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The company has announced a large capex of | 250 crore (seeing strong demand and higher utilisation) in FY22 which will increase its overall capacity by 18% and generate ~| 500 crore worth of additional revenue Q2FY22 Results: Kajaria reported robust results led by strong volumes growth. Revenue was up 36.6% YoY at | 973.6 crore. Tiles sales volumes were up ~25% YoY at 24.8 MSM and tiles revenues were up 35.6% YoY at | 882.6...

Reliance Industries’ (RIL) Q2FY22 EPS was up 43% YoY driven by rise in EBITDA across segments and fall in interest cost. Oct’21-TD Singapore GRM is at 25- month high on Chinese refinery utilisation fall, demand rise on switch from gas to liquid fuels, and fall in US and Asian auto fuel inventories.

HDFCLIFE reported an in line growth in premium, led by a 24%/17% YoY growth in the first year/renewal premium. Persistency trends improved across cohorts, with 13th/61st month improving 300bp each YoY to 91%/56%. However, there was a miss on shareholders' earnings by 20% due to higher COVID-19 claims settled. EVOP growth stood flat YoY over 1HFY22, affected by Excess Mortality Reserve (EMR) of INR6b. Excluding EMR, EVOP growth was steady ~34% YoY. On the APE front, the Individual Protection business declined by 8% YoY,...

What should investors do? Mphasis' share price has grown by ~7x over the past Recent run up in price prompts us to maintain HOLD rating Target Price and Valuation: We value Mphasis at | 3420 i.e. 36x P/E on FY23E EPS...

Q2 performance in line as sales grew 12% YoY and EBITDA margin stood at 46%

Robust volume growth in Q2 a reflection of improving macros. Network expansion and new sorting centre to sustain growth

BIOS delivered an operationally in line 2QFY22, while higher other income led the earnings beat. The healthy show in Research Services and ramp-up in Biosimilar sales was dragged down by the Generics segment on a YoY basis. We lower our FY23E EPS estimate by 3%, factoring in: a) pandemic-led delays in inspection, thereby having a subsequent impact on the approval timeline, b) gradual pick-up in market share for Insulin Glargine c) intense pricing pressure in Generics, and d) an increase in raw material prices. We value BIOS at 32x 12-month forward earnings to arrive at our TP of...

PVR restarted operations from 30th Jul'21, garnering 4% occupancy levels, with 588 operational screens (~70% by Sep'21). The quarterly operating loss run-rate was contained at INR1.2b v/s an operating loss of INR810m YoY and INR1.3b QoQ, with revenue down 89% in 2QFY22 against preCOVID or 2QFY20 levels. A strong pipeline of movies to be released coupled with a fully operational network, despite some restrictions, should usher a revival. However, advancement of OTT platforms, shrinking of the exclusive window to four weeks for Cinemas, and recent capital raise could overplay on valuations....

Revenue was up 49.8% YoY to | 174104 crore as all segments reported revenue growth. It grew 20.6% QoQ led by retail and O2C segment EBITDA was | 26020 crore, up 37.3% YoY, 11.3% QoQ. EBITDA growth YoY was driven by retail (44.1%) and O2C (43.9%) on account of favourable...