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IPM growth has been very volatile during lockdown (April-July), despite no restriction imposed on the industry. Anti-Infective continued to be most impacted, while Cardiac was an outlier showing healthy growth in every lockdown month. 1QFY21 sales of domestic formulation were negative for most companies, and real growth was only reported by ERIS and IPCA. Early trends and management comments indicate 2QFY21 domestic formulation sales could be negative as MRs continue to be off-field and vector borne disease cases have also been on lower side. The biggest beneficiaries for...

Notwithstanding strong industry headwinds, Transport Corp (TRPC) reported a sturdy Q1FY21 print, underscoring the strength of its business model.

Outlook and Valuation: We upgrade our revenue estimates for FY21E / FY22E by 10% / 10.1% to Rs. 66.3 Bn / Rs. 79.7 Bn due to upgrade in Customs Synthesis, Generics business and Nutraceuticals.

Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity expansion;...

At 92.6, DXY touched a 3-year low. Ever since Trump got into power in 2016

Tata Consumer Products (previously known as Tata Global Beverages Limited -TGBL) is an Indian multinational non-alcoholic beverages company and a subsidiary of Tata group TGBL markets under the major brands like...

In Q1FY21, revenue de-grew by 56.5% YoY on the back of lower sales volumes amidst the lockdown. Consumer & Bazaar segment is showing signs of recovery driven by rural and semi-urban demand. Whereas,...

Order book stands strong at Rs103.9bn (excluding Rs43.6bn MHADA orders) translating into an order-book-to-sales ratio of 6.9x FY20 revenues. CAPACITE reported a washout quarter with revenues falling over 94% YoY led by nationwide lockdown and severe impact of Covid-19 pandemic in MMR...

At 92.6, DXY touched a 3-year low. Ever since Trump got into power in 2016