Name: Latest research reports of Varun Beverages Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Varun Beverages Ltd.
Rating: 3
Author: ICICI Securities Limited

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	23 Oct 2024	Varun Beverages	ICICI Securities Limited	501.65	606.00	628.75 (-20.21%)	Target met	Hold	pdf post cache	Broker Report Strong growth prospects at international business; rich valuations cap upside ICICI Securities Limited Takeaways: (1) Varun (VBL) has aggressively ramped up production (operating at maximum utilisation) at its recently commissioned DRC facility, due to strong demand. It plans to scale up production capacity at DRC in a phased manner. pdf Copy Link Share on Share on Share on Share on Alert
	23 Oct 2024	Multi Commodity Exchange	ICICI Securities Limited Target	6450.00	6670.00	6686.05 (-3.53%)	Target met	Hold	pdf post cache	Broker Report Volume growth surprising positively; difficulty to build a structural uninhibited volume growth “yet” is our premise … ICICI Securities Limited MCX’s Q2FY25 results exhibit three main trends: 1) consolidating on the new steady cost profile; 2) Healthy volumes across futures, options and premium conversions. 3) Growth in option participation. pdf Copy Link Share on Share on Share on Share on Alert
	23 Oct 2024	Supreme Industries	ICICI Securities Limited Reco Target	3681.90	4457.00	4593.00 (-19.84%)	Target met	Hold	pdf post cache	Broker Report Volumes and profitability disappoint; pipe volume guidance cut sharply ICICI Securities Limited In Q2FY25, Supreme Industries (SI) reported disappointing operational performance. Blended plastic volume was flat YoY with pipes volume being flat too YoY (-27.1% QoQ; 5-year CAGR of 8.6%). pdf Copy Link Share on Share on Share on Share on Alert
	23 Oct 2024	Mahindra Logistics	ICICI Securities Limited Target	328.70	420.00	444.05 (-25.98%)	Target met	Sell	pdf post cache	Broker Report Slower-than-expected recovery in express business ICICI Securities Limited Mahindra Logistics Limited’s (MLL) Q2FY25 EBITDA performance undershot our/consensus estimates by 6.2%/23.6%. Key points: 1) Network services, which is ~18% of overall business, grew 46.1% YoY while 3PL grew by 6.8%. 2) Gross margins improved for network services. pdf Copy Link Share on Share on Share on Share on Alert
	23 Oct 2024	Persistent Systems	ICICI Securities Limited	5699.00	6140.00	5718.75 (-0.35%)	Target met	Buy	pdf post cache	Broker Report On-track to deliver industry leading growth ICICI Securities Limited Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25. pdf Copy Link Share on Share on Share on Share on Alert
	23 Oct 2024	Gravita	ICICI Securities Limited	2030.20	3265.00	2139.25 (-5.10%)	60.82	Buy	pdf post cache	Broker Report In-line performance; regulatory tailwinds to aid performance ICICI Securities Limited Gravita India’s (GRAV) Q2FY25 performance was in line with our estimates. Key points: 1) Production volume rose 7.7% YoY aided by Lead (Pb), growing at 8.7% YoY. 2) Profitability was aided by LME-MCX arbitrage. pdf Copy Link Share on Share on Share on Share on Alert
	22 Oct 2024	Indus Towers	ICICI Securities Limited Target	400.45	280.00	366.75 (9.19%)	30.08	Sell	pdf post cache	Broker Report Provision recovery continues aiding earnings ICICI Securities Limited Indus Towers’ (Indus) Q2FY25 performance was good on two counts: 1) stable net tenancy addition at 4,308 with some benefit already showing from VIL/BSNL rollout; and 2) strong cash collection, including INR 10.8bn collected towards past overdue. pdf Copy Link Share on Share on Share on Share on Alert
	22 Oct 2024	UltraTech Cement	ICICI Securities Limited Target	11905.00	10555.00	10869.30 (9.53%)	Target met	Hold	pdf post cache	Broker Report In the proving ground ICICI Securities Limited UltraTech Cement’s (UTCEM) focus on increasing its capacity/market share and enhancing efficiency remains heartening. However, in Q2FY25, the sectoral pangs of subdued demand and weak prices got the better of the industry leader. pdf Copy Link Share on Share on Share on Share on Alert
	22 Oct 2024	City Union Bank	ICICI Securities Limited Reco Target	193.58	190.00	150.63 (28.51%)	Target met	Buy	pdf post cache	Broker Report Healthy business growth and strong RoA; aims for further improvement in net NPA / PCR ICICI Securities Limited City Union Bank (CUBK) reported better than our expected set of results with Q2FY25 PAT of INR 2.85bn (9% beat; RoA of 1.59%) aided by improved asset/earnings quality. pdf Copy Link Share on Share on Share on Share on Alert
	21 Oct 2024	Rossari Biotech	ICICI Securities Limited Reco Target	713.50	830.00	830.30 (-14.07%)	Target met	Hold	pdf post cache	Broker Report Exports drive revenue growth ICICI Securities Limited Rossari Biotech’s (Rossari) Q2FY25 HPPC revenue growth (+6.2% YoY) was hurt from softer demand and restricted ethylene oxide (EO) capacity. pdf Copy Link Share on Share on Share on Share on Alert
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ICICI Securities Limited Broker Research reports

Latest broker research reports from ICICI Securities Limited buy, sell, hold, neutral recommendations along with share price targets forecast and upside.

Strong growth prospects at international business; rich valuations cap upside

Volume growth surprising positively; difficulty to build a structural uninhibited volume growth “yet” is our premise …

Volumes and profitability disappoint; pipe volume guidance cut sharply

Slower-than-expected recovery in express business

On-track to deliver industry leading growth

In-line performance; regulatory tailwinds to aid performance

Provision recovery continues aiding earnings

In the proving ground

Healthy business growth and strong RoA; aims for further improvement in net NPA / PCR

Exports drive revenue growth

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