Brokerage Research Reports share price target

Tata Consumer Products Q3: Revenue in line with estimates at Rs 3,208 crore; net profit jumps 22% to Rs 290 crore For the quarter ending Dec 2021, consolidated net sales (including other operating income) of...

stood at 2.32% vs 2.0% of previous quarter. Total restructured stock at 1.34% also stands lowest in the industry with Co. maintaining Stage 3 coverage at 49%. Besides, steady-state spreads at 2.3% and NIMs at 3.6% bespeaks better liability management especially in light of competitive intensities. HDFC stands ahead of the curve in proactively providing and recognizing...

The overall T&D business (including SAE Tower) revenue declined by 15% on YoY basis to 16.1bn, while non-T&D business (railways, civil, cables, other) registered a robust growth of 29% to 19bn, on YoY basis led by better execution. The railways business revenue came in at 9.5bn, up 9% while civil business segment revenue multifold to 4.8bn, registering a growth of 81% YoY. Cables business...

NII (excluding assignment income) grew 7% YoY to INR42.8b. Reported spreads stood at 2.26% and were down 2bp YoY. Assignment income was lower than expected and stood at INR2.25b Gross Stage 2 + Stage 3 (combined, 30+dpd) declined to 7.85% v/s 8.67% a quarter ago. GS3% increased to 2.7% v/s 2.5% in 2QFY22 driven by classification of ~INR28b loans under Stage 3 which were otherwise less than 90dpd. ECL/EAD declined 11bp QoQ to 2.45% We have largely maintained our estimates. We model AUM growth of...

We raise our EPS estimates by 5%/2%/1% for FY22/FY23/FY24 respectively to account for better than expected recovery and improved GM performance. VIP has plans to expand own manufacturing capacity (Rs360mn invested so far) which is likely to reduce reliance on external outsourcing. Post expansion, share of own manufacturing is likely to increase to ~65-70% as compared to ~40% earlier. Consequently, share of imports is likely to decline to less than 10% in coming years which will not only eliminate currency volatility but also reduce freight cost resulting in margin expansion. We retain...