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Early signs of uptick in chemicals busines Commentary from SRF’s key customers seems to be suggesting that i) channel destocking has been easing, and ii) patented agrochemicals demand will see an uptick in 2HFY23. In our view, this scenario is positive for SRF’s fluorospecialty business. Besides, commentaries from HVAC equipment producers indicate short supply for HFC blends. Our checks indicate that over the last couple of weeks SRF has started seeing good demand traction for ...
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities
We hosted Namratha Dharshan, Chief Business Leader, and Sashidharan Balasundaram, Principle Analyst, of ISG for an investor interaction. They believe that a difficult macro notwithstanding, managed services demand has stayed resilient. However, they do see elongated decision cycles and pressure on discretionary spend. We believe the disconnect between healthy deal awards and weak revenue growth is explained by a) higher share of renwals in ACV (c.10ppt increase in 1H23 YoY) – implying l...
IT Sector Update : ISG Call Takeaways: Status Quo - JM Financial Institutional Securities
Krsnaa Diagnostics’ ex-Covid, ex-Rajasthan revenue CAGR of c.46% over FY21-23 was strong and underscores robust execution capabilities, in our view. The company is in the process of executing the Rajasthan agreement post a favourable ruling from the Rajasthan High Court – and is guiding towards INR 3bn revenue in FY25 from this tender. Despite significant new centre additions, margins have remained resilient in FY23 but change in mix (towards pathology) and implementation of large...
Buy Krsnaa Diagnostics Ltd For Target Rs1,050 - JM Financial Institutional Securities
Focus on building capabilities as opportunities beckon The opportunity in the Indian savoury snacks segment is extremely attractive and Bikaji is capitalising on it by leveraging its brand strength and augmenting its manufacturing and distribution capabilities (Exhibit 4/5). Despite its well-entrenched presence in core markets, the company is able to drive strong growth in these markets – a function of market share gains led by initiatives around improving quality of distribution. In...
Buy Bikaji Foods International Ltd For Target Rs.575 - JM Financial Institutional Securities
* Medanta’s expansion is far from over. We forecast its net cash balance to be INR 10bn+ by end-FY26 (based on current expansion plan) implying potential for more capex initiatives in the near future. This expansion could be in UP/ Punjab, as alluded to by the management earlier. Medanta’s Lucknow and Patna facilities have performed exceptionally well and that trend will continue as they achieve full-scale capacity over the next 2-3 years, in our view. In addition, if Noida’...
Buy Global Health Limited For Target Rs. 665 - JM Financial Institutional Securities Ltd
Following the recent cut in domestic LPG prices, the Central government may cut petrol, diesel price by Rs 3-5 a litre around Diwali given that key state elections start from November-December, JM Financial Institutional Securities said in a report. Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30. This was to give relief to the common man from the recent surge in inflation. OMCs marketin...
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali
Ujjivan SFB recorded a strong operational quarter with beat on PAT at INR 3.2bn (+15% JMFe, +60% YoY, +5% QoQ) supported by robust NII growth (+32% YoY, +7% QoQ) and steady other income (+42% YoY, -1% QoQ). NIMs stood at 9.2% (+10bps QoQ) supported by a) increase in yields (+20bps QoQ) and b) reduction in excess liquidity. Mgmt. remains confident of maintaining NIMs c.9% by passing rate hikes to customers (40% of the loan book yet to be repriced by 100bps) even with expected increase in CoF. ...
Buy Ujjivan Small Finance Bank Ltd For Target Rs. 50 - JM Financial Institutional Securities
Power demand continued to grow in Jul’23 post pick up seen in the month of Jun’23 and a subdued demand during the first 2 months of 1QFY24. With the energy demand in the range of 4,000-4,600MU, the peak demand averaged 199GW as compared to 209GW in Jun’23. Polysilicon and module prices remain on a downward trajectory whereas the tariffs for RE projects are increasing which bodes well for solar capacity additions. International coal prices also continue to moderate although t...
Utilities Sector Update : Transition Tracker #7 By JM Financial Institutional Securities
Mphasis (MPHL IN; NOT RATED) , at its 2023 analyst day, laid bare the underlying construct of its growth strategy. The company’s “inch wide, mile deep” strategy has helped it gain significant wallet share in its select, though large BFS accounts. Its pro-active deal pursuits (pre-RFP engagements) have helped improve win rates. Its repertoire of reusable archetypes allows for repeatable, referenceable and pro-active large deal wins. The company is trying to replicate this tem...
IT Sector Update : Mphasis Analyst Day takeaways by JM Financial Institutional Securities
Capitalising strongly on penetration-led growth opportunity The penetration-led growth runway in India’s QSR industry remains strong within the overall consumption space and Devyani has been at the forefront in capitalising on it. Hence, store expansion has been Devyani’s priority, which is clearly visible from its aggressive store additions over FY19-23 vs. other QSR peers (Exhibit 1). To that extent, SSSG expectations on steady state basis are relatively lower (in mid-single ...
Buy Devyani International Ltd for Target Rs. 210 by JM Financial Institutional Securities
Hotel stocks were up in trade on Wednesday on a strong demand outlook for the sector. Indian Hotels is up 5.45 per cent at Rs 414 on BSE. EIH is up 4.4 per cent at Rs 242 on BSE. Chalet Hotels is up 2.3 per cent at Rs 535.Lemon Tree Hotels is up 4.2 per cent at Rs 107. The demand outlook for chain-affiliated hotels looks strong on the back of buoyant domestic demand, significantly higher foreign tourist arrivals due to one time events (G-20 Summit and the Cricket World Cup) an...
Hotel stocks up on demand outlook
As we move into the festive season, the demand outlook for chain-affiliated hotels looks strong on the back of buoyant domestic demand, significantly higher foreign tourist arrivals due to one time events (G-20 Summit and the Cricket World Cup) and the forthcoming wedding season. In our recent interactions with investors, we noticed that almost everyone we met believes that FY24E will be a strong year for the industry with double digit ARR and RevPAR growth. However, there were a few question...
Hotels Sector Update : The best is yet to come By JM Financial Institutional Securities
Robust competencies and growth outlook Data Patterns is an established player in the defence and aerospace electronics industry with experience of more than three decades. The company follows an in-house design and development model with capability to supply both sub-systems and complete products in the areas of Satellites, Radars, Electronic Surveillance & Monitoring and Communication Systems. Its building block approach (1000+ developed in house) sets it apart from integration based ...
Buy Data Patterns India Ltd For Target Rs. 2,720 - JM Financial Services
Ashoka Buildcon’s (ABL) 1QFY24 PAT at INR 164mn was sharply below estimate of INR 656mn (consensus: INR 954mn) due to one-time provision of INR 560mn for NTPC solar contract. Revenue grew by 3.6% YoY to INR 15.3bn. EBITDA fell by 51% YoY to INR 702mn. EBITDA margin declined sharply by 520bps YoY to 4.6%. Adjusted for one-time provision, it stood at 8.2% (estimate: 7.7%). ABL has lowered its FY24 guidance for revenue growth to 15% (earlier: c.20%), EBITDA margins to 8-8.5% (earlier: 8.75...
Buy Ashoka Buildcon Ltd For Target Rs.155 - JM Financial Institutional Securities
US-based investment major Tiger Global, via its VC fund Internet Fund III Pte Ltd, has exited online food delivery platform Zomato by selling its entire shareholding for Rs 1,123.85 crore. Tigal Global sold its remaining stake in Zomato via open market transactions on August 28, according to a filing with the Bombay Stock Exchange (BSE). The VC firm sold around 12.34 crore shares or 1.44 per cent stake in Zomato at an average price of Rs 91.01 per share. Zomato stock went up 1.5 per ...
Tiger Global exits Zomato, offloads remaining shares worth Rs 1,123 crore
Caratlane Stake: Value-accretive but near-term EPS dilutive Titan has acquired the balance shareholding in its unlisted subsidiary Caratlane from the latter’s founder Mithun Sacheti and family, and would be paying INR46.2bn for the 27.18% stake. This pegs Caratlane’s valuation at INR170bn (c.$2bn) – lower than our target valuation of c.INR245bn for Caratlane but then, the latter also implicitly included some premium for the ‘Tata/Titan’ co-branding as well &nd...
Buy Titan Company Ltd For Target Rs. 3,085 - JM Financial Services
Key takeaways from FY23 Annual Report RIL has reiterated its capex commitment of USD10bn over 3 years in the New Energy business, and its readiness to double its investment, to achieve Net Carbon Zero target by 2035; it has also restated the business roadmap and reported rapid progress in the setting up of the 5 Giga factories. In regards to the O2C business, it highlighted that global petchem margins weakened during FY23 amidst lower demand from China while refining margin was strong due ...
Buy Reliance Industries Limited target price at Rs 2,900 - JM Financial Institutional Securities
We analysed export data trends for Jul’23 which appears to be subdued across companies except Syngene. Divis’ exports declined -8% YoY (+50% YoY ex-Molnupiravir) during the month but is trending around average monthly sales of CY23. The pricing trend for Divi’s key products are largely stable with the exception of Naproxen and Beta Carotene which were down 9-10% MoM. Laurus reported a decline in sales of -29%YoY (ex-Paxlovid) at USD 11mn. Suven Pharma’s exports decline...
Healthcare Sector Update : Jul `23 Export trends: Sustaining monthly trends By JM Financial Institutional Securities
Suprajit Engineering (SEL) reported consolidated EBITDA margin of 10.5% (-220bps YoY, +200bps QoQ), 160bps below JMFe due to weak non-auto cables sales and restructuring related costs at Phoenix Lamps. Restructuring at LDC has started yeilding results and we expect LDC acquisition to be EPS accretive from FY24. Company expects PLD to reach double-digit margins by end of FY24 led by synergies from consolidation of its European operations. New order wins for SCD and SED division continues to re...
Buy Suprajit Engineering Ltd For Target Rs. 430 - JM Financial Institutional Securities Ltd
The IPM growth improved sequentially to 6.4%YoY in Jul’23 (vs. 5.1% MoM); nonetheless, remains tepid due to delayed seasonality. IPM grew 10.5%YoY based on MAT Jul’23 driven by 4.8% price, 2.9% volume and 2.7% NI growth. We expect growth to pick up in Aug’23. While monthly volumes are yet to sustain positive momentum, we believe FY24 could deliver 2-4% volume growth. Acute therapies with 4%YoY growth lagged chronic therapies by 6%. All top therapies except AI and Respiratory...
Healthcare Sector Update : IPM Pulse Acute drags By JM Financial Institutional Securities Ltd
Kirloskar Oil Engines’ (KOEL) 1QFY24 numbers came in line with our estimates. Standalone net sales stood at INR12.7bn, up 33% YoY, EBITDA came in at INR1.5bn; up 48% YoY and EBITDA margin stood at 12% (JMFe: 11.4%, +70bps YoY). B2B segment sales saw a healthy growth of 35% YoY though B2C recorded single digit growth 4% YoY. Management expects near term moderation in demand given pre-buying during the quarter though sales of CPCB 4+ gensets should start picking up from 4QFY24. Key growth...
Buy Kirloskar Oil Engines Ltd For Target Rs.580 - JM Financial Institutional Securities Ltd
G R Infraprojects’ (GRIL) 1QFY24 results were weak but in line with estimate. PY financials include bonus of INR 1.3bn and impacts YoY comparison. PAT at INR 2.1bn (down 35% YoY) came in line with estimate of INR 2.05bn (consensus: INR 2.56bn). Revenue/EBITDA declined by 13%/35% YoY to INR 21.5bn/ INR 3.15bn. EBITDA margin declined by 50bps YoY on PY adjusted base to 14.6%. Order backlog including L1 orders stood at INR 253bn (3.2x TTM revenue) as on June-23. However, bid validity for 2...
Buy G R Infraprojects Ltd For Target Rs.1,530 - JM Financial Institutional Securities Ltd
OLX Acquisition – Steal Deal CarTrade announced the closure of acquisition of 100% stake of Sobek Auto India Private Limited, which includes OLX classifieds platform as well as OLX Autos C2B transactions business. The company paid cash consideration of INR 5.35bn with the acquired entity having liquid assets and cash of roughly INR 1.2bn, implying equity value of INR 4.15bn. As the acquired entity is currently loss-making (~INR 1bn annualised including product & tech expense), in...
Buy CarTrade Tech Ltd For Target Rs. 710 - JM Financial Institutional Securities Ltd
Mixed bag; hopes pinned on 2HFY24 Electrical Consumer Durable (ECD) companies’ revenue grew by 16% YoY (+13% 4-year CAGR) in 1QFY24, largely on the back of healthy growth in the B2B segment (particularly cables) while demand environment in the B2C segment remained subdued due to soft summer/unseasonal rains and consumption slowdown in general. Although gross margin improved on the back of a benign RM envionrment, that improvement was not reflected in operating margin due to a) high c...
Consumer Durables Sector Update : Mixed bag; hopes pinned on 2HFY24 By JM Financial
In 1QFY24, our NBFC coverage universe reported 45% YoY growth in PAT led by 19% YoY AUM growth, 25% YoY PPOP growth. NII was up 24% YoY for the coverage universe. NIMs though exhibited mixed trends – NBFC-MFIs saw an expansion in NIMs (with 47bps QoQ improvement led by benefit of lending rate hikes) while vehicle financiers (VFs) witnessed 37bps QoQ compression. Diversified financiers (incl BAF) and AHFCs saw largely stable NIMs on a sequential basis. Large HFCs benefitted with better a...
NBFC Sector Update : In 1QFY24, our NBFC coverage universe reported 45% YoY growth in PAT led by 19% YoY AUM growth - JM Financial Institutional Securities
Earnings miss; outlook encouraging for bromine demand Archean’s 1QFY24 earnings print was weaker than expected with EBITDA/EPS miss of ~16%/17% mainly on account of subdued bromine sales. Recently, bromine prices have started firming in China. Moreover, the management has also started seeing early signs of recovery in bromine demand. Hence, in our view, 2HFY24 should be better than 1HFY24 from both bromine volume and realisation fronts. Moreover, the company’s bromine derivativ...
Buy Archean Chemical Industries Ltd For Target Rs. 735 - JM Financial Institutional Securities
Asset monetization plans on track PNC Infratech’s (PNC) 1QFY24 results were in-line with our estimates. PAT declined by 6% YoY to INR 1.57bn (estimate: INR 1.55bn; consensus: INR 1.6bn). PY financials include early completion bonus of INR 370mn and revenue from toll collection contract of INR 1bn and impacts YoY revenue growth and margins. Revenue grew by 6% YoY to INR 18.6bn (15% YoY growth on adjusted base). EBITDA margin declined by 30bps YoY on adjusted base to 13.2% (estimate: 1...
Buy PNC Infratech Ltd For Target Rs.475 - JM Financial
Kalpataru Projects International’s (KPIL) 1QFY24 standalone PAT at INR 1.26bn beats estimate of INR 1.2bn (consensus: INR 1.24bn) led by higher margins, other income and lower interest costs. Revenue/EBITDA grew by 15%/17% YoY to INR 36.2bn/INR 3.1bn. EBITDA margin expanded by 20bps YoY to 8.7% (estimate: 8%). Net debt increased by INR 7.1bn YoY/INR 5.4bn QoQ to INR 22.2bn as on June-23. NWC reduced sharply by 28 days YoY to 106 days. KPIL received consolidated order inflows of INR 74bn...
Buy Kalpataru Power Transmission Ltd For Target Rs. 750 - JM Financial Institutional Securities
Aster DM’s 1Q Revenue/EBITDA was ahead of JMFe primarily driven by strong GCC performance. Reported PAT was lower than estimates due to one-time tax charge of INR 443mn and new hospital losses of INR 230mn adjusted for which PAT grew 87%YoY. GCC hospital revenues grew 19%YoY with c. 15.6% margin (17% adj. for new hospital losses). The India Hospital revenues (6% beat) was driven by strong ARPOB growth due to price hikes, better case mix and higher cash patients which is expected to sust...
Buy Aster DM Healthcare Ltd For Target Rs. 335 - JM Financial Institutional Securities
Not game-changing but signals sharper capital-allocation focus ITC’s proposal to demerge its Hotels business (c.3% of segment EBITDA, >20% of segment capital employed) is not exactly a game-changer, in our view, but definitely points towards a sharper capital allocation strategy. The principle, we believe, is that the Hotels business should not be starved of capital simply because ITC’s shareholders at large are unhappy with the cash and ROCE drag from its presence in the se...
Buy ITC Ltd For Target Rs.565 - JM Financial Institutional Securities
In-line quarter; Poised for 50% jump in generation capacity by FY26 NHPC’s 1QFY24 consolidated net revenue was INR 27.6bn (-1% YoY, +36% QoQ), in line with JMFe. EBITDA came in at INR 15bn (+2% YoY, +67.5% QoQ), 2% ahead of JMFe. EBITDA margin improved to 54.3% as compared to 53%/44.3% in 1QFY23/4QFY23 respectively, primarily due to moderation in other expenses during the quarter. Adj. PAT was INR 10bn (flat YoY, +61% QoQ), 21% ahead of JMFe due to a higher dividend (INR 280mn) from ...
Buy NHPC Ltd For Target Rs.55 - JM Financial Institutional Securities
Decent qtr; slight concern on grain-based ethanol volume Balrampur Chini’s (BRCM) 1QFY24 revenue grew by 29% YoY to INR 13.9bn driven by higher distillery and sugar volume (+43%/ +12% YoY) as well as higher realisation (+8%/ +4% YoY respectively). EBITDA increased 267% YoY (6% below JMFe) to INR 1.63bn while PBT and PAT increased 5x YoY to INR 693mn. The management reiterated its crushing volume optimism (at least 10% increase in sugarcane crushing volume in SS24) while it reduced it...
Buy Balrampur Chini Mills Ltd For Target Rs.490 - JM Financial Institutional Securities
Century Plyboards (Century) reported a weak quarter with revenue being flat YoY (-8% QoQ, +11% 4-year CAGR) while EBITDA/PAT declined 13%/16% YoY respectively. Demand momentum was weak, particularly in Apr’23, leading to weak growth in volume for Ply (+2% YoY /-14% QoQ) and MDF (+6% YoY; +4% 4yr CAGR) while Laminate volume was flat YoY. Timber prices remained high; however, that was offset by softening in key chemical prices, leading to gross margin expanding by 20bps YoY/30bps QoQ to 4...
Buy Century Plyboards Ltd For Target Rs.710 - JM Financial Institutional Securities Ltd
Tracking well on numbers and even better on quality GCPL’s 1QFY24 report was healthier on quality overall. To quote CEO Sudhir Sitapati, EBITDA margin of the business is now slightly higher than four-year ago level even though gross margin is relatively lower and ad-spends in the business are higher. GCPL’s domestic A&P of 12.5% of sales is now higher vs any of its HPC peers including HUL – this speaks of the seriousness of its category development intent. Domestic or...
Buy Godrej Consumer Products Ltd For Target Rs.1,165 - JM Financial Institutional Securities
Zomato's stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal, JM Financial Institutional Securities said in a report. “While we cannot accurately predict when (if at all) these shareholders would want to exit, we note that several of them are already sitting on sizeable gai...
Zomato`s stock likely to be volatile on speculation around possible exits by some pre-IPO shareholders
Fortunes turning; all at once ZEEL’s 1Q results exceeded expectations with Revenue/EBITDA coming 6%/29% above JMFe, reinforcing our view that growth inflection is closer (Bottoming out?, 10 July 2023). While headline numbers were positive enough, underlying trends were even more encouraging. Ad-spend growth, which picked-up towards 1Q-end, has sustained into 2Q, per the management. Price hikes in linear TV channels after almost 3 years pushed up subscription revenues (+18% YoY). Sust...
Buy Zee Entertainment Enterprises Ltd For Target Rs. 300 - JM Financial
Robust performance; Improvement in international profitability on track In 1QFY24, Bharat Forge (BHFC) reported standalone EBITDAM of 25.8% (+110bps YoY, +140bps QoQ), 60bps above JMFe. Avg. realisation improved +2% QoQ (+3% YoY). Consol. EBITDA margin improved 330bps QoQ to 15.4% (+40bps YoY) led by improving profitability at international subsidiaries. Management highlighted that Class 8 demand remains steady in NA & EU. Order book remains healthy for BHFC across verticals. The compa...
Buy Bharat Forge Limited For Target Rs. 1,025 - JM Financial Institutional Securities
PVs – Improving supplies drives wholesales; Order backlog remains healthy: In Jul’23, PV OEMs posted healthy volume growth on MoM basis led by improving supply constraints. Order book continues to remain robust led by recent launches. MSIL reported domestic PV wholesales of c.152k units (+6% YoY, +14% MoM). This was led by strong growth in UV segment (+167% YoY, +43% MoM). Export sales for MSIL stood at c.22k units (+9% YoY, +12% MoM). Total volume for MSIL stood at c.182k unit...
Auto Sector Update : Receding supply constraints drive PV wholesales; Tractors/CV steady; 2W performance muted JM Financial
HIGHLIGHTS * Healthy performance in Jul’23: The non-life insurance industry collected GWP of INR 266bn, up +14% YoY. The growth was driven by private insurers and standalone health insurers (up 26% YoY and 24% YoY) while public insurers witnessed a moderate growth of 7% YoY. Specialised PSU insurers saw degrowth of +56% YoY. Among private insurers, SBI General and Bajaj Allianz witnessed strong growth in premiums at 61% and 51% YoY respectively, while ICICI Lombard witnessed a robust...
India Insurance Sector Update : GWP growth led by health and motor lines - JM Financial
The impending stake sale by Indigo ex promoter Rakesh Gangwal besides slowing earning trajectory in 2Q is likely to weigh on Indigo's stock price, JM Financial Institutional Securities said in a report. Indigo's ex promoter Rakesh Gangwal sold 5 per cent stake in the company via a block deal. This is in line with his strategy to reduce stake in the company over the coming years. Gangwal's stake post the recent sale stands at 25 per cent. Passenger traffic for the aviation...
Impending stake sale by Rakesh Gangwal, slowing earning trajectory likely to weigh on Indigo's stock price
MSIL Board recently approved termination of contract manufacturing agreement with Suzuki Motor Gujarat (SMG) and consolidates entire manufacturing under one-roof by acquiring SMG from Suzuki Motor Corporation (SMC), Japan. The company plans to make this acquisition via issuance of shares to SMC and will seek approval from its minority shareholders. In hindsight, MSIL’s shareholders benefitted from favourable terms of the agreement and conserved cash outflow on capacity expansion. Acquir...
Buy Maruti Suzuki Ltd For Target Rs 11,500 JM Financial Institutional Securities
Industry tailwinds to aid long term earnings trajectory Gokaldas Exports (GEXP) delivered an adj. PAT of INR326mn, broadly in line with JMfe. The company delivered robust EBITDA margins of 11.7% during 1Q as increase in minimum wage and DA in Karnataka was offset by superior productivity. GEXP remains hopeful of market conditions improving from 2HFY24, in time for summer/spring’24 collection. Near term demand is expected to remain muted as global retailers are consciously liquidating...
Buy Gokaldas Exports Ltd For Target Rs. 600 - JM Financial Services
Phenol spreads likely to have bottomed out; maintain BUY Deepak Nitrite’s 1QFY24 earnings print was weaker than anticipated on account of sharp decline in phenolics business profitability primarily on account of supply glut arising from China re-opening. Going forward, we expect improvement in phenolics spreads as the company would benefit from the lower feedstock prices. Further, additional phenol volume (from debottlenecking phenolics capacity by 10%) could partly offset if any sus...
Buy Deepak Nitrite Ltd For Target Rs.2,420 - JM Financial Institutional Securities
Earnings beat on lower opex; output in line but sales volume lower Oil India’s 1QFY24 standalone EBITDA was higher at INR 23.3bn vs. JMFe/consensus of INR 21.8bn/ INR 22.6bn due to lower dry well write-off, other expenditure and contract cost. Crude and gas production volume and realisation are largely in line; however, sales volume was significantly below expectation. Further, NRL’s 1QFY24 GRM declined sharply to negative USD15.6/bbl as utilisation declined to only 9% due to a...
Buy Oil India Ltd For Target Rs. 315 - JM Financial Institutional Securities
Core remains steady; PB Partners on a lower gear PB Fintech reported a healthy 30.9%/52.7% YoY growth in core insurance premium / loan disbursals for the quarter. On overall insurance premium, the company missed JMFe by 12% as there was a strategic toning down of PB Partners business in order to make it more sustainable. Consol. revenue reached INR 6.6bn, -23%/+32% on QoQ/YoY basis considering the seasonality of insurance business in Q4. Simultaneously, adj. EBITDA margin improved by 20bps...
Buy PB Fintech Ltd For Target Rs.980 - JM Financial Institutional Securities
Novelis to witness margin recovery; India business stable Hindalco reported 1Q consol. adj. EBITDA of INR57.3bn, higher than JMfe of INR49.5bn. India aluminium business (incl. Utkal) delivered an EBITDA of INR20.8bn down 9.6% QoQ driven by lower realisation. Net debt increased sequentially to INR385bn (vs INR340bn in 4Q) primarily due to higher working capital requirements. Key takeaways from the call are a) CoP India aluminium to decline by 3% QoQ during 2QFY24 b) 11% of FY24 aluminium vo...
Buy Hindalco Industries Ltd For Target Rs.550 - JM Financial Institutional Securities
Going from strength to strength Adani Port and SEZ (APSEZ) reported adj. EBITDA of INR 37.5bn for 1QFY24, +14% YoY/+15% QoQ and 3% above JMFe (7% above Street estimates). Adjusted PAT was INR 20bn (assuming nominal 17% tax rate), up 9% YoY/21% QoQ (4% above JMFe/2% above Street estimates). Consolidated revenue grew 24% YoY to INR 58bn in line with JMFe, largely led by a) consolidation of Haifa and Karaikal ports, b) India port volume growth (+8% YoY;+5% YoY excluding Karaikal), and c) stro...
Buy Adani Ports & SEZ For Target Rs. 920 - JM Financial
Growth momentum continues; upgrade to BUY Coal India (CIL) reported consolidated net revenue of INR 360bn (+2.5% YoY, -5.7% QoQ), 2% above JMFe. Adj. EBITDA (ex-OBR) came in at INR 112bn (-12.5% YoY), ahead of JMFe of INR 92bn as well as consensus estimates, led by significant reduction in contractual expenses and lower consumption of stores and spares. Adj. PAT stood at INR 86bn (-8% YoY, +18% QoQ), ahead of JMFe/consensus by 25%/22%. Going forward, the momentum in monthly production and ...
Buy Coal India Ltd For Target Rs.255 - JM Financial Services
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