Brokerage Research Reports share price target

Loans and advances grew 2.4% YoY (-4.2% QoQ) in Q1FY21, primarily supported by growth in consumer finance loan book. Deposits base rose 5.3% YoY with CASA down 2.0% YoY Net interest margin (NIM) improved 23bps YoY to 4.28% (+3bps QoQ)....

Lead prices further declined by 4.5% QoQ/ 3% YoY in 1QFY21 to Rs127/kg. EXIDE 1QFY21 results exceeded expectations at revenue/EBITDA/PAT as the weak volumes in auto OEMs was offset by better than expected growth in replacement segment. Going forward also we believe stronger growth in replacement segment (~65% of industry) coupled with recovery of industrial battery demand will offset subdued volumes from auto OEMs. Consequently, favorable mix along with benign RM should help ~50bp margin expansion in...

Mold Tek Packaging Gradual recovery already set in Moldtek Packaging (MTEP) Q1 results were a surprise. While management had guided losses in Q1, company reported marginal profits of Rs 16m due to sharper than expected recovery (June cu at 42% v/s 35% expected earlier). Revenues de-grew 43.7% on back of 41%/4% decline in volume/realisation. EBITDA/kg fell 24% to Rs 24.5. EBITDAM contracted 450bps YoY to 13.9% largely due to lower fixed cost absorption. PAT decline was sharper at...

few states have also contributed its part in impacting rivate banks have stepped up provisions to fight supply chains again. It is in this context that the Reserve against Covid-19 led NPAs since the six-month Bank of India released Financial Stability Report where moratorium is coming to an end in August and the central bank warned that the gross nonperforming needless to say, they anticipate a spike in bad...

Security and Intelligence Services (SIS) reported a revenue fall of 1.9% QoQ with Indian security business, facility management down 7.2%, 14.6%, QoQ, primarily due to volume reduction within retail, entertainment & hospitality clients. International business grew 3.5% QoQ in constant currency (CC) terms. SIS, being an essential service provider, faced minimal interruption in its business in terms of supply-side issues (within India Security Services business, 98% of headcount was available). The company also provided | 54 crore in provisioning for doubtful debts, credit notes. Gross margins were...

slightly unjustified is mere Rs0.6bn specific provisions for quarter despite mere 1% YoY decline), we maintain certain reservations on morat picture. Morat disclosures indicate (a)mere 4% customers' repayments came in full acknowledgement of uncertainty over earnings potential of customers. Said...

Strong beat in NII with growth of 16% YoY as NIMs improve 4bps QoQ to 3.0% SBI's earnings of Rs41.9bn was strong beat on our estimate (PLe: Rs25.8bn) on back of very strong NII growth of 16% YoY/17% QoQ which also drew beat in core PPOP. Bank's provisions were slightly higher on Rs52bn towards fraud related a/c & Rs18bn of COVID provisions with total o/s now at Rs30bn. Moratorium book with less than two EMIs paid came down to sub 10% of term...

V-Guard's Q1FY21 performance was severely impacted by the lockdown, wherein topline, bottomline fell 42%, 93%, respectively. While EBITDA fell 87% YoY, the company took significant cost saving measures (in employee, advertisement & other costs) to cushion operating profit in Q1FY21. Going forward, the company expects a sharp margin recovery with improvement in sales. V-Guard saw a sharp recovery in sales on a month on month basis with 90% business recovery in June 2020 compared to almost zero sales in April 2020. While the business recovery was faster in south region (~59%...

Q1FY21 earnings reported 37%QoQ uptick largely led by stake sale gains of Rs12.4bn in HDFC Life during the quarter. PPoP too reported sequentially better 21% growth. YoY PAT de-grew by 5% as Co. made hefty Rs12bn provisioning led by COVID challenges. While current NPA position is masked by moratorium dispensation, overall morat loans declining to 22% from 27% in phase 1 is quite comforting. Moreover, individual loans morat 2 too declining to 17% from 23% earlier. As retail morat slippages are being tackled...