Highest Upside

The company reported deal wins worth $300 million during the quarter under review, with $100 million worth of communication contracts and $190 million in enterprise space. Manufacturing was the worst hit vertical, with revenue from the segment declining 11%...

IDFCFB's earnings performance of Rs935mn (PLe: Rs889mn) was broadly in line with expectations but was better on PPOP on back of better NII and treasury gains which helped to make an additional Rs3.75bn of COVID related provisions and now has Rs6bn (60bps of loans) of COVID provisions. Loans under moratorium has come off to 28% as compared to 45% in Q4FY20 (35% excl. Agri) with 23% in retail and 35% in wholesale book. Bank's retail drive continues to move ahead with strong SA growth of 24% QQ and Retail TDs up 10% QoQ replacing bulky deposits, while corporate book has continued...

TVSL's reported mixed set of results where revenues came in marginally lower at Rs14.3bn (-68% YoY, PLe Rs15b). Gross margins too came in lower at 24% (-90bp YoY/QoQ), PLe 27%). However, led by tight cost control, EBITDA loss restricted at Rs488m (PLe loss of Rs649m) while net loss at...

Margin trajectory is seen improving, going forward. Courtesy its early switchover to BS-VI norms and demonstrated acceptance for those products, pricing environment is largely stable for the company. The management said discounting levels are lower QoQ thus far, and thus would support gross margins. Also, enhanced focus on cost controls (material and...

Maruti Suzuki Q1FY21 results: reported Net loss of Rs.266.90 crore; Production challenges persist; misses Street estimates Consolidated sales for the period was down by 79% to Rs 4110.60 crore and the OP was a loss...

performance on all fronts during 2QFY20. The reported profit jumped by 21% YoY to Rs2,550mn levels and could be considered as a one-off. The management claims demand recovery, but looks on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better unsustainable as discretionary spends majorly depend on how Covid situation evolves, which...

Escorts (ESC) is the third largest tractor manufacturer in India, commanding ~11% market share in the ~800,000-unit p.a. tractor industry.

Outlook & Valuation: We downgrade our revenue estimates for FY21E / FY22E by 4.6% / 4.6% to Rs. 32.9 Bn / Rs. 36.3 Bn for FY21E / FY22E. We downgrade our EBITDA margins for FY21E / FY22E by 50 bps to 20.6%/21.9% due to fixed nature of personal cost.

Background: Orient Cement, a CK Birla group company, formed in 2012 following the demerger from Orient Paper and Industries ltd, is a mid-sized south based cement manufacturer. The company is one of the leading cement manufacturers in India with a capacity of 8 MTPA with clinker manufacturing capacity 5.5 MTPA and captive power capacity of 95MW. The Company operates 3 manufacturing facilities, located at Devapur (3 MTPA) in Telangana, Chittapur (3 MTPA) in Karnataka and...

TVS Motor (TVSL) Q1FY21 results were above our estimates at EBITDA and PAT level. EBITDA and Adj. loss for the quarter was Rs488mn/Rs1.4bn vs our estimates of Rs667mn/Rs1.5bn on account of lower RM cost and lower operating expenses. We expect 2W industry to decline ~15% in FY21 and more demand for commuter segment. We anticipate lockdown in certain states/cities would impact demand for TVSL premium products. We assume TVSL products like Apache/RR310 and scooter portfolio (Jupiter/Ntorq) could see muted sales. We cut our volume /revenues estimates by 10%/7% for FY21/FY22. We change our rating to SELL (earlier HOLD) with TP of Rs300...