East India Securities Ltd Broker Research reports

Q1FY21 revenue of Bodal Chemicals de-grew by 68.4% YoY to Rs1178mn. Revenues were Despite challenges in the demand environment, TVS Motor Company (TVS) reported good severely impacted due to lockdown in the country which led to temporary shutdown of the...

Auto industry is looking forward for a better Diwali. On the back of improvement in rural Mayur had started reporting strong margins in normal business situation and strong demand, the outlook for Q4FY20 and Q1FY21 is good. margins will come back with sales going back to normal levels....

The momentum is expected to continue. Green shoots are clearly visible with operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 sustainability of return of demand. Hero's focus on fast filling white spaces (Premium + is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers Scooters + Exports), along with rural uplift would result in outperformance as compared to the...

performance on all fronts during 2QFY20. The reported profit jumped by 21% YoY to Rs2,550mn pandemic, however, we believe things have bottomed out in the industry with almost every macro on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better indicator flashing signs of improvement. LCVs are already seeing a healthy recovery. Ashok...

Revenues declined by 13% yoy, higher than our estimates, while realization increased by Lockdown hit overall performance 6.9% YoY & 1.4% QoQ. Total volumes degrew by 18.5% YoY in Q2FY20....

On SPS Processors, the company has received approvals to start the VS plant, however, Navratri/Dussehra post clarification on GST, management intends to start the plant once the demand scenario improves. We expect good monsoon & attractive pricing/offers....

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 EBITDA reported a decline of 38.9% YoY to Rs366mn owing to lower gross margins and is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers operating deleverage. PAT reported decline of 39.6% YoY to Rs219mn with PAT margin of for margin improvement. However, we believe current valuations already discount most of the 10.3% which witnessed a contraction of 470bps. positives of the better product mix, growth at export front and margin improvement and hence offer limited upside from here. We assign accumulate rating with target price of Rs. 474...