Yes Securities Broker Research reports

Relief in national and regional lockdowns led to restoration of demand during Q2 but sales were below pre-COVID levels. During the quarter domestic / international...

Growing share via value added offerings; Retain 'BUY': We retain FY22 volumeestimatesat296kMTassumingi)Increaseinannualgrindingmediavolumes by2025kMTonanormalizedbaseofFY20,ii)Approx.10kMTcontributionfrommill lining solutions & ~70bps margin expansion over FY2022 led by benefits of INR depreciation (~75% exports), launch of relatively high margin value added mill lining solutions & operating leverage play. The stock is currently trading at 24x FY22E earnings. It deserves premium multiple due to strong business MOAT. We remain optimisticonthebusinessprospectswithadjustedROE(excash)of28%byFY22E,...

Can Fin's Q2 FY21 result was exceptionally strong on the back of sharp NIM improvementandmodestprovisions(backedbymanagementassessmentofpotential stressandextanthealthyprovisioningbuffer).WeconcurwithmanagementthatNPL increaseandrestructuringquantumwouldnotbesignificantconsideringencouraging collectiontrends(93%inSeptand9697%inOct)andcustomerprofileofthebook. CreditcostfromH2FY21isexpectedtolargenormalize(1520bpsannualized). WhiletheNIMcouldstayaroundthecurrentelevatedlevel(3.94%)foracoupleof quarters (1020 bps incremental decline in cost of fundspossible), it will most likely...

We retain BUY on Axis Bank and increase price target to Rs586 (Rs550 before) underpinnedbyearnings/BVupgrade.Earningshavebeenrevisedupwardsbylifting NIM and core fee growth assumptions. Considering management's assessment of probablerestructuringpoolandencouragingcollectiontrends(demandresolutionat 97%inOct),webelievethatdownsideriskstoourprevailingcreditcostestimateshas diminished.Hence,bank'sreturnratioswillmostlikelyrecoversharplyinFY22.The...

The decline in NIM weighed on NII growth (10% qoq and 7% yoy). There was strongrecoveryincorefeeincome(up52%qoqandstoodat93%ofQ2FY20 level)withrevivedtractionincardfeesandprocessingincome.Treasuryincome waselevated,andstoodsimilartoQ1FY21atRs950mn. Notwithstanding higher business activity levels in nonwholesale products on sequentialbasis,theabsoluteopexcameoffinQ2FY21andexhibitednogrowth onyoybasis.Cost/incomeremainedbelow50%. AdvancesstoodatRs562bn(1%qoqand4%yoy);nonwholesalegrew7%qoq...

Individual Protection APE decline was 1520%. This quarter had seen increased competitionwithincreasedfocusonProtectionbyallindustryplayers.ROPareincluded bymanyplayersinprotectionbusiness,howeverthecompanywantstofocusonpure retail protection as ROP and pure protection has significant margin gap. Strong...

We remain positive on the stock considering our expectations of 1) strong equity marketperformance,2)NAMgainingmarketshareunderthenewpromoters,3)costs controlwillnarrowdownthefinancialperformancegapwhencomparedwithpeers, and4)valuationsareattractiveat21.6xFY23Eearnings.OurestimatesforFY21have...

Polycab reported stronger than expected numbers led by healthy revival in domesticB2Csegmentandexports.C&W;segmentrevenuesdeclined5%yoy;the decline was lowerthanexpected on account of double digit growth in housing wiresand47%yoygrowthinexports.However,domesticB2Bsegmentdeclined 3040%yoyduetoslowerexecutionininfrastructureprojects.ExcludingDangote revenues (Rs440mn), exports jumped 400% yoy led by increasing presence in exportmarket.Recoveryinrevenuesisalsoaidedbythestrongincreaseincopper prices. FMEG growth of 24.7% yoy was quite higher than our expectations....

Chronic share is amongst highest and relative to Alembic we reckon Torrent exudes better confidence on growth hence shouldtradeatapremiumtoAlembic. Raised our FY22 EPS by ~12% to Rs91 on improved margin...

We see no deterioration in RoA for the current year despite higher provisions and expectprofitabilitytoimprovetolifetimehighinFY22.KMBhasunderperformedin recentmonthsanditsvaluationpremiumtoHDFCBhasdissipated.Expectvaluationto reratefromcurrent3xFY22P/ABVisresponsetolikelycontinuationofnonlinear earningsgrowth.UpgraderatingtoBUYand12mPTtoRs1,670. A nearly 20% PPOP beat supported by 10% NII outperformance. Substantial...