Chola Wealth Direct Broker Research reports

Background: Mindtree is mid-cap IT Company with FY17 revenues of INR 52.4bn. In 4QFY17: Revenue share by Geography mix: North America (69.8%), Europe (20.8%), India (2.8%) and ROW (6.6%). Revenue share by service mix: Application development & maintenance (39.6%), IMS (20.4%), Testing (12.5%), Consulting, package Implementation & IP led (16.7%) and Engineering services (9.5%). Revenue share by Vertical mix: BFSI (24.7%), retail CPG & Manufacturing (23.0%), Transport & Hospitality (14.9%), technology Media & Entertainment (37.5%). The company has 16,470 employees spread across 27 offices to cater to 328 clients, which includes...

Indian Bank's gross advances showed a pick-up in growth with a sequential increase of 5% (-0.4%YoY) in 4QFY17 to INR 1.32tn. Domestic loan book grew sequentially by 4.7% to INR 1.26tn led by growth in Retail book (9.7% YoY, 10.1% QoQ). However, Corporate segment registered de-growth (10.5%YoY, 1.2%QoQ). Consequently, the domestic loan mix stood at...

In 2004, AV Birla group acquired management control of the company. UTCEM is the largest producer of Grey cement, White cement and RMC (Ready-Mix-Concrete) in India with installed capacity of 69.3 MTA. The company has presence with 12 integrated plants, 1 White cement plant, 2 Wall care Putty plants, 1 Clinkerisation plant in UAE, 19 grinding units; 15 in India, 2 in UAE, 1 in Bahrain and Bangladesh each, 7 bulk terminals; 6 in India & 1 in Sri Lanka and 101 Concrete plants. UTCEM is also a leader in the export markets of countries...

Background: Cyient is a mid cap IT Company with FY17 revenues of INR 35.9bn specializing in engineering solutions, including product development and life cycle support, process, network & content engineering. In 4QFY17: Ex- DLM business, revenue share by geography: Americas (57.1%), Europe, Middle East, Africa & India (25.1%), and Asia Pacific (17.8%). Revenue share by business unit: Aerospace and Defense (35.7%), Transportation (9.7%), Semiconductor (4.2%), Medical & healthcare (1.9%), Utilities & Geospatial (18.5%), Communication (21.4%). Design Led Manufacturing Business: Revenue by segment, Aerospace and defense (9.2%), Industrial (20.6%), Medical (9.7%), Communication (59.3%) and others (1.2%). Onshore/Offshore split: Onshore (39.2%), Offshore (60.8%). Revenue contribution: Top 5 clients...

NIM improved by 20bps and stands increased to 4.3% in 4QFY17. NIM expansion could be attributed to lower interest cost on higher CASA base. Management indicated that NIM's have broadly been in range of 4-4.3%, and there exists no indication to move it out of the...