Sell

We maintain a Sell on the stock with a revised target of Rs 4410 (5x FY23E ABV).

TVS Motor (TVSL) posted a Q4FY21 beat on all counts.

For MSIL, we build PAT CAGR of 26.8% in FY21P-23E. We retain our cautious stance on the company courtesy further strain on margins and lost ground in UVs with present valuations continuing to be far above our comfort zone (trades at 29x P/E on FY23E). We continue to await decisive actions from MSIL on the EV front, retain REDUCE and value it at | 6,080 i.e....

Margins remain steady at 26% in FY21 and largely in-line with expectations HDFC Life's GWP grew by 18% YoY in FY21 and 22% YoY in Q4FY21 leading to a better APE growth of 13% in FY21 v/s 30% decline post lockdown and was led by continued growth in non-Par savings segment, Margins were steady at 26% in FY21 & 27% in Q4FY21 and largely in-line with expectation. Margin expansion has been not large as protection business has been slower in H2FY21 and higher mortality charges (COVID reserve) and fixed cost in the credit product business. Company has been able to steady its product mix to...

Mahindra & Mahindra Financial Services (MMFS) reported a mixed set of Q4FY21 numbers wherein topline growth improved on account of better margins but lower disbursements led to slower AUM growth. NII increased 12.2% YoY, 9.2% QoQ to | 1511 crore on the back of improvement in NIMs (calculated) that were up 63 bps QoQ, 35 bps YoY to 7.4% owing to slightly better asset quality and liquidity management. Employee cost increased 32% YoY to | 282 crore, mainly on account of lower base effect due to reversal of provisions on incentives YoY. Credit cost...

Global trends catching on faster in emerging markets: Technology is accelerating global trends in the developing markets. The management believes global trends toward lower/no alcohol products could be at play in India as well....

Additionally, MTCL has filled all the recent gaps in leadership (post major attrition since the management change), largely from Tier 1 IT. This has made the company ready to compete for larger deals in the market. Successfully transitioning from project- to annuity-based approach Mr Chatterjee has changed the company's focus from more of discretionary work to a healthy mix of discretionary and lights on services. This further translates to extended deal tenures and hence offers higher visibility in terms of revenues. MTCL's four key service lines are also structured in a way that targets multiple...

IPru Life posted a 7% YoY growth on overall APE and 6% on individual APE, a first positive growth in 13 months. On FYTD21 new business de-grew -27% and is likely to end in negative growth for second consecutive year. IPru Life...

IPru Life posted a 7% YoY growth on overall APE and 6% on individual APE, a first positive growth in 13 months. On FYTD21 new business de-grew -27% and is likely to end in negative growth for second consecutive year. IPru Life...

Tata Motors (TTMT) hosted an Investors Day for the JLR business (Link for Change in Estimates | Target | Reco as 1) positive cash-flow from FY23 (v/s FY22 targeted earlier due to one-time...