Sell

CEAT's Q1 revenue fell below projections at Rs 19bn and gross margin declined, weakening EBITDA margin to 8.7%. Adj. PAT was at Rs 199mn

We maintain a SELL on the stock with a target of Rs 4,300/share (5x FY23E ABV).

Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT

Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q4FY21 revenue grew by 16% YoY supported by 68% YoY increase in domestic business while export business declined by 17% YoY. Despite a decline in gross margin by 37bps YoY, EBITDA margin improved by 222bps YoY to 13.8% in Q4 led by higher share of after-market revenue and lower employee cost....

VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion and tariff hike/floor tariff implementation. The need for capitalisation is urgent mainly due to its upcoming payment commitments, lagging spends on network and continued relative market share loss. We maintain SELL rating with a DCF based target price of | 5/share (vs. | 6/share, earlier). We...

SJET's Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9

Order backlog is at Rs1,559cr, which is 2.6x FY21 sales. Order inflow was at Rs916cr, showing signs of improvement. We believe that headwinds like order inflow & execution delays have seen some improvement. While order inflow visibility has shown improvement in recent times. Order intake guidance of Rs750cr for FY22E is encouraging. Going ahead with given order execution mix, we expect EBITDA margin remain in the range of 12-13% versus 20% (5yr avg.). However, likely hit on margin profile is expected to hurt the profitability and valuations in the long run....

Oriental Carbon & Chemicals (OCCL) reported a healthy performance in Q4FY21. Net sales in Q4FY21 came in at | 104 crore, almost flat QoQ while up 22% YoY, amid healthy volume reported by key tyre players domestically. EBITDA in Q4FY21 was at | 36 crore with corresponding EBITDA margins at 34.7%, down 260 bps QoQ but near its normalised range. Ensuing PAT in Q4FY21 was at | 25 crore, down 13% QoQ. The company also declared a final dividend of | 10/share with total dividend for FY21 at | 14/share. On a full year basis, for FY21, topline decline was limited to 3.2%...

BHEL, a government owned entity, is India's largest engineering company and dominates the supply of equipment for power plants in India. Key products include gas turbines, generators, thermal sets, diesel shunters,...