Highest Upside

Bharti Airtel delivered in-line revenue and margin performance despite strict nationwide lockdown mandates, while net loss widened owing to incremental provision for the AGR dues. Further, the company positively surprised by reporting improvement in ARPU despite slower 4G subscriber additions, nil revenue from international segment, SIM consolidation at the bottom of the pyramid and increase in worker migration. Consolidated revenues increased by 0.9% q-o-q (up 15.4% y-o-y) to Rs. 23,939 crore, in-line with our estimates. India wireless/Africa businesses revenue declined 0.6% each on q-o-q basis, but they grew 18.5%/16.4%...

The Supreme Court of India (SC) allowed telecom players to pay Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT) on a staggered basis over next 10 years subject to certain conditions. The apex court has directed telecom companies to make a 10% upfront payment of outstanding AGR dues by March 31, 2021, and the balance over a 10-year timeline starting February 7, 2022. As per the SC verdict, Bharti Airtel will have to pay ~Rs. 2,600 crore upfront in FY2021 and ~Rs. 3,500 crore annually from FY2022. As the SC has not mentioned anything...

The Supreme Court of India (SC) allowed telecom players to pay Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT) on a staggered basis over next 10 years subject to certain conditions. The apex court has directed telecom companies to make a 10% upfront payment of outstanding AGR dues by March 31, 2021, and the balance over a 10-year timeline starting February 7, 2022. As per the SC verdict, Bharti Airtel will have to pay ~Rs. 2,600 crore upfront in FY2021 and ~Rs. 3,500 crore annually from FY2022. As the SC has not mentioned anything...

Q1FY20 was an interim break in the company's India wireless revenues growth as the bottom of pyramid customers resorted to Sim consolidation amid lockdown, leading to exit of 3.8 million (mn) revenue paying customers. Key highlight for the quarter was ARPU growth of ~1.8% at | 157, in a challenging quarter coupled with continued expansion in India wireless margins. Another highlight was India PBT turning positive coupled with ~US$ 400 mn of consol. FCF generation during Q1. The company, notwithstanding the recent tariff hike, roots for near term ARPU of | 200 and...

the expert clinical support to customer need. Company derives 63% revenue from brands and 37% from Insulin. Company's top 10 brands...

Margins improve, volume outlook brightens

The expected improvements in utilization along with expansion plans should support future growth. We reiterate our BUY rating on the stock with a TP of Rs. 321 based on 15x FY22E adj. EPS. Revenue inches up albeit demand remains weak In Q4FY20, revenue rose 2.2% YoY to Rs. 8,567cr on higher LNG volumes processed to 219 TBTUs (+6.8% YoY), with increased throughput from Dahej terminal which processed 206 TBTUs LNG (+3.5% YoY, -7.2%QoQ). On sequential basis, throughput was subdued, owing to COVID-19 which impacted by both supply side (disrupted...

5 September 2020 Coal Indias (COAL) 1QFY21 results highlight the impact of lower volumes/ e-auction realizations amid subdued thermal power demand. Adj. EBITDA (ex-OBR) was down 63% YoY. Muted power demand has impacted off-take and e-auction realizations. However, we expect Coal India to tide over the situation given its large cash INR190/share based on 3.5x Sep21 EV/EBITDA. 1QFY21 Adj. EBITDA (ex-OBR) was down 63% YoY to INR28b (in-line) on account of lower off-take/e-auction realizations. While FSA realization at INR1,359/t was below our est. INR1,400/t, it was offset by higher mix of e- auction volumes at 15.9mt (v/s est. Revenue declined 26% YoY to ~INR185b (v/s est.

Petronet LNG provides comfort on the business model and remains a structural story on India's increasing gas demand. With India continuing to be short of natural gas supply, Petronet LNG will benefit as the primary play on increasing usage of LNG. While volumes were impacted during the lockdown, currently Dahej terminal is operating at full capacity. On the new project front, the management indicated the company is planning to set up an import terminal on the east coast. Also, Petronet's deal with Tellurian to buy a stake and import LNG is under negotiation. At the CMP, Petronet LNG...