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We have trimmed down FY21-22 revenue estimates by 13.7%/12.5% on account of COVID-19 related challenges. Amidst uncertainty, we remain cautious and maintain our REDUCE rating on the stock with a revised target price of Rs. 528 based on 30x FY22E adj. EPS Weak EMP operations offset growth in UCP revenues Voltas registered a revenue growth of 1.3% YoY in Q4FY20 to reach Rs. 2,079cr. This growth was mainly attributable to growing revenue from UCP (+20.1% YoY to Rs. 1,199cr), on account of severe summer prediction and expected supply chain...

eClerx's (ECLX) Q4FY20 dollar revenue declined by a sharp 7.9% QoQ owing to onsite revenue contraction of 15%.

Karnataka Bank (KBL) reported a weak Q4FY20 performance with advances/ deposits growth at 3.9/4.9% YoY, opex growth of 29/42% YoY/QoQ and high morarotium of 47%. Asset quality improved slighlty with G/NNPAs at 4.8/3.1% vs 5/3.8% QoQ. Reported PCR improved to 64.7% compared to 59.3% QoQ.

DCAL Q4FY20 revenue came 22.8% below our estimate at INR 5,121mn (est. INR 6,637mn) decline by 21.2% YoY due to tapered growth in CRAMs business (-18.3% YoY), lower other operating income (INR 93mn vs INR 383mnin Q4FY19) and postponement of commercial supply (USD ~5mn) to Q1FY21. CRAMS India revenues de-grew by ~30% YoY and accounted for 18% of the revenue. Car- Sector Outlook bogen Amcis BV revenues declined by 11% YoY. EBITDA margins contracted from 26.1% to 25.8%...

Outlook and Valuation: We downgrade our revenue estimates for FY21E by 5.9% to Rs. 60.3 bn due to downgrade in Customs Synthesis and Generics business due to no revenue guidance provided by the management.

Divi's Labs (DIVI) saw a steep 19% EBITDA miss as high gross margins (+200bps QoQ) were negated by staff/SGA cost, leading to subpar Q4 operating margins.

Background: CEAT is one among the top four tire manufacturers in India and is a part of the RPG group. The company has a total manufacturing capacity of 0.1mn + tyres/day with plants situated in Nashik, Bhandup (Mumbai),Ambernath, Halol, Nagpur and Sri Lanka. The company manufactures all tires: Truck & Bus (31%), 2W/3W (31%), Passenger vehicles (14%), LCV (11%), Farm (6%), and Specialty (6%). In terms of market, replacement contributed 58% of the sales while OEM and exports make up 27% and 15% of the sales, respectively. CEAT has a robust distribution network consisting of over 4,000+ dealers, 33 regional offices and more than...

Granules (GIL) posted revenues of INR 5,999mn with 2.2% YoY decline, which was ~14% below our estimate of INR 6945mn. Revenue growth was mainly impacted by the restriction imposed on export of Paracetamol API, PFI and FD's (which was uplifted for PFI & FD's in the month of April and for the API in the month of May) and disruption in logistics (revenue loss of INR600 to700mn). However, post lifting of restriction on the export of paracetamol, capacity utilization has improved significantly now. Gross margin improved (754bps YoY) due to higher formulation sales (57% of revenue vs 52% in Q4FY20). However, EBITDA margin expanded by barely 75bps to 16.7% level was 279bps lower than our estimate due to higher employee cost (up 43.8%) and one time INR 217 Mn impairment of...

Lupin (LPC) and partner Mylan have secured centralised marketing approval for Nepexto (biosimilar Etanercept) for European markets.

Valuations (81x FY20P EPS of 84) at WIL, in our opinion are disconnected from prevailing challenges on the demand front, with relative resilience in price performance centred around market expectations around the open offer price. On the back of elongated CV recovery cycle, we assign SELL rating on WIL and advice existing investors to either tender their shares in the forthcoming open offer ( 7067.5/share, 2.5 months away) or for simplicity of operations sell shares in open market. We ascribe a fair value...