For Q2FY21, revenue grew by 6% YoY on account of gradual improvement in operations post lockdown. Feed volumes improved 2.5%YoY and Feed realisation grew by 5%YoY due to price hike in previous quarter. However, Processing volumes de-grew by 11%YoY while export realisation grew by 15%YoY due to better region mix. Industry shrimp production is expected to drop by ~15%-20% in FY21 due to Covid-19 led disruptions but to improve in FY22. Relaxation in restrictions and improvement in farm-gate prices is encouraging farmers which along with AFL's increasing market share in Feed segment will support future volumes. We expect...
Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...
Net revenue for Q2FY21 declined 14.9% YoY on account of subdued recovery post lockdown relaxations. However, Gross Refinery Margins improved to US$ 5.1/bbl (vs US$ 2.8/bbl in Q2FY20) driven by...
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 banking,...
EBITDA margin improved 100bps YoY aided by lower employee benefit expenses. In line with operational performance, PAT increased 23.4% YoY to Rs. 3,117cr, further helped by higher other income and lower...
Symphony Limited, and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in the domestic and international markets. The Company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various...
IGL's Q2FY21 revenues declined 23.1% YoY to Rs. 1,441cr with a volume drop of 16.4% YoY to 506 Standard Cubic Meter (SCMmn). This was primarily due to slump in demand of 20.3% for CNG at 255mn kgs (vs. 320mn kgs in Q2FY20) due to transport restrictions. Henceforth, CNG revenues stood at Rs. 944cr down 24.9%. Similarly, demand from industrial and commercial customers were also hit. PNG segment reported sales of Rs. 355cr (-17.1% YoY). Natural Gas and Industrial/ Commercial PNG segment volumes declined 26.1% YoY and 1.4% YoY, respectively, to 34SCMmn and 72SCMmn. This was partially offset by a volume growth of 21.2% YoY in PNG-domestic...
Revenue for Q2FY21 dropped 36.3% YoY to Rs. 549cr primarily as volumes shrank 30.9% YoY to 190.7 Standard Cubic Meter (SCMmn). CNG and PNG Industry/ Commercial volumes declined by 42.0%/19.9% YoY, respectively, as lockdown and transport restrictions extended whereas Domestic PNG increased 21.6% YoY. Despite the impact of COVID-19 during the quarter, MGL achieved a growth in volumes QoQ. Blended volume stood at 2.07SCMmn, led by a strong demand recovery in CNG segment post lockdown (1.28SCMmn - 62% of total volume). Witnessed recovery at 90-95% of pre-COVID levels in Nov'20 as commercial activities gradually kicked off. PNG...
While crude oil prices are witnessing sequential improvements, supported by volume growth from Hazira plant and KG98/2 project in long-run. Hence we upgrade our rating to BUY on the stock with revised target price of Rs. 86 using SOTP valuation....
During the quarter, 2W segment constitutes 70% of the revenue mix was supported by strong order back log and robust new order coming from the entry segment motorcycle. Focus on export market with a share of 20% by FY23 from current 5%....
Steady growth in overall Subscription revenue coupled with recovery from Advertising should support topline growth in the near-term. We remain optimistic of Zee's future growth prospects and reiterate our BUY with target price of Rs. 245 based on 14.5x adj. EPS. Ad spends push up topline, PAT improves sequentially Q2FY21 revenue grew 31.3% QoQ to Rs. 1,723cr (-18.8% YoY) primarily on account of growth strong recovery seen in Advertising revenue at Rs. 903cr (+114% QoQ), as Ad spends see gradual improvement. Subscription revenue also went up 7.5% QoQ...
Outlook improves with the ongoing growth momentum across delivery and take-away channels and expected recovery from Dine-in. Therefore, we upgrade our rating on the stock to ACCUMULATE with a revised price target of Rs. 2,830 based on 63x Dec 2022E adj. EPS....
Order book remains strong at Rs72,000cr, however orders worth ~Rs17,000cr were in execution stage and NBCC targets to take total projects under execution to ~Rs27,000cr in FY21. NBCC got clearance for Nauroji Nagar projects while Netaji Nagar & Sarojini Nagar projects are awaiting forest clearances. We cut FY21E/22E EPS estimates by 47%/28% due to fall in PMC margins and slow pace in real estate business. We value NBCCs core business at a P/E of 13x on FY22E EPS &...
Petronet LNG's volume demand reaching pre-COVID levels, improvement in operational efficiency, and commissioning of the Kochi-Mangalore pipeline will boost performance in upcoming quarters. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 327 based on 15.0x FY22E adj. EPS. Operational efficiency improved operating margins PLNG's Q2FY21 revenue fell 33.4% YoY to Rs. 6,236cr (+27.7% QoQ), on lower gas prices partially offset by increase in LNG volumes processed (1.6% YoY to 254 TBTUs)....
PI Industries manufactures plant protection & specialty plant nutrient products and solutions under its agri-inputs business. It is also one of India's leading custom synthesis (CSM) companies engaged in providing contract...
Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns & lights. MIL holds a leadership position in switch business with a market share of 67%. MIL's diversified portfolio in the auto component has led the revenue to grow by 8%YoY. This was largely on account of demand for superior product related to BS-VI vehicles. Enhanced safety features and premiumisation of vehicle will further lead to value migration and higher kit value per vehicle for...
Shree Cement Limited provides building materials. The company manufactures and sells cement and cement products in India. The company currently operates with a total cement capacity of 44.4mpta of which...
Tata Steel is a leader in the global steel industry with operations spanning over 26 countries with key operations in India, Netherlands and United Kingdom. Tata steel primarily caters to customers in automotive,...
Consolidated revenue during the quarter increased 14.6% QoQ supported by FSA revenue (+9.9% QoQ) with recovery in both sales volume (+5.8% QoQ) and realized prices (+3.9% QoQ). Realization...
We expect export opportunities and new launches (Meteor 350) to drive growth over long-term. However, the stock has already factored-in the demand recovery at current price levels. Hence, we reiterate our HOLD...
