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Business parameters like advance mix, CASA ratio, asset quality etc has improved while bank reported dull earnings numbers. NII contracted 20.5% YoY and 2.7% QoQ due to the combined effect of margin contraction and decline in loan book. All segments except Agriculture reported YoY decline during the quarter with corporate declining 24% in line with management strategy and SME declining 10%. Asset quality improved with GNPA/NNPA at 6.65%/3.85%...
We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS, implying an upside of 16% from CMP.
DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% in FY21). This comes at the cost of a decline in contribution from the most margin lucrative Fine...
Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a boost from ~1.7 crore new houses under PMAY Industrial air-cooling market is worth ~| 10,000 crore and Symphony being the only branded player in this segment stands to take advantage of it...
About the stock: Entertainment Network India (ENIL), a subsidiary of Bennett, Coleman & Company Ltd (BCCL), operates Radio Mirchi which has 73 stations across 63 cities with more than 63 million listeners. Mirchi has been ranked No.1 in all Indian Readership Survey (IRS) surveys...
About the stock: Kansai is the global leader in industrial coatings (automotive). but revenue growth was in line with our estimate. Favourable base and strong demand for decorative paints helped drive...
The profitability of the company in the near-term might be affected by resurgence of the pandemic. This along with spike in claim expenditure for health insurance line, and subdued performance of motor insurance line due to increased competition are expected to be the key factors determining the financial metrics. Hence, with a cautious stance, we maintain our HOLD rating on the stock with a revised target price of Rs. 1,636 based on 7.5x FY23E BVPS. Strong performance from P&C; segment led to increased GDPI...
Q2FY22 Revenue & PAT grew by 40% & 31% YoY respectively, led by higher realisation and share of profit from associate. Higher input cost led to 680bps fall in gross margins, but strict cost controls limited the fall in EBITDA margin to 250YoY to16.1%. Overall demand scenario has significantly improved by revival in construction & improved consumer sentiments. Capacity expansion, expanding distribution reach and likely market share gains on account of industry consolidation, are key positives....
