Sell

EBITDA margin declined by 346bps YoY to 7% due to higher commodity prices and an increase in other expenses. The company expects margin pressure is likely to sustain as recent FGD orders were booked after 9 months delay and difficulty in price hike due to high competition in chemical business. The current premium valuation and headwinds on margins, implying limited room for further upside in the near term. Therefore, we revise our rating to SELL from Accumulate and value TMX at a P/E of 35x on FY24E EPS with a TP of Rs1,700....

BHEL reported another loss making 2QFY22. While revenue stood ~10% above our expectation, lack of operating leverage led to losses at the operating level. It reported a net loss of INR675m, below our expected loss of INR2.3b, owing to lower other expenses (reversal of provisions ~INR1.8b) and revaluation of depreciation charges by ~INR580m. Adjusted for the above two items, losses are in line with our expectation. Of the total order book of INR1.1t, the executable order book stands at INR90b. Around 50% of the order book is fixed cost contracts, thus posing a...

of Covid, diversion of oxygen cylinders for medical usage and lower labor availability. During 1Q, withdrawal of provision worth Rs1.8bn resulted in EBITDA loss narrowing down to Rs4.7bn (vs Rs11bn in Q1FY21 and Rs12.6bn...

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q4FY21 revenue grew by 16% YoY supported by 68% YoY increase in domestic business while export business declined by 17% YoY. Despite a decline in gross margin by 37bps YoY, EBITDA margin improved by 222bps YoY to 13.8% in Q4 led by higher share of after-market revenue and lower employee cost....

BHEL, a government owned entity, is India's largest engineering company and dominates the supply of equipment for power plants in India. Key products include gas turbines, generators, thermal sets, diesel shunters,...