Sell

At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook

Bhel's Q4FY21 revenues came in at | 7171 crore, up 42% YoY, 61.1% QoQ amid a low base with some execution revival amid headwinds. On the segmental front, power segment revenues grew 50.9% YoY to | 4789.3 crore whereas industrial segment revenue grew 38.4% YoY to | 1963.4 crore. EBITDA level loss came in at | 1264.3 crore (vs. EBITDA loss of | 561.7 crore in Q4FY20) YoY owing to lower-than-expected execution and higherthan-expected operating expenses and provisions. Net loss came in at | 1032.9 crore (vs. net loss of | 1534.1 crore in Q4FY20) partly impacted by...

KJC reported consolidated Q4FY21 revenue growth of 46% YoY as tile volumes grew 39%, aided by a soft lockdown-hit base quarter

CPBI: Strong quarter; downgrade to SELL on rich valuations. CRS: Good quarter; cut to REDUCE on limited upside. MUNI: Stellar quarter; recent rally caps upside downgrade to ADD. IIP: Industrial output steady over a 2-year horizon

CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%

CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%

MRF's Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn

We maintain our Sell rating with a target price of Rs 4300/share (5x FY23E ABV) from Rs 4350/share earlier.

Nilkamal Ltd.'s (NILK) Q4FY21 result was a mix bag as net sales was above tad higher than our estimate, while margins were disappointing. Sales volume growth further strengthened in Q4FY21.However, steep increase of 20% YoY in raw material prices eroded operating margin. Net sales improved by 21.1% YoY to Rs6,799mn, while EBITDA came at Rs789mn, up by 11.7% YoY. The company reported net profit of Rs382mn, a healthy growth of 20.2% over Q4FY20. Despite challenging business environment due to pandemic, NILK's strong distribution network, healthy relationship with its customers and Company's ability of providing all in one services and robust supply chain management system were...

Berger Paints (BRGR) reported better than expected result driven by continued strong growth momentum in decorative coatings and robust performance of subsidiaries. Positively, revenue growth of BRGR during 4QFY21 stayed ahead of competition. Management guides that they have significantly improved on distribution expansion during FY21 as compared to normal rate of 10-12%. Also, BRGR fared well on managing input cost inflation (gross margin remained flat) compared to other players in paint industry (who reported gross margin contraction). BRGR has taken c.2.5% price hike in May'21 to address rise in raw material cost and is likely to undertake more price hikes...