Yes Securities Broker Research reports

Portfolio accretion in the mainstay Gold Loans (67% of consol. AUM) remained strong (grew 4.5% qoq/31% yoy), and was largely driven by higher gold prices (gold holdings declined 1.5% qoq and...

Revenue was down 18% yoy due to supply chain disruptions, lower servicerevenuesontheaccountofnationallockdown&nonreceipt of delivery clearances. Lockdown impact was Rs2bn. Industrial Automation (IA)/ Electrification (EL)/ Motion (MO)/ Robotics &...

Bank's liability-side strength was reflected in deposit mobilization (up 8% qoq and 18% yoy), texture (avg. CASA stable at 42%) and funding cost (fell 50bps qoq on computed basis). Reported NIM was...

FY18 was a transformational year for IRB on many counts with the group completing 1st year of InvIT launch, making its foray into the growing HAM space and the overhang of the CBI case getting resolved. IRB shares have seen strong performance and are up 23% since we initiated on the stock on 28th March 2018 outperforming the NIFTY index by 17%. The Company has reported robust FY18 results with a ~5% beat at the adj. EPS due to lower than expected interest expenses as the credit rating improved by two notches. IRB's order book of INR 151 bn as of 31st March 2018 should provide sufficient revenue visibility over the next three years. The management has set an...

Control Print Limited (CPL) is involved in the coding and marking (C&M;) industry. The company manufactures and sells C&M; systems and other related supplies catering to the needs of various industries such as foods, beverages, FMCG, agrochemicals, seeds, cables/ wires, pipes, extruded plastics, textiles, steel/ metal, pharmaceuticals, cement, plywood, amongst others. CPL derives about a fifth of its revenues from the sale of printers and ~71% of revenues through sales of consumables. The Indian C&M; industry is sized at ~INR 12-13 bn, with 4 players (including CPL) controlling 80%-85% of the market. CPL has a share of less than a fifth (of the major players); other major players include Markem-Imaje S.A....

Asset light outsourcing model for plywood has worked well for GIL: GIL outsources ~30% of its plywood volumes. This has helped the company to focus on the premium category for own production. GIL enjoys a strong brand recall in the plywood business and company's capacity expansion will be coming on-stream at the right time as its existing capacity is already running at full utilization. We expect Plywood to post Volume/Revenue CAGR of 9%/12% over FY17-20E led by midrange brand Ecotec' (Volume/Revenue CAGR of 18%/22% over FY17-20E). Mega capex in progress; expect earning boost post FY19: GIL currently has a 30% market share mainly in the organized Indian MDF market which in turn is worth...

MDF to lead FY17-20E growth given shift from lower end plywood to MDF: MDF is expected to remain one of the fastest growing (15-20%) wood panel product with pricing differential of MDF vs. cheap plywood (low at ~10-12%) and with better durability & newer applications,. Additionally, capacity constraint of existing players in North India will provide CPL with an opportunity given its strong distribution network and brand awareness to ramp up its production and gain market share in a fast growing category. We expect CPL to achieve 85% utilization levels in MDF by FY20E and thus volumes/revenues are expected to grow at...

L&T;'s 4QFY17 consolidated revenue grew 12.0% YoY, however EBITDA declined 3.6% YoY, owing to 190bps slip in EBITDA margin. Although operating performance looks weak prima facie, analysis of segmental performance suggests that the disappointment is on account of services business (owing to rise in NPA in finance business and provisioning of receivables in Nabba Power). The performance of the core business was in-line with our expectation. On account of higher other income, lower interest expenses and taxation, net profit jumped 29.5% YoY. For the full year FY17, revenues (ex-services) were up 8.2% YoY...