Research Reports published by KRCHOKSEY

Infibeam Avenues Ltd.    
13 Nov 2020
92.15
-3.76%
buy
KRChoksey
On standalone basis, for Q2FY21, revenue came to be INR 1,305 mn down 13.9% YoY (up 51.1% QoQ) and standalone PAT also declined 49.9% YoY (up 57.2% QoQ) to INR 50 mn. For Q2FY21 on consolidated basis, Revenue declined 8.6% YoY (up 49.9% QoQ) to INR 1,539 mn. EBITDA declined 13.9% YoY (up 11.7% QoQ) to INR 346 mn. EBITDA margin contracted 138 bps YoY / 769 bps QoQ to 22.5%. Operating margin contracted 493 bps YoY / 115 bps QoQ to 6.1% in Q2FY21....
Infibeam Avenues Ltd. is trading above all available SMAs
Aarti Industries Ltd.    
13 Nov 2020
1205.95
0.87%
buy
KRChoksey
Aarti Industry's specialty chemicals volume growth was driven by sales push in non-regular market for its discretionary products. Pharma segment continues to grow its volume with demand being intact resulting in better operating leverage for the company. Overall revenue increased on account of increasing volume and greater traction from customer, based on scale-up of value-added products. Specialty chemical segment EBIT margin contracted 676 bps YoY / (up 172 bps QoQ) to 17.1% due to one-time effort to push higher volume at lower margin, while that of Pharma segment expanded 700 bps / 219 bps QoQ to 25.5%, resulting in overall EBIT margin contraction by 445 bps YoY (up 163 bps QoQ)....
Dolat Capital downgraded Aarti Industries Ltd. to Accumulate with a price target of 1020.0 on 18 Nov, 2020.
863.00
0.57%
buy
KRChoksey
The business for SBI life improved sequentially and annually, growing 28% YoY/71% QoQ as business across channels improve. The renewal premium grew 28% YoY/123% QoQ as persistency across tenure improved materially. The market share rose to 24.5% from 23.9% in Q1FY21. The growth was also witnessed from new Banca partnerships. Overall Banca partnership from non SBI is likely to have risen 71% YoY in H1FY20 but was lower 25% YoY in the SBI channel and lower by 21% YoY in agency. The agency productivity is...
SBI Life Insurance Company Ltd. is trading above all available SMAs
Asian Paints Ltd.    
28 Oct 2020
2438.75
1.13%
buy
Accumulate: Asian Paints Ltd.
KRChoksey
Asian Paints reported revenue growth of 5.9% YoY / 83.1% QoQ to INR 5,350 Cr above our estimate of INR 4,203. Overall, EBITDA margin improved 474 bps YoY to 23.6% ( +708 bps QoQ) on the back of soft raw material prices, better product mix, favorable foreign currency and cost optimization measures undertaken over the period. Net Profit increased by 1.2% YoY to INR 830 Cr (+280.1% QoQ) with NPM of 15.5% (-72 bps YoY) due to the lower total tax. Board has recommended payment of interim dividend of INR 3.35 per equity share of the face value of INR 1 each for FY21; as on...
Asian Paints Ltd. has gained 10.09% in the last 1 Week
Bajaj Auto Ltd.    
27 Oct 2020
3311.40
0.52%
buy
Accumulate: Bajaj Auto Ltd.
KRChoksey
For Q2FY21, Bajaj Auto reported total revenue from operations of INR 7.041 Cr, degrowth of 6.1% YoY (up 138.8% QoQ) Domestic Volumes declined by 9% YoY at 573,586 units whereas Export volume declined by 20% YoY at 479,751 EBITDA margin expanded 93 bps YoY to 18.0% (+539 bps QoQ). Net Profit de-grew by 18.9% YoY to INR 1,138 Cr. (+115.7% QoQ) attributed to reduction in treasury income coupled with one-time gain noted in last year's Net Profit. Net profit margin contracted 255 bps YoY/173 bps QoQ to 16.2% In Q2FY21, the company introduced Pulsar 125 Drum Split Seat and expanded the footprint of Pulsar 125 Disc Split Seat. Further...
Axis Direct released a Buy report for Bajaj Auto Ltd. with a price target of 3500.0 on 23 Nov, 2020.
2591.15
0.98%
buy
KRChoksey
New product launches in Equity may hold promise: It plans to launch new investment styles and funds to mitigate the stagnancy of weak performance. It hired 2 fund managers with distinctive investment styles and carved out 2 schemes and is expected to carve another in few quarters. For the fund of its size, it believes it cannot depend on strategies based on market cap alone and need differentiated investment strategies to...
FIIs/FPIs have decreased holdings from 533 to 492 in Sep 2020 qtr
Nestle India Ltd.    
27 Oct 2020
17828.70
1.92%
buy
Accumulate: Nestle India Ltd.
KRChoksey
For Q3CY20, Nestle India reported revenue growth of 10.1% YoY (+16.1% QoQ) to INR 35,417 mn Domestic Sales increased by 10.2% YoY largely driven by volume & mix. Along with this, Export Sales increased by 9.4%. EBITDA margin improved by 158bps YoY to 24.9% (+44bps QoQ) mainly due effective inventory management and other expenses Net Profit declined marginally by 1.4% YoY / (up by 20.7%) to INR 5,871 mn with NPM of 16.6% (down 194bps YoY / up 62bps QoQ);...
Nestle India Ltd. has an average target of 17809.62 from 14 brokers.
1012.35
-0.29%
buy
KRChoksey
Alembic pharma reported yet another outstanding quarterly numbers with 7%/21%/34% higher Revenue/EBITDA/PAT from our estimates. The beat was supported by strong growth in Azithromycin OSD along with the strong market share gain. Lagging therapies of Gastroenterology and Gynecology also reported significant improvement during the quarter. Geography wise, growth in revenue was led by the ROW market which grew by 84.1% YoY (14% of revenue, up 3.3% QoQ) due to continued recovery in the European businesses from supply chain related issues and API business which grew by 28.9% YoY (18% of revenue, flat QoQ). The...
Alembic Pharmaceutic.. has an average target of 1120.86 from 8 brokers.
UltraTech Cement Ltd.    
23 Oct 2020
5091.40
4.04%
buy
KRChoksey
UltraTech's consolidated cement sales volume grew 18.7% YoY (+36.9% QoQ) to 20.1 MT due to strong demand from rural & semi urban regions. Volume growth was recorded in all the regions barring the West region. Trade sales share increased 3.0% YoY while Rural markets penetration increased by ~5% YoY. In Q2FY21, UltraTech's utilization was at 66%. Utilization...
UltraTech Cement Ltd. has gained 30.01% in the last 3 Months
Sterlite Technologies Ltd.    
23 Oct 2020
164.10
3.24%
buy
KRChoksey
Net profit after tax for the quarter declined by 65% to INR 552 Mn. Profit declined was on account of lower revenue, increase in deprecation cost and decline in operating margins. Order Book remains robust at INR 107050 Mn. The order book consists of 43.9% Telecos, 36.9% Citizen Networks and Enterprises 18.8%. Cloud segment is less than 1% of overall order book. For H1FY21, Revenue from India 51% followed by Europe 30%, China 4% and ROW 15%....
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Sterlite Technologies Ltd. is trading above all available SMAs