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Sun Pharma (SUNP) reported a healthy Q2 beat: 6% on sales, 32% on EBITDA.

Canara bank reported better than expected NII and PPoP growth of 29% and 32% YoY respectively on an amalgamated basis, driven by improved spreads, healthy growth in fee income, elevated treasury gains, and high recoveries from w/off accounts. Collection efficiency stood at 92-95% for the month of Sep, including past arrears. Management estimates ~Rs130bn or 2% of loans to be...

Results above estimates on revenue front as there was an overall revival seen in volumes across segments. Gross margins expanded by 425 bps YoY driven by higher realizations, better product mix and...

Escorts (ESC) reported strong Q2FY21 revenue at Rs 16.4bn (+24% YoY) with sharp 880bps operating margin expansion to 18.4%.

While Cummins (KKC) reported in-line revenue, EBITDA came in 25% higher than our estimates. This was largely owing to favorable mix (higher contribution of distribution segment and export revenue), continued cost rationalization measures, and cut in employee wages. Further, cost reduction was aided by the reduction in warranty and royalty expenses. As sales normalize and lower margin domestic product sales pick up, gross margin is likely to reverse to historical levels. Also, KKC had reduced employee wages by 10-20% during the lockdown owing to decline in...

DCB Bank's (DCBB) Q2FY21 PAT at Rs 0.8bn was in line with estimates.

Q2FY21 highlights: (a) RIL's EBITDA beat estimates at Rs 189bn (14.5% YoY, +12% QoQ) led by better retail and petchem EBITDA of Rs 20bn (13.5% YoY) and Rs 60bn (33% YoY) respectively.

Weakness was seen across KPIs. The overall subscriber base declined by ~8 million to 271.8, with churn rate increasing to 2.6% (vs. 2.0% in Q1FY21). The 4G sub base saw a modest addition of ~1.5 mn QoQ to 106.1 million. Even the post-paid sub base at 21.2 mn was down by 0.3 mn QoQ, clearly reflecting the weak competitive positioning. We note that ARPU growth of 4.4% QoQ, was largely owing to benign base of Q1, wherein recharge unavailability and extension had led to decline. Similarly, capex at | 1040 crore (vs. ~| 600 crore) was underwhelming, considering coverage/capacity...

Hero MotoCorp (HMCL) Q2FY21 result was above our and consensus estimates on all parameters. Revenue was higher than our and consensus estimates mainly on account of higher realisation while EBITDA margin for the quarter stood at 13.7% vs our and consensus estimates of 13.2%/ 13.7% respectively mainly on account of lower operating expenses. Our channel check indicates that first 10 days of festive season for retail sales was not as good as wholesale sales. We expect inventory levels at dealer's end to remain high by end of the festive season. We believe urban pocket to remain under pressure due to pandemic outbreak, negative sentiment and higher...

TVSL's EBITDA came ~5% better at Rs4.3bn (PLe Rs4.1bn) led by tight control and low advertisement spends in low volume environment. Consequently, TVSL reported better than expected margins at 9.3% (+50bp YoY, PLe 8.6%) However, adj. PAT came in-line at Rs1.9bn (+9.7% YoY) as depreciation cost came in higher at Rs1.3b (PLe Rs1.2b). We believe with eventual volume...