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At the network level, volume was up by 61% while pricing was down by 5%. ~37% discount to pre-COVID levels may take 2-3 years to recover. However, utilization in top-8 markets is at ~79%) which is encouraging. While there are headwinds in radio segment as price recovery is a long drawn process, management sounded upbeat on the core solutions & digital business which...
to 1) Increased pressure on GRM's due to significant input cost inflation and 2) semiconductor shortage led impact on auto sales may last upto 1 year. We are reducing our Gross margin estimate by 260bps in FY22 with gradual...
CEAT's 2QFY22 consol. revenue came ahead of our estimates at Rs 24.5B (24% YoY/ 29% QoQ, PLe 22.5B) led by volume growth of 9% YoY/ 23% QoQ, while realizations grew ~5% sequentially. Margins came lower at 9.0% (-580bp...
CIPLA delivered an in line result in 2QFY22, led by strong YoY growth in Domestic Formulations (DF) and South Africa. The overall performance was offset by muted showing in the US and API segment....
New business share increased to ~30% while auto engine reduced to ~37% from FY17 to FY21. Overall, B2C share increased to ~60% in FY21 E-mobility is expected to drive future growth (~12% of FY21 revenue)...
Strong capabilities, ER&D; demand to aid growth. Tata Elxsi (TELX) is a leading provider of integrated services - from research and strategy, to electronics and mechanical design, software development, validation, and deployment across industries including Automotive,...
ACEM's 3QCY21 earnings were impacted by higher costs (energy, freight, and other expense) as OPM declined by 2.2pp YoY (1.8pp below our estimates) and EBITDA/t fell 5% YoY (6% below our estimate). Its Marwar and Mudwa plant in North India has started commercial production and should aid volume growth in the near term. We largely maintain our CY21-23E EPS estimates and maintain our Neutral rating on the stock. Clarity on further growth plans will be a key factor to monitor....
KMB delivered an in-line operating performance though lower provisions resulted in standalone PAT coming in at INR20.32b (12% beat). Consolidated PAT remained flat YoY while the securities, prime and life insurance businesses witnessed a strong earnings growth. Loan book grew sharply by 8% QoQ (up 15% YoY) to INR2.35t, led by a pickup across the secured and unsecured retail as well as corporate banking segments. On the liability front, CASA growth remained steady and took the CASA mix to 60.6% (40bp QoQ increase; highest in the industry). Asset quality improved with fresh slippages at INR12.9b (annualised 2.3% of...
