Research Reports published by LKP SECURITIES

Polycab India Ltd.    
07 Jun 2021
LKP Securities
Polycab registered another strong quarter with revenues at 3,037 crs growing by 43% YoY and 9% QoQ with growth across business segments and improving share of B2C business. The company has met its guidance of delivering a much better second half with a strong growth. Even when the commodity market is on the rise resulting in higher raw material prices, Polycab has...
Number of FII/FPI investors increased from 145 to 168 in Mar 2021 qtr.
Bank of Baroda    
31 May 2021
LKP Securities
slippages of 450bn. Furthermore, the collection efficiencies of domestic loans stood at 96% v/s 93% declared earlier. Its reported GNPA (8.87% v/s 9.63% in 3QFY21) and NNPA (3.09% v/s 3.36% in 3QFY21) declined substantially along with higher PCR of 81.8%. The bank has witnessed stable net advances (2.3% YoY, 1.1% QoQ) and deposit growth (2.2% YoY, 1.3% QoQ) with better liquidity position (LCR of 140% +). Moreover BOB has reported net loss of 10.5bn on the back of DTA adjustments (Tax: 37.3bn v/s 5.7bn in 3QFY21). Factoring the difference between the reported NNPA and pro-forma NNPA, we believe the covid provision (32bn) could absorb half of the existing stress. Remaining half can be managed with internal accruals. The profitability may...
Bank of Baroda has an average target of 82.13 from 9 brokers.
Mahindra & Mahindra Ltd.    
29 May 2021
LKP Securities
M&M;'s Q4 FY21 numbers came in line at the topline at 135 bn, a growth of 48% yoy as volumes grew 33% in the same period. This growth was also led by a 15% growth in realizations. Q3 FY21. Tractor division revenues increased by 60% yoy led by (a) 58% yoy increase in volumes and (b) 2% yoy increase in ASPs in Q4 FY21. Automotive EBIT margin dropped 330 bps qoq to 3.1%, (+20 bps yoy). It dropped sequentially due to negative operating leverage and higher input costs. Tractor EBIT margins came in at 22% (+540 bps yoy, -140 bps qoq). Overall EBITDA margin came in at 13.2% (+80 bps yoy, - 280 bps qoq). This was however, lower than our expectations...
Mahindra & Mahindra .. has an average target of 866.70 from 12 brokers.
City Union Bank Ltd.    
29 May 2021
LKP Securities
City Union Bank (CUB) reported 4QFY21 earnings in line with our expectations and the key pointers are a) relatively healthy business growth with net advance and deposit growth of 0.7% QoQ and 2.9% QoQ respectively, b) sequentially higher C/I ratio of 50.1% v/s 38.9% in 4QFY21...
City Union Bank Ltd. is trading at high day volume of 6.9M.
LT Foods Ltd.    
28 May 2021
LKP Securities
LT Foods Ltd (LTF) witnessed a muted quarter with decline in revenues by 6% mainly due to stocking up in March last year with onset of Pandemic. Operating margins also contracted marginally due to investments made in strengthening its international operations. EBIDTA margins was marginally lower by 26bps with increase in gross margins led by improving product mix. For the full year FY21, the company registered a revenue growth of 12% led by growth in the US, Europe and Organic business. Increase in gross profits and savings in interest cost led to expansion in...
LT Foods Ltd. has gained 123.81% in the last 1 Year
Federal Bank Ltd.    
18 May 2021
LKP Securities
Federal Bank has reported 4QFY21 earnings in line with our expectations led by a) Stable NII growth (16.8% YoY) with NIMs at 3.23%, b) relatively healthy business growth with net advance and deposit growth of 7.9% YoY and 13.4% YoY respectively, c) sequentially higher C/I ratio of...
Federal Bank Ltd. has gained 29.89% in the last 6 Months
Raymond Ltd.    
13 May 2021, 12:00AM
LKP Securities
Inherent Value far higher than present MCAP Robust Performance from Textile Business Auto Parts & Engineering reports a stellar show...
Raymond Ltd. has gained 18.05% in the last 1 Month
DCB Bank Ltd.    
09 May 2021
LKP Securities
DCB bank's 3QFY20 earnings demonstrated sequentially lower provisioning expenses (1.0bn v/s 1.47n in 3QFY21) and net profit of 779mn; down by 19% sequentially. The headline PCR decreased sequentially to 6.4% as fresh slippages remained high. Pursuant to the Supreme...
Number of FII/FPI investors decreased from 146 to 140 in Mar 2021 qtr
Hero MotoCorp Ltd.    
07 May 2021
LKP Securities
Hero reported strong set of numbers in Q4. Volumes grew by 18.5% yoy while fell by 15% qoq to 1.57 mn units, while topline grew by 39.2% yoy to 86.86 bn as realizations witnessed a fantastic expansion of 12% yoy mainly on price hikes taken in Q4, model mix tilting towards big ticket models and low base of last year when BS 6 was playing as a dampener. The demand in Q4 remained strong even after the best quarter of Q3. Input costs to sales remained flattish sequentially at 70.4% despite commodity prices moving up by 5%. This was a big surprise for the street as other auto players were unable to arrest this surge. Due to this impact, EBITDA margins surged to 13.9%, while rising from 10.6% yoy and slightly falling qoq. The company managed the...
Hero MotoCorp Ltd. has an average target of 3311.36 from 15 brokers.
RBL Bank Ltd.    
05 May 2021
LKP Securities
the previous quarter. The up-gradation & recoveries stood 7.8bn against 0.8bn in 3QFY21. Reported GNPA/NNPA/PCR: 4.34%/2.12%/72.2% against 1.84%/0.71%/86.4% in the previous quarter. The bank's NPA ratios down from Pro-forma GNPA/NNPA of 4.57%/2.37% in the prior quarter. The restructured asset grew 51bps to 1.41% of loan book. The BB + and below book stood at 5.7% of the total book. The BB & below pool (calculated) stood at ~4.9% of the net advances. Moreover, the A- and above book stood 77.6%. In 4QFY21, the bank's provisioning expenses increased 25.7% sequentially to 7.6bn v/s 6.1bn in the previous quarter. The total...
RBL Bank Ltd. has gained 35.94% in the last 1 Year