New Research Reports

For Q3FY24, TATACONS’ revenue grew by 9.5% YoY/ 1.9% QoQ to INR 38,039 Mn, driven by strong growth across India and International business. India beverages saw a volume/ value growth of 2.0%/ 8.0% YoY, respectively driven by volume growth and premiumization in tea and strong revenue growth in NourishCo (+34.0% YoY).

For Q3FY24, BRIT’s revenue was INR 42,563 Mn, a muted growth of 1.4% YoY and a decline of 4.0% QoQ. The volume (tonnage) growth was ~5.5% as BRIT undertook some grammage additions while the no. of packets sold grew by a lower rate of ~3.0% to 3.5%.

NEST’s revenue for Q4CY23 grew by 8.1% YoY but declined by 8.7% QoQ to INR 46,004 Mn. Domestic revenue (96.5% revenue share) growth decelerated but remained healthy at 8.9% YoY vs. 15.1% YoY growth seen in 9MCY23.

For Q4CY23, VBL continued its strong revenue traction and reported a revenue net of excise of INR 26,677 Mn, a growth of 20.5% YoY. The YoY growth was supported by strong double-digit volume growth (+18.0% YoY) and realization improvement (+1.9% YoY). Revenue declined by 31.1% QoQ due to seasonality, with volumes declining by 29.1% QoQ and net realization declining by 2.8% QoQ.

LICI: Solid quarter; valuations overdone cut to HOLD. ALKEM: Good quarter; cut to SELL on stretched valuations. Monthly Chartbook: Fiscal consolidation to hold key. PWGR: In-line quarter, FY25 capex hiked; maintain BUY. TATACONS: Strong run continues. DIVI: Healthy margin recovery, heady valuations. TPW: Dull quarter; high valuations maintain HOLD. ESCORTS: Weakness persists - maintain SELL. TRCL: Tepid quarter, high capex overhang retain SELL. Metals & Mining: Ferrous read-across: Steel recovery in CY24 - ArcelorMittal

Recommendation: With an upside potential of 14% from the CMP, we maintain our BUY rating on the stock.

AIAE: Soft quarter, volume growth uncertain; cut to HOLD. BOB Essential Commodities Index: How prices look in Jan'24. SYRMA: Margin slide continues; retain HOLD. BRIT: Faster volume growth to boost profitability