Yes Securities Broker Research reports

AUM/Borrower jumps 11% qoq and 50% yoy to Rs26,600, still materially lower than industry average. Branch addition remained calibratedwithsteadyrampupinthenumberofLoanOfficersper...

Despite Covid impacting operations in March, AUM growth was solid at 11.5% qoq and 38% yoy. Negligible branch/loan officer addition led to significant reduction in Opex/AUM ratio (from 5.1% in Q3 FY20 to 4.6%). There was a material reduction in funding cost...

by 11.6% y/y owing to softening of fuel prices and cost rationalizationmeasures,EBITDA/tedeclinedby18.8%y/y atRs533duetoweakpricingscenarioascomparedto last year (NSR was down ~7% y/y). Management has...

majority of orders from agencies like PGCIL, Indian railways (RVNL/RITES),metrocorp,andmultilateralbanks,whichinour viewwouldberelativelylessimpactedbythepandemic.KECI tobenefitfromupgradationofrailinfra,risingelectrification, DFCCprojects,metroprojects&smartinfra.Orderpipelineis lookingstrongat~Rs400bn(DomesticT&D;:Rs200bn,MENA region:Rs80bn,Railways:Rs100bn) Though management refrained from giving any guidance,we...

(est. of 3.44 MT) which was down by 13% y/y due to lockdownmeasures.However,utilizationlevelforBCORP remainedsublimeat93%forQ4FY20.Furtherallplants of BCORP except Raebareli and Durgapur have been...

Operating performance: EBITDA was Rs 24.43 bn (3.9% y/y)inlinewithourestimatesofRs24.4bn.EBITDA/te stood at Rs 1,139, improving by 14% y/y led by stable pricing scenario and reduction in clinker production cost (which declined by 13.7% y/y). EBITDA/te for Century...

of capex is monetized from next fiscal. In the current disruptive environment, we reckon stocks with high certainty of earnings would command a disproportionate investorinterestandwidepremiumtosectoraverages.WebelieveAlembicPharma fitsthebillasitforaysintooncoandgeneralinjectablesandimprovestherevenue mixin3years.ExpectUSbusinesstoclock20%cagrexSartansovernext4yearsto touch ~US$450mn in FY24E. Domestic business should rebound and our recovery case is premised on strong close to Q4 FY20 as well as positive management commentary.WeassumemoderationingrossmarginthoughEBIDTAshouldpickup...