East India Securities Ltd Broker Research reports

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 in RM cost by about 375bps YoY to 79.9% of sales. Other expenses stood at 8.1% of sales, up is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers ~60 bps YoY. The company reported one-offs of Rs55-60mn owing to inventory losses and for margin improvement. However, we believe current valuations already discount most of the COVID related provisions. Adjusting for one-offs, EBITDA margin stood at 8.0%. Overall,...

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 for forex loss, EBITDA margin stood at 10.6% and EBITDA declined by 11% to Rs466mn. is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers Notional forex loss led to PBT loss of Rs20mn. However, Consolidated PAT grew by 58.5% for margin improvement. However, we believe current valuations already discount most of the YoY to Rs 281mn as tax related write backs offset the impact of forex loss....

prevented a steep decline in the bottom line which was down by 15% YoY to Rs 6.2bn operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 vs. est. of Rs 4.4bn. Further lower scale of operation in FY21e to impact the margin, while is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers Hero's Leap-II program along with soft commodity prices would provide some support. A...

is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers and lower tax rate (-950bps YoY to 17.8%) offset the impact of exceptional costs. The near-term for margin improvement. However, we believe current valuations already discount most of the outlook is poor due to demand contraction and supply bottlenecks. We believe, in FY21e, TVS positives of the better product mix, growth at export front and margin improvement and hence would grow lower than the industry due to downtrading and competitive prices in the entry...

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 against 18.8% in Q4FY19. PAT declined by 11.9% to Rs1,104mn in Q4FY20. However, the is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers full year fiscal performance of FY20 is far better. The company reported revenue and for margin improvement. However, we believe current valuations already discount most of the EBITDA growth of 0.4% & 1.3% respectively in FY20. EBITDA margins reported minor...

The festivals started on a slow note, but History indicates a strong correlation between weak oil & impact on its exports (FY16 & picked up during the last few days of FY17). We think this will repeat in FY21e as well & expect ~27% YoY degrowth in exports. Navratri/Dussehra post clarification on GST,...

Auto industry is looking forward for a better The employees whose salary levels are above Rs 5 lakhs p.a. will have to take a Diwali. On the back of improvement in rural...