Sell

below our estimate of INR 2,032mn. The revenue growth was mainly driven by the CMS (62% YoY growth) segment, led by 25 molecules with speciality API segment, which grew by 18.9% in Q4FY20. EBITDA margin expanded by 498bps to 15.6% level, which was 274bps higher than our estimate due...

While the domestic auto industry was already reeling under demand challenges across segments (particularly in CV) during the past 18 months, the Covid-19 Black Swan event has further pressurised (1) demand in the medium term by reducing incomes and consequent propensity to spend and (2) supply in the short term, with manufacturing activities across the country grinding to a halt overnight. As a vital part of the automotive supply chain, ancillaries such as Bosch would continue to feel the second order effects of slowdown in vehicle demand over the coming quarters. The...

respectively based on 1) Covid impact on production and sales in 1Q 2) 3) delay in opening of high focus modern trade in top cities. Mgt strategy is now centered on 1) gaining share in urban India with value added premium products (Bamboo Toothbrush, Charcoal Toothpaste and naturals segment...

Gabriel reported a relatively better Q4, with revenue down 17% at Rs425 cr (v/s expectation of 20% decline), Gross margins improved by 230 bps YoY on account of operational efficiencies

Background: Gabriel India Ltd.(GIL) is the flagship company of Anand Group, offering the widest range of ride control products including shock absorbers, struts, and front forks. The Company commenced operations in 1961, with a single plant in Mulund, Mumbai and has grown manifold, currently it has nine manufacturing facilities spread across the country with strong 500 dealer network and 10,000 retail outlets. The company has strong R&D; capabilities with over 43 patents in products and...

GlaxoSmithKline Pharmaceuticals Ltd: Outlook & Valuation: We downgrade our revenue estimates for FY21E by 4.3% to Rs 34.5 bn and introduce our revenues for FY22E.

28-30% of revenue compared to last year in Q1FY21E and gradual recovery from Q2FY21E. As per the management, 60-65% of DLPL's total operating cost is fixed in nature and the new additional expense (cost of safety for...

We recommend a SELL on JUBILANT FOODWORKS with a Target Price of Rs 1,408 a downside of 7% from CMP of Rs 1,515 and Stop Loss Rs 1,568.

Shree Cement Limited provides building materials. The company manufactures and sells cement and cement products in India. The company currently operates with a total cement capacity of 44.4mpta of...

shocks, we build in weak collection trends and higher provisions on rural & retail business side. Against this backdrop, we incorporate subdued growth (4-12%), high 6.5% NPA translating into structurally lower RoEs of 7% by...