SRF reported a weak 2QFY22 performance on the back of a margin contraction in the Packaging Film segment. However, the Chemicals and Technical Textiles segments maintained their growth momentum. Factoring in its 2QFY22 performance and lowering our EBIT margin estimate...

CLGT's 2QFY22 result was in line with our estimates. Two-year average sales growth, at 5.2% in 2QFY22, continues to remain in the 4-6% range seen in recent quarters, with little indication of an improvement, despite consistent advertising spends. With: a) the launch of the Non-Oral Care portfolio, and b) investments under the brush twice a day' campaign seemingly on the back burner, it is unlikely to return to double-digit sales growth seen over FY0815 anytime soon. We maintain our Neutral view on weak topline growth, rising material cost pressures, and limited scope for price hikes....

COFORGE reported an organic revenue growth of 3.9% QoQ CC in 2QFY22. Including the one-month incremental contribution from SLK Global, revenue growth stood in line at 6.6% QoQ (USD). Growth was driven by deal rampups in the Americas (+30% QoQ, including the impact from SLK Global). It reported an order intake of USD285m (-10% QoQ/+42% YoY), implying a book-to-bill ratio of 1.3x. This also included three large deals. EBITDA margin (pre-RSU) increased by 250bp QoQ to 18.6% (est: 18.2%), led...

We are cutting EPS estimates by 6.4%/3.1%/3.5% for FY22/FY23/FY24 on the back of 1) Increased Input cost inflation and 2) Low volume growth expected in 2H22 given large base in 4Q21 and 3) Flattish EBIDTA margins over FY2124 post sharp 460bps gains in FY21. Increased promotions during the Quarter resulted in ~4.2% volume growth but with pressure on realisations. CLGT is...

Maintains high single digit FMEG margin guidance in 2 years; 10-12% by FY26 We cut our FY22 earnings by 13.4% given 1) RM volatility led margin pressure and 2) focus on topline growth and market share gains in the near term. However, thereafter, we expect margins to recover gradually and remain structurally positive on longer term prospects given 1) sustained increase in...

In Q2FY22, RIL's net sales grew by 51% YoY and 20% QoQ to Rs1,676bn (15% above Bloomberg estimates). Consolidated EBITDA increased by 37% YoY and 11% QoQ to Rs260bn (6% above Bloomberg estimates). EBITDA growth was primarily supported by strong performance in O2C segment, robust recovery in retail and steady momentum in digital services. Net profit expanded by 46% YoY and 12% QoQ to Rs155bn (19% above Bloomberg estimates), mainly due to a sharp decline in finance cost. The company has reported net cash position of Rs36bn against Rs1.6tn net debt as on March 20. During the quarter, consumer segment (Jio + Retail) contributed ~45% of RIL's EBITDA. We are revising...

High competition in injectables generic and increase in raw material prices may impact the company's growth and margins in the upcoming quarters. Furthermore, we believe valuations are rich and thus recommend a HOLD with a target price of Rs 4,000/share

Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm

Formulations - 24% of FY21 revenues, Radiopharma and allergy therapy 38% and CDMO & API 33% of sales Q2FY22 Results: Below I-direct estimates, especially on the CDMO front....