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operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 towards lower priced 2Ws, where TVS presence is minimal. Sales expectations from its most is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers profitable segments (3W & exports) also remain blurry. This, along with frequent local level for margin improvement. However, we believe current valuations already discount most of the lockdowns is creating supply side issues. We believe, in FY21e, TVS would grow lower than the...
Maruti Suzuki Q1FY21 results: reported Net loss of Rs.266.90 crore; Production challenges persist; misses Street estimates Consolidated sales for the period was down by 79% to Rs 4110.60 crore and the OP was a loss...
Operating profit decreased by 21.2% YoY to Rs. 301cr, with operating margin contracting 261bps YoY to 73.0%, impacted by fall in equity market. PAT reported at Rs. 302cr (+3.6% YoY) helped by higher other...
Quarter dented by weak ULIPs; Outlook intact ICICI Prudential Life Insurance Co. Ltd. is a joint venture between ICICI Bank and Prudential Corp. Holdings. The issuer offers protection for life and health...
Background: Supreme Industries (SI) is a plastic product manufacturer and the largest plastic processor in India, processing over 0.37mn MT annually. Company has four business verticals i.e. Plastic Piping (55%), Packaging Products (21%), Industrial Products (16%) and Consumer Products (7%). SI has 22 manufacturing plants situated across India. Company enjoys a significant market share across its business verticals; Plastic Piping (9.48%), Industrial Products (15%) and...
Asian markets are trading mixed after the Fed Reserve kept interest rates unchanged while investors take note of data from Japan which showed retail sales for June declined 1.2% vs. estimates of a 6.5% decline. Nikkei is trading higher by 0.27%, Hang Seng is trading higher by 0.09% and Shanghai is t
Valuation and Outlook: We have valued the stock based on 4.9x forward P/EV with a discount of 0.8x and 56.7x forward P/VNB and has arrived at a price target of Rs. 695 with potentialupside of 9%. We rate the stock as HOLD'.
DRRD is well-placed to erosion in the base business, b) robust ANDA launches for the US segment, c) improving benefit from cost rationalization, d) a favorable demand-supply scenario in the PSAI segment, and e) synergy benefit through the addition of the Wockhardt portfolio. After three years of YoY decline in US sales, DRRD exhibited 5% growth in FY20, led by new launches, improved market share, and the reduced impact of price erosion in the base portfolio. The PSAI business has remained sluggish over the past three years, with a CAGR With a strong order book, a favorable demand-supply scenario, and the low base of the past year, DRRD delivered 88% YoY growth in the PSAI segment in to de-risk API supplies and b) stocking up on APIs in preparation of unexpected We expect the PSAI business to post a CAGR of 23% over FY2022 as clients focus on alternate sources of RMs to de-risk their businesses.
It expects cost-cutting efforts to boost margins, with volume recovery and the Premium portfolio outperforming. 25.6%), weighed by a weaker product mix (lower export mix and Apache) and the impact of the BS6 cost inflation (as contribution margins are yet to be Furthermore, op. Interest cost increased due to additional borrowings in 1QFY21 to ensure The company expects demand recovery in 2HFY21, with TVSL performing better than the industry on account of its portfolio. Apache faced severe production-related challenges, which impacted the mix in Expect margins to improve in 2H, driven by cost cutting and focused market strategy. would be INR3b for FY21 and investment in TVS Credit would be We upgrade our FY20/FY21 EPS by 2%/5% to INR10.3/17.5 to reflect volume recovery. We expect TVSLs market share gains to slow as there are now only limited product gaps in its portfolio. We upgrade our FY20/FY21 EPS by 2%/5% to INR10.3/17.5 to reflect demand recovery.
