The Company expects the recent ban on pesticides to be overturned, CRIN sells 4 out of the 27 molecules banned With the expectation of a normal monsoon, backward integration and new launches, we expect net profit CAGR of 12% over FY20FY22E...

However, EBITDA margin improved by 112bps YoY to 12.9% led by steep reduction in sub-contracting expenses and other expenses. Order book now stands at Rs26,572cr (3.2x TTM revenue) while NCC received fresh orders of Rs1,136cr in May 2020 & company expects tendering activity to pick-up from Q2FY21....

Estimates are made with a view that the theatres will be opened by mid-Q2 and start normalcy from FY22. Huge backlog of film content and strong brand name will be the growth catalyst once normalcy is obtained. OTT platforms are not expected to be an alternative for movie releases with its current subscription model. However, strategies adopted by OTT platforms to capture the market need to be carefully watched. Adoption of several measures to bring down fixed cost will help the...

Dilip Buildcon Ltd (DBL) is one of the largest road construction company in India. The company is also an established player in irrigation, urban development and mining segments....

Q4FY20 AUM grew 27% YoY to Rs. 147,153cr. As of April 30th, 27% of the consolidated AUM was under mortarium. Net interest income rose 38.4% YoY to Rs. 4,679cr in 4QFY20. However, PAT fell 19.4% YoY due to high provisioning (+377.4% YoY). Excluding COVID-19 provisioning, adjusted PAT rose 37.9% YoY. Capital adequacy ratio declined to 25.0% vs. 26.8% in Q3FY20, and TierI ratio also deteriorated to 21.3% vs. 23.2% in Q3FY20. Recording strong topline performance in this quarter we believe that the heavy provisioning will give enough buffer in this challenging...

Advances grew 10.0% YoY to Rs. 645,290cr, on the back of Domestic loan book (+12.9% YoY) for Q4FY20. Net interest margin expanded 15bps to 3.87%, and Net Interest Income rose 17.1% YoY for the quarter. Reported PAT was up 26% YoY. Asset quality improved slightly with GNPA/NNPA ratio at 5.5%/1.4% in Q4FY20 (vs. 6.0%/1.5% in Q3FY20). The bank's healthy capital position, along with strong network support by digital transformation should drive growth. We reiterate our BUY...

Strong pipeline and new product launches are the key positives. Additionally, smooth operation ahead of VAI from US FDA for the company's facilities should support topline growth over the medium term. Hence, we upgrade our rating to BUY on the stock with a revised target price of Rs. 4,344 based on 23x FY22E adj. EPS....

Apollo Tyres Limited manufactures tyres and tubes for cars, trucks, farm equipment, and light commercial vehicles. The company markets its products with two global brands: Apollo and Vredestein in APMEA (Asia...

Q4FY20 revenue de-grew by -39%YoY due to significant decline in the commercial vehicle volume, down by 48%YoY. This was largely due to production lockdown and lower demand globally. EBITDA margin came at 12.8%(-10bbs YoY), due to lower input cost and higher other expenses. Net profit tanked by -35.3%YoY. WIL technological advantage in the CV segment will provide significant growth and will results in better bargaining power with the original equipment manufactures (OEMs)....

UPL Ltd. is a global agricultural solutions company engaged in the agrochemicals and industrial chemicals business with manufacturing sites across the world. Through recent expansion, the company has become a...

Havells India Ltd (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures and consumer appliances. We downgrade HAVL to Accumulate from Buy on account earnings downgrade. However, we believe that current headwinds have been priced-in. We expect a gradual revival in demand starting from H2FY21E, as situation normalises....

Supreme Industries Ltd (SIL) is India's leading player in plastic products; the wide range of offering includes Plastic Piping system, Packaging, Industrial and Consumer products . We upgrade to Accumulate, given improvement in margin profile driven by better product mix & lower cost. We expect revival in revenue growth from H2FY21E, led by rural & agri demand. Q4FY20 Revenue de-grew by 6% YoY, but PAT grew by 4% YoY on account of higher operating margin....

Given near-term challenges amidst COVID-19 situation, we cut our estimates and downgrade our rating on the stock to a ACCUMULATE, with a revised target price of Rs. 1,903 based on 55x FY22E adj. EPS. Nation-wide lockdown impacts operations JFL reported muted growth in revenue of 3.8% YoY to Rs. 898cr for Q4FY20, mainly impacted by nation-wide lockdown since March amidst COVID-19 pandemic. Company witnessed strong revenue growth during the first two months with LFL/SSG growth at 8.4%/7.2% in Jan and 14.9%/13.1% in Feb. However, LFL/SSG growth fell sharply in...

We upgrade our rating to Accumulate based on 10x FY22 EPS with a target of price of Rs.485 as new launches in U.S and other regulated markets will drive growth. Revenues were down 26% yoy and down 16% qoq mainly on...

We maintain our HOLD rating on the stock with a revised target price of Rs. 175 based on 6.5x FY22E EV/EBITDA. Topline remains under pressure due to weaker volumes JSW witnessed consolidated revenue declines of 20% YoY to Rs. 17,887cr in Q4FY20. Revenue was primarily impacted by weaker volumes with saleable steel sales falling 15% YoY to 3.65MT. Domestic sales declined by 5% YoY to 3.20MT (+3% QoQ), while export sales fell 51% YoY to 0.45MT and accounted 13% of total sales. Crude Steel production was down 5% YoY to 3.97MT. While domestic demand outlook continues...

We expect next few quarters to remain challenging owing to COVID-19. However, with the rising market share for key products, new partners, channel dynamics, cost optimization efforts and current upside potential, we upgrade our rating to BUY on the stock with a revised target price of Rs. 665 based on 35x FY22E adj. EPS. Revenue declines on lower volumes In Q4FY20, revenue slipped 12.2% YoY (-11.0% CC) to Rs. 2,154cr, negatively impacted by the disruption caused by COVID-19. India business was severely impacted...

Domestic sales volume in March 2020 fell to 11,012 units (-84.0% YoY), taking FY20 domestic volumes to 442k units (-34.9% YoY), impacted by COVID-19 pandemic and planned transition to BS VI. JLR recorded FY20...

Given the challenging business conditions amidst corona outbreak, we believe upside potential would be limited in the medium-term. Hence, we maintain our HOLD rating on the stock with a revised target price of Rs. 52 based on 4.2x FY22E adj. EPS. Corona update and impact on industry COVID-19 pandemic continues to weigh on global economic growth including India. IMF recently slashed its GDP growth forecast for India to 1.9% from 5.8% for FY21. Plants shut down and limited dealership activities owing to lockdown added pressure...

Manappuram Finance (MGFL) is one of the leading gold loan NBFCs in India and is well diversified into other business segments like housing loan, vehicle loan and microfinance, with a branch network size of around 4,623 spread across the country. The total Assets Under Management grew by 30% YoY and 4.7% QoQ driven by Gold loans(+31% YoY, +4.5% QoQ), Microfinance(+43% YoY,...

The company's medium-term growth outlook remains intact on new product launches and strong pipeline despite challenges amidst COVID19 pandemic. Therefore, we upgrade our rating to BUY on the stock with a revised target price of Rs. 390 based on 31x FY22E adj. EPS. Growth in topline despite Corona-led lockdowns Biocon recorded revenue growth of 3.4% YoY to Rs. 1,581cr, primarily driven by Small molecule segment (+14.6% to Rs. 541cr) on strong growth in generic formulation and steady increase in API sales. Research services business also grew 13.7% YoY to Rs. 607cr backed by robust growth in discovery services and development services. This...