revenues growing by 33% YoY to Rs.799cr in Q4FY21. All segments saw strong growth mainly on the back of of successful new launches, increase in market share of finished dosages, as well as customer additions for APIs and PFIs. Disruption in supply of key raw materials from China will impact operating performance in the short term The company has guided a Capex of ~Rs.1,000cr over the next 3 years as it looks to expand capacities for its key products...
Siemens India, a flagship company of Siemens AG (Germany), is an integrated technology provider and a leading powerhouse in electronics and electrical engineering. Siemens is strongly placed in Energy and Infrastructure including transmission & distribution, automation, urban...
Cement industry in India is on an upswing as evidenced by significant improvements in per capita consumption levels. With improved sector outlook, UltraTech as the market leader stands to benefit the most and is well equipped to handle the growing demand. Given company's resilient performance and improving sales realisations, we upgrade our...
Robust pick-up in loan disbursement and healthy collection efficiency of 98%.The outlook over long-term remains positive on the back of welldiversified loan portfolio and adequate liquidity on hand. Hence we remain positive on the stock and maintain our rating to BUY with revised target price of Rs. 2,860 using SOTP Valuation. Stable interest spreads leads to NII growth For Q4FY21, Net interest income registered a moderate growth of 14.1% YoY to Rs. 4,065cr due to marginal improvement in interest spreads to 2.29% (vs 2.27% in Q4FY20). Profit before provisions and merger effects rose to Rs. 4,532cr (14.4% YoY)...
DMart reported healthy revenue growth of 18%YoY Vs. de-growth in the first two quarters. The overall sales was trending very close to pre-covid levels in the quarter and witnessed revival in discretionary products also, but on account of Covid second wave, significant disruptions have been witnessing since March 2021. ~80% of the stores are operating fewer hours than they normally do. The company has added 13 stores in Q4FY21 (22 stores in FY21 Vs 38 in FY20). The store additions are also likely to be impacted by the second wave in the short-term. However, we do not expect disruption like last year. The recent QIP of Rs.4,098cr will support future growth....
Hero MotoCorp is India's leading two-wheeler manufacturer in terms of unit volume sales in a calendar year. It holds nearly 50% of the market share in the Indian motorcycle market. The company has 7 manufacturing facilities,...
With Company's domestic operations returning to normalcy, we expect realisations to improve from hereon. At current price levels however, we see limited upside to the stock and downgrade our rating to HOLD with a revised target price of Rs. 735 based on 17x FY23E adj. EPS. Higher volumes aid topline; Margins slip on lower realisations Q4FY21 revenue rose 10.9% YoY to Rs. 2,636cr, aided by growth across all segments. Revenue from sales of Basic chemistry products (BCP) went up 5.6% YoY to Rs. 2,111cr, while that of Specialty products rose 37.6% YoY to Rs. 520cr. Agro science...
We upgrade our rating to Buy with a revised downward target price of Rs 767 based on 2.5x FY23E Adj. BVPS. Strong disbursement aided growth in Gross Loan Portfolio In Q4FY21, total disbursement grew by 42% YoY and 3% QoQ to Rs 4,726cr and resultantly Gross Loan Portfolio (GLP) grew by 13% YoY and 10% QoQ. GLP of standalone entity grew by 15% YoY to Rs 11,341cr while MMFL grew by 7% to Rs 2,246cr. However, number of borrowers saw a reduction of 3.5% YoY to 39.12 lakh. During the quarter, interest income grew 19.2% QoQ while finance...
Q1CY21 revenue came at 32%YoY on the back of strong growth from both India and European business. The growth was largely driven by strong order intake and new customer addition. EBITDA margin came above our estimate at 13.1% (+210bps) due to superior product mix and improving internal efficiency. We expect margin expansion to continue in the coming quarter. Despite weak industry growth, increase business with existing customers owing to supplier consolidation and shifting the production...
Solid Balance Sheet, improving market share, diversified portfolio, strong FCFs and accelerated vaccination drive should support company's growth prospects further despite unprecedented challenges. Therefore, we reiterate our BUY rating on the stock with a revised...
Non-bank entities contributed to 35% of consolidated PAT which stood at Rs. 2,553cr (+30.8% YoY) in Q4FY21. Emergency credit line guarantee schemes 1.0 & 2.0 disbursements amounted to Rs. ~11,500cr for the full year. Although the slight decline in asset quality is a cause for concern, the increasing CASA deposits driven by home loans, will ensure the necessary stability in the long term. Hence, we reiterate our BUY rating on the stock with a target price of Rs. 2,052 based on 3.7x FY23E BVPS....
Exide Industries Limited (EIL) is a leader in storage battery business with a market share of 60% in India. Its segment includes automotive & industrial batteries and holds 86% market share in the 2W space. Q4FY21 revenue grew by 43%YoY primarily due to lower base and strong growth from the Aftermarket & UPS segment. As a result, EBITDA margin expanded by 90bps. Despite 20% increase in the lead price for the quarter stringent cost control measure led the PAT to grew by 45%YoY....
Loan book expanded 2.6% QoQ to Rs. 212,595cr, whereas deposits climbed 7.1% QoQ to Rs. 256,205cr. GNPA/NNPA jumped to 2.67%/0.69% (vs 1.74%/0.22% in Q3FY21) due to higher amount of restructured advances. NRI and affluent banking, tractor financing have acted as growth catalysts for this fiscal. The bank's yield margins are expected to improve due to exposure to relatively risky assets. However the overall asset quality stress is well in-line with the risk-return expectations of the...
Jewellery segment continues to drive the topline In 4QFY21, the company saw strong growth in the consolidated revenue to Rs. 7,494cr (+59.0% YoY), driven by excellent sales from Jewellery division which grew 71.3% YoY to Rs. 6,678cr. This is also the second consecutive quarter witnessing strong retail growth in the segment which reflects the re-gained market share in this space as the industry witnessed decline in gold prices during the quarter. Revenue from watches segment almost remained flat on YoY basis to Rs. 559cr, as the recovery rate for Jan and Feb months were at ~90% of the comparable months in 2020 and with better...
Outlook remains challenging, considering the supply chain disruption, fluctuation in demand and raw material prices amidst second wave of COVID. Hence, we maintain our HOLD rating on the stock with a rolled forward TP of Rs. 337 based on 9x CY22E EV/EBITDA. Topline growth led by higher volume and realization In Q1CY21, consolidated revenue rose 23.4% YoY to Rs. 7,715cr on account of higher sales volume and realization. Sales volume improved 25.6% YoY to 7.24 MT aided by higher sales volume across regions. Also, realization grew 3.2% YoY to Rs. 4,945/tonne...
Bajaj Auto is the world's sixth-largest manufacturer of motorcycles and the second-largest in India. It is also the world's largest three-wheeler manufacturer. The company is based in Pune, Mumbai with plants in Chakan (Pune), Waluj (near Aurangabad) and Pantnagar in Uttarakhand. Bajaj Auto...
We expect Biocon to witness long-term sustainable growth on the back of strong pipeline, new launches and increasing investments. We remain positive on the stock and reiterate our BUY rating with a revised target price of Rs. 430 based on 34x FY23E adj. EPS....
The de-growth was mainly due to the planned maintenance shutdown of fertilizer plants and inventory build-up for the kharif season. The crop protection business saw a 16.5% growth YoY to Rs.515cr in...
Continued strong demand in Rural areas supported by decent urban demand recovery improves the outlook of the business in near-term. Despite uncertainty arising due to increase in COVID cases, we believe the company is well-placed in terms of demand planning & supply chain management. Therefore, we maintain our BUY rating on the stock with a target price of Rs. 2,710 based on 58x FY23E adj. EPS. Strong recovery in BPC, HC drives revenue growth HUVR's revenue grew by 34.6% YoY (+2.3% QoQ) to Rs. 12,132cr, supported by...
Marico holds a strong foothold in the rural and semi-urban regions. With recovery in economic activities and growing demand for its products, Marico's performance should continue to improve further. We revise Target to Rs.483 based on 42x FY23E adj. EPS and recommend HOLD rating due to recent surge in stock price. Robust growth in volume supports topline Q4FY21 revenue surged 34.5% YoY (-5.2% QoQ) to Rs. 2,012cr, as the company benefited from strong volume growth of 25% in domestic market and constant...
