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AUM declines ~4% and collection efficiency dips ~170bp sequentially Stage 3 (60+ dpd) rises ~100bp QoQ * CREDAG’s 2QFY25 disbursements declined ~19% YoY and ~11% QoQ to INR40b (PQ: ~INR45b). AUM decreased ~4% sequentially to INR251b (PQ: INR263b). ? Collection efficiency (including arrears) declined ~170bp QoQ to ~96.2% in 2QFY25 (PQ: 97.9%). * PAR 60+ and 90+ rose ~100bp QoQ and ~60bp QoQ to ~2.4% and ~1.7%, respectively. * CRAR stood at ~26.4% (PQ: 25.2%) during the period...
Company Update : Buy CreditAccess Grameen Ltd By Motilal Oswal Financial Services
Growth-centric capability expansion Happy Forgings (HFL) management value proposition: 1) significant market share gains from HFL’s best-in-class engineering capabilities, marked by rapid diversification & delivery of complex forged/machined components to auto/industrial segments 2) Constant focus on complex/critical parts and recent product additions to unlock new avenues: capability step-up from addition of 14k ton press line (in 3QFY23) helped expand product offerings from up ...
Company Update : Happy Forgings Ltd By Yes Securities Ltd
Deposits growth healthy; CASA ratio at 33.2% BANDHAN released its quarterly business update, highlighting the key trends for 2QFY25: * Gross advances (on and off the book and TLTRO investments) grew 21.4% YoY (+4% QoQ) to ~INR1.3t. * The deposit base stood at INR1.42t, growing 27.2% YoY (up 7% QoQ). CASA deposits grew 6.4% QoQ (up 9.5% YoY), resulting in CASA ratio at 33.2 (vs 33.45 in 1QFY25). * Retail deposits (including CASA) grew 16.4% YoY, up 4.9% QoQ. The proportion of Retai...
Company Update : Buy Bandhan Bank Ltd By Motilal Oswal Financial Services
Retail loans grew ~28% YoY; retail mix now at ~96% Wholesale loans could have potentially declined to ~INR37b * Retail disbursements for 2QFY25 rose ~12% YoY and ~2% QoQ to INR151b (PY: INR148b). * Rural business disbursements declined 5% YoY. Farmer finance disbursements grew 16% YoY and urban finance disbursements grew 29% YoY. * MFI disbursements declined only ~6% QoQ. It is noteworthy that while there was a significant decline in disbursements across the MFI sector, LTFH's...
Company Update : Buy L&T Finance Ltd By Motilal Oswal Financial Services
Advances growth healthy; CASA ratio improved 80bp QoQ Federal Bank (FB) released its quarterly update, underlining the 2QFY25 business numbers. The key highlights are as follows: * Gross advances grew 19.3% YoY to ~INR2.34t (4.3% QoQ). According to the internal classification of the bank, retail credit grew 23% YoY, while wholesale book posted a 13% growth YoY. With this, the share of retail in the total loan mix stood at 57% in 2QFY25. * The total deposit base grew 15.6% YoY (1.1% Q...
Company Update : Buy Federal Bank Ltd By Motilal Oswal Financial Services
Reports double-digit sales growth TTAN released its pre-quarterly update for 2QFY25. Here are the key highlights: TTAN added 75 stores during the quarter, and its total retail presence (including CaratLane) stood at 3,171 stores at the end of 2QFY25. Jewelry division * Standalone jewelry sales grew 26% YoY (ex-bullion) in 2QFY25 (vs. our estimates of 20% in 2QFY25 and 9% in 1QFY25 / 19% in 2QFY24). * Consumer demand significantly picked up momentum after the reduction in custom du...
Company Update : Titan Company Ltd By Motilal Oswal Financial Services
Focus on backward integration and cost competitiveness… We recently met with the management of Lloyds Metals & Energy Ltd (LMEL) and came out positive on the company’s operations and its future capacity expansion plans. The conversations surrounded on both the industry dynamics and how LMEL is shaping up in the Indian iron ore space. The key highlights of our conversations can be found in the report. Lloyds Metals and Energy Ltd currently trades at a 7.2x FY26E EV/EBITDA. ...
Company Update : Lloyds Metals & Energy Ltd - Yes Securities Ltd
In growth phase with eye on state diversification We were recently hosted by the management team of SOM Distilleries & Breweries Ltd (SDBL) at their Bhopal facility for a plant visit and management interaction. Key highlights are as follows: - Market share gains strong; should improve or atleast hold up SDBL has dominant market share of 45% in Madhya Pradesh beer market. In around 4 years of operations, it has garnered ~19% share in Karnataka (aim of 25-30% over the n...
Company Update : SOM Distilleries & Breweries Ltd - Yes Securities Ltd
Business assets up ~22% YoY; Stage 2/Stage 3 rose by ~100bp/30bp QoQ CE stood at 95% (PY: 96% ) Key takeaways from Jun’24 business update: * Jun’24 disbursements grew ~3% YoY to ~INR43.7b. 1QFY25 disbursements grew 5% YoY to INR127b. * Gross business assets as of Jun’24 stood at ~INR1.06t, up 22% YoY/4% QoQ. * Jun’24 collection efficiency (CE) stood at 95% (vs. 96% in Jun’23). 1QFY25 CE stood at 94% (vs. 94% in Jun’23). * MMFS reported that i...
Company Update : Buy Mahindra Finance By Motilal Oswal Financial Services
PAT up ~6% QoQ led by growth in interest income and income from JVs/associates * For Jio Financial Services (JFSL), NII rose ~4% QoQ to INR2.8b in 4QFY24 (~INR2.7b in 3Q) and other income declined ~5% QoQ to INR1.4b due to lower commission income. * Operating expenses grew 3% QoQ to INR1b. Employee expenses rose ~16% QoQ because of the hiring of manpower and management team. * Credit costs stood at INR18m (vs. INR2m in 3Q). The profit contribution of JVs and associates increased ~17%...
Company Update : Jio Financial Services - Motilal Oswal Financial Services
Duct Iron Pipes and Specialized Ferro Alloys to be key products moving forward We went for Jai Balaji Industries’ plant visit at Durgapur, West Bengal where the company has its TMT bars producing DRI manufacturing capacity and DI Pipes producing Blast Furnace facilities cupped with backward integrated operations. Post the plant visit, we got to interact with the management as well. The key takeaways from our visit are provided below Capacity expansion plans to focus on capturing t...
Company Update : Jai Balaji Industries Ltd by Motilal Oswal Financial Services
Duct Iron Pipes and Specialized Ferro Alloys to be key products moving forward We went for Jai Balaji Industries’ plant visit at Durgapur, West Bengal where the company has its TMT bars producing DRI manufacturing capacity and DI Pipes producing Blast Furnace facilities cupped with backward integrated operations. Post the plant visit, we got to interact with the management as well. The key takeaways from our visit are provided below Capacity expansion plans to focus on capturing ...
Company Update : Jai Balaji Industries Ltd - Yes Securities Ltd
Highlights of Happy Forgings (HFL) plant visit and management interaction 1) Sound engineering capabilities, as reflected in HFL’s rapid diversification and delivery of complex forged/ machined components to auto/industrial segments, has fetched significant market share gains. 2) Focus on complex/critical parts and recent product additions will open up new opportunities: capability step-up from addition of 14k ton press line (in 3QFY23) helped expand product offerings from up to 90k...
Company Update : Happy Forgings Ltd - Yes Securities Ltd
Focus on volume growth and market share gain * Gulf Oil Lubricants India (GOLI), a Hinduja Group subsidiary, is a prominent player in the Indian Lubricants Industry. As part of Gulf Oil International (GOI), GOLI benefits from global brand ownership. Specializing in automotive and industrial lubricants, GOLI holds a significant position in both B2B and B2C (60% of volumes) markets. * GOLI exports to over 25+ countries across the globe, contributing to ~5% of its annual turnover. The com...
Company Update : Gulf Oil Lubricants India - Motilal Oswal Financial Services
We attended the analyst day meet at Vedanta Ltd held on the 27th of February 2024. The analyst meet focused on the demerger story and potential value unlocking from the same. The meet also laid out the expansion plans under different verticals for the company. At the CMP, the company currently trades at 5.01x EV/EBITDA at FY24E as per Bloomberg estimates. Demerger aimed to unlock potential value On 29th September 2023, the Vedanta board approved a pure-play, asset-owner business model ...
Company Update : Vedanta Ltd - Yes Securities Ltd
View & Valuation In its investor day, Ramkrishna Forgings (RMKF), reemphasized its focus to diversify revenue base from CV to other segments of auto (2W, PV, OHT) and non-auto (Oil and gas, railways and mining). RMKF targets revenues of Rs45-48b by FY26E (v/s ~Rs26b in 9MFY24). This will be led by standalone business (~62% incremental contribution) and balance by recently acquired entities such as, 1) MACL-JMT revenues to be at Rs6-6.75b in FY26E (v/s Rs1.75-2.25b annualized in FY24E) ...
Company Update : Ramkrishna Forgings Ltd - Yes Securities Ltd
ICICI Securities Limited reported robust Q3FY24 results, showcasing a substantial 50% overall revenue growth and notable market share improvements across various revenue-generating parameters. The Profit after Tax surged to 466 crore, reflecting a significant 66% YoY increase and a 10% QoQ rise. The company's success is attributed to effective diversification strategies and a customer-centric coverage model. Key highlights include a 12% sequential growth and a remarkable 56% YoY increase ...
Company Update : ICICI Securities Limited by ARETE Securities Ltd
Concord Biotech Limited is a R&D driven biopharma company that manufactures API through fermentation & semisynthetic process and finished formulations. Founded in the year 2000, the company has transformed from a singleproduct company to a broad-spectrum solution provider, offering products across diversified therapeutic segments. Concord is globally known for its products and has a presence in more than 70 countries worldwide with efficient distribution infrastructure in markets like...
Company Update : Concord Biotech Ltd by Choice Broking Ltd
* Man Industries (India) Ltd. (MAN), was incorporated in 1988 and is the flagship company of the Man Group promoted by the Mansukhani family. Today, the company is one of the largest manufacturer and exporter of large diameter carbon steel line pipes (LSAW, HSAW and ERW), which are used for various high pressure transmission applications for oil & gas industry, petrochemicals, water, dredging & fertilizers, hydro-carbon and CGD Sector. The company has three state-ofthe-art manufacturi...
Company Update : Man Industries Limited by Choice Broking
Domestic steel prices remain under downward pressure, with prices down 6- 7% in 3QFY24. Higher Chinese export prices have now closed the import parity gap from the peak of 12% in October 2023. Raw material prices, iron ore and coking coal remain elevated on the hope of further stimulus in China and supply disruptions. We expect margins for steel companies to remain stable sequentially in 3QFY24 and under downward pressure in 4QFY24. Maintain BUY on JSPL and SELL on SAIL. Domestic steel pri...
Metals & Mining : Steel - margins under pressure by Kotak Institutional Equities
On a like-to-like basis, HUL?s Sep-Q earnings were inline with our expectations though with a somewhat different construct (detailed below). Volume growth of 2% is a further step-down vs earlier levels and rural recovery remains gradual with market volumes still lower vs twoyear ago level. Gross margin progression was much better, but flowthrough to EBITDA was curtailed by higher A&P (+65% yoy) - management expects intensity of spends to sustain, given the step-up seen in competitive ...
Buy Hindustan Unilever For Target Rs.2,880- JM Financial Institutional Securities
On October 16, 2023, ICICI Securities Limited announced strong Q2FY24 results, featuring an impressive 45% year-onyear (YoY) revenue growth and a substantial 34% increase sequentially. These results can be attributed to effective diversification efforts and a customer-centric coverage model. Throughout the quarter, most performance indicators continued to trend upward, and the company saw noticeable gains in market share. Notably, the wealth management segment showed a 7% growth on a seque...
Update on ICICI Securities Limited By ARETE Securities
Dalmia Bharat (DALBHARA)?s 2QFY24 EBITDA was in-line with our estimates, as lower-than-estimated opex offsets the miss on volume and realization. EBITDA was at INR5.9b (vs. estimated INR5.8b) and OPM stood at 18.7% (vs. estimated 17.1%). Adj. Profit (after MI) stood at INR1.2b (4.3x YoY), which was 28% above our estimate, led by higher other income. DALBHARA announced 0.5mtpa brownfield capacity addition in Bihar with an investment of INR910m, which will be completed in FY25E. In 2...
Update on Dalmia Bharat Ltd by Motilal Oswal Financial Services Ltd
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