Research Reports published by ICICI SECURITIES LIMITED

TCNS Clothing Co. Ltd.    
22 Jun 2021, 12:00AM
575.05
-2.97%
ICICI Securities Limited
TCNS Clothing reported decent Q4FY21 results with marginal revenue growth of 1% YoY to | 221 crore. On adjusted base, recovery was ~76% of pre-Covid levels (vs. 72% in Q3FY21). The revenue recovery rate would have been better but the pace of recovery was hampered by partial lockdowns in various states from mid-March onwards. Non-metro cities continued to recover at a swift pace with Tier II, III cites recovering at ~95% of pre-Covid levels. Stores in metro cites are lagging behind with 75% recovery rate. Gross margins remained flattish YoY at 57.4% but continue to remain below...
TCNS Clothing Co. Ltd. has gained 26.77% in the last 6 Months
Info Edge (India) Ltd.    
22 Jun 2021, 12:00AM
4783.95
-1.83%
buy
ICICI Securities Limited
InfoEdge's Q4FY21 numbers were below our estimates. However, the company has seen improving billing growth both on a YoY and QoQ basis. Billing increased 25.1% YoY, 39.8% QoQ to | 415.3 crore, mainly led by 26% YoY growth in recruitment and 41.5% YoY growth in 99 acres billing. As compared to Q4FY19 (a pre-pandemic quarter), overall billing was up 15.0%. Overall revenues on a QoQ basis increased 6.5% QoQ. EBITDA margins declined from 29.9% in Q4FY20 to 18.3% (below our estimate of 29.6%)...
Info Edge (India) Ltd. has an average target of 3825.20 from 5 brokers.
India Pesticides Ltd.    
22 Jun 2021, 12:00AM
ICICI Securities Limited
Incorporated in 1984, India Pesticides is one of the fastest growing agrochemicals companies in India with key focus on manufacturing agrochemical technicals and formulations. Over the years, it has diversified into manufacturing herbicide and fungicide technicals and active pharmaceutical ingredients. The company has two manufacturing facilities in UPSIDC Industrial Area at Dewa Road, Lucknow and Sandila, Hardoi in Uttar Pradesh, spread across over 25 acres. As of March 31, 2021, the aggregate installed capacity of manufacturing facilities for agro-chemical...
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HDFC Securities released a IPO Note report for India Pesticides Ltd. on 22 Jun, 2021.
NTPC Ltd.    
21 Jun 2021
117.25
-0.89%
buy
Hold: NTPC Ltd.
ICICI Securities Limited
Other conference call highlights include a) from a balance sheet perspective, receivables were greater than 45 days, which was at | 19164 crore in September 2020 and | 16720 crore in December 2020 on account of overdues from SEBs has drastically come down to | 6500 crore as of FY21, b) cumulative capex on coal mining was at ~| 8100 crore, c) standalone,...
Number of FII/FPI investors decreased from 592 to 575 in Mar 2021 qtr
Trent Ltd.    
21 Jun 2021
858.65
0.66%
buy
ICICI Securities Limited
Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from | 144 crore to | 507 crore as on FY20, translating into robust CAGR of 88%. Despite a washout in Q1FY21 (revenue decline by 80% YoY), Zudio displayed a resilient show from H2FY21 onwards. The like for like (LFL) recovery rate got enhanced sharply to 91% in Q3FY21 and 100% in Q4FY21. Revenue decline was restricted to 5% YoY at | 480 crore in FY21. The fact that Zudio is not promoted as Westside or a Tata brand signifies the inherent strength of the business model. Given the scalability of the brand...
Trent Ltd. has gained 45.88% in the last 1 Year
Sagar Cements Ltd.    
21 Jun 2021
1083.00
-3.63%
buy
ICICI Securities Limited
The company is aiming to reach 10 MT capacity by FY25E. In the first phase, Sagar is adding 2.5 MT capacity (1 MT in MP, 1.5 MT in Odisha) for capex of | 890 crore. These capacities will get commissioned by the end of Q2FY22E. Post these expansions, the total capacity will increase to 8.25 MT. With completion of these expansions, we expect debt levels to peak around | 815...
Sagar Cements Ltd. average weekly volume is high.
Cochin Shipyard Ltd.    
19 Jun 2021
ICICI Securities Limited
Cochin Shipyard exited FY21 with an outstanding performance in Q4 wherein revenue and operating margins were a beat to our estimates. Ship repair segment, which was lagging since Covid, has now kicked in strong revenue and margins adding thrust to Cochin's overall performance. The company declared a dividend of | 2.5 per share during the quarter. Revenue for the quarter came in at | 1080.3 crore (vs. I-direct estimate of | 975 crore), up 32.3% YoY, 44.3% QoQ. Gross margins contracted ~411 bps YoY, 2150 bps QoQ (YoY being a higher base, QoQ being a one-off exception)....
Cochin Shipyard Ltd. has an average target of 430.80 from 5 brokers.
Somany Ceramics Ltd.    
18 Jun 2021
598.95
-2.65%
ICICI Securities Limited
Covid to impact Q1; mid teen growth guidance for FY22 Volume growth was led by strong traction in tier II, III and below cities, aiding capacity utilisation (at ~97% in Q4) and now contributes 75% to revenues. Furthermore, volume diversion towards exports by Morbi players (~40% Morbi volumes exported now vs. ~25% earlier), is also improving the demand and pricing scenario for organised player. Going forward, the company expects 60-70% of overall targeted sales during Q1FY22 owing to the second wave. April 2021 sales were at ~85% of the company's internal...
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Somany Ceramics Ltd. has gained 45.09% in the last 3 Months
DB Corp Ltd.    
18 Jun 2021
109.20
1.68%
buy
ICICI Securities Limited
The management indicated that their focus in FY22 would be to bring back volumes, which means that ad pricing would be still suppressed. We expect a pricing recovery only in FY23, provided circulation is not impacted by any potential third wave. The company had taken | 8-10 per month circulation hike, which was positively surprising considering the on ground situation. However, we believe it could be largely absorbed due to market share gain in its key markets. We now bake in lower print + digital ad revenue at | 1299 crore in FY23E with 18.4% CAGR in FY21-23E on a supressed base. DB...
DB Corp Ltd. is trading above all available SMAs
Zensar Technologies Ltd.    
18 Jun 2021
297.80
-0.12%
ICICI Securities Limited
Historically, the company suffered due to lower focus on core business of Oracle, unstructured verticals & sales, leakage in revenues due to project ramp downs and higher share (~55% of revenues) in commoditised business. Zensar has addressed some concerns through acquisition of experience companies like Indigo Slate & foolproof. The new CEO has also devised a new strategy to address the vertical structure by focusing on core business experience and build on digital engineering, data analytics, machine learning. Further, Zensar will invest in cloud hyperscaler and do...
Zensar Technologies Ltd. has gained 129.73% in the last 1 Year