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Expect 10% volume CAGR; maintain NEUTRAL! Result Synopsis Kajaria Ceramics Ltd (KJC) reported better than expected volume growth of 8%YoY (Vs est of 6%) but realizations contracted by 4%YoY which led to 5% growth in tiles revenue (in-line with our estimates) over similar period. Improvement in demand scenario reignited the growth trajectory for the company & management is optimistic of achieving a 11-12% volume growth for FY25E. However, lower realizations Vs FY24 will keep revenue ...
Neutral Kajaria Ceramics Ltd For Target Rs.1,420 by Yes Securities
Await acceleration in disbursement growth Originations growth was low in key products; PPOP performance was below expectations MMFS delivered a PAT of Rs5.1bn in Q1 FY25 which was 16% higher than our estimate. The beat came solely from much lower-than-expected credit cost, whereas PPOP/NII were 9%/5% below our expectations. Controlled credit cost, despite deterioration in asset quality (seasonality + election/heatwave impact) and sustained write-offs (though moderated), was driven by EC...
Neutral Mahindra & Mahindra Financial Services Ltd For Target Rs.300 by Yes Securities
1Q in-line; Price run-up leads to rating downgrade Hindustan Unilever’s (HUVR) 1QFY24 operating performance was in-line with our estimate. Underlying Volume Growth (UVG) came in slightly better at 4% (2-year CAGR at ~3.5%) versus our est. of 2.5%. Miss on Food & Refreshments (F&R) segment was offset by better growth in Home Care which saw strong UVG. Skin cleansing is seeing early green shoots in bars indicating positive results from recent actions (pricing, innovation, promo...
Neutral Hindustan Unilever Ltd For Target Rs. 2,845 by Yes Securities
Margin and growth outcomes improve but positives are somewhat priced in Our view – Product level margin focus aids VNB margin whereas ULIP and annuities drive growth VNB margin – VNB margin rose YoY, with the company continuing to focus on improving product level margin: The VNB margin for 1QFY25 was 24.0%, down -593 bps QoQ but up 258bps YoY. Management stated that it is more appropriate to look at the evolution of margin in 1QFY25 compared with FY24 as a whole as opposed t...
Add ICICI Prudential Life Insurance Ltd For Target Rs.750 by Yes Securities
Credit cost key monitorable NIM decline and elevated credit cost exert pressure on RoA; cost growth has been well-regulated BAF’s 2% miss on PAT versus our estimate was essentially driven by higher-thananticipated credit cost, as the co.’s NII/PPOP was better than our expectation. Credit cost was elevated at annualized 2% owing to lower collection efficiencies in the regular and initial delinquency buckets, which drove significant flows into Stage-2 assets (increased 21.5% q...
Buy Bajaj Finance Ltd For Target Rs.8,300 by Yes Securities
Given the higher closing inventory expected in SS24 and policy stability around the corner (post general elections), industry has started pressing government for a) removing the export ban and b) increasing the diversion of sugar towards ethanol production. In our view, there is a high probability of increased diversion playing out. Hence, from a medium-term point of view, Balrampur Chini’s outlook looks promising as we expect it to deliver 17%EPS CAGR over FY24-27E. Moreover, from a lo...
Buy Balrampur Chini Ltd For Target Rs. 515 By JM Financial Services
Strong run continues Gravita India (GRAV) clocked consol. volume growth of 29% YoY in Q1FY25, led by lead vol. growth of 43% YoY (on a cyclone-impacted base albeit in line with overall guidance). Also, PAT (after MI) grew 29% YoY. The mgmt indicated FY25 consol. volume growth of >25% YoY, besides reiterating ‘Vision 2028’. The company highlighted progress on the regulatory framework (penalties for non-compliance of BWMR and EPR norms expected soon), with gradual stabilizatio...
Buy Gravita India Ltd For Target Rs. 1,650 By Emkay Global Financial Services
Route Mobile posted a weak operating performance in Q1, although adjusted for one-offs, performance was broadly inline. Revenue grew 8.5% QoQ, in line with our estimate, aided by the Vi deal and incremental throughput from Telesign. Billable transactions jumped up 9.1% QoQ on the back of volume growth in the domestic market, whereas average realization was broadly stable QoQ at ~30paise. Reported EBITDAM fell by 110bps QoQ to 11.2%, missing expectations, although adj. EBITDAM was broadly in-l...
Add Route Mobile Ltd For Target Rs. 1,800 By Emkay Global Financial Services
Poonawalla reported a good quarter, with profit, AUM growth, asset quality, and credit cost broadly in-line-to-slightly-better than consensus/our estimates. The arrival of new MD & CEO Arvind Kapil has brought along a number of senior professionals from HDFC Bank and other banks, aimed at building second-layer capabilities, broadly replacing the existing one. Kapil has well-articulated his vision to grow AUM by 5-6x over the next 5-6 years, with PAT growth tracking AUM growth. Sustainabil...
Reduce Poonawalla Fincorp Ltd For Target Rs. 410 By Emkay Global Financial Services
Unclear expansion plan and Jaypee Assets issue leads to valuation change Result Synopsis Dalmia Bharat (DALBHARA) reported weak set of numbers in 1QFY25, which could have been better. Revenue remained flattish YoY (-15.9% QoQ) mainly due to lower volume of 7.4mt (+5.7% YoY/ -15.9% QoQ) and lower realization of Rs4893/tn (-5.5% YoY/ flattish QoQ). Avg. capacity utilization stood low at 64% in 1QFY25 vs. 66% in FY24. EBITDA in absolute number improved by 9.7% YoY (+2.3% QoQ), while EBITDA...
Add Dalmia Bharat Ltd For Target Rs.2,103 by Yes Securities
Result Synopsis Supreme Industries Ltd (SI), registered strong volume growth of 17%YoY (2-year CAGR stood at 26%) which was largely in-line with our expectations. Plastic pipe division volumes (81% of total volumes), increased by 20%YoY (2-year CAGR stood at 33%), driven by strong demand from agri-segment. Value-added products revenue stood at Rs9.25Bn, a growth of 22%YoY, constituting 35% of total revenue. Realizations came in at Rs151/Kg, which was lower Vs our estimates of Rs156/Kg owin...
Reduce Supreme Industries Ltd For Target Rs.5,422 by Yes Securities
Soft quarter, execution on guidance key Can Fin delivered a miss versus our expectation on disbursements, margins, and credit cost. Disbursements were moderate at Rs18.5bn (-20% qoq/-6% yoy), causing further deceleration in loan book growth (up 1.6% qoq/9.4% yoy). Disbursement volume was impacted by elections and transient issues in key markets of TL and AP. The Spread/NIM contracted by 13 bps/16 bps on sequential basis with CoF rising by 18 bps on account of 1) material increase in share ...
Buy CAN FIN Homes Ltd For Target Rs.1,000 by Yes Securities
Cyient DLM Limited (CDLM) 1QFY25 quarterly numbers vs. JM est. saw inline revenue but positive surprise on margins. Rev at INR 2.6bn, up 19% yoy and down 29% qoq. Gross Profit margin at 25.3%, up 24bps yoy and 139bps qoq. EBITDA at INR 200mn, flat yoy and down 47% qoq. OPM at 7.8% down 145bps yoy and 276bps qoq ( JM est.: 6.3% at INR 164mn). Employee cost (as % of sales) was 12.7% vs 11.3% yoy vs 9.9% qoq. EBIT at INR 222mn, up 38% yoy and down 45% qoq. Other income (as % of sales) at 3.4% vs...
Buy Cyient DLM Ltd For Target Rs. 910 By JM Financial Services
Steady operating performance; revenue guidance conservative Route’s top line grew 8.5% QoQ (+14% YoY), a decent recovery after 2 consecutive quarters of muted trends on the back of VI deal ramp-up and stabilisation of ILD volume decline, albeit it was a slight 1.5% miss on JMFe. EBITDA margin too improved 40bps QoQ (flattish YoY) and was ahead of JMFe by c.50bps. Hence, EBITDA was marginally better than JMFe by 2.5%. PAT (ex-exceptional), however, was down c.4% QoQ (-11% YoY), below ...
Buy Route Mobile Ltd For Target Rs. 1,880 By JM Financial Services
PVR Inox reported a soft quarter, as anticipated. General Elections and a Cricket-heavy season pushed out blockbuster movies to Q1-end. Absence of tent-pole content impacted admits (-10% YoY), Occupancy (-3 ppt) and ATP (-5%). Rise in Opex/Screen (+4% YoY) pulled down core margins further. That shouldn’t deter investors though. Kalki’s strong performance (GBOC: INR 10bn+ till date) suggests movie going remain solely content driven. A strong line-up of movies across languages means...
Buy PVR INOX Ltd For Target Rs. 2,040 By JM Financial Services
Poonawalla Fincorp (PFL) reported a strong operational beat of +7.4% as PPoP grew +48% YoY, +6% QoQ to INR 4.3bn led by higher non-interest income (+28% QoQ) and improved cost to income of 36% (-34bps QoQ). NII growth was subdued at INR 5.8bn (+37% YoY, +2.4% QoQ) as NIMs (calc on AUM) declined -72bps QoQ to 8.9%. Credit costs stood higher at INR 445mn (68bps of AUM vs 41bps QoQ) which led to an in-line PAT of INR 2.9bn (+46% YoY,-12% QoQ). PFL continued its strong AUM growth (+52% YoY, +8% Q...
Buy Poonawalla Fincorp Ltd For Target Rs. 535 By JM Financial Services
Earnings miss due to NIM compression; loan growth strong * Poonawalla Fincorp (PFL)’s 1QFY25 NII grew ~37% YoY to ~INR5.8b (5% miss), while its PPoP increased ~47% YoY to ~INR4.3b (9% miss). PFL’s 1QFY25 PAT grew ~46% YoY and declined ~12% QoQ to ~INR2.9b (9% miss). * Opex rose ~33% YoY to ~INR2.4b (~15% above estimate), with the C/I ratio broadly stable QoQ at ~36% (PY: ~38%). Provisions stood at INR425m (vs. estimated credit costs of ~INR500m). * PFL arti...
Buy Poonawalla Fincorp Ltd For Target Rs. 465 By Motilal Oswal Financial Services
EBITDA in line; capacity expansion on track * JK Cement (JKCE)’s consol. EBITDA grew 19% YoY to INR4.9b (est. INR4.7b), and EBITDA/t increased 14% YoY to INR1,003 (est. INR949) in 1QFY25. The impact of lower grey cement realization was offset by - 1) higher other operating income; and 2) lower other expenses. OPM surged 2.6pp YoY to 17.3% (est. 16.3%). Adj. PAT increased 49% YoY to INR1.9b (est. INR1.5b). * Management highlighted its long-term capacity expansion plan of ...
Buy J K Cement Ltd For Target Rs. 150 By Motilal Oswal Financial Services
Weak GRM, utilization dent 1Q performance * MRPL delivered a substantial miss vs. our estimates in 1QFY25 due to a weak refining performance, with GRM/throughput coming in 32%/7% below our estimates. As a result, EBITDA came in 56% below our estimate. In Jul’24, Singapore GRM (SG GRM) has been only marginally up at USD4/bbl vs. USD3.5/bbl in 1QFY25 and as such, we have trimmed our 2QFY25 earnings estimates, leading to a 32% cut in our FY25E PAT numbers. * We build in GRM...
Sell Mangalore Refinery and Petrochemicals Ltd For Target Rs. 170 By Motilal Oswal Financial Services
Sustained performance in the residential segment 360-West drives strong pre-sales * Oberoi Realty’s (OBER’s) pre-sales more than doubled YoY (12% above estimate) to INR10.7b, driven by strong bookings at the ‘360-West’, Worli project, which contributed INR4.8b to pre-sales across bookings of six units. * The sales traction across other projects at Borivali (INR1.9b) and Mulund (INR1.3b) sustained on a YoY basis but was weak sequentially. Elysian Gore...
Neutral Oberoi Realty Ltd For Target Rs. 1,560 By Motilal Oswal Financial Services
* LTIMindtree Ltd. reported decent Q1FY25 revenues at $1,096.2mn, +2.6% QoQ/+3.7% YoY in cc terms (+2.5% QoQ and +3.5% YoY in USD terms) amidst green shoots in demand. INR revenue stood at INR91.4bn, up 2.8% QoQ and 5.1% YoY. Q1FY25 Order book TCV stood strong at $1.4bn. PAT for the quarter came in at INR11.3bn (-1.5% YoY). EPS stood at INR38.3. OCF to PAT was 109.9% while FCF to PAT was 88.6%. * The company had a positive start to FY25E with signs of recovery in demand and hence it is exp...
Reduce LTIMindtree Ltd For Target Rs 5,715 - Choice Broking
Weak demand impacted Q1FY25 APNT reported a de-growth in revenue to Rs 8,970cr, -2.3% YoY in Q1FY25 due to weak demand on account of the general election and severe heat waves. Consequently, volume growth declined to 7% YoY and value growth decreased by 3% YoY, impacted by price cuts and inferior product mixes. The management stated that there are early signs of recovery in the rural market in the month of June, and it is expected to accelerate further due to the progress in the monsoon, g...
Buy Asian Paints Ltd For Target Rs 3,305 by Geojit Financial Services Ltd
Indian business outperformed, North America edged down In Q1FY25, TCS’s consolidated revenue grew 5.4% YoY to Rs. 62,613cr (up 3.9% in dollar terms and 4.4% in cc terms). Resilient growth across major geographies aided the revenue growth. Revenue from North America grew sequentially in cc terms after five quarters (down 1.1% YoY in cc terms). Indian business delivered strong growth momentum with 61.8% YoY growth. Resilient growth in IT services spend in the UK lifted revenue from the...
Buy Tata Consultancy Services Ltd For Target Rs 4,821 by Geojit Financial Services Ltd
KVB continued with its strong performance, delivering a 4% PAT beat and one of the highest RoAs among SMID banks, at 1.7%. This was mainly led by healthy credit growth at 17% YoY/4.5% QoQ, core margin above 4.1%, and lower LLP (at 60bps), given that it has one of the lowest NNPA ratios among peers at 0.4%. The management reiterated its unwavering focus on profitability (RoA: ~1.6-1.7%) led by healthy core margins/fees and steady improvement in operating leverage. KVB is gradually pruning its ...
Buy Karur Vysya Bank Ltd For Target Rs.275 by Emkay Global Financial Services
LTFH reported impressive performance in Q1FY25, with overall AUM growing ~13%/4% YoY/QoQ to Rs887bn (95% retail AUM) and overall RoAAUM at ~2.7% (expanding by 55bps YoY), driven largely by increased retailization. With its focus on credit underwriting and collections, the company saw broadly stable asset quality and collection efficiencies across business segments; it sees no challenges to its Rural Finance business. Company continues to sharpen focus on its 5-pillar strategy and expects cont...
Add L&T Finance Ltd For Target Rs.210 by Emkay Global Financial Services
Management aspires for operational profitability this financial year itself Profitability – The company is aiming to deliver quarterly profitability within this financial year itself: This profitability is on EBITDA before ESOP basis and without considering UPI incentive. For the quarter, the overall contribution profit was down - 42% YoY at Rs 7.55bn, translating to a contribution margin of 50.3%, down by -537bps YoY and -647bps QoQ. EBITDA before ESOP cost stood -Rs 5.45bn, which t...
Buy One 97 Communications Ltd For Target Rs.550 by Yes Securities
Performance better than expectations; PAR/credit cost increase largely on expected lines Notwithstanding softer-than-estimated disbursements/growth, CREDAG’s NII/PPOP/PAT were 2%/3%/5% ahead of our expectations aided by stable spreads, higher insurance income and lesser-than-forecasted credit cost. Asset quality movement was largely on expected lines with 50 bps decline in collection efficiency, 120 bps of PAR accretion and 20 bps increase in PAR 90 (after usual write-off of 40 bps)....
Buy CreditAccess Grameen Ltd For Target Rs.1,800 by Yes Securities
Demand slowdown and weak SSSG hurt earnings * Shoppers Stop (SHOP) reported an 18% YoY decline in EBITDA (26% miss) due to weak SSSG and GM contraction. Revenue rose 5% YoY in 1QFY25, largely driven by the Beauty segment and some contribution from Intune. * Management remains optimistic about Intune (a value segment) and the Beauty business. The departmental store expansion could be weak in FY25, offsetting the aggressive store expansion plan of Intune and growth in beauty dis...
Neutral Shoppers Stop Ltd For Target Rs. 780 By Motilal Oswal Financial Services
LPG under-recovery weighs on 1QFY25 * BPCL’s reported GRM came in line with our est. at USD7.9/bbl in 1QFY25, while implied marketing margin came in 19% above our est. at INR4.8/lit. Standalone PAT at INR30b was down 9% vs. our estimate, largely due to LPG-related under-recoveries. * Refining throughput stood at 10.1mmt vs. our estimate of 10.3mmt. In 1Q, Russian crude constituted ~39% of crude mix. * Marketing sales volume (excluding exports) came in at 13.2mmt ...
Neutral Bharat Petroleum Corporation Ltd For Target Rs. 320 By Motilal Oswal Financial Services
O2C, retail drag 1Q performance; telecom stable JIO IPO, refining / petchem upcycle in FY26-27 are catalysts * Reliance Industries (RIL)’s 1QFY25 consolidated revenue/EBITDA grew 12%/2% YoY to INR2.3t/INR388b (in-line/5% miss), while PAT dipped 5% YoY to INR151b (9% miss). EBITDA/PAT missed our estimates due to the standalone/retail segments, while all three segments drove revenue growth. * RJio’s revenue/EBITDA/PAT increased ~2% QoQ each (in line) in 1QFY25, led by 7.9m ...
Buy Reliance Industries Ltd For Target Rs. 3,435 By Motilal Oswal Financial Services
Weak Q1; FY25 growth guidance implies tough ask rate LTTS reported a weak operating performance in Q1. Revenue fell 3.2% QoQ to US$295.2mn (-3.1% CC), impacted by SWC seasonality, and missing our estimate. EBITM declined by 130bps QoQ to 15.6%, also coming in lower than our estimate. The company won 2 US$30mn and US$15mn deals each, 3 US$10mn deals, and one empanelment. The mgmt expects both, the revenue and margin trajectories, to gradually improve over coming 3 quarters, with H2 being be...
Reduce L&T Technology Services Ltd For Target Rs. 4,750 By Emkay Global Financial Services
Strong operating performance; early signs of recovery in BFSI Infosys delivered a strong operating performance in Q1. Revenue grew 3.3% QoQ to US$4.71bn (3.6% in CC; adjusted for one-offs: 3.1% CC), coming ahead of our estimate. EBITM expanded by 100bps to 21.1%, beating our estimate. However, revenue and margin were aided by a one-off to the tune of 50bps and 40bps. The management has increased FY25 revenue growth guidance to 3-4% CC (from 1-3% earlier), considering the i) solid Q1 perfor...
Buy Infosys Ltd For Target Rs. 2,050 By Emkay Global Financial Services
Data center cooling liquids; a longer-term opportunity We retain our constructive outlook on GOLI, driven by steady core volume growth (7% core volume CAGR over FY24-26E, >2x of the industry growth), and a stable 13-14% EBITDA margin profile supported by focus on premiumization. The new initiatives like EV charging solutions, EV fluids, and data center (DC) cooling liquids are expected to gradually add to the growth. Mgmt. estimates the DC cooling liquid market in India to stand at 12-1...
Buy Gulf Oil Lubricants Ltd For Target Rs. 1,500 By Emkay Global Financial Services
Steady operating performance; one-off gain leads to profit beat HCL Tech posted slightly better operating performance than guided by the mgmt. Revenue declined 1.6% QoQ CC due to softness in Services, primarily owing to seasonality and offshoring. EBITM fell by 50bps to 17.1%, a tad above our estimate. Net new deal-wins were healthy at USD1.96bn. The mgmt guided to broad-based QoQ growth in Q2 (ex-Financial Services, owing to divestment of the State Street JV). The mgmt is confident of gro...
Add HCL Technologies Ltd For Target Rs. 1,700 By Emkay Global Financial Services
Royal Enfield (RE) has launched yet another new product—Guerrilla 450, a roadster 450cc motorcycle based on the ‘Sherpa 450’ platform, as seen in the new ‘Himalayan 450’. This will be RE’s first attempt at the sports segment, a far cry from its strength around classical/retro-looking bikes offering relaxed riding. The segment has been dominated by the likes of Bajaj/TVS with only ~10k units/mth, despite new launches by Bajaj (Triumph) and Hero (Harley). We ...
Sell Eicher Motors Ltd For Target Rs. 3,750 By Emkay Global Financial Services
Revenue growth recovers; BFSI commentary turns positive LTIMindtree reported a mixed performance in Q1FY25; revenue growth of 2.5% QoQ (2.6% cc) was higher than our estimate. After a weak couple of quarters, ramp up of the recently won deals and investments in high-priority transformation programs aided in revenue growth pickup in Q1. EBITM expanded by 30bps QoQ to 15%, but fell slightly short of our estimate. Order inflow was stable at US$1.4bn (book-to-bill: ~1.3x) in Q1, whereas TTM dea...
Reduce LTIMindtree Ltd For Target Rs.5,250 by Emkay Global Financial Services
PLI benefits, higher spares lend margins support Valuation and View – Sharp re-rating to limit upside as catalyst play out BJAUT’s 1QFY25 reported results though were in-line, this was supported by higher spares and accrued PLI benefits (<50bp support). EBITDA margins expanded ~130bp YoY (+20bp QoQ) at 20.2% was due to 1) favorable currency and product mix, 2) benign RM, and 3) operating leverage. We believe, margins likely to be range bound given positive impact of favor...
Add Bajaj Auto Ltd For Target Rs.10,532 by Yes Securities
Regulations take centerstage but Angel One will manage and mitigate Our view – Angel One possesses pricing and other levers Regulatory aspects - Angel One is currently grappling with multiple regulatory headwinds but seems to be in a position to manage or possesses mitigating levers: Regarding the “True to Label” regulations, the company has enough levers to offset its impact and is not ruling out changes in pricing. Secondly, if the expiry period were to be expanded f...
Buy Angel One Ltd For Target Rs.3000 by Yes Securities
Export growth, margin uptick remains key drivers We capture and expand the key highlights of our recent conversation with Ajanta Pharma in this update. Domestic growth is being driven by dermatology as was the case in FY24 while Met XL continues to weigh on cardiac sales. We reckon the top cardiac brand would deliver only 2-3% volume growth as price hike is limited in current year. About 25% of new launches in domestic business continue to be of the first to market kind, as in the past whi...
Add Ajanta Pharma Ltd For Target Rs.2,550 by Yes Securities
Management expects APE growth to drive VNB growth Our view – Declining ULIP share to somewhat offset impact from surrender regulation VNB margin – Some factors would serve to offset some of the damage that would be inflicted by the surrender charge regulation: Calculated VNB margin for the quarter degrew by -105bps QoQ and -115bps YoY to 25.1%. There was a positive impact of ~30 bps due to fixed cost absorption, which was more than offset by a negative ~130 bps impact due to...
Add HDFC Life Insurance Ltd For Target Rs.705 by Yes Securities
Equity market momentum remains key driver Revenue Yield - Revenue yield on a comparable basis evolved negatively: Due to oneoffs, the 4Q revenue yield was subdued for HDFC AMC and hence 3Q yield is more comparable, where the revenue yield was 48bps. Hence, on a comparable basis, yield has declined in 1Q due to the launch of a largish NFO and the usual telescopic pricing. Operating Expenses – Operating expenses growth to remain elevated: The employee cost for 1Q has increased by 20...
Add HDFC Asset Management Ltd For Target Rs.4,750 by Yes Securities
Positivity priced in, valuation remains stretched; downgrade to Reduce Result Synopsis Havells strong revenue growth has been driven by strong summer season and continued industrial and infrastructure led B2B segment, demand outlook remains positive with some uptick in consumer trends. Summer dependent categories like Lloyd and ECD has registered growth of 47% and 20% respectively, led by strong performance of RAC, Fans and Air-coolers which has grown higher albeit on low base. Gross ma...
Reduce Havells India Ltd For Target Rs.1,792 by Yes Securities
TATATECH reported a soft 1Q. Consol. revenues declined 2.5% cc QoQ, missing JMFe: +0.7%. Services revenues declined 1.3% as last leg of Vinfast ramp-down and few client specific project delays weighed. Tech services declined 7.4% QoQ (+6.4% YoY) due to seasonal weakness in products business. Management sees 1Q decline in Services as transitory. Absence of Vinfast decline and resumption of delayed projects should help accelerate sequential growth from Q2 onwards. 5 deal wins across Auto and Ae...
Buy Tata Technologies Ltd For Target Rs. 1,250 By JM Financial Services
In Q1FY25, Havells posted revenue of INR 57.2bn up 20% YoY (In-line JMFe), 5 years CAGR of +16% mainly driven by strong growth in Lloyd and ECD of c.47%/20% YoY respectively. EBITDA at INR 5.7bn up 43% YoY (below JMFe) and 5 year CAGR +16%. OPM at 9.9% vs 8.3% YoY and 11.7% QoQ, lower margins mainly because of increase in A&P to 3% (as % of sales) vs 2.4% YoY and decline in switchgears and W&C margins. PAT stood at INR 4.1bn up 43% YoY. * Improved traction in ECD: Revenue in E...
Buy Havells India Ltd For Target Rs. 2,070 By JM Financial Services
INFO’s 1Q headline print was strong. Revenues grew 3.6% cc QoQ, exceeding expectations (JMFe: 2.1%). EBIT margin expanded 100bps QoQ (JMFe: 50bps). INFO raised its FY25 cc revenue growth guidance to 3-4% (from 1-3%). There were caveats though in all these numbers. Revenue/margin was aided by one-off benefit of 50bps/40bps. Revised guidance includes in-organic contribution (in-tech acquisition) of c.80bps (JMFe). These one-offs aside, we still find a lot of positives in the result. Core ...
Buy Infosys Ltd For Target Rs. 2,010 By JM Financial Services
Revenue in line with a slight miss on earnings; outlook remains bright * JSW Infrastructure (JSWINFRA) posted 15% YoY revenue growth to INR10.1b (in line) in 1QFY25. Cargo volumes rose 9% YoY to 27.8MMT, of which thirdparty cargo grew 48% YoY to 13.8MMT (50% of the total cargo in 1QFY25 was from third parties). The volume growth was primarily led by incremental volumes from the acquired assets and improved capacity utilization at the Paradip iron ore and coal terminal. * EBITDA margin d...
Buy JSW Infrastructure Ltd For Target Rs. 390 By Motilal Oswal Financial Services
Lloyd’s performance better in 1Q; cables & wires muted Price hikes would offset the surge in RM costs * Havells India (HAVL)’s revenue/EBITDA grew ~20%/42% YoY to INR58.1b/ INR5.7b (in line) in 1QFY25. Though Lloyd’s revenue rose ~47% YoY to INR19.3b (in line), its profitability was better than estimated, with an EBIT of INR636m (est. INR371m). This was aided by cost efficiencies &premiumization. Overall EBITDA margin was ~10% (in line). Profit was INR4.1b vs. ...
Neutral Havells India Ltd For Target Rs. 1,820 By Motilal Oswal Financial Services
One-offs boost guidance, but demand improving * INFO reported 1QFY25 revenues of USD4,714b, growth of 3.6% QoQ/2.5% YoY CC vs. our estimate of ~2% QoQ CC. EBIT margins stood at 21.1% vs. our estimates of 20.4%. EBIT grew 9% QoQ/5.5% YoY to INR83b (est. INR79b). PAT came in at INR64b, up 4.8% QoQ/7.1% YoY, in line with our estimate of INR64b. Deal wins were strong at USD4.1b (flat QoQ). INFO upgraded its FY25 revenue growth guidance to 3-4% YoY in CC (1-3% earlier). The growth outperformanc...
Buy Infosys Ltd For Target Rs. 2,000 By Motilal Oswal Financial Services
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