Vinati Organics | Q4FY23 Result Update
Edelweiss
Expect a subdued performance owing to weak ATBS demand
Summary | Date | Stock | Author | LTP | Target | Price at reco (Change since reco%) |
Upside(%) | Type | Report | Discuss | |
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28 May 2023 | Vinati Organics Ltd. |
Edelweiss
|
1774.70 | 1774.70 | |||||||
28 May 2023 | Zee Entertainment En.. |
ICICI Direct
|
190.80 | 220.00 | 190.80 | 15.30 |
Buy
|
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28 May 2023 | Phoenix Mills Ltd. |
ICICI Direct
|
1479.20 | 1705.00 | 1479.20 | 15.27 |
Buy
|
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28 May 2023 | Caplin Point Laborat.. |
ICICI Direct
|
736.35 | 900.00 | 736.35 | 22.22 |
Buy
|
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27 May 2023 | Radico Khaitan Ltd. |
HDFC Securities
|
1161.45 | 1161.45 |
HSIE Results Daily: Radico Khaitan, Kolte Patil Developers
HDFC Securities
Kolte Patil Developers: KPDL reported the highest-ever annual presales of 3.3msf (+21% YoY), valued at INR 22.3bn (+28% YoY), with an average realisation of INR 6,817 per sq. ft. (+6.4% YoY). 49% of the sales came from sustenance inventory. Its flagship project Life Republic (LR) contributed c.50% towards presales. Pune market contributed 80% towards the sale which KPDL is expecting to bring down to 70% by FY25. For FY24, KPDL expects presales of INR 28bn on the back of INR 53bn worth of project launches with an area of 7.3msf (3msf to be launched in H1FY24). Around 30-40% of FY24 presales are expected to come from sustenance inventory. For FY23, KPDL added INR 39bn worth of projects and, for FY24, it expects to add INR 105bn worth of projects, of which INR 25bn worth was added in May'23. This includes two society redevelopment projects in MMR which are expected to be launched by FY24-end. Projects worth INR 35-40bn in the BD pipeline are in the advanced stages of discussion. KPDL expects to fund its GDV addition via internal accrual and from the INR 2.1bn received from Marubeni Corp towards its investment in the Pimple Nilakh project. Also, its comfortable liquidity position with net D/E at 0.11x (board approval of 0.50x) paves the way for accelerated BD activities. We maintain BUY, with an unchanged SOTP-based TP of INR 380. Radico Khaitan: Radico's Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&A outperformance. Net sales grew by 2%...
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27 May 2023 | Gabriel India Ltd. |
Sharekhan
|
172.70 | 217.00 | 172.70 | 25.65 |
Buy
|
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27 May 2023 | Sudarshan Chemical I.. |
Sharekhan
|
462.15 | 530.00 | 462.15 | 14.68 |
Buy
|
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27 May 2023 | NMDC Ltd. |
Sharekhan
|
106.50 | 125.00 | 106.50 | 17.37 |
Buy
|
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27 May 2023 | Ashok Leyland Ltd. |
Sharekhan
|
145.50 | 181.00 | 145.50 | 24.40 |
Buy
|
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27 May 2023 | City Union Bank Ltd. |
Edelweiss
|
139.40 | 139.40 | |||||||
27 May 2023 | Sun Pharmaceutical I.. |
ICICI Direct
|
969.90 | 1140.00 | 969.90 | 17.54 |
Buy
|
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27 May 2023 | Triveni Engineering .. |
ICICI Direct
|
274.30 | 370.00 | 274.30 | 34.89 |
Buy
|
||||
26 May 2023 | Ashoka Buildcon Ltd. |
HDFC Securities
|
76.50 | 135.00 | 76.50 | 76.47 |
Buy
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | ITD Cementation Indi.. |
HDFC Securities
|
149.25 | 170.00 | 687.75 (-78.30%) | 13.90 |
Buy
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | TTK Prestige Ltd. |
HDFC Securities
|
687.75 | 725.00 | 687.75 | -5.42 |
Sell
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | Brigade Enterprises .. |
HDFC Securities
|
542.05 | 632.00 | 542.05 | 16.59 |
Buy
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | Fine Organic Industr.. |
HDFC Securities
|
4472.95 | 4694.00 | 4472.95 | 4.94 |
Accumulate
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | Emami Ltd. |
HDFC Securities
|
401.75 | 385.00 | 401.75 | 4.17 |
Sell
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | Phoenix Mills Ltd. |
HDFC Securities
|
1479.20 | 1800.00 | 1479.20 | 21.69 |
Buy
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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26 May 2023 | Oil India Ltd. |
HDFC Securities
|
260.50 | 290.00 | 260.50 | 11.32 |
Accumulate
|
HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami, Fine Organic Industries, Brigade Enterprises, TTK Prestige, …
HDFC Securities
Brigade Enterprises: Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY). This was on the back of robust launches of 5.5msf (3.8msf in FY22), with 3.02msf launched in Q4FY23. Over 60% of the residential presales came from new launches in Q4FY23. In FY24, BEL plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which will be launched in Q3/Q4FY24. 25% of these launches will be from the Mount Road Chennai project (i.e. TVS land). The average price hike stood at 7%, excluding newly-forayed plotted development presales. In terms of BD, BEL added INR 50bn worth of GDV with an area of 8.7msf. The retail segment saw healthy rental of INR 1.6bn (+60% YoY) with footfalls increasing by 106% YoY. The weighted average rental also increased by 13% YoY. Within the office segment, non-SEZ assets are all leased out with muted leasing in the SEZ assets i.e. WTC Chennai, Tech Garden and Financial Center, GIFT. Given BEL's strong cash position of INR 17bn, a robust business development pipeline, and a healthy balance sheet, we remain constructive. We reiterate BUY, with an unchanged TP of INR 632/sh. TTK Prestige: TTK Prestige's Q4FY23 print disappointed on all counts with revenue/EBITDA/PAT declining by 13/25/25% YoY respectively. Domestic revenue fell 11% YoY on account of (1) demand softness due to an inflationary environment (2) consumer wallet share moving away from kitchen appliances and (3) pricing-led competitive intensity (more so in the mid-economy segment)....
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