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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 cover over 130 countries through distribution network in Americas, Europe, India and Rest of the world. BIL...
further capacities in the medium term. Molecule-wise commercialisation should commence FY23 onwards. SUMICHEM also plans to buy 2 land parcels of 70 acres in total for its future expansion plans. We increase topline/EBITDA/APAT estimates by 2% for each of FY22 & FY23. Due to recent run-up in stock price, we downgrade the stock to REDUCE' (from HOLD), as upside looks capped because of expensive valuations (@ 43.5x FY23E EPS). We assign TP of Rs 376 (Previous 369) based on 38x FY23E EPS of Rs 9.9....
commercial revenue (-24% YoY). As per our understanding, the company has not made any shipment Stock of its one key product (24% of CMS revenue ) in this calendar year. Reported EBITDA margin contracted by 369bps to 12.8% level (vs our estimate of 15.3%) impacted largely due to Increase in raw material prices and upfront costs for certain projects. However, management is confident of improving margin profile from the current level on the back of a strong order book in CMS business, better traction in GDS business, and cost optimization measures. NLL reported a PAT of INR 87mn...
Cautious on high valuation and asset quality woes IDFC First Bank, founded by the merger of erstwhile IDFC Bank and erstwhile Capital First on December 18, 2018. At present, the bank's total number of branches stands at 601, with a total funded assets to the tune of around ~Rs.1,13,794cr. Net Interest Income (NII) reported a growth of 25.3% on a YoY basis, and reported Net Interest Margin (NIM) improved to 5.51% in Q1FY22, compared to 5.09% in Q4FY20....
Background: RBL bank (RBL) came into operations in 1943 and was incorporated as a small, regional bank in Maharashtra with two branches in Kohlapur and Sangli. Post the change in the management team in 2010, it has been one among the fastest growing private sector banks and now has 435 interconnected branches and 380 interconnected ATMs spread across 28 Indian states and union territories serving ~9.8mn customers. The bank offers a comprehensive range of banking products and services customized to cater to the needs of large corporations, SMEs, agricultural customers, retail customers and development banking...
Maruti Suzuki India Limited (MSIL) is an automobile manufacturer with a 56.2% ownership in Japanese car and motorcycle manufacturer Suzuki Motor Corporation. It is one of the largest passenger car companies and...
unsustainable rise in volume of patients and samples (all time high) We reinitiate coverage on DLPL stock with Sell' rating, previously kept Under Review'. 1QFY22 earnings were higher than our estimates solely driven by additional volumes, due to large number of patients in the second wave. Business in core portfolio grew 15% YoY given 1) all collection centers and labs resumed operations much earlier than expected 2) high revenue...
Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity...
IDFCFB reported a loss of Rs6.3bn (PLe: PAT of Rs1.2bn) on back of a much sharper provision Rs18.8bn, rise of 3x QoQ. Operating performance was relatively decent on (i) SA rate cut in May'21 & improving retail mix has helped on strong NII (ii) relatively better opex and (iii) treasury leading to PPOP growth of 12% YoY/55% QoQ. Slippages of Rs28.8bn (annualized 11.5% of...
