East India Securities Ltd Broker Research reports

UTI Asset Management Company Ltd (UTI AMC), along with its group companies, is present across various business segments like Mutual Funds, Alternate Investment Funds, Pension Business and Portfolio Management Services. Considering the future growth visibility, we assign BUY rating with target price of Rs.1,489 per share.

Stylam Industries (Stylam) Q2FY25 results beat our estimates. Revenue at Rs 2,627 mn ? increased by 12.3% yoy & 8.3% qoq. Sales volume at 3.2 mn sheets.

An established ‘cash cow’, Eureka Forbes were the pioneers for introducing water purifier and
vacuum cleaner in India. Eureka Forbes has a long history of launching innovative products and
campaigns in India.

Gross margin was 37.2% (up by 252 bps yoy/ 123 bps qoq). NSL reported a cash profit of Rs78 mn. Exports contributed ~64% of revenue in Q1FY25.

SS is currently trading at P/E of 35.8x on FY26 basis. We value the stock based on P/E methodology and assign multiple of 30x on FY26E PAT of Rs 2,248mn to arrive at a target
price of Rs613 per share, which is a potential downside of 16.3% from current market price and recommend “Sell” on the stock.

India volume at 15,718 MT was lower by 6.0% yoy/ but higher by 2.0% qoq. Realization at ~Rs.88,764/ MT was down by 7.9% yoy/ 0.7% qoq. The capacity utilization levels in Q4 stood at ~87%.

Series of model launches to bring in more footfalls RE's new model cycle would attract more customers towards showrooms as it plans to launch new Improvement in margins despite sales decline...

Series of model launches to bring in more footfalls RE's new model cycle would attract more customers towards showrooms as it plans to launch new Improvement in margins despite sales decline...

for margin improvement. However, we believe current valuations already discount most of the remained flattish to Rs2.54bn in Q2FY21 (vs our estimate of Rs2.24bn in Q2FY21). Lower positives of the better product mix, growth at export front and margin improvement and hence other income has led PBT to report a de-growth of 3.1% YoY to Rs1.77bn in Q2FY21. PAT offer limited upside from here. We assign accumulate rating with target price of Rs. 474...

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 plant and when situation normalizes this plant will also add to growth. FY21 is not looking is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers that bad as it was at the end of Q1FY21. With volume recovery in footwear, ramp up of PU for margin improvement. However, we believe current valuations already discount most of the plant and businesses from new clients such as VW, Mercedes, BMW; we expect a strong...

Buy rating on the stock with target price to Rs 1,676 (22xFY22e EPS). Strong growth in tractor industry led to strong operational performance Improvement in margins despite sales decline...

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 5.8%) in Q1FY21 led by sharp gross margin contraction. Overall, EBITDA de-grew by 79% YoY is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers to 90mn in Q1FY21. Lower than expected operating profit led to a net loss of Rs116mn in for margin improvement. However, we believe current valuations already discount most of the Q1FY21 as compared to profit of Rs79mn in Q1FY20. positives of the better product mix, growth at export front and margin improvement and hence...

for margin improvement. However, we believe current valuations already discount most of the for its strategically important SENA strategy, while Phoenix Lamps incremental growth will majorly positives of the better product mix, growth at export front and margin improvement and hence come from Osram's orders and aftermarket. Stringent cost rationalisation measures and better offer limited upside from here. We assign accumulate rating with target price of Rs. 474...

Export volume growth remained robust despite slowdown ............................................. 4 Analysis of Profit & Loss (P&L;) ........................................................................................ 5 Analysis of Balance Sheet ............................................................................................... 7 Analysis of Cash Flow ..................................................................................................... 9 Other Key Takeaways from the Annual Report .............................................................. 10 Key Excerpts from Directors Report .............................................................................. 11 Key Excerpts from Management Discussion & Analysis (MD&A;) Report.......................... 12 Corporate Governance ................................................................................................. 13...

Auto industry is looking forward for a better been hit when the rock bottom spread of $60-80/ton was witnessed during Q3FY20. Diwali. On the back of improvement in rural...