Research Reports published by PRABHUDAS LILLADHAR

Infosys Ltd.    
10 Jun 2021
Prabhudas Lilladhar
Adverse employee-mix ratio led to higher average wage growth, up from 3% in FY20 to 5% in FY21 despite offshoring at all-time high. Infosys's FY21 annual report titled Cloud Chaos to Clarity showcases how aggressive cloud adoption globally has opened many new avenues. Infosys believes that its dynamic Cobalt services will deliver accelerated cloud...
Infosys Ltd. has gained 25.52% in the last 6 Months
GAIL (India) Ltd.    
10 Jun 2021
Prabhudas Lilladhar
Improving commodity price outlook in a post Covid world to drive earnings. petrochemicals and LPG realization. Sharp recovery in commodity prices innew pipelines over next one year will augment volumes and profits. We had put the rating under review after a sharp run up in stock prices and now have...
GAIL (India) Ltd. has gained 30.05% in the last 6 Months
TeamLease Services Ltd.    
10 Jun 2021
Prabhudas Lilladhar
Teamlease (TEAM) reported slight miss on revenue, +5% QoQ (Ple: 6.5% QoQ) due to impact of covid in March 21. Growth was led by strong General Staffing and NETAP trainees' headcount, +8% QoQ, 4% YoY surpassing precovid levels. Specialized staffing declined by 3.3% QoQ due to reduction of...
HDFC Securities increased Buy price target of TeamLease Services Ltd. to 3950.0 on 10 Jun, 2021.
Petronet LNG Ltd.    
09 Jun 2021
Prabhudas Lilladhar
Rising domestic supplies from RIL/ONGC are unlikely to impact PLNG but new LNG terminals without any LT contracts, in our view. We lower our FY22/23E estimates by 16%/4%to factor volume dip from high spot LNG prices and lockdown restrictions. PLNG is a play on India's rising LNG imports supported by soft spot LNG prices. We like PLNG's business model given high earnings visibility and see limited competition to its wellentrenched reach in the LNG business. However, recent change in their...
Petronet LNG Ltd. has an average target of 302.64 from 12 brokers.
Max Financial Services Ltd.    
09 Jun 2021
Prabhudas Lilladhar
VNB margins steady at 25% despite higher COVID claim provisions Max Life's overall APE grew by 36% YoY in Q4FY21 ending FY21 with 19.5% YoY growth best among peers and given the pandemic impact which was led by led by 18% FYP premium. Also protection growth of 10-12% YoY was better than peers, while product launches at start of FY21 augured well with non-par savings mix improving by 12% with doubling of APE in FY21. Max has done well at start of FY22 despite challenges from second wave. It should continue to gain market share with continued focus on non-par savings/protection and...
Promoters unpledged 2.67% of shares in last quarter. Total pledge stands at 84.53% of promoter holdings
Engineers India Ltd.    
09 Jun 2021
Prabhudas Lilladhar
includes Petrochemcial expansion of BPCL and HMEL, MRPL refinery Bina refinery expansion to be awarded in FY22. In the short term, we expect second wave of Covid 19 to impact the performance of company. However, given EIL's healthy order book, lean balance sheet, strong project pipeline and good growth visibility augurs well in the long run. Given healthy FY21 performance primarily led by turnkey segment, we have revised our earnings estimate by 11.3%/11.9% for FY22E/23E. The stock is currently trading at 10.2x/7.8x FY22E/23E. We...
Engineers India Ltd. has an average target of 104.33 from 3 brokers.
SECTOR | 07 Jun 2021
Prabhudas Lilladhar released a Sector Update report for Agriculture on 07 Jun, 2021.
Bharat Forge Ltd.    
07 Jun 2021
Prabhudas Lilladhar
BHFC's 4QFY21 result beat estimates on all fronts as Revenue/EBITDA/Adj. PAT came higher by 10%/23%/43% over PLe. This was led by i) 39% YoY growth in tonnage (due to strong traction in auto demand for both domestic/exports), ii) 7% YoY growth in realizations (better mix and RM inflation price through) and iii) cost control. Outlook for auto segment...
Geojit BNP Paribas increased Buy price target of Bharat Forge Ltd. to 850.0 on 07 Jun, 2021.
Motherson Sumi Systems Ltd.    
03 Jun 2021
Prabhudas Lilladhar
MSS 4QFY21 results were operationally in-line as EBITDA grew 24% YoY to Rs17.2b (PLe Rs17.7b) with margins at 10.1% (+90bp YoY, PLe 10.7%) led by continued healthy performance in key global businesses. SMRP BV's healthy order book at Eur15.6b (with Eur4.5b new orders won in 2HFY21) will drive healthy revenues over FY22-24. Sound working capital management and controlled capex led consol net debt to decline by Rs48b in FY21 (v/s Rs69b in FY20). We expect deleveraging to continue for organic business as strong...
Motherson Sumi Systems Ltd. has gained 56.71% in the last 6 Months
PVR Ltd.    
03 Jun 2021
Prabhudas Lilladhar
PVR's operational performance was broadly in-line with our estimates. Emergence of 2nd wave has delayed the recovery process (all screens are currently shut) and footfall stabilization is expected in 2HFY22 given rising instances of localized lockdowns prompting us to cut our FY22E EBITDA estimates by ~43% odd. Nonetheless, we keep our FY23E estimates broadly intact and remain constructive over the long term as content pipeline is strong which is expected to result in bunching up of releases post reopening. We maintain BUY with a revised TP of Rs1,429 (11x FY23EBITDA; no change in target multiple) as 1) the ongoing vaccination drive is expected...
Number of FII/FPI investors increased from 164 to 178 in Mar 2021 qtr.