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Cautious sails in high winds: The sustained strong performance underscores BAFs (Bajaj Finance) ability tofind new and little-explored lending opportunities and perfectly execute its strategy.

Ujjivan Small Finance Bank, the wholly owned subsidiary of Ujjivan Financial Services Ltd. (USFL) serves over 47 lakh customers through 524 branches and 15,626 employees spread across 221 districts of 24 states in India with gross loan book size of Rs11,783cr. Also, it has about 474 full-service banking outlets with a deposit base of Rs7,956cr. The gross loan book has grown at 51% on a YoY basis to reach Rs11,783cr, with micro banking segment mix at 82% . The deposit base grew by 109% YoY, thus effectively covering 68%...

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...

of FY20-21 by 0.9-1.3% given 1) 10- year low 1Q20 exit market share 2) 1Q tonnage volume growth of just 1.3% and 3) slowdown in toothpaste segment except naturals. However, Colgate is making a push for volumes led by 1) 30% increase in direct distribution 2) bringing family pack prices of Total closer to CDC and 3) more offers in bundled packs. Instead of being more...

Background: Balkrishna Industries (BIL) is focused solely on 'off-highway' tyres catering to agricultural & industrial segments. The company has a ~7% share of the global market. While OTR forms ~65% of the global market, for BIL, it only contributes ~33% to its revenue. The company has been undertaking various actions like setting up warehouses in markets in North America and Europe to be closer to the customer and have a just in time (JIT) system. The company sales to over 130...

Q1FY20 revenue rose 5.6% YoY Rs. 2,897cr, primarily led by revenue growth in Consumer products (+13.0% to Rs. 495cr) and Specialty products segment (+8.9% to Rs. 634cr). Basic chemistry products revenue witnessed muted growth of 1.3 % YoY to Rs. 1,946, impacted by lower production of soda ash in Mithapur. By geography, strong performance in US (+10.5% YoY to Rs. 845cr), Africa (+32.3% to Rs. 123cr) and India business (+4.2% to Rs. 1,031cr) offsets weak performance in UK region (-10.8% to Rs. 307cr). EBITDA margins surged 256bps YoY to 20.4% primarily with improved margins for BCP with better realizations for Soda ash and lower costs. The company...

Lupin Limited is a multinational pharmaceutical company based in Mumbai. The company specialises in branded and generic formulations, APIs and advanced drug delivery systems in the area of biotechnology. The company...

Topline netted for the content cost as pass through expense Dish TV posted Q1FY20 revenue of Rs. 926cr (vs. Rs. 1,656cr in Q1FY19). This quarter onwards, company started netting off the content cost from revenue to better reflect the new tariff regime. On comparable basis, revenue declined 7.7% YoY to Rs. 1,528cr. Subscriber revenue accounted for 89.2% of total revenue (-44.5% YoY to Rs. 826cr). Company continued to add subscribers with 209k net additions during the quarter with more than half of the net additions being HD subscribers (total subscriber base reaching 23.9mn). Management expects the subscriber revenue to pick up in the...

We reiterate our REDUCE rating on the stock with a revised target price of Rs. 345 based on 44x FY21E adj. EPS Protective coating, decorative business drive growth in Q1FY20 Q1FY20 revenue came in at Rs. 1,717cr versus Rs. 1,483cr for the same period last year (up 15.7% YoY). The growth was mainly driven by protective coatings business and decorative business owing to the price increase in FY19 and strong volume growth. This growth in volume was driven by aggressive distribution push in tier 2 and tier 3 towns. We expect double digit volume growth to continue in near future, on account of...

India Economic Outlook: Lower rates, liquidity to drive cyclical recovery. Plastic Products: Anti-dumping duty on CPVC Astral Poly a key beneficiary