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Update On : Archean Chemical Industries By JM Financial Institutional Securities Archean Chemical Industries Building on the Bromine Advantage Capitalising on India’s natural advantage of bromine reserves: Amid i) depleting underground brine reserves of China and the US, and ii) receding water level of the northern basin of the Dead Sea, India’s bromine production from Rann of Kutch has risen rapidly. In our view, ACIL, being the largest and one of the lowest-cost Indian producers of bromine, is likely to continue benefitting from its brine reserves in R...
Update On : Archean Chemical Industries By JM Financial Institutional Securities
Update On : Archean Chemical Industries By JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
3/04/2023 3:30:08 PM
Update on Power Mech Projects Ltd By Anand Rathi Shares and Stock Brokers Building brick by brick Incorporated in 1999, the Hyderabad-based integrated infrastructureservice Power Mech Projects, started with ETC in the power sector. Its diversification into non-power, to mitigate the anticipated slowdown in thermal capacity addition, was a step in the right direction. Its overseas operations added to its diversity. For stability and predictability, it bolstered its position in O&M; its recent foray into MDO too appears aimed at this. All this combined hold th...
Update on Power Mech Projects Ltd By Anand Rathi Shares and Stock Brokers
Update on Power Mech Projects Ltd By Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers Ltd
17/01/2023 11:43:29 AM
Update on Bandhan Bank Ltd By Motilal Oswal Financial Services   CE improves to 98%; loan growth expands sequentially BANDHAN released its quarterly business update highlighting the key trends for 3QFY23: * Gross advances (on and off the book and TLTRO investments) grew modestly at ~14% YoY but accelerated sequentially and rose 4.9% QoQ v/s 2.8% QoQ in 2QFY23 to ~INR1t fueled by a likely pick up in disbursements. * The deposit base stood at INR1.02t, implying a sequential increase of 2.9% (+21.0% YoY), led by a 22%/11% QoQ increase in bu...
Update on Bandhan Bank Ltd By Motilal Oswal Financial Services
Update on Bandhan Bank Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
10/01/2023 12:13:05 PM
Update On Vodafone Idea Ltd By ICICI Securities Fund raise expected by end-FY22 Vodafone Idea’s (VIL) Q2FY22 cash EBITDA at Rs15.6bn was higher than in Q1FY22 excluding one-off gains in both the quarters. However, falling total subs and flat data subs are not encouraging. Though the telecom relief package has stalled payments to be made to government, and helped VIL meet its other obligations, it is still short of funds to incur capex in the absence of equity infusion. Bharti Airtel and Reliance Jio are incurring capex to increase...
Update On Vodafone Idea Ltd By ICICI Securities
Update On Vodafone Idea Ltd By ICICI Securities
Source: ICICI Securities
9/01/2023 2:59:32 PM
Update On Zomato Ltd By JM Financial Institutional Securities     To Read Complete Report & Disclaimer Click Here   Please refer disclaimer at https://www.jmfl.com/disclaimer SEBI Registration Number is INM000010361 Above views are of the author and not of the website kindly read disclaimer
Update On Zomato Ltd By JM Financial Institutional Securities
Update On Zomato Ltd By JM Financial Institutional Securities
Source: JM Financial Institutional Securities
29/12/2022 12:22:32 PM
Update on CSB Bank Ltd By Motilal Oswal Financial Services Loan growth healthy; CASA ratio moderates sequentially CSBBANK released its quarterly business update highlighting the 2QFY23 trends. It reported a healthy loan growth while deposit growth was relatively modest. Below are the key takeaways: * Gross advances grew strongly at 23.6% YoY and 8.1% QoQ to INR176.6b, led by a strong growth in Gold loans, which rose 47.5% YoY and 13.1% QoQ. Growth in gross advances, excluding Gold loans, was modest at 8.9% YoY (4.3% QoQ). The share of Gold loan...
Update on CSB Bank Ltd By Motilal Oswal Financial Services
Update on CSB Bank Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
20/12/2022 10:07:59 AM
Update on Ashoka Buildcon Ltd By ICICI Direct Dropping coverage… About the stock: Ashoka Buildcon (ABL) is primarily engaged in the construction of roads and bridges having an integrated portfolio of EPC, BOT and HAM projects. Besides roads construction, ABL also has an established presence across varied infra verticals such as power transmission, railways, city gas distribution.   Q2FY23 Results: ABL reported a weak operational performance during Q2FY23. * Standalone revenue improved 46.2% YoY to | 1,479 crore ai...
Update on Ashoka Buildcon Ltd By ICICI Direct
Update on Ashoka Buildcon Ltd By ICICI Direct
Source: ICICI Direct
18/11/2022 2:23:54 PM
Update On Max Financial By Yes Securities Result Highlights Embedded Value metrics  *Annual Premium Equivalent: APE at Rs.11,910 mn was up by 18% QoQ but down -7% YoY. * Value of New Business: VNB stood at Rs. 3,730mn, up by 75% QoQ but flat YoY * VNB margin (APE basis): VNB margin came in at 31.3%, up by 1021bps QoQ and 217bps YoY. Product traction and mix   * Par product APE grew/de-grew 18%/-23% QoQ/YoY, with share in new business APE remaining flat QoQ but down -336bps YoY to 17%. * Non-Par savings ...
Update On Max Financial By Yes Securities
Update On Max Financial By Yes Securities
Source: Yes Securities Ltd
22/10/2022 12:36:22 PM
Update on: Autoline Industries Ltd By Sushil Finance Buy Autoline Industries Ltd: Price Rs.56 Target Rs.106 Date Nov.01, 2021 We have coverage on Autoline Industries Ltd. with a BUY rating on stock. Since our report, the stock has posted a high of Rs.108 today. With the recent run-up in the share price (78% return), we are now changing our rating on the stock to Neutral and recommend our investors to start booking profits     To Read Complete Report & Disclaimer Click Here   Please refer dis...
Update on: Autoline Industries Ltd By Sushil Finance
Update on: Autoline Industries Ltd By Sushil Finance
Source: Sushil Finance Ltd
18/10/2022 12:56:39 PM
Update On : Healthcare Ltd By JM Financial Institutional Securities Our 2Q23e factors an improvement in earnings over 1Q considering a lean base of Covid, domestic growth, stable US pricing scenario and lower cost inflation. We expect a high single digit topline gowth for our pharma coverage with flattish EBITDA. Domestic business is expected to deliver high single digit (LPC, ZYDUSLIF, DRRD, Cipla) to double digit growth (TRP, IPCA, SUNP) on a lean Covid base. US price erosion appears to be stable for most companies as US FDA continues to ramp up inspections...
Update On : Healthcare Ltd By JM Financial Institutional Securities
Update On : Healthcare Ltd By JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
13/10/2022 3:38:38 PM
Update On: Container Corporation Ltd By JM Financial Institutional Securities LLF Circular- Watch out for one-time LLF payment  The government has notified a master circular with guidelines for leasing, licensing, and right of way of railway land (earlier announced Land Licence Policy in Sep’22 - JM report). As per the circular, a transparent online bidding process will be followed for allocating land for new cargo-related projects @ 1.5% of the market value annually, at the time of execution of lease agreement with annual escalation of 6% for a period of...
Update On: Container Corporation Ltd By JM Financial Institutional Securities
Update On: Container Corporation Ltd By JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
13/10/2022 3:15:01 PM
Update On: Titan Company Ltd By Motilal Oswal Financial Services Healthy double-digit growth across businesses TTAN released its pre-quarterly update for 2QFY23. Here are the key highlights: * Overall standalone sales are expected to grow at 18% YoY in 2QFY23. * The company added 105 stores in 2QFY23. * The management said is experiencing positive consumer sentiments across categories during the current festive season. Jewelry division: * The Jewelry division grew 18% YoY over a high base. * Gold jewelry (plain) clocked a low double-di...
Update On: Titan Company Ltd By Motilal Oswal Financial Services
Update On: Titan Company Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
7/10/2022 3:13:12 PM
Update On: Dabur India Ltd By Motilal Oswal Financial Services Clocks mid-single digit growth in 2QFY23; gains market share across its portfolio DABUR released its pre-quarterly update for 2QFY23. Here are the key highlights: Consumption * Demand was weak across categories due to unprecedented inflation in 2QFY23. * Consumption in urban India was driven by modern trade and e-commerce, which saw double-digit growth. * Rural markets witnessed liquidity pressures. * The management expects consumption to grow in 2HFY23 on the back of modera...
Update On: Dabur India Ltd By Motilal Oswal Financial Services
Update On: Dabur India Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
7/10/2022 2:52:41 PM
Update On: Godrej Consumer Products By Motilal Oswal Financial Services GCPL released its pre-quarterly update for 2QFY23. Here are the key highlights: Macros: * Rural markets’ growth momentum continued to be slower than urban markets. * Management expects consumption to improve in 2HFY23 aided by healthy monsoon (apart from a few states) and moderation in commodity prices. India business: * Sales growth to be in high-single digit; three-year CAGR would be close to double digits. * Volume to decline by mid-single digit; three-year CAGR to...
Update On: Godrej Consumer Products By Motilal Oswal Financial Services
Update On: Godrej Consumer Products By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
6/10/2022 12:13:45 PM
Update On: Bajaj Finance Ltd By Motilal Oswal Financial Services Strong AUM growth and very healthy traction in deposits Decline in liquidity buffer would lead to a reduction in negative carry * BAF acquired 2.6m new customers (v/s 2.7m acquired in the previous quarter). New customer acquisition run-rate was healthy in 2QFY23.Total customer franchise stood at 62.9m (up 19% YoY). * New loans booked rose ~7% YoY to 6.8m in 2QFY23 (v/s 6.3m in 2QFY22). * Reported AUM stood at INR2.18t, up ~31% YoY and 7% QoQ. AUM in 2QFY23 grew by ~INR14.35b. AUM ...
Update On: Bajaj Finance Ltd By Motilal Oswal Financial Services
Update On: Bajaj Finance Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
6/10/2022 11:45:35 AM
Update On Samvardhana Motherson International Ltd By ICICI Direct Macro uncertainty prevails, better switch to MSWIL… About the stock: Samvardhana Motherson International (SAMIL) (erstwhile Motherson Sumi) primarily serves the global PV industry with wiring harnesses, vision systems (mirrors) and plastic body parts as key product lines. * History of successful turnarounds in acquisitions and inorganic-led growth * SMRPBV order book was at €16.1 billion as of FY22 Key highlight: * SAMIL, in the recent past, informed exchanges about...
Update On Samvardhana Motherson International Ltd By ICICI Direct
Update On Samvardhana Motherson International Ltd By ICICI Direct
Source: ICICI Direct
30/09/2022 2:46:14 PM
Update On Mahindra & Mahindra Financial Services Ltd By Motilal Oswal Retail loans up ~19% YoY in Jul’22 and constitute ~31% of total loans * Systemic loan growth remained robust and hit a new high at 16.2% YoY for the fortnight ended 9th Sep’22 (vs 15.5% in the previous fortnight). The last time systemic loan reported ~16.2% YoY growth was in Nov’13. The outstanding credit base stood at INR125.5t. In FY23 to date, loans grew 5.5%. While any material change in the demand environment needs to be monitored, given the challenging macro-environ...
Update On Mahindra & Mahindra Financial Services Ltd By Motilal Oswal
Update On Mahindra & Mahindra Financial Services Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
26/09/2022 1:42:46 PM
Update On Accenture Ltd By ICICI Securities Read through for Indian IT- Rough road ahead Accenture (ACN) started FY23 (ending Aug’23) with lower than expected guidance for Q1FY23 as well as for the full year factoring-in the impact of a challenging macroenvironment. Q1FY23 revenue guidance stood at US$15.2bn-15.75bn, +10-14% YoY CC, much below Bloomberg consensus estimate of US$16.1bn. For the full year, ACN expects to deliver 8-11% YoY CC revenue growth, including 2.5% inorganic contribution, and assumes foreign exchange impa...
Update On Accenture Ltd By ICICI Securities
Update On Accenture Ltd By ICICI Securities
Source: ICICI Securities Ltd
23/09/2022 12:24:48 PM
Update On Balkrishna Industries Ltd By Motilal Oswal Financial Services Revenue beat driven by strong volume growth Higher RM and freight costs drag margin * Volumes grew 21% YoY to 83.15k tonne (est. 77.5k tonne). * Realizations grew 23% YoY to INR327.9k/unit (est. INR318.5k). * Revenue grew 49% YoY to INR27.3b (est. INR24.7b). *  Gross margin contracted by 3.8pp YoY and 1.2pp QoQ to 46.6% (est. 46%) due to RM cost inflation. RM costs are expected to cool down in 4QFY23. *  EBIDTA margin declined by 9.2pp YoY to 19.6% due to higher RM...
Update On Balkrishna Industries Ltd By Motilal Oswal Financial Services
Update On Balkrishna Industries Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services
5/08/2022 4:58:30 PM
Update On Escorts Ltd By ARETE Securities Escorts Kubota Ltd. (EKL) reported net sales of INR 20.1 bn in 1Q FY23 (~20.1% increase over INR 16.8 bn YoY) and a PAT of INR 1.5 bn (down 20.4% YoY). Escorts Farm Equipment (EFE) segment volume increased by 3.3% to 26797 units while Escorts Construction Equipment (ECE) segment volume declined increased 59.4% to 966 units. EBITDAM (excluding other income) deteriorated by 423 bps YoY (deteriorated 307 bps QoQ) on the back of higher RM cost costs and higher other expenses. RM cost as % of sale...
Update On Escorts Ltd By ARETE Securities
Update On Escorts Ltd By ARETE Securities
Source: ARETE Securities Ltd
3/08/2022 1:34:01 PM
Update on eMudhra Ltd By Yes Securities Q1FY23 Result Highlights Result Highlights * Revenue grew by 15% QoQ ( up 21.7% YoY) to Rs 522mn in Q1FY23, led by Enterprise solutions that grew by 52% YoY to Rs 331mn( 63.3% of revenue); while Trust Services declined by 9% YoY to Rs 191mn( 36.7% of revenue). However, the Trust services grew 6% QoQ on sequential basis * Enterprise solutions: The total count of enterprise India partners grew by 8% QoQ to 288. The total count of enterprise India customers grew by 4% QoQ to 614. The to...
Update on eMudhra Ltd By Yes Securities
Update on eMudhra Ltd By Yes Securities
Source: Yes Securities Ltd
26/07/2022 2:25:50 PM
Update on Oberoi Realty Ltd By Motilal Oswal Financial Traction at Elysian and Eternia remain strong OBER released its quarterly update highlighting key business numbers for 1QFY23. Following are the key takeaways: * The value of OBER’s pre-sales dipped by 18% QoQ to INR7.5b (in line) in 1QFY23, but grew 4x YoY on a lower base. * The company booked 164 units in 1QFY23, with a cumulative area of 0.4msf, down 23% sequentially. * As per RERA, sales traction at Elysian (Goregaon) and Eternia (Mulund) remains strong as these projects...
Update on Oberoi Realty Ltd By Motilal Oswal Financial
Update on Oberoi Realty Ltd By Motilal Oswal Financial
Source: Motilal Oswal Financial Services Ltd
13/07/2022 11:38:18 AM
Update on RBL Bank Ltd By Motilal Oswal Financial   Muted quarter with deposits and advances being flat QoQ Wholesale advances grew sequentially, while retail portfolio declined RBL Bank (RBK) has released its quarterly update underscoring its 1QFY23 business numbers. Here are the key highlights: * RBK reported a 6.5% YoY increase in gross advances to INR621b. However, advances were flat QoQ. While wholesale advances grew 4% QoQ, retail advances declined 3% sequentially. As a result, the mix of retail-to-wholesale moderated ...
Update on RBL Bank Ltd By Motilal Oswal Financial
Update on RBL Bank Ltd By Motilal Oswal Financial
Source: Motilal Oswal Financial Services Ltd
8/07/2022 1:57:56 PM
Update on Bajaj Finance Ltd By Motilal Oswal Robust loan growth with healthy addition to customer franchise New loans booked perhaps slightly below expectations because of absence of IPO financing * BAF acquired 2.7m new customers, the highest ever quarterly increase in its customer franchise. Total customer franchise stood at 60.3m (up 19% YoY). New customer acquisition run-rate was healthy (up 2.7m) in 1QFY23. * New loans booked rose ~61% YoY at 7.4m on account of the low base due to the second COVID wave. New loans booked st...
Update on Bajaj Finance Ltd By Motilal Oswal
Update on Bajaj Finance Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
7/07/2022 12:40:42 PM
Update on AU Small Finance Bank Ltd By Motilal Oswal Business momentum modest; incremental cost of funds rises 40bp QoQ AUBANK has released its business update for 1QFY23. Here are the key highlights: * AUBANK reported a modest sequential growth of 4.9% (up 37% YoY) in total AUM to ~INR502b. On a gross advances basis, it witnessed a growth of 5.5% QoQ (up 42.3% YoY). In 1QFY23, disbursements remained healthy, but moderated by 18% QoQ to INR84.5b (up 345% YoY due to a low base). The bank is witnessing strong traction in its Credit Car...
Update on AU Small Finance Bank Ltd By Motilal Oswal
Update on AU Small Finance Bank Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
6/07/2022 12:37:53 PM
Update on HDFC Bank Ltd By Motilal Oswal Modest business growth; CASA mix moderates to 46% HDFCB released its quarterly update, highlighting key business numbers for 1QFY23. Following are the takeaways: * Total advances picked up and grew at a healthy pace of 21.5% YoY. Sequentially, advances grew 1.9% (v/s 8.6% in 4QFY22) to INR13.9t. As per the bank’s internal classification, Retail loans grew 21.5% YoY and 5% QoQ. Commercial and Rural Banking continues to remain strong (up 29% YoY and 3% QoQ). Corporate and the o...
Update on HDFC Bank Ltd By Motilal Oswal
Update on HDFC Bank Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
6/07/2022 12:21:39 PM
Update CSB Bank Ltd By Motilal Oswal Loan growth steady; CASA ratio improves sequentially CSBBANK released its quarterly business update highlighting 1QFY23 trends. It reported a steady loan growth while deposit growth came in relatively modest. Below are the key takeaways: * Gross advances grew 16.2% YoY and 2.1% QoQ to INR163.3b, led by a strong growth in gold loans, which grew 26.4% YoY and 8.2% QoQ. Growth in gross advances, excluding gold loans, was modest at 9.4% YoY (-2.1% QoQ). The share of gold loans in the total ...
Update CSB Bank Ltd By Motilal Oswal
Update CSB Bank Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
5/07/2022 12:53:05 PM
Update on HDFC Ltd By Motilal Oswal Financial Services Assignments indicate healthy momentum; reports profit from 10% stake sale in HDFC Capital Advisors Takeaways from HDFC’s pre-quarterly release * HDFC Ltd. sold down loans worth INR95.3b in 1QFY23 v/s INR54.9b YoY and INR83.7b QoQ. We expect HDFC to report an upfront assignment income of INR4.5-4.7b from the sell-down. HDFC has sold ~INR325b worth of loans in the trailing 12 months (v/s ~INR231b in the previous year). * Profit from the sale of 10% stake in HDFC Capital Advisors ...
Update on HDFC Ltd By Motilal Oswal Financial Services
Update on HDFC Ltd By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
4/07/2022 12:39:39 PM
Update Hawking Defense Services Pvt Ltd By Yes Securities Exciting player on the horizon We hosted Dr Rajeev Koundinya, CEO of Hawking Defense Services Pvt Ltd (HDS). HDS is a specialized player in providing unmanned technological solutions to defence sector both in India and abroad. It has a wide range of customized products such as anti?drone solutions, long endurable RPA, drone swarms, amphibious aircraft, TBI mobile scanner in aerial, terrestrial and marine sectors. The company has recently signed a MoU with Australian UAV technologies for de...
Update Hawking Defense Services Pvt Ltd By Yes Securities
Update Hawking Defense Services Pvt Ltd By Yes Securities
Source: Yes Securities Ltd
29/06/2022 11:46:51 AM
Update On Chemplast Sanmar Ltd By Motilal Oswal Integration at the forefront Key highlights from the plant visit Chemplast Sanmar, the largest manufacturer of Specialty Paste PVC resin India, via its wholly owned subsidiary - Chemplast Cuddalore Vinyls Ltd (CCVL) is the second largest manufacturer of Suspension PVC (S-PVC) in India. It has four manufacturing facilities (all in South India) with a high degree of backward integration. We visited the company’s Mettur facility, wherein it manufactures Refrigerant gases, Special...
Update On Chemplast Sanmar Ltd By Motilal Oswal
Update On Chemplast Sanmar Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
29/06/2022 11:31:17 AM
Update on Cochin Shipyard Ltd By Yes Securities Efficient player primed for growth We hosted Mr Madhu S Nair, Chairman & MD and Mr V J Jose, Director (Finance) from Cochin Shipyard Ltd (CSL) through virtual call on our defence conference. CSL is a 50?year?old PSU dealing in ship building and ship repairs having a largest shipbuilding and maintenance facility in India with capacity to build ships up to 110,000 DWT and repair ships up to 125,000 DWT. CSL developed India’s first indigenous aircraft carrier – INS Vikrant, which...
Update on Cochin Shipyard Ltd By Yes Securities
Update on Cochin Shipyard Ltd By Yes Securities
Source: Yes Securities Ltd
28/06/2022 12:09:51 PM
Update on Centum Electronics Ltd By Yes Securities Capitalising Opportunities We hosted Mr. Nikhil Mallavarapu (Executive Director) and Mr. K S Desikan (CFO) to gain insights into the company’s growth strategy and upcoming opportunities in the defense sector. Centum Electronics Ltd (CTE) is a globally recognized electronics player offering services under a) build to specification, b) electronic manufacturing services and c) engineering R&D services and has strong presence in defense, aerospace, space, industrial, medical and tele...
Update on Centum Electronics Ltd By Yes Securities
Update on Centum Electronics Ltd By Yes Securities
Source: Yes Securities Ltd
28/06/2022 12:04:02 PM
Update on Tega Industries Ltd By ICICI Securities Management meet – key takeaways Tega Industries’ (Tega) senior management hosted analyst meet on June 15, 2022. Management highlighted global steel mill liner market (ex-China) currently stands at US$900mn (Tega’s market share is 5%) and composite mill liner market size is US$400mn (Tega’s market share is 16%) which is likely to grow at 2-3% CAGR. According to management, DynaPrime Mill Liner (25% of FY22 sales) acceptance is increasing and the segment is likely to ...
Update on Tega Industries Ltd By ICICI Securities
Update on Tega Industries Ltd By ICICI Securities
Source: ICICI Securities Ltd
21/06/2022 12:55:18 PM
Update on Mindspace Business Parks REIT Ltd By Motilal Oswal Momentum in office leasing picking up Capitalizing the opportunities in supply constrained markets We attended the analyst meet and the tour of Mindspace REIT’s (MREIT) assets. The management is focusing on three key pillars: a) office leasing, b) low density offering, and c) ESG. The key takeaways from our interaction are detailed below: * Physical occupancy is expected to increase to 60-70% by year-end from 30-35% in May’22. Momentum in office leasing is picking up...
Update on Mindspace Business Parks REIT Ltd By Motilal Oswal
Update on Mindspace Business Parks REIT Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
20/06/2022 12:27:56 PM
Update on One 97 Communications By Motilal Oswal Healthy traction in GMV and loan disbursements Average ticket size of loans disbursed increases due to scale-up in Personal loans PAYTM released its monthly update for May’22 highlighting the key business numbers. The key takeaways are as follows: * Total gross merchandise value (GMV) continued to gain traction as it clocked a robust growth (of 105% YoY) at INR1.96t for the two-months ended May’22. Sequential growth expectations remain encouraging, supported by an improve...
Update on One 97 Communications By Motilal Oswal
Update on One 97 Communications By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
16/06/2022 11:59:09 AM
Update On Mahindra & Mahindra Financial Services Ltd By Motilal Oswal Disbursements in May’22 reflect momentum in demand; collections in line with pre-COVID levels Key takeaways from MMFS’ business update * MMFS reported disbursements of INR29.7b in May’22 (up 272% YoY on a low base, impacted by the second COVID wave). Disbursements grew 8% MoM. In FY23 till date, disbursements stood at INR56.9b (up 170% YoY). * Collection efficiency (CE) stood at 95% in May’22 (v/s 90% in Apr’22). The YoY comparisons are distorted due to ...
Update On Mahindra & Mahindra Financial Services Ltd By Motilal Oswal
Update On Mahindra & Mahindra Financial Services Ltd By Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
14/06/2022 1:51:49 PM
Update on Housing Development Finance Corporation Ltd by Motilal Oswal Raises Retail Prime Lending Rate on Housing loans by 50bp * HDFC has raised the Retail Prime Lending Rate (RPLR) on Housing loans by 50bp, with effect from 10th Jun’22. RPLR is the floating rate on which Home loans are benchmarked. This is the fourth such increase in RPLR since 1st May ’22. HDFC has now cumulatively increased the RPLR by 90bp. This suggests that, within Home loans, the increase in the interest rate is in line with the increase in the repo rate and is faster tha...
Update on Housing Development Finance Corporation Ltd by Motilal Oswal
Update on Housing Development Finance Corporation Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
11/06/2022 10:39:59 AM
Update on KNR Construction Ltd by Motilal Oswal Robust performance 4QFY22 earnings snapshot * Revenue grew 8% YoY and 32% QoQ to ~INR10.1b in 4QFY22, 7% above our estimate. * EBITDA margin was a robust 21% in 4QFY22 (+111bp YoY), driven by increasing execution in the high margin Irrigation segment. * EBITDA/PAT grew 14%/47% YoY to INR2.1b/INR1.1b (15%/11% above our estimate). * The current order book stands ~INR90b (excluding recently won projects), with an order book-to-revenue ratio of 2.8x. * The consolidated net debt ...
Update on KNR Construction Ltd by Motilal Oswal
Update on KNR Construction Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
8/06/2022 2:19:52 PM
Update on Jindal Steel and Power Ltd by Motilal Oswal Reported weak numbers for 4QFY22 led by lower ASP Consolidated Results * JSPL’s consolidated revenue/EBITDA/APAT at INR143b/INR31b/INR20b were +21%/-42%/-34% YoY and +14%/-7%/+5% QoQ, respectively. * The revenue miss of 4% translated into a 20% miss on EBITDA. Other expenditure at INR43b was significantly ahead of our estimate of INR24b that was offset by lower RM costs. * ND reduced by INR21b in 4QFY22 to INR89b; this was excluding the receipt of INR30b from the divestment ...
Update on Jindal Steel and Power Ltd by Motilal Oswal
Update on Jindal Steel and Power Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
2/06/2022 1:45:51 PM
Update on ONGC Ltd by Motilal Oswal Revenue in line, miss on EBITDA; declares DPS of INR3.25 * ONGC reported an in line revenue at INR345b. * Crude oil sold stood at 5.1mmt (in line) and gas sold at 4.1bcm (below our estimate). * VAP sold 772tmt (in line with our estimate, up 6% YoY and 7% QoQ). * EBITDA stood at INR185.9b, up 84% YoY and 16% QoQ. * Reported PAT came in at INR88.6b (28% lower than our estimate, up 32% YoY and flat QoQ). * In FY22, revenue stood at INR1,103.5b (up 62% YoY), with EBITDA at INR59...
Update on ONGC Ltd by Motilal Oswal
Update on ONGC Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
30/05/2022 11:55:58 AM
Update on V-Mart Retail Ltd by Motilal Oswal EBITDA up 50% YoY led by margin improvement and cost control * Revenues from newly acquired Unlimited stores contributed 16% of revenue i.e. ~INR734m. Revenue for VMart stores (excl Unlimted) stood at INR3.85b up 10% YoY. Adjusting for the new area addition of 12% over 4QFY21, SSSG is estimated to be flattish for VMart stores (excl Unlimited). * Compared to 4QFY20, revenue is up 16% for Vmart stores (excl Unlimited). Considering ~15% impact in 4QFY20, revenue in 4QFY22 is flat v/s norma...
Update on V-Mart Retail Ltd by Motilal Oswal
Update on V-Mart Retail Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
26/05/2022 12:20:53 PM
Update on Granules India Ltd by Motilal Oswal Operating margin better than our estimates * Sales grew 29% YoY to INR10.3b (est. INR10.5b), driven by PFIs and APIs. * Sales of pre-formulated ingredients grew 78.3% YoY to INR2.6b. API sales grew 27.7% YoY to INR2.5b. FDF sales grew 14% YoY INR5.3b.  Gross margin contracted by ~830bp YoY to 48.9% due to a change in segmental mix. * EBITDA margin contracted at a slightly lower rate of 660bp YoY to 18.7% (est. 53.7%). Higher raw material cost was partially offset by lower employee e...
Update on Granules India Ltd by Motilal Oswal
Update on Granules India Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
24/05/2022 1:57:30 PM
Update on LIC Housing Finance Ltd by Motilal Oswal Strong earnings beat led by NIM expansion; improvement in asset quality driving lower credit costs * LICHF reported a PAT of INR11.2b (~50% beat), up ~46% QoQ, led by an allround beat on NII (up 13% QoQ, 8% beat), OPEX (up 21% QoQ, inline), and lower credit costs, which declined 46% QoQ to INR1.9b (est. INR3.9b). PAT fell ~17% YoY to INR22.8b in FY22. * The overall loan book rose by ~8% YoY and 3% QoQ. Home loans, particularly, grew 13% YoY and 4% QoQ. Muted loan growth relative to o...
Update on LIC Housing Finance Ltd by Motilal Oswal
Update on LIC Housing Finance Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
20/05/2022 12:04:50 PM
Update on Lupin Ltd by Motilal Oswal Weak set of numbers for the quarter * Lupin (LPC)’s 4QFY22 revenue rose 2.6% YoY to ~INR39b (our est. at INR39b). * The US sales declined 5.3% YoY to INR14b (down 7% in CC to USD181m; 37% of sales). The US sales dropped 10% sequentially from USD202m in 3QFY22. * API sales declined 14% YoY to INR2.2b (5.7% of sales); Domestic Formulation (DF) sales grew 5% YoY to INR13.5b (35% of sales); EMEA sales rose 8.6% YoY to INR4b (10.5% of sales) and Growth Market sales increased 26% YoY...
Update on Lupin Ltd by Motilal Oswal
Update on Lupin Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
19/05/2022 12:02:27 PM
Update on Inox Leisure Ltd by JM Financial Services Encouraging signs; gearing up for a blockbuster FY23  Inox Leisure results indicate momentum is coming back into multiplexes sector backed by a strong movie pipeline and improving trajectory of ticketing and non ticketing revenues. In Mar’22, Inox reported highest ever monthly collection (box office + F&B) of INR 1.98bn (Jan’20 was INR 1.67bn; higher than pre-Covid) as restrictions have been lifted and movies releases are bunched up from previous years. Intrinsic EBITD...
Update on Inox Leisure Ltd by JM Financial Services
Update on Inox Leisure Ltd by JM Financial Services
Source: JM Financial Services Ltd
14/05/2022 10:00:36 AM
Update on Apollo Tyres Ltd by Motilal Oswal Above our estimate; revenue beat in India and EU business; higher other expenses in EU impacts operating margin Consolidated performance in 4QFY22​​​​​​​ * Revenue grew 11% YoY (-2.3% QoQ) to INR55.8b (est. INR53.4b). * EBIDTA fell 23% YoY (16% QoQ) to INR6.3b (est. INR5.7b). EBIDTA margin declined by 500bp YoY (180bp QoQ) to 11.2% (est. 10.7%). * Adjusted PAT declined by 61% YoY (+49% QoQ) to INR1.1b Standalone performance * Revenue grew 10% YoY and 5% QoQ to INR39.9b (est....
Update on Apollo Tyres Ltd by Motilal Oswal
Update on Apollo Tyres Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
13/05/2022 12:28:43 PM
Update on Max Financial Services Ltd by Yes Securities Result Highlights Embedded Value metrics * Annual Premium Equivalent: APE at Rs.18,370 mn was down by -4% YoY but up by 15% QoQ Value of New Business: VNB stood at Rs. 5,860mn, up by 27% YoY and 48% QoQ VNB margin (APE basis): VNB margin came in at 31.9%, expanding by 704bps on sequential basis and 785bps on YoY basis. Product traction and mix * Par product APE grew/de-grew 8%/-14% QoQ/YoY, with share in new business APE declining -135bps/-217 bps QoQ/YoY to 20%. * ULIP A...
Update on Max Financial Services Ltd by Yes Securities
Update on Max Financial Services Ltd by Yes Securities
Source: Yes Securities Ltd
11/05/2022 2:42:02 PM
Update on Cholamandalam Inv. & Finance Ltd by Motilal Oswal PPoP miss but earnings beat led by provision write-backs CIFC reported 4QFY22 PAT of INR6.9b (13% beat), up 184% YoY. While there was a margin compression of ~30bp QoQ and CIR was elevated at ~42%, the earnings beat was driven by provision write-backs of INR174m. NII was flat QoQ at INR13.68b (4% miss) driven by interest income reversals of ~INR550m on the write-offs taken during the quarter. This also led to core spreads declining 40bp QoQ to 7.2%  Calculated write-offs stood at ~INR5...
Update on Cholamandalam Inv. & Finance Ltd by Motilal Oswal
Update on Cholamandalam Inv. & Finance Ltd by Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
6/05/2022 2:33:18 PM