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...

New product launches in the premium segments as well as increased focus on direct channel distributions and improving cost synergies should help maintain growth. We reiterate our BUY rating on the stock with a revised target price of Rs. 413 based on 43x FY22E adj. EPS. Pandemic hits volumes impacting topline Q1FY21 revenue declined 11.1% YoY to Rs. 1,925cr due to severe impact in domestic business in April, even as volume recovery can be seen from May onwards (upwards of 3.0% YoY). Revenue from India operations stood at Rs. 1,480cr (-14.5% YoY)....

RBL Bank Ltd. is a fast-growing private sector bank with a network of 386 branches and over 8.5 million customers. It offers various services, including corporate and institutional banking, commercial banking, retail...

Operating profit decreased by 21.2% YoY to Rs. 301cr, with operating margin contracting 261bps YoY to 73.0%, impacted by fall in equity market. PAT reported at Rs. 302cr (+3.6% YoY) helped by higher other...

Quarter dented by weak ULIPs; Outlook intact ICICI Prudential Life Insurance Co. Ltd. is a joint venture between ICICI Bank and Prudential Corp. Holdings. The issuer offers protection for life and health...

CRIN saw significant revenue growth of 51% YoY to Rs.3213cr during the quarter as above average monsoon and growth in sowing activities saw large volume offtake. Volumes of key fertilizer products saw large off-take as NitrogenPhosphate-Potassium (NPK) and Di-Ammonium Phosphate (DAP) fertilizers saw an 80% growth in sales volumes. The Crop Protection segment saw its revenues grow by 55% YoY to Rs.420cr as exports and domestic business saw good performance Considering the good monsoon, focus on CPC business and...

EBITDA margin declined by 50bps YoY to 11.1% on account of suboptimal revenue growth & weak operating performance. Q1 volume de-grew by 19% YoY, but we expect revival in revenue growth from H2FY21E, led by revival in rural & agri demand and gradual pick-up in business as Covid-19 related issues moderate. Though we are positive on long term growth outlook of SIL, the current premium valuation is not sustainable. We value SIL at P/E of...

ABB India manufactures heavy engineering & industrial equipments and undertakes engineering and construction projects. The company operates mainly through the Robotics & Motion, Electrification products and...

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....

EBITDA margin contracted to 28.0% from 40.2% in Q1FY20, primarily due to raw material inflation (tobacco leaf), increased transportation costs, and high losses from hospitality business. We expect strong cash flows generation and operations being back on track in the coming quarters. We continue to remain optimistic and reiterate our BUY rating on the stock with a revised target price of Rs....

SBI Life Insurance Company Limited, is a joint venture between SBI and BNP Paribas formed in 2001, which offers individual and group insurance plans, including traditional and unit linked plans. Its products cover life, health,...

Pick up in demand, a positive surprise... Asian paints (APNT), is the market leader in the Indian paint manufacturing industry with a market share of ~53%. Q1FY21 revenue declined by 43% YoY, decorative business recovered to 80% to pre Covid levels in May while double digit volume registered in June month are positive. Management expects volumes to improve in coming quarters...

Q1FY21 AUM grew 7.1% YoY to Rs. 138,055cr. As of June 30 th, 15.7% of the consolidated AUM was under moratorium. Net Interest Income rose 12.4% YoY to Rs. 4,151cr in 1QFY21. However PAT fell 19.5% YoY due to continued high provisioning (+206.1% YoY). As of 30th June i) Capital adequacy ratio stood at 26.4%; ii) Tier I capital at 22.6%; iii) Gross NPA at 1.4%; iv) Net NPA at 0.5% and v) PCR at 65%. Outlook remains positive for the stock with continuous reduction in provision coupled with company's focus on capital preservation,...

Weak quarter , valuation at comfortable levels. Cyient Ltd, formerly known as InfoTech Enterprises is one amongst the leading players in the IT enabled services space providing services to the Engineering Research and Development segment. We expect growth in FY22E due to communication and transportation vertical and value Cyient at 10x FY22E EPS (Close to 30% discount to last 5 year average P/E) with revised down target price of Rs.360 and change rating from Buy to Accumulate....

Favorable product mix and healthy growth in individual protection segment should support company's outlook in near term. However, given current higher valuation, we see limited upside on the stock with a revised target price of Rs. 680 based on 4.5x FY22E. EV per share. Rapid growth in renewal collection Despite the robust growth in renewal premium, up 24.1% YoY to Rs. 3,239cr (contributing 55.3% of total gross income), company's gross premium income fell 10.3% YoY to Rs. 5,862cr. The decline was mainly attributable to lower first year...

In Q1FY21, standalone revenue fell 20.8% YoY to Rs. 3,898cr, mainly due to weaker revenue from Zinc (-27.0% YoY, 65.7% of total revenue) and Lead (-11.7% YoY, 15.5% of total revenue). The drop in revenue was attributable to reduced prices (Zinc LME: -29.0% YoY and Lead LME: -11.2%YoY), lower volumes (impacted by the COVID-19 pandemic) and shrunk premiums (due to adverse domestic-export mix), partly offset by rupee depreciation. Mined metal production dropped 5.2% YoY to 202kt owing to outage in April during the lockdown. Saleable Silver production decreased to 117mt (-26.4% YoY) due to delayed stabilization of DSC lead smelter and increase in WIP,...

Q1FY21 standalone revenue rose 4.4% YoY primarily on account of acquisition of GSK-CH and higher sales of foods & refreshment. EBITDA margin shrank 110bps YoY to 25.0% due to negative impact of COVID-19 lockdown costs, partially offset by savings and synergies of...

Gross direct premium income (GDPI) dropped 5.3% YoY, negatively impacted by Motor GDPI (adversely impacted by lockdown) and Health, Travel & PA (owing to lower disbursement from Banks and NBFCs). We expect steady performance from P&C; segment and Motor segment should do well in the coming quarters given the regulatory changes. Given limited upside, we maintain our HOLD rating on the stock with a revised target price of Rs. 1,398 based on 7.5x FY22E BVPS. Industry GDPI weighed down by COVID...

MCIE's consolidated revenue and EBITDA came below our expectation Sales drops 66%YoY below break even point due to Covid-19 impact, which was heavily affected by the lockdown in April & May month. EBITDA margin came at INR 63cr(-13.1%). However, to control the fixed cost at current level restructuring action plan already launched. Despite weak sales, increase business with existing customers owing to supplier consolidation and acquired new customers on the urge to move away from the Chinese suppliers....

Q2CY20 revenue fell 37.3% YoY, affected majorly due to a drop in cement volumes (-33.3% YoY) as nation-wide lockdown continues. Also, ready mix concrete volumes witnessed steep declines (-82.4% YoY)...