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Add Tech Mahindra Ltd For Target Rs1,193 - Yes Securities Ltd Result Synopsis Tech Mahindra (TECHM) reported mixed financial performance for the quarter. The sequential revenue growth was inline with expectations; while, EBIT margin came in below expectation. It reported sequential growth of 0.1% QoQ in INR terms, (flat QoQ in USD terms), led by Manufacturing (up 1.4% QoQ). There was sequential decline in EBIT margin(down 83bps QoQ) on higher SG&A expense. Employee attrition continues to moderate as LTM attrition was down 2.5 percentage points Qo...
Add Tech Mahindra Ltd For Target Rs1,193 - Yes Securities Ltd
Add Tech Mahindra Ltd For Target Rs1,193 - Yes Securities Ltd
Source: Yes Securities Ltd
8/05/2023 11:56:48 AM
Buy Tanla Platform Ltd For Target Rs 1,004 - Yes Securities Result Synopsis Tanla Platform (TANLA) reported mixed financial performance for the quarter. The sequential revenue growth was below estimates; while EBITDA margin was inline with expectation. It reported sequential revenue decline of 4.2% QoQ, led by 5.0% QoQ decrease in the revenue of Enterprise business and 4.2% QoQ increase in revenue of Platform business. Trubloq processed 83bn message in Q4 with more than 60% volume market share. There was sequential increase in EBITDA margin(up 253...
Buy Tanla Platform Ltd For Target Rs 1,004 - Yes Securities
Buy Tanla Platform Ltd For Target Rs 1,004 - Yes Securities
Source: Yes Securities
29/04/2023 2:20:55 PM
Buy IndusInd Bank for Target Rs. 1,410 - Yes securities Result Highlights * Asset quality: Gross slippages amounted to Rs 16.03bn (annualized slippage ratio of 2.2%) and recoveries and upgrades amounted to Rs 9.18bn * Margin picture: NIM at 4.28% inched up 1 bps QoQ aided by a sequentially higher loan to deposit ratio * Asset growth: Advances grew 6.3%/21.3% QoQ/YoY driven sequentially by Small corporates and select retail segments * Opex control: Total opex rose 6.1%/19.9% QoQ/YoY, employee expenses rose 4.6%/27% QoQ/YoY and other expenses ...
Buy IndusInd Bank for Target Rs. 1,410 - Yes securities
Buy IndusInd Bank for Target Rs. 1,410 - Yes securities
Source: Yes securities
25/04/2023 11:30:51 AM
Stock of the day : Add HCL Technologies Ltd For Target Rs.1185 1,213 - Yes Securities Seasonality in Software segment led to muted financial performance Result Synopsis HCL Technologies (HCLT) reported broadly inline financial performance. While, revenue growth was inline with estimates; EBIT margin came in below expectation. The Services segment (89.8% of revenue) grew by 0.6% QoQ in cc terms. The Software segment had weak quarter due to seasonality (down 14.6% QoQ in cc terms). The revenue growth was led by strong performance in BFSI vertical (up 6.9% QoQ in cc terms)....
Stock of the day : Add HCL Technologies Ltd For Target Rs.1185 1,213 - Yes Securities
Stock of the day : Add HCL Technologies Ltd For Target Rs.1185 1,213 - Yes Securities
Source: Yes Securities Ltd
21/04/2023 10:49:42 AM
Buy ICICI Prudential Life Insurance Company Ltd For Target Rs. 675 - Yes Securities IPRU addresses multiple doubts emphatically Result Highlights ? VNB margin: Calculated VNB margin decreased by -194bps QoQ to 32.0% driven by various factors ? VNB growth: VNB grew 70.7%/36.1% QoQ/YoY, where the YoY growth was aided by improvement of 226bps in calculated VNB margin ? APE growth: New business APE grew 81.1% QoQ and 26.5% YoY, where the sequential growth was driven by Savings Non-Linked segment ? Expense control: Expense ratio rose 320/204 bps QoQ/YoY as opex rat...
Buy ICICI Prudential Life Insurance Company Ltd For Target Rs. 675 - Yes Securities
Buy ICICI Prudential Life Insurance Company Ltd For Target Rs. 675 - Yes Securities
Source: Yes Securities Ltd
21/04/2023 10:44:47 AM
Buy State Bank of India Ltd For Target Rs. 780 - Yes Securities Result Highlights * Asset quality: Gross NPA additions amounted to Rs 32.09 bn (annualized NPA addition ratio of 0.4%) and recoveries and upgrades were healthy at Rs 16.43bn * Margin picture: Whole bank NIM at 3.50% was up 18bps/35bps QoQ/YoY, sequentially higher due to yield on advances moving up faster than cost of deposits * Asset growth: Whole bank advances grew 3.2%/17.6% QoQ/YoY driven sequentially by SME and Retail loans * Opex control: Total opex grew 6.0%/16.7% QoQ/YoY, emplo...
Buy State Bank of India Ltd For Target Rs. 780 - Yes Securities
Buy State Bank of India Ltd For Target Rs. 780 - Yes Securities
Source: Yes Securities
6/04/2023 2:45:19 PM
Buy SIS India Ltd For Target Rs.550- Yes Securities Ltd Result Synopsis SIS Ltd (SECIS) reported inline financial performance for the quarter. Both, the revenue growth and EBITDA margin were inline with estimates. It reported sequential revenue growth of 4.9% QoQ, led by India security business (up 4.7% QoQ) and Facilities management business( up 5.3% QoQ) and International Security business(up 5.0% QoQ).There was sequential improvement in EBITDA margin(up 39bps QoQ) due to completion of price revisions with customers in the international busines...
Buy SIS India Ltd For Target Rs.550- Yes Securities Ltd
Buy SIS India Ltd For Target Rs.550- Yes Securities Ltd
Source: Yes Securities Ltd
27/03/2023 3:18:45 PM
Add Mphasis Ltd For Target Rs.2,337 - Yes Securities Result Synopsis Mphasis (MPHL) reported mixed financial performance for the quarter. The sequential revenue growth for the quarter was below estimates; while EBIT margin was inline with estimates. It reported constant currency growth of (3.1)% QoQ, led by Logistics and Transportation(up 2.3% QoQ) The INR reported growth was (0.4)% QoQ, supported by depreciation of INR by 3.9% QoQ vs USD. Direct now contributes 93.6% to revenue; while DXC contribution has fallen to just 4.8% of revenue. EBI...
Add Mphasis Ltd For Target Rs.2,337 - Yes Securities
Add Mphasis Ltd For Target Rs.2,337 - Yes Securities
Source: Yes Securities
25/03/2023 11:41:12 AM
Add Kotak Mahindra Bank Ltd For Target Rs.2100- Yes Securities Result Highlights * Asset quality: Gross slippages amounted to Rs 7.48bn (annualised slippage ratio of 1.0%) and recoveries and upgrades were healthy at Rs 8.74bn * Margin picture: NIM improved 30 bps QoQ to 5.47% aided by repricing of floating rate book * Asset growth: Advances grew 5.7%/22.9% QoQ/YoY driven on sequential basis by healthy growth across various retail loan segments and Corporate loans. * Opex control: Total opex grew 12%/30.2% QoQ/YoY, staff cost grew 4.5%/23.2% ...
Add Kotak Mahindra Bank Ltd For Target Rs.2100- Yes Securities
Add Kotak Mahindra Bank Ltd For Target Rs.2100- Yes Securities
Source: Yes Securities
25/03/2023 11:33:05 AM
Buy Eicher Motors Limited For Target Rs. 3,942 - Yes Securities Valuation and View Eicher Motors (EIM) 3QFY23 reported consolidated results were in?line at Revenues/PAT while EBITDA was ~4% below our estimates at Rs8.6b (est Rs8.9b) with margins contracting 30bp QoQ at 23% (est 24.2%). This was largely due to ~4% miss in EBITDA of S/A performance as 1) ASP came in lower at Rs162.2k/unit(est Rs166.8k/unit) and 2) S/A gross margins came in lower at 41.7% (est 42.2%) led by product mix and delayed impact of product price hike (price protection for Hunter...
Buy Eicher Motors Limited For Target Rs. 3,942 - Yes Securities
Buy Eicher Motors Limited For Target Rs. 3,942 - Yes Securities
Source: Yes Securities
23/03/2023 3:03:52 PM
Buy Castrol India Ltd For Target Rs. 130- Yes Securities Our view The 4QCY22 operating earnings at Rs 2.51bn (-6% YoY; -3% QoQ) stood below our and street estimates primarily on a) weaker than estimated sales volume at 48mn liters and b) weaker than estimate gross margin. Price interventions along with higher sales of personal mobility oils, led to stronger realization during the quarter, however the same was partially offset by QoQ higher raw material costs. Indian lubricant market is expected to grow at ~ 4% YoY over CY23, and CSTRL intends to...
Buy Castrol India Ltd For Target Rs. 130- Yes Securities
Buy Castrol India Ltd For Target Rs. 130- Yes Securities
Source: Yes Securities
23/03/2023 2:49:37 PM
Buy Bharat Forge Ltd For Target Rs. 1,028- Yes Securities Valuation and View Bharat Forge (BHFC) 3QFY23 results were in?line at revenues/Adj.PAT while EBITDA exceeded our estimates by 10.7% at Rs5.4b (est Rs4.8b, +32.7%/18% YoY/QoQ). Lower utilization in overseas business (Aluminum forgings) in Germany and North America led to EBITDA loss of Rs620m (v/s loss of Rs341m in 2QFY23). BHFC has reported ~2.6% QoQ/17.6% YoY growth in tonnage at ~62.75k tons, which were at 16 quarter high indicating strong momentum across business verticals. Key positive...
Buy Bharat Forge Ltd For Target Rs. 1,028- Yes Securities
Buy Bharat Forge Ltd For Target Rs. 1,028- Yes Securities
Source: Yes Securities
23/03/2023 2:41:50 PM
Buy Greenply Industries Ltd For Target Rs.224- Yes securities Result Synopsis Greenply Industries Ltd (GPIL), registered a muted quarter wherein Standalone biz reported a revenue of Rs4.05Bn, a growth of 8.6%YoY & decline of 7%QoQ. Plywood volumes were flat YoY & degrew by 6%QoQ on account of sluggish demand. ASP came in at Rs249/sqm in Q3FY23 as compared to Rs235/Rs248 in Q3FY22/Q2FY23 respectively. EBITDA margins came in at 10.4% as against 11%/10.6% in Q3FY22/Q2FY23 respectively. Management reiterated their 20%YoY growth guidance for FY23 ...
Buy Greenply Industries Ltd For Target Rs.224- Yes securities
Buy Greenply Industries Ltd For Target Rs.224- Yes securities
Source: Yes Securities
23/03/2023 2:31:41 PM
Buy Aputs Value Housing Finance India Ltd For Target Rs 380- Yes Securities Aptus delivered an in-line performance wherein spread compression was partially offset by lower-than-estimated credit cost. AUM growth was marginally below expectation on account of lower disbursements (flat qoq) and higher portfolio run-off (annualized rate 15.5% v/s avg 13% of past 4Qs). Asset quality witnessed improvement with 30+ dpd declining by 20 bps qoq to 6.3% (though slight increase in abs. terms, but write-off was negligible). RoA/RoE were largely maintained at 8.5%/16% respectivel...
Buy Aputs Value Housing Finance India Ltd For Target Rs 380- Yes Securities
Buy Aputs Value Housing Finance India Ltd For Target Rs 380- Yes Securities
Source: Yes Securities
22/03/2023 3:03:25 PM
Buy DLF Ltd For Target Rs. 568- Yes Securities Our view DLF achieved strong presales of 1.55msf translating in sales value of Rs25.1bn in Q3FY23 backed by the strong presales for ‘The Grove’ DLF5, Gurugram (Rs15.7bn), DLF Valley Garden, Panchkula (Rs5.4bn) and steady sales for ’The Camellias’ (Rs1.8bn) hence management remain confident to achieve/surpass Rs80bn guidance for FY23E (Rs66bn clocked in 9MFY23). Company collected Rs14bn for Q3FY23. ‘The Grove’ luxury offering in DLF5, Gurugram with total...
Buy DLF Ltd For Target Rs. 568- Yes Securities
Buy DLF Ltd For Target Rs. 568- Yes Securities
Source: Yes Securities
22/03/2023 2:20:48 PM
Buy DCB Bank Ltd For Target Rs.125 - Yes Securities Result Highlights * Asset quality: Gross NPA addition amounted to Rs 4.03bn(annualised slippage ratio of 4.9%) but recoveries and upgrades were also healthy at Rs 3.75bn * Margin picture: NIM at 4.02% was up 14bps/41bps QoQ/YoY, sequentially higher due to yield on advances moving up faster than cost of deposits * Asset growth: Advances grew 5.4%/19.2% QoQ/YoY, driven sequentially by all AIB, Co-lending and ‘Others’ segments * Opex control: Total opex rose 6.0%/31.3% Qo...
Buy DCB Bank Ltd For Target Rs.125 - Yes Securities
Buy DCB Bank Ltd For Target Rs.125 - Yes Securities
Source: Yes Securities
22/03/2023 2:09:02 PM
Buy Bajaj Finance Ltd For Target Rs. 7,620- Yes Securities BAF delivered largely in-line performance with sustained delivery of high RoA/RoE (5.4%/24%) and strong balance sheet growth Key positives were a) substantial growth improvement in Auto Finance, resilient traction in Consumer B2C products and strengthening of growth in commercial/SME lending, b) significant lift in run-rate of new customer acquisition and strong growth in total/cross-sell customer franchise, c) gradual increase in CoF (majority fixed rate borrowings) underpinning strong NI...
Buy Bajaj Finance Ltd For Target Rs. 7,620- Yes Securities
Buy Bajaj Finance Ltd For Target Rs. 7,620- Yes Securities
Source: Yes Securities
21/03/2023 2:56:17 PM
Buy Apar Industries Ltd For Target Rs. 1,955 Yes Securities Our view Apar Industries Ltd (APR) reported highest?ever quarterly revenue, led by growth across Conductors segment (up 103% YoY), Transformers & Specialty Oils (up 38% YoY) and Cables (up 89% YoY). Conductors revenue growth was largely driven by improved share of higher value products and exports (54% vs 29% in 3QFY22). Margins expanded by 360bps YoY owing to higher gross margins. Going forward management expects strong traction in India on the back of a capex?oriented budget, focus o...
Buy Apar Industries Ltd For Target Rs. 1,955 Yes Securities
Buy Apar Industries Ltd For Target Rs. 1,955 Yes Securities
Source: Yes Securities
17/03/2023 3:04:01 PM
Buy ACC Ltd For Target Rs. 2,488- Yes Securities Result Synopsis ACC Ltd (ACC) reported in-line revenue of Rs45.4bn (+7% y/y & +14% q/q) largely supported by overall volume growth of +3% y/y and +12% q/q to 8MT, aided by pickup in construction activities. EBITDA/PAT came at Rs3.8/1.9bn, declined by 32/43% y/y respectively. In Q4CY22, ACC charged exceptional items of Rs791mn towards a) one time Information technology transition cost b) towards special incentives. ACC’s total cost/te came 4% below YSECe to Rs5400 (+10% y/y) softe...
Buy ACC Ltd For Target Rs. 2,488- Yes Securities
Buy ACC Ltd For Target Rs. 2,488- Yes Securities
Source: Yes Securities
17/03/2023 2:29:53 PM
Add Godrej Consumer Products Ltd For Target Rs.946 - Yes Securities Ltd Disappointing quarter due to volume decline and subdued Indonesia business; downgrade to ADD Our view GCPL reported a soft quarter both on growth and margin fronts led by a 4% decline in India-home care business, continued sluggishness in Indonesia business and sharp margin fall in international business especially in Latin America and SAARC. Soft growth in its key HI and 12% cc decline in Indonesia business dragged topline despite c.18% price hikes taken by the company. Key positives w...
Add Godrej Consumer Products Ltd For Target Rs.946 - Yes Securities Ltd
Add Godrej Consumer Products Ltd For Target Rs.946 - Yes Securities Ltd
Source: Yes Securities Ltd
18/08/2022 5:43:41 PM
Sell IFB Industries Ltd For Target Rs.883 - Yes Securities Restoring peak margins, a long drawn process; downgrade to SELL Result Synopsis IFBI revenue has bounced back on account of favorable base and higher growth from RAC on account of strong summer demand. Gross margin contracted by 447bps due to high inflation in key raw materials which was not fully passed on. The company has increased product prices by 3?4% on average basis. Company’s focus on getting higher extraction from channel is now slowly bearing fruit as it has seen volume ...
Sell IFB Industries Ltd For Target Rs.883 - Yes Securities
Sell IFB Industries Ltd For Target Rs.883 - Yes Securities
Source: Yes Securities
8/08/2022 11:31:21 AM
Neutral Hindustan Unilever Ltd For Target Rs. 2,624 - Yes Securities Strong operating performance despite inflation and demand concerns, Downgrade to NEUTRAL due to limited upside Our view HUL delivered a better than expected performance driven by 6% volume growth while overall market witnessed mid?single digit volume decline. While calibrated price hike to c.12% translated to 19% revenue growth, 20% inflation impacted margins adversely. Volume growth has been soft for rural market for three quarters now, but well ahead of industry growth which saw a hi...
Neutral Hindustan Unilever Ltd For Target Rs. 2,624 - Yes Securities
Neutral Hindustan Unilever Ltd For Target Rs. 2,624 - Yes Securities
Source: Yes Securities Ltd
20/07/2022 11:26:28 AM
IPO Note - Suryoday Small Finance Bank Ltd By Yes Securities Suryoday Small Finance Bank IPO Price Band Rs303-305 - Post-issue Market Cap Rs32bn - Valuation 2.1x P/ABV   To comply with the regulatory listing requirement, Suryoday Small Finance Bank (SSFB) is coming out with an IPO of Rs5.8bn which comprises a fresh capital raise of ~Rs2.5bn and an OFS of ~Rs3.3bn. SSFB started operations as an SFB on January 23, 2017, before which it operated as an NBFC-MFI. Its gross loan portfolio (GLP) has witnessed a CAGR of 35% from Rs17.2bn as ...
IPO Note - Suryoday Small Finance Bank Ltd By Yes Securities
IPO Note - Suryoday Small Finance Bank Ltd By Yes Securities
Source: Yes Securities Ltd
16/03/2021 5:29:22 PM