Dewan Housing Finance (DHFL) posted steady operating performance yet again in 2QFY18, however, liquidity issues began at the end of the quarter. DHFLs business grew in the quarter with a 35% yoy rise in loan book to `1,10,100cr. Further, in-line with the loan book, AUMs also increased by 38% yoy in the quarter. At the bottom-line, the co..

VIP Industries Ltd (VIP) is the largest luggage player in India with ~50%+ market share in the organised market. It has been able to create successful sub brands like Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese. We feel that the company is in very sweet spot where it is gaining market share from unorganised players and can gr..

For 2QFY2019, Aurobindo Pharma (APL), the company posted sales of `4,667cr v/s. `4,354cr in 2QFY2018, a yoy growth of 7.2%. On the operating front, the EBITDA margin came in at 18.8% v/s. 23.8% in 2QFY2018. YoY decline is on the back of sales of certain high margin products in 2QFY18. Sequentially EBDITA margins expanded by ~340bp. Conseq..

For 2QFY2019, Siyaram Silk Mills (SSML) posted subdued set of results, which were below our expectations on both, top-line as well as bottom-line fronts. Revenue grew ~9% yoy. On the margin front, the company reported operating margin contraction by 173bps yoy. On the bottom-line front, SSML reported de-growth of ~11% yoy to ~`27cr due to..

Outlook & Valuation: We have positive view on steel and power sectors on long term basis and expect JSPL to perform well in coming years owing to ramp up of Angul plant and realization in steel segment. We also expect power segment to perform well on account of improving power demand situation and various effort by GoI for availabilit..

For 2QFY2019, M&M posted subdued performance on both, top-line as well as bottom-line fronts. Revenues grew by ~7% yoy to `12,989cr. On the bottom-line front, M&M reported growth of ~26% yoy to `1,649cr on the back of one time exceptional income and lower taxes. Outlook and Valuation: We expect M&M to report net revenue CAGR o..

Outlook & Valuation: We believe AAL is comfortably placed to tap the upcoming opportunity in the industry owing to improving road infra, BS-VI pre-buying and foray into new segment coupled with expansion of capacity by 35-40%. At the CMP of Rs1,250, the stock is available at 12.3x its FY2020E EPS of Rs96. We have assigned a multiple o..

For 2QFY2019, Ashok Leyland Ltd (ALL) posted good set of results both on top-line as well as bottom-line fronts. Revenue grew by 25.8% yoy to `7,608cr. On the bottom-line front, ALL reported PAT growth of 37.5% yoy to `460cr on the back of strong top-line growth and operating margin improvement. Outlook and Valuation: We expect Ashok Leyl..

For 2QFY2019, TV Today Network Ltd (TTNL) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by 3.5% yoy to `163cr due to subdued ad revenue growth. On the operating front, margins contracted by 428bp yoy, which resulted in PAT de-growth of ~6% yoy to `30cr. Outlook and Valuation: Going forw..

utlook and Valuation: Considering the changing dynamics of renewable energy consumption and governments thrust to auction 10 GW wind capacity every year by 2028, we are bullish on sector and hence have a positive outlook on IWL. At the CMP of INR 90, stock is available at PE multiple of 5.8x its FY2020E EPS of INR 16. We recommend a BUY ..

Strong growth in revenue: For Q2FY2019, Safari Industries (Safari) posted a strong yoy growth of 44% in revenue to `127 cr mainly led by volume growth. The company is garnering market share from the unorganized market and seeing good demand in its backpacks and new categories which is driving such strong growth in its top line. Margins we..

For Q2FY2019, Parag Milk Foods (PARAG) posted decent performance with 14%/22% yoy growth in revenue/ PAT led by 23 bps expansion in margin. The company has maintained its revenue target of `2700 crore+ for FY2020 backed by widening distribution network and product portfolio. We have maintained our earnings estimates in view of new product..

NTPC India (NTPC) is the largest power utility in the Indian Power sector, having 24% & 16% market share in the power generation & installed capacity in India respectively. Private sector is in bad shape on back of poor business economics on back of slew of factors; mentioned in the report. On the other hand, NTPC India, which is ..

For 2QFY2019, Bata India (BIL) posted strong set of numbers, exceeding our expectations on bottom-line front. Revenues grew by ~15% yoy (in-line with our estimate). The companys operating margins improvement by robust 199bps yoy. On the bottom-line front, BIL reported growth of ~30% yoy to `56cr on the back of strong operating performanc..

For 2QFY2019, KEI Industries (KEI) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenue grew by ~33% yoy (above our estimate), however, the company reported a marginal dip in operating margins. On the bottom-line front, KEI reported growth of ~45% yoy to`41cr on the back of strong..

For 2QFY2019, Blue Star posted results above our expectations on the top-line front; however, bottom-line numbers came below expectations. The company has reported 21.5% top-line growth, whereas PAT was down ~14% yoy due to losses in JV and higher interest cost. Outlook & Valuation: We forecast Blue Star to report top-line CAGR of ~13..

SHTF reported 2QFY19 PAT of `609cr (up 23% yoy/6% qoq), helped by strong AUM growth and marginal improvement in NIM. NII increased 25% yoy with reported NIM increased 6bps (8bps qoq) to 7.52%. Operating profit growth was healthy at 23% YoY to `1,622cr. Asset quality improved QoQ with Gross Stage 3 ratio falling 40bps QoQ to 8.71% (on AUM)..

ICICI Bank reported net profit of `909cr in 2QFY2019, driven by strong growth in pre-provision profit (PPP). PPA was helped by strong uptick in margins (+14bps qoq) to 3.3%. Moreover, credit cost continued to moderate for ICICI (3.01% in 2QFY2019), with total provisions down 33% qoq to `3,994cr. Slippages were multi quarter low at `3,117c..

HDFC Bank delivered steady performance for Q2FY19, with PAT growth of 20.6% yoy. On the operating front, the bank reported 20.6% yoy growth in NII. NIM, at 4.37% was down by 17bps qoq & increased by 10bps yoy. The bank managed to reduce its expenses and brought down the cost/income ratio from 41.5% in Q2FY18 to 39.9% in Q2FY19. Outloo..

For 2QFY2019, Music Broadcast (MBL) posted muted results both on top-line and bottom-line fronts. Revenues grew by ~5% yoy to `80cr on the back of equal contribution of volume and price hike. The companys operating margins improved by robust 120bps yoy. On the bottom-line front, MBL reported lower growth of ~5% yoy to`13cr on the back of..