Brokerage Research Reports share price target

We maintain reduce rating (TP- Rs 676) on CRIN due to capacity constraints in NPK and headwinds on the raw material side starting 4Q. We are positive on Urea companies due to healthy volumes and significantly lower pending subsidy burden aiding savings in interest cost & improved in return ratios....

In our previous report of Chartwatchers (Jan'20) we had cautioned about the market crash and US entering into recession in the 1st quarter of the year.

EBITDA up 62% YoY on strong volumes and margins 3QFY21 revenue/EBITDA/PAT was up 25%/62%/73% YoY to INR17.6b/INR4.5b/INR2.4b, beating our estimates by 1%/6%/3%. Volumes rose 24% YoY to 3.17mt (est. 3.15mt) Grey Cement was up 25% YoY to 2.76mt and White Cement was up 17% YoY to 0.41mt. EBITDA per ton was up 30% YoY to INR1,417/t (-3% QoQ) on account of lower cost. Blended realization was in-line at INR5,556/t (+1% QoQ; v/s est. INR5,537/t) as pricing remained steady and strong....

We upgrade SUMICHEM to ACCUMULATE (from HOLD) with revised target price of Rs 336 (Previous 307) based on 38x FY23 EPS of Rs 8.8. We increase EBITDA/APAT estimates of SUMICHEM by 7%/7% for FY21, 7%/6% for FY22 and 13%/11% for FY23 to factor in better margins. The company reported strong results driven by better realisations for Glyphosate (prices up 20% YoY in Q3), traction in PGR (Plant growth regulator) sales and healthy growth in branded sales. SUMICHEM may continue to earn better margins on...

The business growth of the bank remained in double digit, while the bank has maintained healthy CASA deposits ratio at 45.2% end December 2020. The asset quality of the bank has remained stable including proforma slippages of loans. Bank has improved Net Interest Margin (NIM) on sequential basis to 3.09 helping Net Interest Income (NII) to rise 4% in Q3FY2021. Bank has maintained healthy business growth at 11% along with rise in credit deposit ratio on...

Efforts to bring more efficiency to get visible from FY22E onwards With the vaccination drive launched by many developed countries including India, we expect FY22E to be a year of strong recovery after severe challenges faced by hotel companies in FY21 due to Covid. To cope up with these ongoing challenges, the company has initiated major steps to bring down costs and come out stronger and more efficient. During the quarter, the company managed to reduce fixed overhead by 30% major being salary and admin related. It has also resorted to process efficiency like back-office...

Anup's Q3FY21 performance was subpar led by lower execution on account of night curfew in Ahmedabad post Diwali (loss of 20 days). Further, dispatch of heat-exchangers remained an issue during the curfew days as the company faced logistic challenges. Bottomline was cushioned, led by reversal of taxation as the company adopted a lower tax rate under Sec-115BAA. Revenue for the quarter came in at | 29 crore, down 62% YoY, 66% QoQ. Execution was impacted on account of night curfew in Ahmedabad. On the positive side, the company has finished goods stock of | 28 crore value as on December end. EBIDTA came in at | 6.8 crore, down 68% YoY...

M&M;'s (MM) Q3FY21 revenue was in line at Rs 140.6bn (+16% YoY).

Background: AU SFB, initially incorporated as a vehicle finance company in 1996, was transformed into a Small Finance Bank in April 2017. The bank has presence in 15 states and 2 union territories, with 714 branches, 341 ATMs, 31 asset centers and ~6,59,904 loan accounts. The bank offers a comprehensive and tailor made range of products (both asset and liability) and services to cater to the needs of various businessmen (SME and MSME) and other middle and low...