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Bajaj Auto (BJAUT) Q2FY22 PAT was above our estimates on account of higher than expected EBITDA margins and higher average per unit realizations. We expect domestic 2W market to remain soft in Q3FY22 and likely to post recovery during Q4FY22 while export market continues to show improvement for BJAUT. The Company is anticipated to face margin pressure during Q3FY22, due to high raw material prices. To factor in weakness in domestic 2W market and raw material cost inflation, we revise our Sales and PAT estimates by -1.9%/-12% and -1.2%/-11.2% for FY22E and FY23E respectively. The Company is expected to report EPS of Rs201 and Rs224 for FY23 and FY24...
We value KEC International at 14x FY23E EPS to arrive at a target price of Rs465/share, implying a downside of 3% from CMP. Given a long-term positive outlook, we maintain a HOLD rating on the stock..
WLDL once again delivered a better than expected SSSG and sales growth, led by continued strong momentum in the convenience platform. The convenience channels continue to remain elevated, despite a recovery in dine-in, which almost doubled YoY. Inflationary pressures on commodities led to gross and EBITDA margin being slightly lower than expected. The continued sales momentum would drive operational leverage on margin in the future. With the opportunity for organized QSRs significantly improving after the...
MLL's topline grew by 22% YoY (+17% QoQ) to ~INR10.2b in 2QFY22, driven by the Supply Chain segment (+22% YoY; 96% of revenue). Enterprise Mobility grew 42% YoY (4% of revenue). EBITDA margin came in at 4.9% (+43bp YoY; -24bp QoQ) and was impacted by a sharp increase in fuel cost. Higher depreciation expense and lower other income led to a 35% YoY decline in PAT to INR 98m....
Lupin (LPC) delivered an in-line 2QFY22 operational performance, led by a healthy double-digit growth in Domestic Formulations (DF) and stable US sales. The company has restructured its US specialty business by taking extensive cost measures. In addition to better sales prospects in DF/US, the cost saving steps will enhance its profitability, going forward. We cut our FY22E/FY23E EPS estimates by 5%/4% to factor in: a) lower API sales, b) slower growth in Europe (EMEA), c) reduced operating leverage, and b) higher raw material costs. We value LPC at 24x 12M forward earnings...
Q2FY22 Results: DB Corp reported strong performance on a depressed base Revenues at | 446.8 crore, were up ~29% on depressed base (Q2FY21 revenues were down ~35%). Print & digital ad revenue was up ~32% YoY on base of 38% decline while subscription revenues remained resilient and were up 12.1% YoY driven by cover price hike. Radio ad revenue registered...
MM Forgings is a manufacturer of automotive components. It manufactures steel forgings in raw, semi-machined machined and fully machined stages in various...
Strong order Book Market share Gains: SONACOMS net order book stands at Rs136bn (~9x FY21 sales) which includes EV segment of Rs79bn (59%) and Non-EV segment Rs57bn (41%). Net order book implies aggregate sales in the next 10 years from awarded programs which are either yet to start production or are yet to fully ramp up). Its Global market share in Differential Gears and Starter Motor grew from 5% to 6.4% and 3% in to 5% respectively during CY9MCY21. HOLD: SONACOMS has a reputed client credentials with highly profitable self-funded business model which warrants premium valuations. Its Sales and PAT are expected...
Copra prices down 11% sequentially and 5% YoY. Expect GRM's to improve in Q3 and Q4, EBIDTA margin recovery by 4Q only due to inflation. We are cutting FY22EPS by 4.1% on input cost pressures and higher ad spends post 2Q22 while FY23/24 EPS is expected to increase by 0.1%/1.9% as margins normalize to ~19% range. We expect volume growth in both Saffola and Parachute to moderate to long term trajectory. Medium term outlook remains positive given that 1) Softening of Copra prices will aid...
We are cutting FY23 EPS by 9.8/10.7% and rating to Accumulate although we factor in sustained post covid recovery led by gradual pick up in dine in and continued traction in convenience channel. Although second covid wave halted the recovery witnessed during 2H21 but Sep-21 numbers offer renewed confidence with Gross margins of 67% and EBITDA margins of 16.4%....
We tone down IndiGo's FY22 loss by 9.4% while increase FY23/FY24 earnings by 6.4%/ 15.1% given 1) Swift recovery post 2nd Covid wave 2) permission to operate 100% domestic capacity by MoCA 3) strong yield environment across markets and 4) more air bubble arrangements aiding international operations IndiGo's 2Q losses narrowed sequentially as industry witnessed a swift recovery post 2nd Covid wave aided by 1) rising consumer confidence with...
Dalmia Bharat (DALBHARA) reported Q2FY22 EBITDA in line with our expectations. EBITDA for the quarter was benefited by incentive income of Rs600mn related to Bihar unit (including Rs490mn of FY20 and FY21) and one-time rebate of Rs150mn on railway freight. Adjusted for the same,...
We change our FY22/FY23/FY24 earnings by -2% / 1.2% / 2.6% and assign Accumulate rating largely on account of 1) RM volatility led near term margin pressure & 2) ~85% run up in stock price over past 6 months Given the strong demand outlook (Rs33bn order book) despite inflationary environment, management has revised its FY22 sales guidance upwards (from 20% to 25-30%) while maintaining LT CAGR of 17-18%. We remain...
We upgrade BJAUT to ACCUMULATE' at a revised TP of Rs 4,223 (earlier Rs 3,923) and slightly tweak our estimates to roll over to Sep-23. The company's 2QFY22 revenue came ahead of expectation driven by growth in realization...
Lowest ever EBITDA margins at 4.2%; 250bps impact from high RM costs. Maruti's 2QFY22 EBITDAM disappointed at 4.2%, led by soaring raw material costs (250bps impact) and low production levels (116k units) regardless of three price hikes over 1HFY22 (~1.9% in Sep-21). Despite strong demand, orders remained unfulffilled due to production cut of 60%/40% in Sep-21/Oct21. Further, 2Q market share declined to 43% vs 48% of FY21 due to new product launches from competitors and rising demand in SUV segment....
ABB India (ABB) reported strong set of number with EBITDA margin expanding by 197bps YoY to 9.5% mainly led by 1) improved capacity utilization, 2) revenue mix, 3) operational efficiency and 4) cost optimization. Order inflow came in at Rs19.1bn driven by order win in new high growth sectors like renewables water, data centers, railways, metro and F&B; and other traditional sectors such as steel, cement, energy and power distribution...
Strong customer sentiments, revival in B2B business, market share gains and revival in construction sector is supporting growth. We expect the exports business to improve as company started its operations in Dubai. With an optimistic outlook, we reiterate our ACCUMULATE rating...
