Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available .
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TATA steel (TATA) reported Q2FY22 EBITDA below our estimates/consensus estimates (CE) by 19%/14% at Rs164.6bn (+2% QoQ). The miss was due to lower margins in both domestic and Tata steel Europe (TSE) operations. Sentiments on Chinese demand turned negative over last quarter. Contrary to historical trend of China pushing volumes in the exports market at unfeasible prices levels in wake of soft domestic demand, the flow of Chinese steel exports has been significantly contained this time with stringent curbs on production. Nonetheless, Chinese steel prices came under pressure with...
Granules (GIL) posted revenues of INR 8,883mn with 3.5% YoY growth, which was 5.2% above our estimate of INR 8,446mn. Revenue beat was mainly driven by new product launches and increased market share for existing products in the finished dosages (FD) segment. During Q2, FDs grew by 18% (YoY), PFIs grew by 10% (YoY), and API sales dropped by 25% (YoY). Gross margin contracted by 706bps on account of increase in KSM prices (mainly PAP and Acetic acid prices are up by 100%150%) and loss of MEIS benefit. However, EBITDA Margin witnessed a higher impact (decline of 1286bps to 17% in Q2FY22 ) due to lower profitability in Para products and higher logistic cost and R&D expenses (5.3% vs 2.6% in Q2FY21). The management expects to pass on some of the increases to their customers from Q3FY22 onwards. GIL reported a PAT of INR 807mn, which was below our estimate of INR 1237mn driven by weak operational performance. As per management, the...
Amara Raja's Q2FY22 result was a mixed bag as its sales was ahead of our estimate while EBITDA was lower than our forecast. Amara Raja's sales increased by 17% YoY to Rs22 bn as automotive and industrial sales rebounded. However, sharp increase in prices of raw material (lead) led to sharp contraction in margins. Its EBITDA declined by 21% YoY to Rs2,689 mn; EBITDA margins fell by 570 bps YoY and 138 bps QoQ to 11.9%....
We maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W industry. We value the stock at 15x (16x earlier) FY23E EPS, implying a 19% upside from the CMP.
In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products (~| 150 crore) led by two brands, Candid and Scalpe+ Progress on the margins front amid cost rationalisation measures and decline in R&D expenses as percentage of sales...
For Q2FY22, Hindalco's wholly owned overseas subsidiary Novelis reported sales volume of 968 KT (up 5% YoY), broadly in line with our estimate of 974 KT. For Q2FY22, Novelis reported all-time high adjusted EBITDA/tonne...
What should investors do? HMCL's share price has lagged the Nifty Auto Index in past five years, de-growing at 2% CAGR from ~| 2,935 levels in November 2016 We retain HOLD rating amid slower than anticipated volume recovery and...
40x P/E on FY23E EPS + | 119 NPV for gRevlimid) Key triggers for future price performance: Expected momentum for H2FY22 is likely due to some high profile launches...
