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Prices of key raw materials such as TiO2, VAM, PVC and copper witnessed a sharp upward movement in the range of 31-124% YoY in Q2FY22. Although companies have taken price hikes of ~4-25% in Q2FY22 to pass on cost pressures, we believe the same can only partially offset the margin pressure. Further, restoration of key operating costs like advertisement and logistics is likely to drag EBITDA margins by ~270 bps YoY in Q2FY22 for our coverage companies. The paint/adhesive companies are likely to see EBITDA margin contraction in the range of 300-400 bps YoY. Under our...
Overall, the coverage universe revenue is expected to grow 18.7% YoY owing to decent execution amid low base at engineering and T&D; companies like L&T;, KEC, KPTL, BEL and Cochin Shipyard. The international business and exports likely to aid performance of companies like L&T;, KEC, AIA, Elgi, etc. We expect EBITDA to grow 21.8% YoY owing to operating leverage in product companies and execution pick-up by EPC companies amid low base factoring in pandemic impact and higher commodity prices. Consequently, overall PAT is expected to grow 24.8% YoY accounting for...
Our coverage universe is likely to witness a 15 bps contraction in operating margins but ex-ITC it is likely to contract by 80 bps. Most commodities have remained elevated in the last three months pressurising FMCG companies to take prices hike & reduce advertisement spends. Average palm oil prices are up 60% YoY and 6% QoQ. Similarly, average crude prices have increased by 68% YoY and 6% QoQ. Copra prices have been flat YoY but cooled off by 22% from the peak in March 2021. Tea prices have also declined ~30% in last two months. Despite price hikes, we believe operating margins of HUL,...
The performance of the media sector is likely to remain below pre-Covid levels again in Q2FY22. While broadcasters on a depressed base are likely to see sharp ad growth YoY, ad revenues are likely to remain below preCovid levels. Multiplexes would have another quarter of washout performance. However, with strong content line up amid festive season...
OUR TOP 10 TRADING BUYs Earnings Play*: ICICI bank, SBI, Mindtree, Ambuja Cement, KNR construction, SBI Life, Can Fin Homes, Varun Beverages, Mold-Tek Packaging, and Bata
Moderation in slippages and improvement in collection are expected to lead to a decline in credit cost compared to Q1FY22. Resolution of one large HFC account (DHFL) is expected to provide further impetus with partial proceeds to be utilised for slippage of a large infra finance NBFC NIMs are expected to be largely steady with some positive bias, 2-3 bps, as reduced stress to lessen reversals while cost have been steady. Banks have reduced interest rates to spur growth ahead of festive season but...
Reserve Bank of India (RBI) maintained its repo rate at 4.0%, reverse repo rate at 3.35% and MSF at 4.25% with MPC members unanimously voting on status quo on rates. They decided on a five to one majority to maintain an accommodative' stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of Covid-19 on the economy while ensuring inflation remains within the target, going forward. As per the assessment, India is in a much better place today than at the last MPC meeting. Growth impulses seem to be strengthening and derive...
