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RA’s full participation in the extant ratings cycle has been a function 1) reorganization of ratings team structure with sharpened sectoral rigor, 2) restructuring of business development team on lines of key sectors, 3) strong ratings performance and timely actions, 4) focus on remunerative and appropriate pricing/yields, and 5) inherent strength (leading market position) in faster growing sectors (Financial incl. Securitization, and Infra) and Bond Ratings (issuances have increased in...
Add ICRA Ltd For Target Rs. 6,700 - Yes Securities
Ratings on firm wicket, Analytics may see choppiness Ratings business in fine fettle led by macro and micro factors ICRA’s full participation in the extant ratings cycle has been a function 1) reorganization of ratings team structure with sharpened sectoral rigor, 2) restructuring of business development team on lines of key sectors, 3) strong ratings performance and timely actions, 4) focus on remunerative and appropriate pricing/yields, and 5) inherent strength (leading market p...
Add ICRA Ltd For Target Rs.6,700 - Yes Securities
We recently interacted with KEC International. The company is on the cusp of a major turnaround driven by stellar growth in its TAM, sequential margin recovery, and reduction of working capital to normalized levels. KEC is the market leader in the domestic T&D EPC industry and is expected to be a major beneficiary of a stellar growth in TAM. With execution of legacy projects largely behind, turnaround in SAE Brazil profitability and a stable commodity environment, the company has signific...
Buy KEC International Ltd For Target Rs. 816 - Yes Securities
Mr. Uday Kotak steps down as MD & CEO; remains associated as non-executive director As per the meeting held on 2nd Sep’23, the board of Kotak Mahindra Bank (KMB) has informed that Mr. Uday Kotak has resigned as the MD & CEO of the bank and has become a non-executive non-independent director of the bank for a period of 5 years. He would not be liable to retire by rotation. Mr. Dipak Gupta (joint MD) would carry out MD & CEO responsibilities in the interim, subject to regul...
Hold Kotak Mahindra Bank Ltd For Target Rs. 1,850 - Motilal Oswal Financial Services
Nifty snapped four series’ winning streak, Midcaps/IT outperforms Post multi-month uptrend, this month US key Indices took a pause. Rebounding off recent low, Dollar index revisits levels of 104. US Gold and Silver rallied in the recent past. After multi-week decline, Brent Crude oil regains momentum on upside. August series Highlights a) Nifty retreats off record high, losing 2% it snapped four series’ winning streak b) Losing 3.7% on eoe, BankNifty was the dragger; through...
Rollover Analysis – August 2023 By Yes Securities
Sanguine outlook for conductors and cables We attended the analyst meet of Apar Industries. Management sounded optimistic on the back of strong infrastructure spending in domestic market, its diversified footprint in export market and high market share in key growth segments. The company continues to focus to stay within the top 3 position in each business segment. It expects continued benefit from higher premium conductor sales in the domestic market and standard product sales in premium ...
Neutral Apar Industries Ltd For Target Rs. 5,054 Yes Securities
An Ideal Re-Rating candidate! * HHIL is a credible play on rapidly growing building material segment. HHIL is a leading manufacturer of Sanitaryware & Faucets in India. Incrementally company is gaining market share in plastic pipe segment as well with focus on plumbing segment. Company also has a sizeable presence in Consumer appliance biz wherein company offers vide range of products & possesses strong distribution network. * Biggest beneficiary Sanitaryware & Faucet indust...
Buy Hindware Home Innovation Ltd Ltd For Target Rs. 803 - Yes Securities
We endeavour to fathom the internals of the recent rally, with Nifty breaking out of the consolidation phase after a gap of 20 months in June. In terms of inflows, DIIs continue to pour money, while FPIs have also shown faith in Indian Equities. Small Caps have driven the recent rally in Markets, with 49% of the stocks witnessing YTD returns above 25%. While 41% of the Mid-Cap stocks have registered YTD returns over 25%. Having said that, there is no euphoria in the markets, manifested by the...
India Stratergy : Where Money Flows - August 2023 by Yes Securities
Business outlook remains strong for FY24 Dominant market share in B2B online classified business with around 70% market share in paid listings. The overall growth in business is led by higher value proposition for sellers and the efficient matching algorithm resulting in higher buyer satisfaction. Enjoys substantial network effect attracting more buyers and sellers to the platform. The strength of business model is visible in the 13.5% CAGR growth in paying subscribers over FY18-23 and 23....
Buy Indiamart Ltd For Target Rs. 3,950 - Yes Securities
On a strong footing We expect Brigade Enterprises (BRGD) to see continued traction across business segments in FY24-25E. With a residential launch pipeline of ~8msf over the 12 months along with the recently acquired ~10acre land parcel in Kokapet, Hyderabad, we model for residential sales bookings of INR45.8bn in FY24E and INR51.3bn in FY25E. Further, we expect the company to clock rental NOI CAGR of 16% over FY22-25E to INR6.2bn led by lease-up of vacant space in Tech Gardens, Bengaluru ...
Buy Brigade Enterprises Ltd. For Target Rs. 695- Yes Securities
We initiate coverage on Gillette India Ltd (GILL) with ADD rating. Our view is pinned on the following arguments: (1) Expect core portfolio to improve or atleast maintain share with potentiality of stronger growth led by part reversal in trend towards clean shave (2) Women’s razor & shave care portfolio offers delta through penetration led growth (3) We hope GILL’s brand equity & global expertise to help play catch-up in electric segment where it has been a laggard (4) Glo...
Buy Gillette India Ltd For Target Rs .6,090 - Yes Securities
* The price correction, which had begun from early CY23, has shown visible signs of reversal since Jul’23. * The last quarter saw subdued demand due to multiple factors like excessive dumping from China, global slowdown, inventory destocking, capacity addition for some chemicals, and weakening of sectors like agrochemicals, pigments, dyes, textile. * Specialty chemicals prices were comparatively less impacted vis-a-vis commodity chemicals. * PVC price recovery since July is the...
Chemicals Sector Update : Chemical prices have started recovering By Yes Securities
We recently participated in the Analyst/Investor Meet held by Colgate-Palmolive (India) Ltd. (CLGT). The management reiterated the opportunity, strategic pillars, enablers and current state of the business as well as elaborately showcased their innovations, sustainable practices and scientific advancements. Key takeaways: 1) Market shares remain stable, 2) CLGT remains confident on opportunity in core categories while continuing to stay hopeful on Palmolive, 3) Gross margins to modestly move ...
Neutral Colgate Palmolive Ltd For Target Rs. 2,000 - Yes Securities Ltd
Positive sentiments leads demand revival * Green shoots visible on demand front: After a peculiarly sluggish Q1 demand, and largely flood-impacted early July across India, initial signs of a demand revival are gradually becoming evident. Mid-July onwards, the demand has been trending up better than expected. Notably, tier III, IV and V cities have led this reversal and the prospects are brighter for the festive season ahead. Conversely, urban demand has endured some fatigue. Having said th...
Consumer Durables/Electricals Sector Update : Positive sentiments leads demand revival By Yes Securities
All eyes on growth in Global Businesses We interacted with CRISIL to get a closer perspective on its latest quarterly performance and on growth and margin outlook across key business segments. While growth traction has been strong in domestic ratings and S&P ratings support (GAC) businesses, there is near-term uncertainty in global businesses (particularly benchmarking analytics). The latter could weigh on company’s growth in the current year given its large contribution in reven...
Neutral CRISIL Ltd For Target Rs. 4,020 - Yes Securities
Result Synopsis NMDC’s Q1FY24 earnings were above the consensus estimates on the back of strong operational performance. NMDC reported its best ever Q1 performance in terms of production and sales in Q1FY24. With price volatility affecting much of the early months of the year, the company was able to sustain realizations which grew by Rs 187/t QoQ. The company’s EBITDA margins improved to 42% and the management seems confident that theses margins are sustainable. The company lo...
Buy NMDC Ltd For Target Rs 141 - Yes Securities Ltd
Our view Capacite reported weak set of numbers led by slower execution on account of delay in tying up non-fund based limits. However, with sanction of additional working capital limits of Rs1.5bn and equity infusion of Rs963mn, the liquidity position has improved and the same will be reflected from 2Q. With order inflow of Rs11.5bn in 1Q, management is confident of achieving the order inflow target of Rs21-22bn in FY24E. Orderbook stood at Rs102.5bn in 1QFY24 thereby providing strong reve...
Add Capacite Infraprojects Ltd For The Target Rs. 239 - Yes Securities
Our view Ahluwalia Contracts (AHLU) reported decent set of numbers with revenue in line with our estimate, while EBITDAM came below our estimates at 10.8% on account of higher employee cost. During 1QFY24, the company has bagged projects worth Rs43.8bn taking its order book to Rs82bn (2.7x TTM revenue) thereby providing revenue visibility for next 2-3 years. Further with strong tender pipeline of Rs20-25bn already bided / planning to bid, management expects additional order inflow of Rs25-...
Sell Ahluwalia Contracts (India) Ltd For Target Rs.578 - Yes Securities Ltd
Result Synopsis Vodafone Idea (IDEA) reported inline performance for the quarter. Both, sequential revenue growth and EBITDA margin were as per expectation. It reported sequential revenue growth of 1.2% QoQ, led by 3% QoQ increase in ARPU to Rs 139/month; while subscriber base declined by 4.5mn QoQ to 221mn. 4G addition was muted for the quarter at 0.3mn QoQ. There was sequential decline in EBITDA margin(down 96 bps QoQ) led by higher marketing cost. Net debt increased to Rs 2.12 trillion ...
Sell Vodafone Idea Ltd For Target Rs. 6 - Yes Securities Ltd
Result Synopsis TTKPT registered marginally better than expected performance with revenue decline of 8.1%. Revenue decline can be attributed to1) lower discretionary spends amid high inflation, 2) Wallet share has been diverted to other avenue of spending resulting in lower spends for kitchen, and 3) Stocking by the dealers have been lower. Gross margins have seen strong sequential as well as yoy expansion as raw material prices have been benign, and company has not compromised on brand premi...
Buy TTK Prestige Ltd For Target Rs. 938 - Yes Securities Ltd
Our view VA Tech Wabags (VATW) revenue declined 12.5% YoY to Rs5.5bn on account of higher share of EP projects and delay in commencement of new projects while EBITDAM expanded 8x YoY to 11.9% on account of change in project mix. Order intake was strong at Rs7.3bn during Q1FY24 leading to a robust orderbook of Rs125.1bn (4.3x TTM sales), 58% of which is for EPC contracts. Chennai 400MLD desalination project will start contributing to revenue from 2H post foundation stone to be laid on 21st ...
Buy VA Tech Wabag Ltd For Target Rs.636 - Yes Securities
Our view Ashoka Buildcon Ltd (ASBL) 1QFY24 results were in-line overall where revenues grew 3% YoY at Rs19.3bn supported by 7% growth in construction segment. EBITDA margins contracted ~134bp YoY at 24.5% due to 1) de-growth in toll revenue and 2) higher raw material prices. Order book (OB) remains strong at stands at Rs169.2bn (~2.1x TTM revenue). The balance equity requirement for HAM assets as of June’23 stands at Rs1.7bn, of which Rs 1.1/0.6bn would be infused in FY24E/25E. For A...
Buy Ashoka Buildcon Ltd For Target Rs.142 - Yes Securities
Our view ABB India Ltd (ABB) reported a robust quarterly performance, led by execution pickup across segments. With a favourable product mix, higher service income and operating leverage, the company was able to expand its margins by ~420bps YoY. Order Inflow growth of 10% YoY despite low single digit growth for the base orders. This was driven by double digit growth in Electrification and Process Automation while Robotics saw moderate flows on a low base. A strong operational performance ...
Buy ABB India Ltd For Target Rs. 4,539 - Yes Securities Ltd
Asset monetization on the cards Our view PNC Infratech Ltd (PNCL) 1QFY24 performance continue to be healthy with revenue growth of 8.2%with EBITDAM at 13.2%. PNCL has an order book of Rs149bn indicating revenue visibility for the next 1?2 years. Further for order inflow, company has maintained its guidance of Rs100bn in FY24E (till date has received orders worth Rs41bn). The company is in discussion with strategic investors for monetization of its HAM portfolio and expects the transacti...
Buy PNC Infratech Ltd For Target Rs.442- Yes Securities
Our view G R Infraprojects Ltd (GRINFRA) delivered a subdued performance, missing revenue/EBITDA estimates by 13% / 23%. Execution was affected by delay in receipt of appointment dates of newly awarded projects. The company has a robust orderbook of Rs196bn indicating revenue visibility of 2-3years. GRINFRA awaits AD for 11 HAM assets, majority of which is likely to be received by Q3FY24E. Revenue contribution from these assets will be substantial from FY25E onwards. For FY24E, the company...
Buy G R Infraprojects Ltd For Target Rs. 1,703 - Yes Securities
Few good approvals amidst many routine ones We take a look at US approvals data between June to August 2023 to better assess traction in US business amidst a generally positive and benign pricing environment. Overall, companies have netted about 8-9 good approvals mostly shared between Alembic, Aurobindo and Zydus. Alkem and Ajanta do have a decent approval each in last few months which should support their US growth QoQ. More broadly, FDA approvals continue to be of fairly commoditized va...
pharma Sector Update : Few good approvals amidst many routine ones By Yes Securities
Long way to become asset light Our view Ashoka Buildcon Ltd (ASBL) 1QFY24 results were in-line overall where revenues grew 3% YoY at Rs19.3bn supported by 7% growth in construction segment. EBITDA margins contracted ~134bp YoY at 24.5% due to 1) de-growth in toll revenue and 2) higher raw material prices. Order book (OB) remains strong at stands at Rs169.2bn (~2.1x TTM revenue). The balance equity requirement for HAM assets as of June’23 stands at Rs1.7bn, of which Rs 1.1/0.6bn wo...
Buy Ashoka Buildcon Ltd For Target Rs.142 - Yes Securities
Bullish on growth but valuations compel SELL rating! Result Synopsis Astral Ltd delivered yet another quarter of strong volume growth, despite Q1 being a Agri-heavy season. Company’s plastic pipe volumes stood at 47,950Te, a growth of 31%YoY (5-year volume growth stood at 16%), on account of healthy demand from Plumbing and Infra segment. ASP contracted to Rs196/Kg Vs Rs240/Rs206 owing to fall in resin prices coupled with change in product-mix. Consequently, EBITDA/Kg came in at R...
Sell ASTRAL Ltd For Target Rs.1,657 - Yes Securities
Strategic asset liability management and other factors to protect BoB’s margin We took a closer look at the asset-liability management and other aspects of all our coverage banks and drew the following key conclusions (1) No largecap bank has positioned its deposits book for a turn in the rate cycle in the manner in which BoB has (2) The rise in share of short-term deposits for BoB has not been accompanied by a similar decline in share of retail LCR deposits (3) While share of retail...
Banking Sector Update : Strategic asset liability management and other factors to protect BoB`s margin By YES Securities
Yes Securities, a prominent financial services company, is delighted to introduce ‘AARAMBH’, a ready reckoner, as a part of its investor awareness campaign, 'Udaan'. This campaign aims to equip young parents and youth, with the necessary awareness and tools to make well-informed financial decisions, empowering them to pursue their financial goals with confidence and success. AARAMBH's mission is to ignite the flames of financial wisdom, empowering young parents to t...
Yes Securities Launches AARAMBH: Inspiring Early Education Investment for Parents
Tender pipeline remains positive Our view Engineers India Ltd (ENGR) reported a muted result, with flat YoY revenue growth. Gross margin contracted ~50bps YoY. Due to reversal of certain provisions, EBITDA margin expanded YoY at 8.5%. Order inflows at Rs12.6bn grew on a low base of Rs2.2bn. As on 1QFY24 order book stands at ~Rs81bn (2.5x TTM revenue), providing revenue visibility for next few quarters. Going forward, management expects FY24 order inflows to match FY23 levels and revenue...
Reduce Engineers India Ltd For Target Rs.143 - Yes Securities
Our view ITD cementation (ITCE) reported a strong set of numbers, with a strong 33% YoY revenue growth at Rs18.3bn led by robust execution while EBITDAM came in at 8.8% (incl provision of Rs290mn for Elevated Bangalore metro project). With an order inflow of Rs2.5bn, the orderbook as on 1QFY24 stood at Rs185bn (excl. L1 orders worth Rs55bn). Geographical wise, OB is well-diversified thereby providing a natural hedge from a slowdown in any particular business segment. With healthy 1Q execut...
Buy ITD Cementation India Ltd For Target Rs. 221 - Yes Securities Ltd
Robust quarter; outlook remains sanguine Our view? Voltamp Transformers (VAMP) reported another strong print during Q1FY24 driven by volume-led revenue growth (+19% y/y). The company reported a decadal high Q1 EBITDA margin aided by easing of commodity cost pressures amidst a strong demand environment. An order book of ~Rs11.9bn (executable in the current year) and full ramp-up of Savli operations back to normal, augurs well for the company’s near term revenue and margin performan...
Buy Voltamp Transformers Ltd For Target Rs. 5,836 - Yes Securities
Stronger on all fronts Repco’s NIII/PPOP/PAT were 3%/3%/6% ahead of our estimates driven by betterthan-expected loan growth, NIM and asset quality. Key highlights of the quarter were a) 20% yoy disbursement growth on like-to-like basis, 2) sustained moderation in BT Out, 3) NIM expansion of 10 bps qoq aided by significant improvement in portfolio yield (transmission of MLR hikes through six-monthly repricing), 4) abs. Rs250mn reduction in GNPLs without write-offs and 5) delivery of s...
Buy Repco Home Finance Ltd For Target Rs.450 - Yes Securities
Margin improvement long drawn process; maintain Reduce Result Synopsis IFBI delivered inline revenue growth, with Its home Appliances business registered flattish revenue with EBIT margin of 0.8%. Company’s overall gross margin expanded by 250bps yoy on lower commodity costs. Company’s focus on getting higher extraction from channel is starting to show result but it is still lower than the expectation, as company is going on implementing its strategy state by state. We have ...
Reduce IFB Industries Ltd For Target Rs.s 788 - Yes Securities
Non-South sees increased traction; downgrade to NEUTRAL on limited upside Result Synopsis VGRD reported strong revenue growth of 19.3% aided by consolidation of Sunflame appliances. There was broad based growth across the segments, with electronics segment growing by 20% yoy followed by consumer durables and electricals which grew by 11% and 10% respectively. VGRD’s non-south growth of 26% significantly outperformed south which saw growth of 9% yoy. Gross margins for the quarter e...
Neutral V-Guard Industries Ltd For Target Rs.319 - Yes Securities
Soft quarter amid weak demand; downgrade to Neutral Result Synopsis Consumer products (CP) business registered low single digit growth of 2% on account of muted demand environment and unseasonal rains impacting summer products, while appliances saw growth of 10%. EBITDA margins at 6.1% was lower as operating leverage has not kicked in and staff cost saw increase on back of enhancement in R&D team in lighting vertical. EPC business has started generating profits and it is expected to...
Neutral Bajaj Electricals Ltd For Target Rs.1,275 - Yes Securities
Revenue uptick, margin stability key to positive stance Result Synopsis Vijaya reported a better revenue performance with like for like patient volume growth of 13% YoY adjusted for 50k covid patients in the base quarter. Realization per footfall also surprised on the higher side; increase in volumes led to operating leverage which partly offset the rise in other expenses on account of opening of ~5 hubs and 15-20 spokes in the last 12 months. With newly opened centres like Tirupati, Ra...
Add Vijaya Diagnostic Centre Ltd Target Rs.530 - Yes Securities
A wholesome beat on earnings; significant yield increases across businesses Manappuram delivered 9%/18%/10% NII/PPOP/PAT beat versus our expectations on stronger AUM growth (up 4.6% qoq/20.6% yoy), substantial margin improvement despite material increases in CoF and modest sequential growth in opex. The earnings beat came in notwithstanding the incurrence of higher credit cost (annualized 3.9%) in Asirvad MFI to address the slippages and higher writing-offs. Consolidated RoA/RoE stood at 5...
Buy Manappuram Finance Ltd For Target Rs. 175 - Yes Securities Ltd
Key global business continues to deliver Valuation and View Samvardhana Motherson (MOTHERSON) 1QFY24 performance continue to be healthy as reflected in the healthy revenue growth of 25.5% YoY at Rs224.6b (mostly organic as share of recent acquisition was Rs260m). The underlying industry growth volumes for global light vehicles segment grew ~16% YoY in 1QFY24. This was led by growth across business segments such as wiring harness revenues grew 25% YoY, SMP +27% and SMR at +32% YoY. Co co...
Buy Samvardhana Motherson International Ltd For Target Rs.121 - Yes Securities
Axis deal to enhance capital ratio by ~40% points Result Highlights (See “Our View” below for elaboration and insight) * VNB margin: Calculated VNB margin for 1QFY24 fell -815bps QoQ but rose 108bps YoY to 22.2% * VNB growth: VNB de-growth/growth was at -67.9%/16% QoQ/YoY where the YoY growth was driven by the growth in APE and VNB margin expansion * APE growth: New business APE de-grew/grew by -56.1%/10.3% QoQ/YoY, driven higher YoY by growth in Indi. Protection and N...
Buy Max Financial Services Ltd Target Rs. 1,075 - Yes Securities
On track to achieve presales target with slated launch Our view Sunteck Realty (SRIN) achieved presales of Rs3.87bn; collected Rs2.88bn for the Q1FY24 and guided for 20-30% growth for FY24E. SRIN plans to launch the Kalyan project (10msf) in FY24 while the recently launched Mira Road project achieved Rs2.5bn in Q1FY24. Additionally, plans to launch subsequent phases in Naigaon & ODC. Management reiterated that SRIN will continue to aggressively vouch for lucrative opportunities in m...
Buy Sunteck Realty Ltd For Target Rs. 500 - Yes Securities
Slower domestic growth, US rise not a healthy mix; D/G to SELL Result Synopsis Alkem reported beat on topline though the driver was sharp jump in US and ROW markets while domestic lagged at +7% YoY. We note company lagged IPM in key covered therapies like gastro and vitamins in Q1. Notably, July is off to a weak start and company has downgraded domestic growth to 7-8% vs double digit earlier. US growth appeared high but only because Q1 FY23 had a low base eroded by severe price erosion;...
Sell Alkem Labs Ltd For Target Rs. 3,500 - Yes Securities
Another strong quarter; positives priced in Our view Siemens Ltd (SIEM) reported a healthy quarter led by broad-based revenue growth and ~200bps YoY expansion in EBITDA margin. A double digit revenue growth in both Smart Infra and DI, was accompanied by a sustained meteoric growth in Mobility (+48% YoY, +47% YTD) segment. While order inflow growth (+5% YoY) moderated on a high base, ordering pipeline remains robust driven by its strong positioning in mobility, infrastructure and energy ...
Reduce Siemens Ltd For Target Rs.3,554 - Yes Securities
Targets Lean B/S over new CAPEX Result Synopsis Birla Corporation (BCORP) reported in-line revenue, registering a growth of +9% y/y, primarily aided by a volume increase of +12% y/y, although NSR moderated by 3% y/y in Q1FY24. Premium sales contributed 54% of trade sales which is 76% of total sales. With gradual stabilization of Mukutban, the production cost declined by 48% y/y during Q1FY24. Overall, the total cost/te softened by 3% y/y as power & other costs/te declined by 26/10% ...
Add Birla Corporation Ltd For Target Rs1,368 - Yes Securities Ltd
Pending annuity capex to drive debt higher Our view Prestige Estates Projects (PEPL) achieved stellar pre-sales Rs39.15bn in Q1FY24 and collected Rs27.41bn while launched 3.11msf (Prestige Lavender Fields). Also delivered 5.90msf of projects in Bangalore. PEPL is geared up to launch ~35msf of residential projects across geographies in next 12-15months with sales potential of Rs320bn. PEPL is confident to achieve 25% presales growth guidance on the back strong launch pipeline. To keep th...
Add Prestige Estates Projects Ltd For Target Rs. 673 - Yes Securities Ltd
Strong execution with stellar margins Our view J. Kumar Infraprojects Ltd (JKIL) 1QFY24 results were in line with estimates with revenue growth of 13.8% YoY to Rs11.3bn and EBITDAM at 14.3%. The company bagged orders worth Rs36bn in YTDFY24 and has been L1 for projects worth Rs40bn. Order book stands robust at Rs143.5bn (3.3x its trailing revenues) providing strong visibility of next 2?3 years. Given the robust ordering pipeline management expects order inflows of Rs80bn+ in FY24E. For ...
Add J Kumar Infraprojects Ltd For Target Rs.475 - Yes Securities
Defence ramp-up to be healthy in rest of FY24E Valuation and View – Overall outlook steady to positive Bharat Forge (BHFC) 1QFY24 results were ahead of our/street estimates by 8-12% on EBITDA. This was led by better than expected volumes which came in at 67.7k tons (+5% QoQ, 18 quarter high). The positive highlight of the quarters was, 1) improvement in overseas subs results as Europe posted EBITDA of Rs507m in 1QFY24 (margins of 4.4%) vs loss of Rs141m in 4QFY23. While the US ope...
Buy Bharat Forge Ltd For Target Rs. 1,156- Yes Securities
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