

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

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08-Dec-22

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

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

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06-Dec-22

Greenpanel Industries (BUY): Long runway before takeoff

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

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01-Dec-22

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

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

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29-Nov-22

Mahindra & Mahindra (BUY): Performance to strengthen

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

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28-Nov-22

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

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

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21-Nov-22

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

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

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17-Nov-22

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

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

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14-Nov-22

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

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

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14-Nov-22

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

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

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14-Nov-22

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

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

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14-Nov-22

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

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

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14-Nov-22

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

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

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11-Nov-22

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

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

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11-Nov-22

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

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

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11-Nov-22

Lupin (HOLD): Return to double-digit margins

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

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10-Nov-22

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

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

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10-Nov-22

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

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

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10-Nov-22

Zydus Wellness (BUY): High commodity prices play spoilsport

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

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09-Nov-22

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

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

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09-Nov-22

Cera Sanitaryware (HOLD): Steady demand trends

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

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09-Nov-22

Greenpanel Industries (BUY): Domestic demand remains healthy

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

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09-Nov-22

Divi's Labs (HOLD): Disappointing quarter

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

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08-Nov-22

Greenply Industries (BUY): Stable quarter but margins disappoint

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

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05-Nov-22

Maruti Suzuki (HOLD): Healthy performance

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

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05-Nov-22

Cipla (BUY): Robust US and India sales

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

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04-Nov-22

Orient Electric (HOLD): One-offs mar performance

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

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04-Nov-22

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

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

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04-Nov-22

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

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

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02-Nov-22

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

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

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02-Nov-22

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

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

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01-Nov-22

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

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

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01-Nov-22

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

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

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31-Oct-22

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

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

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29-Oct-22

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

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

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28-Oct-22

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

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

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28-Oct-22

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

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

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28-Oct-22

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

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

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28-Oct-22

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

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

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28-Oct-22

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

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

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25-Oct-22

Finolex Industries (HOLD): Revival slipped to Q4

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

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22-Oct-22

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

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

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22-Oct-22

Amber Enterprises (HOLD): Structural growth overhang persists

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

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22-Oct-22

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

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

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22-Oct-22

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

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

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