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Most high frequency indicators posted a strong YoY recovery in Sep'20.

CRIN An Integrated Play on Crop Protection ...................................................... 4 Story in Charts ....................................................................................................... 5 Investment Arguments ........................................................................................... 6 Phosphate fertilizer RM prices have bottomed out ............................................. 6 DAP affordability index @ 61 has bottomed out ............................................. 6 Raw material prices have bottomed out globally ............................................ 6 Rock Phosphate prices imitate Phosphoric acid price trend ....................... 7 Recovery in North American agriculture to drive demand ............................ 10...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Dr Reddy's (DRRD) has announced a key settlement of the patent litigation with Celgene for US Revlimid (lenalidomide capsules) used to treat multiple myeloma.

Key takeaways from our interaction with the management of Greenply Industries (GIL).

SAIL's Q1FY21 net sales was in-line with street estimate while its net loss was lower than street forecast. Its net sales fell 39% YoY to Rs91 bn. Although its operations resumed in second half of the quarter with limited workforce and disrupted supply chain, the imposed restrictions adversely impacted its sales volume and realization in Q1FY21. Volumes declined 32% YoY to 2.2 mn tonnes and realization fell 10% YoY to Rs41,216/tonne. SAIL's EBITDA loss stood at Rs4 bn due to sharp fall in net sales. SAIL reported a net loss of Rs13 bn in Q1FY21. We broadly maintain our FY21/FY22 estimates. We continue to value the stock at an...

In a washout first quarter with no meaningful revenue, PVR (PVRL) reported operating and net losses of Rs 1.2bn and Rs 2.3bn respectively.

SML Isuzu reported a dismal performance in Q1FY20. Revenue stood at Rs 287mn (-94% YoY) attributed to sharp 95% fall in volume (202 units) offset by increase in net ASP because of better spare parts revenue. Bus to Truck volume mix was in ratio of 44:56 with market share of 7.8% in the bus segment. EBITDA loss stood at Rs 357mn attributable to high RM costs and negative operating leverage. The company reported net loss of Rs...

Valuation and Risks: Good brand recognition, market share and being amongst the very few companiesin the listed space in footwear, the company would continue to hold premiumvaluations.

We now expect BHEL to report loss in FY21E and have also reduced our FY22E earnings estimate by 21% to factor poor execution and a weak ordering environment. EBIT loss stood at INR2.5b (v/s profit of INR349m Order book (OB) was flat YoY at INR1081b, with OB/rev at 5.7x. Total receivables remain elevated at ~INR360b, of which 12% are from the private sector, 48% from state entities, 33% from the center, and 7% pertain cost at ~25% of sales. In FY20, working capital deteriorated to 99% of sales from 65% in FY19 due to higher inventory, slow movement in receivables, and poor We now expect BHEL to report loss in FY21E and have also reduced our FY22E earnings estimate by 21% to factor poor execution and a weak ordering environment. While the company has received EoIs from three major OEMs regarding its ongoing diversification drive, we believe any material financial impact is still some time away.