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As per exchange filing Titan said, the company acquired further 27.18% stake in Caratlane for Rs46.21bn (consolidating to 98.3%) and the deal would be funded by internal accruals and partly by debt assigning EV of Rs170bn (8x price/sales on FY23). We note, Caratlane, started in 2008, which derives ~75% sales from light weight studded jewelry today has reported revenue CAGR of 73.5% in last 2 years reaching at Rs21.0bn in FY23 with improved EBIT margin of 7.6%. Management guided, that journey ...
Buy Titan Company Ltd For Target Rs. 3,530 - Centrum Broking Ltd
EBITDA in-line; robust volume growth visible NMDC reported in-line EBITDA of R20bn (CentrumE: Rs20.8bn), up ~5% YoY and EBITDA/t at Rs1,818 (CentrumE Rs1,865/t). The increase in EBITDA was primarily due to significant increase in sales volume up 41% YoY offsetting 20% decline in realisation/t. During the quarter, sales volume was higher than production and achieved highest ever Q1 volume. Management is confident of achieving 47-49mt production target for FY24 (vs 38mt in FY23) and expects ...
Buy NMDC Ltd For Target Rs 146 - Centrum Broking Ltd
Strong Q1 result; cost efficiency to come into play Jindal Steel & Power (JSPL) reported higher-than-expected consol adj. EBITDA of ~Rs26.2bn (CentrumE: Rs21.6bn), up 20% QoQ and adj EBITDA/t of Rs14,283 (CentrumE: Rs11,217), up ~Rs3,248/t QoQ. The increase is largely due to combination of higher realisation and lower cost. During the quarter, JSP received approval for 2 coal mines out of 4 allocated to the company. This will help to replace e-auction coal supplies and after fully ramp...
Buy Jindal Steel and Power Ltd For Target Rs. 764 - Centrum Broking
Good volumes growth, margin recovery slower JK Cements (JKCE) reported results largely in line with our estimate at EBITDA level. The company has restated its financials to factor in the effect of amalgamation of its subsidiary Jay kay cem central ltd (recently commissioned Panna and Hamirpur plants) with the parent and as a result, 1QFY24 and 4QFY23 numbers have been restated. On consolidated basis, the company delivered impressive volume growth of 25% for 1QFY24 on account of ramp-up of ...
Reduce J K Cement Ltd For Target Rs.3,164 - Centrum Broking
Earnings to bounce back in Q2; Capex mode on Steel Authority of India (SAIL) reported better-than-expected Adj EBITDA of Rs16.5bn (CentrumE: Rs15bn),though down 43% QoQ. The realisation increased sequentially by Rs800/t (up 1%) offset by lower volumes (down 17% QoQ). CoP was up 5% QoQ due to higher coking coal consumption cost, resulting in fall in EBITDA/t by Rs1955/t (32%) QoQ to Rs4245/t. For Q2FY24, realisation/t is expected to be flattish to fall of Rs1000/t while fall in coking coal ...
Reduce Steel Authority of India Ltd For Target Rs.80 - Centrum Broking
Volume pressure in Q1; FY25E numbers downgraded Vinati Organics (Vinati) reported muted Q1 performance marred by demand challenges in exports market despite product prices being relatively resilient. Exports volumes were impacted due to higher offtake in 2HFY23 which is expected to normalize in 1HFY24E with the ongoing inventory destocking. Resultantly, Vinati’s revenues/ EBITDA/ PAT declined 15%/ 17%/ 18% YoY and 14%/ 28%/ 28% QoQ. ATBS expansion and MEHQ/ Guaiacol projects are on t...
Sell Vinati Organics Ltd For Target Rs 1,625 - Centrum Broking Ltd
IFBI posted consolidated sales of Rs10.9bn, up 2% YoY and broadly in-line with our estimate. Home Appliances sales was flat YoY at Rs8.6bn amidst subdued demand environment and channel build-up. Softer commodity costs and better product mix led to 250bps YoY/30bps QoQ rise in gross margin to 39.4%. This was, however, offset by higher spends on staff, promotion, franchisee and travel leading to flat YoY EBITDA at Rs348mn. EBITDA margin was at 3.2%, flat YoY and 60bps below our estimate of 3.8%...
Add IFB Industries Ltd For Target Rs. 875 - Centrum Broking Ltd
BRCM reported robust results in 1QFY24, driven by a 22.1% YoY increase in sugar division revenues due to higher volumes and better realizations. Distillery division revenues also rose by 56.3%, although margins were impacted by transfer pricing and lower margins in the syrup route. Further, a sharp jump in alcohol inventory signals delays in offtake by OMCs. The EBP program is on track with 11.77% ethanol blending achieved, and E20 fuel has been launched at ~1400 retail outlets. Long-term deb...
Reduce Balrampur Chini For Target Rs.365 - Centrum Broking Ltd
Cera’s sales grew by 8% YoY to record its highest first quarterly sales of Rs4.3bn. 1Q is seasonally a slow quarter for the company contributing 18-20% to the annual sales. Sanitaryware/Faucetware grew by 7/8% YoY contributing 53/35% respectively. New products contributed 29% (v. 34% in 4QFY23). Gross margins improved 130bps YoY (+140bps QoQ) at 54.8%. EBITDA margins inclined by 60bps YoY and stood flat QoQ at 16.4%. We maintain our bullish stance on Cera on account of sustained growth ...
Buy Cera Sanitaryware Ltd For Target Rs. 9,317- Centrum Broking Ltd
KECI’s consolidated sales grew 28% YoY to Rs42.4bn, 11%/9% above our/consensus estimates. Growth was led by T&D (+46% YoY to Rs18.8bn) and Civil segment (+60% YoY to Rs9.6bn). EBITDA grew 45% YoY to Rs2.4bn, leading to EBITDA margin of 5.8%, up 70bps YoY/QoQ each and in-line with our/consensus estimate. PBT grew 26% YoY to Rs467mn while PAT was up 37% YoY to Rs423mn aided by lower tax rate at 9% (vs. 16% YoY). YTD-FY24 order inflow grew 30% YoY to Rs45bn while order book was flat Qo...
Buy KEC International Ltd For Target Rs.660 - Centrum Broking Ltd
Devyani International’s Q1FY24 print was below our estimates; consol. revenue/EBIDA grew 20.1%/5.3%, and PAT declined 38.1%. India KFC/PH revenue grew 21.5%/11.1% led by decline in SSSG at 0.9%/5.3%. Costa coffee revenue/SSSG grew 83.4%/9.4%. DIL stated, despite IPL event, given challenging environment ADS declined for KFC/PH at 7.9%/10% indicating shift in demand towards value segment. In Q1 DIL added 20/15/11 stores under KFC/PH/Costa format. Though DIL effected 3.5%/1.0% price increa...
Reduce Devyani International Ltd For Target Rs.180 - Centrum Broking Ltd
During Q1FY24, Mahanagar Gas (MGL) reported stronger operational performance than Q4FY23 with EBITDA/ PAT surging by 82.5%/ 98.9% YoY and 33.8%/ 37.0% QoQ led by robust EBITDA/ scm expansion. EBITDA/ scm in Q4 rose 30.7% QoQ at Rs16.8/ scm vs Rs12.8/ scm in Q4FY23 and jumped 84.5% YoY from Rs9.1/scm. Substantial reduction in gas sourcing costs by 20.9% QoQ and 15.0% YoY due to revision in APM gas price led to the supernormal performance. However, management guided for normalised EBITDA/ scm a...
Buy Mahanagar Gas Ltd For Target Rs.1,234 - Centrum Broking Ltd
Volume growth muted led by paints segment Mold-Tek Packaging reported sales decline of 11%. Volumes grew modestly by 2% while realization dropped by 12% YoY to Rs202/kg. The modest volume growth was on account of decline in volumes in Paints (-8%) & Lubes (-2%) segments while F&F grew by 37%. Sales decline too was led by Paints (-21%) & Lubes (-14%) while F&F grew by 13%. Paints reported third consecutive quarter of sales decline (-21%). GP/kg and EBITDA/kg both reported de...
Add Mold-Teck Packaging Ltd For Target Rs.971 - Centrum Broking
In-line performance; planning for long growth runway BLSTR’s consolidated sales grew 13% YoY to Rs22.3bn, in-line with our/consensus estimates. Unitary Products revenue was up 6% YoY to Rs12bn as RAC sales decline amidst unseasonal rains in summer, was offset by healthy traction in commercial refrigeration products. EMPS sales grew 19% YoY to Rs9.5bn aided by robust order book. Gross margin rose 120bps YoY to 22.2%. EBITDA grew 18% YoY to Rs1.5bn leading to 30bps YoY rise in operatin...
Add Blue star Ltd For Target Rs.780 -Centrum Broking Ltd
Metro sales grew by 15% led by better product mix and retail footprint expansion. Gross margins stood healthy at 59.1% (-84bps YoY). Inventory cleaning up for Fila continued in 1Q marginally impacting GM. Higher, employee/other expenses (+35/29% YoY) led to EBITDA margin decline of 417bps to 32% (ex. Cravatex Brands: 35%). For 1Q net store addition stood at 27 taking total count to 766 in 1QFY24 (vs. 739 in FY23). We broadly kept our FY24/FY25 estimates unchanged. We maintain ADD rating with ...
Buy Metro Brands Ltd For Target Rs.1023 - Centrum Broking Ltd
Sapphire Foods’ Q1 print was below our estimates; consol. revenue/EBITDA grew at 19.8%/9.0%, while PAT declined 34.8%. KFC/PH India revenue grew at 21%/12% with flat SSSG in KFC, yet declined 9% for PH. However high inflation and direct taxes, SriLanka revenues grew 27% with flat SSSG. In Q1 SF added 17/16 stores under KFC/PH format (total stores count KFC/PH/Sri Lanka at 358/302/118). Despite higher inflation in dairy SF’s gross margin inched up to 68.5% (+60bp), with KFC at 68.1...
Buy Sapphire Foods India Ltd For Target Rs.1,542 - Centrum Broking Ltd
After several quarters, Navin Fluorine (Navin) reported a subdued quarterly performance impacted by planned and unplanned shutdown of its HFO plant (Honeywell). Consequently, revenues/ EBITDA/ PAT for Q1 declined 29.5%/ 43.4%/ 54.9% QoQ at Rs4.9bn/ Rs1.1bn/ Rs615mn. Management cited it as a one-off impact due to operational issues post planned shutdown and nothing to assign to the industry environment. Apart from HFO plant issue, CDMO revenues too were lower QoQ due to lumpiness and execution...
Buy Navin Fluorine Ltd For Target Rs.5,267- Centrum Broking Ltd
HG infra reported good set of numbers for 1QFY24 driven by strong execution across its orderbook delivering 19% YoY growth in revenue. While the numbers were marginally below our estimates, we believe that trend in robust execution amidst good orderbook, stable margins and healthy balance sheet is likely to continue. The management indicated that it is likely to receive the required approvals for the sale of 4 HAM assets in this month and the deal is likely to be concluded soon. We have upgra...
Buy HG Infra Engineering Ltd For Target Rs. 1283 - Centrum Broking Ltd
CTI and NIMs key going ahead to maintain 2% RoA Equitas SFB (EQSFB) continues its impressive streak by achieving +2% Reported RoA for the third consecutive quarter. This performance has also translated into a significant improvement in Reported RoE, which now stands at an impressive 14.54%, showing a remarkable increase of 550 basis points YoY. However, on opex front there was sharp increase which led to CTI at 65.1% (+440/700bps YoY/QoQ). On the front of asset quality, EQSFB has demonstra...
Buy Equitas Small Finance Bank Ltd For Target Rs.s115 - Centrum Broking Ltd
Post a washout performance in Q4FY23, UPL reported again a dismal Q1FY24 marred by both volume decline as well as price corrections. It reported YoY Revenue/ EBITDA/ PAT decline of 17.2%/ 40.7%/ 81.1%. Except for Advanta, which reported a strong 26%/ 54% surge in revenues/ EBITDA, all the other platforms remained under pressure impacting overall performance. The Differentiated and Sustainable Solutions portfolio delivered robust performance with revenues growing 7% YoY, supporting contributio...
Buy UPL Limited For Target Rs949 - centrum broking
GAIL reported stark improvement in sequential operating performance with EBITDA up 3.8x QoQ at Rs26.6bn. Natural gas transmission volumes rose 7.5% QoQ at 116.3mmscmd vs 108.2mmscmd driven by higher RLNG sales. Natural gas sales too increased 2.5% QoQ at 98.8mmscmd vs 96.5mmscmd. Petrochemicals sales surged substantially by 37.3% QoQ at 162,000MT vs 118,000MT. EBITDA jump was attributable to increased gas transmission and marketing volumes coupled with higher transmission tariff realisation. ...
Reduce Gail India Ltd For Target Rs115 - Centrum Broking
Godfrey Phillips (GP) reported Q1FY24 results beat our estimates; Revenue/EBITDA/PAT grew 26.2%/ 21.0%/ 115.5% respectively. Gross revenues in Tobacco grew 28.7%, backed by 8.1% volume growth in cigarettes and 120% growth in leaf tobacco exports to Rs3.1bn, whilst nontobacco (TFS+Funda Goli) grew 8.1%. GP’s performance was driven by, (1) clear focus on cigarette business, (2) expanded distribution for Marlboro led to 30% contribution, (3) strong exports of leaf tobacco and (4) PMI (asso...
Buy Godfrey Phillips India Ltd For Target Rs.2,383 - Centrum Broking
Mahindra Finance reported earnings at Rs3.5bn (23% below our estimates), up 58% YoY. Earning miss was largely attributed to higher loan losses due to increase in LGD provisions while write-offs remained at 1.6% of opening gross loans. NIMs disappointed. CoF were in line with our estimates, however, interest yields were lower due to change in product mix. NIMs (calculated) were down 58bps QoQ to 7.8%. Opex was controlled at 2.8% of assets while on a full year basis it is likely to inch up to 3...
Buy M&M Financial Services Ltd For Target Rs. 350- Centrum Broking Ltd
TRE posted subdued 1QFY24 performance which were in line with our expectations. The company's revenue experienced a YoY decline of 2%, reaching Rs12.0bn, slightly above CentrumE's Rs11.8bn. However, the GMs outperformed our estimates, standing at 29%, a significant YoY increase of 460bps compared to our projected 24.4%. Nevertheless, the EBITDA margin came in at 10.4%, exceeding our projected 8.9% and showcasing an improvement from 1QFY23's 9.3%. TRE's reported PAT of Rs676mn,...
Buy Triveni Engineering & Industries For Target Rs 305 - Centrum Broking Ltd
Indraprastha Gas (IGL) reported a strong QoQ performance with EBITDA/ PAT surging 38%/ 31%. Although, volumes remained flattish sequentially at 746mmscm, lower gas prices led to gross margin expansion thus elevating operational performance. Average realisations declined 8.0% QoQ while were up 2.6% YoY at Rs45.7/ scm. EBITDA/ scm expanded QoQ from Rs6.3/ scm to Rs8.6/ scm, remaining flattish YoY. Flattish YoY EBITDA/ scm led to 4.0% increase in operating profit at Rs6.4bn (6.2bn). The company ...
Add Indraprastha Gas Ltd For Target Rs. 523 - Centrum Broking Ltd
APNT’s Q1FY24 print was mixed; consol. revenue/EBITDA/PAT grew 6.7%/36.3%/48.5%. APNT’s saw 4-year value/volume CAGR at 17.0%/17.5%. Despite strong painting season, unseasonal rains cut decorative volumes growth to 10%. Management alluded growth to, (1) double digit across urban/rural markets, (2) Q1 product mix led by economy & premium range, (3) uptick waterproofing/wood finishes range, (4) robust growth in project/ institutional business, and (5) distribution reach (160k). ...
Buy Asian Paints Ltd For Target Rs. 3,959 - Centrum Broking
Providing value to customer to lift LFL growth in Q2 JUBI’s Q1 print was in-line; standalone revenue grew 5.6% led by decline in LFL (-1.3%), yet EBIDA/PAT declined by 9.2%/41.1%. Given strong base (41.1% growth), despite IPL event, stretched consumer spends saw 2.7% growth in ADS QoQ. Dine-in/delivery channel grew flat/8.4%. With 48% order contribution, enrolment for loyalty program grew 23.5% (16.8mn customers), yet with 10.0mn app download its MAU at 10.3mn grew 3.0% YoY. JUBI ste...
Buy Jubilant Foodworks Ltd For Target Rs.570 - Centrum Broking Ltd
Relaxo Footwears’ sales grew by 11% YoY led by volume growth (atleast 22-25% volume growth as per our estimates). Volumes improved significantly led by price correction efforts. Price corrections were taken to reduce the meaningful price differential that had occurred during the 1HFY23 between Relaxo and its peers. We expect Relaxo to recoup the lost market share during FY23. Healthy growth was across closed and open footwear. Gross margins improved by 327bps led by softening of RM pric...
Add Relaxo Footwears Ltd For Target Rs.972 - Centrum Broking Ltd
Havells India’s (HAVL) sales grew 14% YoY to Rs48.2bn, 10% above our estimate. While consumer demand was muted in April and May, it recovered in June. B2C-B2B sales mix stood at 70-30 with B2C categories growing 12% YoY. Cables/Lloyd sales grew 25%/21% YoY while other electrical categories grew in low single digits. Gross margin expanded 140bps YoY to 30.4% led by softer input costs. EBITDA margin remained weak at 8.3%, down 20bps YoY and below our/consensus of 9.8%/10.2%, owing to loss...
Reduce Havells India Ltd For Target Rs.1,130 - Centrum Broking Ltd
Heidelberg (HEIM) reported good set of result for 1QFY24 with EBITDA of Rs929mn, 14% ahead of our estimate of Rs817mn. Better volumes and lower than expected costs resulted in EBITDA beat. While the numbers for 1QFY24 were tad better, overall story remains unchanged as lack of capacity addition from the company is likely to limit volume growth going forward. HEIM’s volume CAGR over the past five years is flat whereas industry has grown at ~6%. We await long term capital allocation plan ...
Reduce Heidelberg Cement India Ltd For Target Rs.173 - ICICI Securities
Havells India’s (HAVL) sales grew 14% YoY to Rs48.2bn, 10% above our estimate. While consumer demand was muted in April and May, it recovered in June. B2C-B2B sales mix stood at 70-30 with B2C categories growing 12% YoY. Cables/Lloyd sales grew 25%/21% YoY while other electrical categories grew in low single digits. Gross margin expanded 140bps YoY to 30.4% led by softer input costs. EBITDA margin remained weak at 8.3%, down 20bps YoY and below our/consensus of 9.8%/10.2%, owing to loss...
Reduce Havells India Ltd For Target Rs.1,130 - Centrum Broking Ltd
Heidelberg (HEIM) reported good set of result for 1QFY24 with EBITDA of Rs929mn, 14% ahead of our estimate of Rs817mn. Better volumes and lower than expected costs resulted in EBITDA beat. While the numbers for 1QFY24 were tad better, overall story remains unchanged as lack of capacity addition from the company is likely to limit volume growth going forward. HEIM’s volume CAGR over the past five years is flat whereas industry has grown at ~6%. We await long term capital allocation plan ...
Reduce Heidelberg Cement India Ltd For Target Rs.173 - Centrum Broking Ltd
HUVR’s Q1FY24 print was below our estimates; Revenue/EBITDA/APAT grew 6.1%/8.4%/ 9.0%, held by 3.0% volume growth. Management opined, it was a stable performance given growth in rural markets now turned positive (-4% in base Qtr). Despite price cuts in soaps, destocking by trade channel resulted in 2-3 days’ inventory correction. Further, sliding prices of top-4 commodities extended gross margin to 49.9% (+251bp). Although ad-spends risen to 9.9% (% of sales), higher employee cost...
Add Hindustan Unilever Ltd For Target Rs. 2,800 - Centrum Broking Ltd
What will be the Net Worth of JFSL in FY23? Reliance Industries Ltd’s (RIL) press release (link) gives a formula for determination of cost of acquisition of equity shares of the company (RIL) and Reliance Strategic Investments Ltd (RSIL), which will be renamed as Jio Financial Services Ltd (JFSL). The formula states apportion of de-merger cost of acquisition of equity shares of the RIL in the ratio of 4.68 for RSIL and 95.32 for RIL. Income Tax provisions states that the Cost of Acqu...
Flash Note : Jio Financial Services Ltd By Centrum Broking Ltd
Despite industry challenges, Dhanuka Agritech (Dhanuka) reported robust Q4 numbers beating our estimates substantially. The company reported YoY revenue/ EBITDA/ PAT growth of 16.6%/ 19.7%/ 20.3%. Gross margin expansion led to 60bps YoY EBITDA margin expansion in Q4 to 21.0%. However, high...
Buy Dhanuka Agritech Ltd For Target Rs. 892 - Centrum Broking Ltd
TATA posted above estimate earnings on all fronts aided by increase in realisation/t coupled with lower CoP. It reported adjusted Consol EBITDA of Rs72.3bn, up 165% QoQ (CentrumE: Rs56.4bn). The Adj operating profit in India was above expectation at Rs83.2bn up 75% QoQ (CentrumE: Rs65.7bn) on account of higher volume by 8% QoQ and spreads of Rs16,703/t (up 61% QoQ) which in turn due to higher steel prices and lower coking coal cost. While Europe reported EBITDA loss of USD204mn (CentrumE: EB...
Buy Tata Steel Ltd For Target Rs.133 - Centrum Broking Ltd
Havells India’s (HAVL) sales grew 10% YoY to Rs48.5bn, 7% above our estimates. While B2C demand stayed sluggish, B2B segments were steady driven by infrastructure & construction sector. Among product segments, Lloyd/switchgears sales grew 32%/27% YoY while sales for cables and lighting grew in 4?5% range. ECD sales fell 14% YoY as trade has high fans inventory. Stability in RM prices drove 120bps YoY expansion in gross margin to 30.5%. Higher ad?spends (at 2.3% of Q4FY23 sales vs. 1...
Reduce Havells India Ltd For Target Rs.1,130 - Centrum Broking Ltd
CROMPTON has announced a major change in leadership with appointment of Mr Promeet Ghosh as new MD & CEO for a period of five years with effect from May 1, 2023. Current MD, Mr Shantanu Khosla has been elevated as Executive Vice Chairman for a period of one year (from May 1, 2023 to April 30, 2024), thereafter he will serve as Non?Executive Vice Chairman till December 31, 2025. The current CEO, Mr Mathew Job has resigned with effect from April 30, 2023 to pursue other career interest. The...
Buy Crompton Greaves Consumer Electricals Ltd For Target Rs. 305 - Centrum Broking
Mold-Tek Packaging reported decline in sales by 3%. Volumes grew modestly by 3% while realization dropped by 6% YoY to Rs205/kg. The modest growth was on account of weak sales in company’s paints segment. Paints segment’s volume/value declined by 10/16% respectively. Gross margins improved by 50/60bps on YoY/QoQ basis. RM/kg declined by 7/8% on a YoY/QoQ basis to Rs120/kg. Despite lower sales/kg getting offset by lower RM/kg, EBITDA/kg declined by 13% due to higher operating expen...
Add Mold-Teck Packaging Ltd For Target Rs.1,014 - Centrum Broking
Emami’s Q3FY23 print was tad above our estimates; revenue grew 1.1%, (3?year CAGR 6.0%). EBITDA and PAT fell by 13.8%/5.3% due to (1) softer demand in rural impacting value? add hair oils, (2) protracted winter disrupted winter?care portfolio, and (3) adjustment in pain management/ healthcare portfolio. India business grew soft at 1.0%, whilst volumes declined 3.0%. International business grew at 7.0% (3?year CAGR 13.0%), yet institutional business grew tepid. MT/E?com channels grew 20....
Buy Emami Ltd For Target Rs.610 - Centrum Broking
CROMPTON’s consolidated sales were at Rs15.2bn, while standalone sales ex-Butterfly fell 10% YoY to Rs12.6bn. While consumer demand was weak, CROMPTON refrained from channel filling of non-rated fans, leading to a decline in ECD revenue by 7% YoY to Rs10.2bn. Lighting sales fell 20% YoY to Rs2.5bn with weakness in both B2C and B2B business. Consolidated gross margin was healthy at 32.5% while EBITDA margin was at 10.1%, below our/consensus estimate of 12.5% each. Margin was affected due...
Buy Crompton Greaves Consumer Electricals Ltd For Target Rs.445- Centrum Broking
Vinati Organics (Vinati) reported strong operating performance in a seasonally weak quarter buoyed by GM expansion and lower opex. The company reported 37.8% YoY top-line growth missing our estimates by ~12% while EBITDA/ PAT surged by 76.5%/ 50.7% YoY which was ~5%/ 3% ahead of our estimates. Demand for IBB picked up from Q2 and further improved in Q3 while ATBS demand remained marginally down QoQ due to seasonality. Management in its media interaction remained upbeat on FY23E growth and EBI...
Buy Vinati Organics Ltd For Target Rs 2,401 - Centrum Broking
Intellect Design Arena reported revenues of Rs 5,469 mn (+4% q?o?q, +8% y?o?y), lower than our/consensus estimates. Intellect attributed lower than expected revenues to slowdown in European license deals, driven by macroeconomic factors. Overall pipeline continued to grow at Rs 70,306mn (+5% q?o?q, +45% y?o?y).while the company had 6 deal wins over Q3FY23. EBITDA was Rs 1,050 mn (+25% q?o?q, ?21% y? o?y), which was above our estimates with an EBITDA margin of 19.2% (Q2FY23: 15.9%). R&E ex...
Add Intellect Design Arena For Target Rs. 493- Centrum Broking
ITC’s Q3FY23 delivered stable performance (though impacted by lower agri exports); revenue/ EBITDA/ PAT grew 2.5%/23.3%/21.0%. Cigarette saw strong volume/EBIT growth of 15.0%/ 16.9%. More importantly, the volume recovery from illicit trade on the back of stable taxation and product innovation to continue. FMCG revenue/EBIT grew 18.4%/43.9%, led by staples and convenience foods with rapid growth in MT/E-com. Hotels/Paper segment revenue/EBIT grew 50.5%/29.0% & 12.7%/26.3%. Agri busi...
Buy ITC Ltd For Target Rs 470 - Centrum Broking
IndiGo’s PAT at Rs14.2bn in Q3FY23 significantly beat our estimate of Rs4.9bn due to stronger yields. RASK grew 28.9%YoY to Rs5.26 (highest ever; est Rs4.9) aided by 22%YoY increase in ticket yields and increase in load factor to 85.1% from 79.7% PY. Yields wer...
Buy InterGlobe Aviation Ltd For Target Rs2,450 - Centrum Broking
Tech Mahindra (TechM) has announced appointment of Mohit Joshi as MD & CEO: Mr. Mohit Joshi will take over after the existing CEO and MD, Mr. CP Gurnani, retires on December 19, 2023. Mohit Joshi will join well before that date to allow sufficient transition time, as per TechM. He may join in June 2023 given Infosys has announced his resignation effective March 11, 2023 and that he will be on leave from this date and his last day would be June 9, 2023 at Infosys. New CEO Mr. ...
Add Tech Mahindra Ltd For Target Rs. 971 - ICICI Securities
Strong outlook L&T’s Q3FY23 recurring PAT at Rs24.2bn was below estimate of Rs26bn largely due to miss in E&C and IT business margins. Reported PAT of Rs25.5bn includes net one-time gain of Rs1.36bn on sale of MF business (net of Rs20.1bn write-down in loan book of wholesale financing business). E&C EBITDA at Rs26.8bn missed estimate of Rs28.6bn due to lower than expected infrastructure margins. Order inflows beat estimate and grew 21% YoY to Rs607bn with backlog at Rs3.9...
Buy L and T Finance Holdings Ltd For Target Rs.2,246 - Centrum Broking
Earnings to improve; YTDFY23 DPS at Rs81 VEDL reported higher-than-expected adjusted EBITDA of Rs70.7bn (CentrumE: Rs63.2bn) down 2% QoQ, primarily due to decline in commodity prices. Except of oil & gas, power and aluminium, rest segments reported sequential lower EBITDA. The hedging of commodity at higher prices helped VEDL to record gain of ~Rs4.75bn in Q2FY23 (vs 17bn in Q2FY23). Ex-Hindustan Zinc (HZ), adj EBITDA was Rs35.3bn, up 10% QoQ. Management guides power cost to go down in...
Buy Vedanta Ltd For Target Rs.404 - Centrum Broking
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