East India Securities Ltd Broker Research reports

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...

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...