IDFC First Bank, founded by the merger of erstwhile IDFC Bank and erstwhile Capital First on December 18, 2018. At present, the bank's total number of branches stands at 576, with a total funded assets to the tune of around ~Rs.1,10,469cr. We roll forward our valuation to FY23 and value the bank at 2.3x...

Moderating in-home consumption should benefit key segments while complete revival of Out-of-home consumption is expected to propel topline further in the near term. Hence, we upgrade our rating on the...

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

Rise in occupancy rate and patient footfalls Apollo Hospitals Enterprise Ltd operates the largest hospital network and pharmacy chain in India. The company owns around 71 Hospitals and...

Near term growth momentum depends on the demand for industrial and protective coatings which further depends on macro environment recovery. Also, competitive pressures and raw material price fluctuation could impact the business prospects in long-term. Hence, considering the extended valuation, we downgrade our rating on the...

Expected rise in power demand and improving volumes along with effective control over costs could drive the company's performance in near-term. We reiterate our BUY rating on the stock with a rolled forward target price of Rs. 155 based on 4x FY23E EV/EBITDA. Topline records sequential improvement Coal India's revenue grew by 11.4% QoQ to Rs. 21,708cr (+0.7% YoY) primarily aided by increased volumes on the back of strong demand in Q3FY21. FSA revenue posted a 9.2% QoQ increase to Rs. 16,675cr (-7.4% YoY) due to increase in volumes (+13.9%...

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...

Jewellery demand recovered strongly during the quarter and walk-ins for other segments are also improving on MoM basis. Hence, we reiterate our BUY rating on the stock and roll forward our valuation with a revised target price of Rs. 1,643 based on 56x FY23E EPS. Pick up in Jewellery sales drives topline In Q3FY21, consolidated revenue rose 16.7% YoY to Rs. 7,619cr (+67.3% QoQ), driven by robust growth from Jewellery division (+21.9% YoY to Rs. 6,836cr). As the lockdown restrictions eased up, walk-ins increased along with sales pick up from...

Company needs to increase its ARPU substantially from current levels, a task made difficult with dwindling total active subscriber count. Longterm growth depends on pending tariff hikes and customer retention, in addition to fund infusion on a near immediate basis to continue to function as an ongoing concern. Maintaining a cautious view, we retain our HOLD rating on the stock with a rolled forward target price of Rs. 12.7 based on 6.7x FY23E EV/EBITDA. Sequential recovery seen in topline In Q3FY21, Vodafone Idea's revenues went up slightly by 1.0% QoQ to Rs. 10,894cr (1.8% YoY), primarily on account of improvements seen in 4G subscriptions. Churn rate...

Despite company's strong financial position, cash flows, increasing infrastructure projects, government spending etc., rising pet coke and oil prices will pose threat to its recovery. Hence, we maintain our HOLD...

The improved demand scenario, better capacity utilization and cost control measures will remain key growth drivers. However, ECU realization would remain weak in near-term. We maintain our HOLD stance on the stock and roll forward our valuation with a revised TP of Rs. 1,321 based on SOTP valuation. Uptick in volumes leads higher sales In Q3FY21, topline grew 17.0% QoQ to Rs. 20,986cr (+12.7% YoY) due to strong sequential strong growth seen across verticals. Cement Grey, White and Allied...

We see decent uptick in growth across all of ITC's segments over the coming quarters. Though GoI's draft bill on sales of loose cigarettes may have some impact on its cigarette business in the near term, ITC's diversified portfolio is expected to deliver strong growth over the longer term. Hence, we reiterate our BUY rating on the stock with a rolled forward target price of Rs. 265 based on SOTP. Topline recovers on back of strong volume performance Q3FY21 standalone revenue grew 5.0% QoQ (+4.9% YoY) to Rs. 12,492cr, primarily...

Q3FY21 revenue fell 11.2% YoY to Rs. 727cr (+32.5% QoQ) owing to drop in volumes by 9.2% YoY to ~254.9 Standard Cubic Meter (SCMmn). Blended volume stood at 2.77MMSCMD as demand for CNG strengthened post lockdown to 1.88MMSCMD - 62% of total volume (vs. 1.28MMSCMD in Q2FY21) while PNG volume stood at ~0.51MMSCMD in Q3FY21. MGL witnessed significant volume recovery trend with an increase of 33.6% in overall sales volume vs. Q2FY21. CNG and PNG Industry/ Commercial volumes down 15.3% /9.0% YoY, respectively, with commercial activities not resuming full-fledged whereas Domestic PNG rose 23.5% YoY with increasing *over or under performance to benchmark index...

Motherson Sumi Systems Ltd (MSSL) is a JV between Samvardhana Motherson International (SMIL) and Sumitomo Wiring Systems, Japan (SWS). MSSL is a diversified auto parts maker with presence in automotive...

Company registered better than expected revenue of Rs.796Cr registering a growth of 17.2%YoY and 30.8% QoQ. We expect revenue to grow at a CAGR of 11.7% over FY20-23. Increased government focus on water recycling and higher budgetary spend will boost the order intake going forward. Debt level has shown significant reduction and stands at Rs.383Cr against Rs.482Cr in FY20 and Rs.392Cr in Q2FY21. We expect further decline in debt level due to improved revenue generation. Considering the positive outlook of the water treatment industry and expected revenue rebound along with improving cash position, we value the stock at 1 year forward PE of 10.5x its FY23E earnings...

Company has delivered decent results across segments and has further bolstered its order book during the quarter. At current juncture, we see limited upside potential post the recent stock rally and therefore we...

Q3FY21 revenue de-grew by ~26% YoY owing to Covid-19 led disruption, but on a sequential basis, growth was strong at +67% supported by festival demand and company's channel expansion initiatives. The overall volumes reached 88% of preCovid levels. Sales through digitally enabled platforms now contributes ~15% of total revenue (10% in Q2FY21). For strengthening E-commerce channel, BIL rolled out Bata ChatShop', Bata Home Delivery' & Bata Stores on Wheels'. To reach smaller towns, the company opens new stores via franchise route and ensures availability in multi-brand outlets via distribution channels. BIL opened 45 new franchise stores in the quarter taking the total franchisee to 221 and targets to open 500 in smaller towns...

The new pipeline projects will boost the customer base, supported by growth in gas marketing and transmission and reduction in COVID impact on the operations. Hence, we reiterate our BUY rating on the...

Natco's total revenues de-grew by 26% YoY and 56% QoQ to Rs.355cr in Q3FY21 with de-growth seen across geographies. The formulation exports (46% of revenues) de-grew by 13% YoY, while domestic formulations (27% of revenues), de-grew by 37%. The formulation exports were impacted by the lower sales of Tamiflu in the U.S on the back of weak flu season while Brazil and Canada also saw lower revenues. The market share for Copaxone as well as other formulations remains stable. The company stated that the approval for the...

EBITDA margin improved by 691bps YoY to 24.4% on account of better product mix and reduction in A&P; spends. Strong margin, debt free status and doubling of capacity by 2025 will help to tap vigorous opportunity in the sector. Increase in footfalls driven by removal of restrictions and...