Karvy Broker Research reports

Outlook and Valuation: While we believe that these are a positive development for INFOE, we continue tobelieve that the core/standalone business of the company is expected to suffer in thenear term as the growth prospects of the company are closely linked to GDP growth ofthe company.

Strong Insurance Performance; Lending Arm Equipped to Withstand COVID-19 Shock: In Q4FY20, Bajaj FinServ reported consolidated PAT of Rs. 1.9 Bn, down 77% YoY owing to the following COVID19 related impacts

Valuation and Outlook: We have valued the stock based on 2.7x forward P/EV on discount of 0.8x and44.4x forward P/VNB with at a discount of 0.9x and has arrived at a price targetof Rs.418 with potential upside of 5%.

Outlook and Valuation: We downgrade our revenue estimates for FY21E by 5.9% to Rs. 60.3 bn dueto downgrade in Customs Synthesis and Generics business due to no revenueguidance provided by the management.

Valuation and Outlook: We have valued the stock based on 5x forward P/EV and 57.5x forward P/VNBwith a premium of 1.05x and has arrived at a price target of Rs. 574 with potentialupside of 11%.

Outlook & Valuation: We downgrade our revenue estimates by 7.5% for FY21E to Rs 169.6 bn on accountof downgrade across regions while we introduce FY22E revenue estimates atRs 186 bn.

Valuation and Risks: We downgrade our Revenues by 4.4% / 4.8% for FY21E / FY22E due to downgrade across regions.

RBI Grip Tightens on HFC: What to Expect?Ever since RBI took over HFC since August 2019, RBI is issued multiple drafts totighten the rules of the game.

Outlook and Valuation: Relaxos strong balance sheet and free cash flow in the past few years will help weather the covid period better than its competitors.

Decent Revenue Traction:Indoco Remedies (Indoco) revenues increased by 7.9% on a YoY basis to Rs. 2.72 bn due to domestic formulations and US.