Arihant Capital Broker Research reports

We had hosted Investor Conference on 29th & 30th September 2021 where 15 companies participated at our Arihant Rising Star's Virtual Summit. Key takeaways from the conference are as follows:...

We had hosted Investor Conference on 29th & 30th September 2021 where 15 companies participated at our Arihant Rising Star's Virtual Summit. Key takeaways from the conference are as follows:...

We had hosted Investor Conference on 29th & 30th September 2021 where 15 companies participated at our Arihant Rising Star's Virtual Summit. Key takeaways from the conference are as follows:...

Route Mobile Ltd (Route), incorporated in 2004, is a Mumbai headquartered leading Cloudcommunication platform provider, catering to enterprises, over-the-top (OTT) players and Mobile network operators. Their product portfolio includes smart solutions in Messaging, Voice, Email and SMS filtering, Analytics and Monetization. Route is one of the most prominent and largest CPaaS (cloud communication platform as a service) players in the world, especially in Asia, Africa & the Middle East. Route has ~300+employees and has...

Despite a challenging environment, Voltamp Transformers has reported healthy performance during Q2FY21. Profit for the quarter grew by 54.5% YoY/15% QoQ to Rs 298 mn, driven by cost control measures and higher other income. Sales of the company decreased by 18% YoY to Rs 1,602 mn, largely due to delay in acceptance of delivery and disrupted supply chain amidst covid pandemic. However, operations have started resuming gradually with enquiry and order finalization taking place on project progress basis. On a sequential basis sales bounced back quickly...

ICICI Bank has reported stable performance during Q2FY21, the sharp 61% QoQ decline in provisions, led to a sharp jump in PAT at Rs 4,251 cr (+64% QoQ). NII for the quarter grew by 16% YoY/1% QoQ to Rs 9,366 cr, driven by loan growth of 6% YoY. PPOP increased by 20% YoY to Rs 8,261 cr, due to strong NII growth and decline in OPEX (-5% YoY). Other income for the quarter declined by 4% YoY to Rs 4,028 cr, supported by treasury gains of Rs 542 cr (including Rs 305 cr from stake sale in ICICI Securities). On the other hand, fee income picked up strongly by 49% QoQ. The bank...

Ramco Cement reported a remarkable performance at operating level in Q2FY21 with EBIDTA growing by 49.7% YoY & 70% QoQ, to Rs 4420 mn due to all-round decline in most expenses (except for employee costs). Sharp control in overheads and low-cost inventory of petcoke aided the decline in operating costs. EBITDA margin expansion of 1274 bps YoY & 1021 bps to 35.2% was mainly led by18.2% YoY rise in realisations. Hence, net revenue de-growth was contained at 4.5% YoY but rose by 20.2% QoQ to Rs 12,570 mn, despite sales volume de-growth of 18.8% YoY to 2.21 MT due to Covid...

Dabur India Limited ( Dabur) earnings surprised the market with double digit volume growth in in Q2FY21 . Dabur's domestic business grew 16.8% YoY, much higher than the anticipated mid-single digit growth. Profit for the quarter grew by 19.9%YoY/+41.6% QoQ to Rs 483 Cr above our estimates of Rs 384 cr on the back of growth in topline, higher other Income and lower finance cost during Q2FY21. Consolidated revenue stood at Rs 2516 cr , above our estimates Rs2,274 cr registering a growth of 13.7%YoY/+27.1%QoQ mainly led by healthy growth in...

Bajaj Auto Limited ( BAL) revenue from operations declined by 7.2% YoY but increased by 132% QoQ to Rs 71559 mn as CV volumes failed to pick up, while 2-wheeler sales saw an uptick by the quarter end. Domestic Volumes declined by 9%YoY at 573,586 units whereas Export volume declined by 20% YoY at 479,751. in Q2FY21. EBIDTA for Q2FY21 remained flat on YoY basis, however grew by 210% Q0Q at Rs 12,662 mn in Q2FY21 EBIDTA margin expanded by 111 bps YoY & 443 bps Q0Q to 17.7% helped by lower costs of production and lower other expenses....

D P Abhushan (DPAL) surprised positively on profitability front in H1FY21, led by sharp improvement in margins. However, revenue of the company de-grew by 37% YoY, largely due to Covid related lockdown which led shutdown of the stores. Company's practice of averaging gold price, kept material cost lower leading to gross margin expansion of 565 bps YoY to 13.9% during H1FY21. Consequently, EBITDA margin expanded sharply by 451 bps YoY to 8.7%. Profit during H1FY21 grew strongly by 53% YoY to Rs 103 mn. We maintain our Buy rating on the...