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Buy Jubilant Foodworks Ltd For Target Rs.713 by Centram Broking Ltd Strategic actions helped register 2.8% LFL growth JUBI’s Q2FY25 print was in-line with our estimates; standalone revenue/EBITDA grew 9.1%/ 1.3%, yet PAT fell by 27.8%. Despite subdued consumption with strong execution of strategic priorities, JUBI delivered resilient LFL growth at 2.8%, better than industry. We note turnaround in Domino’s LFL growth was led by, (1) delivery channel sales/LFL grew by 15.9%/11.4% led by waiving off delivery fee, (2) brand campaign ‘IHOP&rsq...
Buy Jubilant Foodworks Ltd For Target Rs.713 by Centram Broking Ltd
Buy Jubilant Foodworks Ltd For Target Rs.713 by Centram Broking Ltd
Source: Centrum Broking Ltd
2024-11-13 02:40:21 pm
Add Shree Cement Ltd For Target Rs. 25,562 By Centrum Broking Ltd Results marginally lower than estimates; Capex on track Shree Cements (SRCM) reported results which were only marginally lower than our expectations. Volumes de-grew 7.3% YoY while realizations fell 2.2% QoQ and as a result, revenue declined by 19% YoY. EBITDA at Rs5.9bn was down 32% YoY and 5% below our estimates. Management highlighted that its strategy of value over volumes and increased premium cement sales (15% of trade sales) resulted in minimizing the fall in realizations. Company&r...
Add Shree Cement Ltd For Target Rs. 25,562 By Centrum Broking Ltd
Add Shree Cement Ltd For Target Rs. 25,562 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-13 02:34:17 pm
Reduce NCC Ltd For Target Rs. 310 By Centrum Broking Ltd Dismal 1H but execution set to improve NCC reported weak set of results for 2QFY25 as heavy monsoon, delay in getting approvals in several projects and slow execution in JJM projects, smart meter projects and change in alignment in GMLR project resulted in revenue coming in 7% below our estimate. Margins at 9% were below our estimate of 9.5% resulting in 16%/40% YoY drop in EBITDA/PAT. Nevertheless, the management has maintained its guidance for FY25 of 15% revenue growth and 9.5-10% margi...
Reduce NCC Ltd For Target Rs. 310 By Centrum Broking Ltd
Reduce NCC Ltd For Target Rs. 310 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-08 05:37:36 pm
Add Page Industries Ltd For Target Rs. 46,991 By Centrum Broking Ltd E-com/non-metro markets fueling growth Page Industries’ Q2FY25 print was ahead of our estimates; Despite weak consumer sentiments revenue/EBITDA/PAT grew 10.8%/ 20.5%/29.9% YoY backed by 6.7% volume growth (55.2mn pcs). Management alluded growth to, (1) non-metro markets driving volumes, (2) consumer up-trade to premium mix, and (3) strong growth in B2B/B2C channels driven by improved retail metrics. Further new product launches and marketing efforts aided Q2 sales. Further reorganis...
Add Page Industries Ltd For Target Rs. 46,991 By Centrum Broking Ltd
Add Page Industries Ltd For Target Rs. 46,991 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-08 05:30:36 pm
Reduce Schaeffler India Ltd For Target Rs. 3,866 By Centrum Broking Ltd Sustained domestic growth and softer exports Schaeffler India’s Q3CY24 print was in-line with our estimates; Revenue/EBITDA/APAT grew 12.1%/9.8%/5.2%, driven by 13% growth in bearing and industrial segment and 11% growth in Automotive technology revenue. Management said operating performance in Q3 was driven by, (1) Continued strong performance across power-transmission, railways, wind & raw-material segments, (2) 11% growth in automotive technology, and (3) Aftermarket segment g...
Reduce Schaeffler India Ltd For Target Rs. 3,866 By Centrum Broking Ltd
Reduce Schaeffler India Ltd For Target Rs. 3,866 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-08 05:23:11 pm
Add VIP Industries Ltd For Target Rs.508 By Centrum Broking Ltd Weak Q2; inventory liquidation cut margins VIP Industries Q2FY25 print was below our estimates; Consolidated Revenue/EBITDA/PAT declined 0.3%/104.1%/375.6% YoY. Despite Q2 being dull with lower wedding/festive days VIP clocked 18% volume growth with flat revenue led by, (1) soft luggage inventory liquidation and weak retail channel, (2) deep discounting on E-com channel during EOSS contributing 45% of sales, (3) lower realization due to brand mix, (4) capacity utilization in Bangladesh, an...
Add VIP Industries Ltd For Target Rs.508 By Centrum Broking Ltd
Add VIP Industries Ltd For Target Rs.508 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-08 05:14:41 pm
Buy Coal India Ltd For Target Rs. 614 By Centrum Broking Ltd Lower volumes drags earnings; outlook positive Coal India (COAL IN) reported lower than our estimate EBITDA ex OBR at Rs71.5bn (CentrumE: Rs75.7bn), down 20% YoY/ down 38% QoQ. The underperformance is primarily due to lower realisation and also lower volumes resulting in higher CoP on account of higher fixed cost. Sales volume decline by 3.5% YoY to 168.1mt in Q2FY25. However, blended realisation/t declined by 5.8% YoY primarily due to sharp decline in FSA realisation as well as fall in e-...
Buy Coal India Ltd For Target Rs. 614 By Centrum Broking Ltd
Buy Coal India Ltd For Target Rs. 614 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-08 05:07:25 pm
Buy Nippon Life India Asset Management Ltd For Target Rs. 850 By Centrum Broking Ltd Another stellar quarter Nippon AMC’s strong run continues with its QAAUM increasing 57% yoy and 14% qoq to Rs5.5tn at end Q2FY25. The market share on both, equity and overall basis has increased with it maintaining its fourth position in the industry. The net flows in the equity and hybrid segment continued to remain higher than the equity AUM market share. At end Q2, PAT increased 47% yoy impacted by one-offs on the taxes announced in the budget. While core PAT expanded 48% yoy to R...
Buy Nippon Life India Asset Management Ltd For Target Rs. 850 By Centrum Broking Ltd
Buy Nippon Life India Asset Management Ltd For Target Rs. 850 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-01 11:14:28 am
Buy Ujjivan Small Finance Bank Ltd For Target Rs. 58 By Centrum Broking Ltd Guidance cut on expected lines Ujjivan SFB (Ujjivan) posted numbers for 2QFY25 which were lower than our expectations primarily poor asset quality. NII for the quarter came in at Rs9.4bn (up around 15%/flat YoY/QoQ) which was in line with our expectations. Cost/assets continued its upward trajectory 6.16% vs. 6.1%/5.7% in 1QFY25/2QFY24. Slippages for the quarter came in at 3.2% vs. 2.6% in 1QFY25. Resultantly, credit cost spiked to 1.72% vs. 1.47% in 1QFY25. RoA/RoE for the quarter were lo...
Buy Ujjivan Small Finance Bank Ltd For Target Rs. 58 By Centrum Broking Ltd
Buy Ujjivan Small Finance Bank Ltd For Target Rs. 58 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-11-01 11:12:10 am
Buy Ujjivan Small Finance Bank Ltd For Target Rs.58 - Centram Broking Ltd Guidance cut on expected lines Ujjivan SFB (Ujjivan) posted numbers for 2QFY25 which were lower than our expectations primarily poor asset quality. NII for the quarter came in at Rs9.4bn (up around 15%/flat YoY/QoQ) which was in line with our expectations. Cost/assets continued its upward trajectory 6.16% vs. 6.1%/5.7% in 1QFY25/2QFY24. Slippages for the quarter came in at 3.2% vs. 2.6% in 1QFY25. Resultantly, credit cost spiked to 1.72% vs. 1.47% in 1QFY25. RoA/RoE for the quarter were lo...
Buy Ujjivan Small Finance Bank Ltd For Target Rs.58 - Centram Broking Ltd
Buy Ujjivan Small Finance Bank Ltd For Target Rs.58 - Centram Broking Ltd
Source: Centrum Broking Ltd
2024-10-31 02:34:22 pm
Buy Nippon Life India Asset Management Ltd For Target Rs. 850 - Centram Broking Ltd Another stellar quarter Nippon AMC’s strong run continues with its QAAUM increasing 57% yoy and 14% qoq to Rs5.5tn at end Q2FY25. The market share on both, equity and overall basis has increased with it maintaining its fourth position in the industry. The net flows in the equity and hybrid segment continued to remain higher than the equity AUM market share. At end Q2, PAT increased 47% yoy impacted by one-offs on the taxes announced in the budget. While core PAT expanded 48% yoy to R...
Buy Nippon Life India Asset Management Ltd For Target Rs. 850 - Centram Broking Ltd
Buy Nippon Life India Asset Management Ltd For Target Rs. 850 - Centram Broking Ltd
Source: Centrum Broking Ltd
2024-10-31 02:30:44 pm
Add Ultratech Cement Ltd For Target Rs.12,000 - Centram Broking Ltd Lowest EBITDA/mt since Sep-13; 2H outlook promising Ultratech reported weak set of results as reported EBITDA came in 4% below our estimate owing to higher costs. EBITDA/mt came in at Rs725 which is lowest since Sep-13 indicating pricing pressure resulting from competition. However, 2HFY25 outlook for both demand and pricing looks promising as government spending is set to pick up and pricing is showing signs of firming up. The capex plans of the company are on track and it is set to cross...
Add Ultratech Cement Ltd For Target Rs.12,000 - Centram Broking Ltd
Add Ultratech Cement Ltd For Target Rs.12,000 - Centram Broking Ltd
Source: Centrum Broking Ltd
2024-10-31 02:21:06 pm
Add Tech Mahindra Ltd For Target Rs. 1,803 By Centrum Broking Ltd Healthy operating performance; margin improvement on track Tech Mahindra reported broadly inline performance for the quarter. It reported revenue of Rs 133.1bn( up 2.4% QoQ in INR terms, up 1.9% QoQ in USD terms). The sequential growth was led by Communication( up 2.7% QoQ), Hitech and Media( up 5.7% QoQ), Retail and Transportation( up 5.6% QoQ); While, Manufacturing( down 4.0% QoQ) and Healthcare (down 1.8% QoQ) had weak performance. In terms of geographical breakup, Americas declined by ...
Add Tech Mahindra Ltd For Target Rs. 1,803 By Centrum Broking Ltd
Add Tech Mahindra Ltd For Target Rs. 1,803 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-10-22 10:07:12 am
Buy RBL Bank Ltd For Target Rs. 291 By Centrum Broking Ltd RBL Bank faced challenges this quarter as asset quality issues impacted key profitability segments. As a result, we are revising our credit growth estimates to a 16% CAGR for FY24- 27, lower than the bank’s guidance of over 18%. We are also adjusting our projected RoA to an average of 1.1% for FY26/27, below management’s target of +1.3%. In light of delays in achieving the expected return profile and the broader sector’s valuation pressures, we are lowering our target P/ABV ...
Buy RBL Bank Ltd For Target Rs. 291 By Centrum Broking Ltd
Buy RBL Bank Ltd For Target Rs. 291 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-10-21 05:57:03 pm
Reduce IndiaMart InterMesh Ltd For Target Rs. 3,098 Indiamart reported healthy financial performance for the quarter. However, the paid customer addition remains muted and is a matter of concern. Revenue grew by 5.0% QoQ, to Rs 3,477mn, led 4.1% QoQ incre Indiamart reported healthy financial performance for the quarter. However, the paid customer addition remains muted and is a matter of concern. Revenue grew by 5.0% QoQ, to Rs 3,477mn, led 4.1% QoQ increase in annualized ARPU( to Rs 60.8k) and 1% QoQ increase in the number of paid suppliers to 218k. EBITDA margin improved by 264 bps QoQ to 38.7%, led by lower other expenses, down 4.2% QoQ. Paid subscriber addition remained muted, growing by 2k QoQ to 218k. Registered buyers increased by 4mn Q...
Reduce IndiaMart InterMesh Ltd For Target Rs. 3,098 Indiamart reported healthy financial performance for the quarter. However, the paid customer addition remains muted and is a matter of concern. Revenue grew by 5.0% QoQ, to Rs 3,477mn, led 4.1% QoQ incre
Reduce IndiaMart InterMesh Ltd For Target Rs. 3,098 Indiamart reported healthy financial performance for the quarter. However, the paid customer addition remains muted and is a matter of concern. Revenue grew by 5.0% QoQ, to Rs 3,477mn, led 4.1% QoQ incre
Source: Centrum Broking Ltd
2024-10-21 05:47:56 pm
Reduce L&T Technology Services Ltd For Target Rs. 5,115 By Centrum Broking Ltd L&T Technology reported mixed performance for the quarter. While, revenue was inline; EBIT margin was below expectation. It reported revenue of Rs 25.7bn, up 4.5% QoQ in INR terms, up 3.9% QoQ in USD terms. Segment-wise, Mobility grew by 4.8% QoQ, Sustainability grew by 6.5% QoQ; while Tech vertical grew by 0.8% QoQ. EBIT margin declined by 51 bps QoQ to 15.1%, led by higher other expenses (up 8.4% QoQ). During the quarter, it won two $20mn and four $10mn TCV deals. Headcount increased by...
Reduce L&T Technology Services Ltd For Target Rs. 5,115 By Centrum Broking Ltd
Reduce L&T Technology Services Ltd For Target Rs. 5,115 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-10-21 05:38:05 pm
Reduce Mphasis Ltd For Target Rs. 3,103 By Centrum Broking Ltd Mphasis reported inline performance for the quarter. Both, revenue and EBIT margin were as per estimates. It reported revenue of Rs 35.4bn( up 3.3% QoQ in INR terms, up 2.7% QoQ in USD terms). Segment-wise, BFS grew by 3.6% QoQ, Insurance grew by 2.3% QoQ, TMT grew by 6% QoQ; while Logistics and Transportation was down 1% QoQ. Direct now contributes 95.8% ( flat in % contribution QoQ) of revenue ,while DXC contributes 2.7% of revenue. EBIT margin increased by 39 bps QoQ to 15.4%, led by contr...
Reduce Mphasis Ltd For Target Rs. 3,103 By Centrum Broking Ltd
Reduce Mphasis Ltd For Target Rs. 3,103 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-10-21 05:31:58 pm
Add Infosys Ltd For Target Rs. 2122 By Centrum Broking Ltd Inline performance: Increases revenue growth guidance to 3.75%-4.5% cc for FY25 Infosys reported robust performance for the quarter. Both revenue and EBIT margin were inline with estimates. Reported revenue of Rs 409.8bn, up 4.3% QoQ in INR terms, up 2.5% QoQ in USD terms. Segment-wise, in cc terms, Financial services grew by 2.3% YoY, Energy and Utilities grew by 10.9% YoY, Manufacturing grew by 12.3% YoY and Communication grew by 7% YoY. While, Retail was soft, down 9.6% YoY. EBIT margin...
Add Infosys Ltd For Target Rs. 2122 By Centrum Broking Ltd
Add Infosys Ltd For Target Rs. 2122 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-10-20 09:51:59 am
Add Havells India Ltd For Target Rs. 1875 By Centrum Broking Ltd In-line revenue; higher staff costs and ad-spend dent margin Havells India’s (HAVL) sales grew 17% YoY to Rs45.3bn, broadly in-line with our estimate, led by improvement in consumer demand. Key segments driving growth were cables (+23% YoY), ECD (+17% YoY) and Lloyd (+19% YoY). Gross margin rose 50bps YoY to 33.8%. Adspend jumped 54% YoY to Rs1.3bn (at 2.9% of sales, up 70bps YoY) due to festive season starting early in Q2. EBITDA was broadly flat YoY at Rs3.8bn due to higher ad-spen...
Add Havells India Ltd For Target Rs. 1875 By Centrum Broking Ltd
Add Havells India Ltd For Target Rs. 1875 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-10-20 09:38:27 am
Add Bajaj Consumer Care Ltd For Target Rss285 By Centrum Broking Bajaj Consumer’s Q1FY25 print was below our estimates; Revenue/EBITDA/PAT declined by 9.0%/25.3%/19.7% YoY. Management attributed weak performance to, (1) planned cut in trade schemes and wholesale discounts, (2) stable performance in urban led by large packs, and (3) 17% growth in non-ADHO portfolio (~18% of sales). ADHO volume cut by 6.7%, yet large packs drove sales (4-year CAGR 9.4%) led by 26% contribution from organized trade (MT: +9%, E-com: +13%, CSD +15%). GT channel declined H...
Add Bajaj Consumer Care Ltd For Target Rss285 By Centrum Broking
Add Bajaj Consumer Care Ltd For Target Rss285 By Centrum Broking
Source: Centrum Broking Ltd
2024-08-13 12:35:12 pm
Add Info Edge India Ltd For Target Rs.559 By Centrum Broking Info Edge reported broadly inline performance for the quarter. It reported revenue of Rs 6,389 mn( up 5.0% QoQ, up 9.3% YoY). The sequential growth was led by 4.3% QoQ growth in revenue of Recruitment business; 6.2% QoQ growth in revenue of 99acres segment and 9.2% QoQ growth in revenue of Jeevansathi segment. The number of resumes have reached 100mn vs 98 mn in Q4FY24. EBITDA margin declined by 154 bps QoQ to 39.0% on higher marketing cost ( up 23.7% QoQ). Reported billings of Rs 5.8bn( up 1...
Add Info Edge India Ltd For Target Rs.559 By Centrum Broking
Add Info Edge India Ltd For Target Rs.559 By Centrum Broking
Source: Centrum Broking Ltd
2024-08-13 12:21:40 pm
Add Dr. Lal Path Labs Ltd For Target Rs.3,550 By Centrum Broking DLPL delivered a beat on margins at 28.2% (our est: 27%). However, Revenue was inline while EBITDA/PAT delivered a slight beat by 4%/5% respectively. Overall revenue increased 11% YoY to Rs6bn with sample/patients volume growing 9%/4% YoY. The revenue per sample stood at Rs287 (+2.4% YoY). This is primarily driven change in test mix as DLPL has not taken price hike. Swasthfit revenue contribution increased to 25% in 1QFY25 (vs 22%/24% in 1QFY24/4QFY24). EBITDA increased 16% YoY/17% QoQ to Rs1...
Add Dr. Lal Path Labs Ltd For Target Rs.3,550 By Centrum Broking
Add Dr. Lal Path Labs Ltd For Target Rs.3,550 By Centrum Broking
Source: Centrum Broking Ltd
2024-08-09 03:53:40 pm
Buy VIP Industries Ltd For Target Rs.559 By Centrum Broking VIP Industries Q1FY25 print was below our estimates; Consolidated revenue grew 0.4%, yet EBITDA/PAT declined by 38.8%/87.4% YoY. Despite subdued demand (lower wedding days/ severe heatwave), VIP clocked healthy volume growth of 11% led by, (1) muted Apr, volumes for May/Jun grew 31%/36%, (2) faster growth in E-com channel value/volume grew 66%/73%, (3) 16% growth in ASP, (4) rising share of hard luggage at 56%, and (5) strategic price adjustments to cut soft luggage inventory. VIP cut the inv...
Buy VIP Industries Ltd For Target Rs.559 By Centrum Broking
Buy VIP Industries Ltd For Target Rs.559 By Centrum Broking
Source: Centrum Broking Ltd
2024-08-09 03:34:56 pm
Sell NCC Ltd For Target Rs.280 By Centrum Broking NCC reported good set of results for 1QFY25 as despite being an election quarter, revenues increased by 23% YoY, 7% ahead of our estimates. Execution remained robust across multiple segments like buildings, JJM and electrical division. Order inflow was weak during the quarter at just Rs4bn but guidance for FY25 remains same at Rs200-220bn. Management expects EBITDA margins of 9.5%-10% in FY25, slightly below historical levels, as the company would prioritize growth by securing large orders; w...
Sell NCC Ltd For Target Rs.280 By Centrum Broking
Sell NCC Ltd For Target Rs.280 By Centrum Broking
Source: Centrum Broking Ltd
2024-08-08 06:12:37 pm
Buy Vedanta Ltd For Target Rs.478 By Centrum Broking Ltd Vedanta (VEDL IN) reported in line with our estimate adjusted EBITDA of Rs99.5bn, up 13% QoQ (CentrumE: Rs98.7bn). The outperformance in aluminum, power, Zinc India, Steel business and Zinc International was offset by underperformance in Oil and gas and Copper segment. Ex-HZ, EBITDA was Rs51.3bn, up 17% QoQ due to higher profitability in aluminium business (up 48% QoQ), zinc international, power and steel business. VEDL is witnessing various positive developments – 1) Capacity expansion...
Buy Vedanta Ltd For Target Rs.478 By Centrum Broking Ltd
Buy Vedanta Ltd For Target Rs.478 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-08 05:58:20 pm
Reduce Sundaram Finance Ltd For Target Rs.4,317 By Centrum Broking Ltd Sundaram Finance (SUF) reported a slow growth of 6.5%/11.3% YoY/QoQ in disbursements. Margins (calc.) were impacted (down 25bps YoY and 7bps QoQ) due to rise in CoF while interest yields (calc.) increased 44bps YoY and down 5bps QoQ. NII for 1QFY25 stood at Rs530cr, up 19% YoY and 3% QoQ vs our estimates of Rs523cr. PPoP for 1QFY25 stood at Rs476cr, up 11% YoY and -21% QoQ vs our estimates of Rs533cr primarily due to lower dividend income. Credit costs decreased to 65bps vs 128bps in 1QFY24. ...
Reduce Sundaram Finance Ltd For Target Rs.4,317 By Centrum Broking Ltd
Reduce Sundaram Finance Ltd For Target Rs.4,317 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-06 06:03:19 pm
Buy Britannia Industries Ltd For Target Rs.6,400 By Centrum Broking Ltd BRIT’s Q1FY25 print was in line with our estimates; Consolidated revenue/EBITDA/PAT grew 6.0%/9.4%/16.3%, supported by ~6% volume growth YoY. Despite elevated food inflation, heat wave impacting OOH consumption, and a high base BRIT saw rural market performing better. BRIT has widened gap in market share to Parles further. Management alluded growth to, (1) rural (35% sales) outperformed the urban by 1.25x, (2) with 30K rural distributors, direct reach now stands at 2.82mn, largely drive...
Buy Britannia Industries Ltd For Target Rs.6,400 By Centrum Broking Ltd
Buy Britannia Industries Ltd For Target Rs.6,400 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-06 05:43:12 pm
Buy Jindal Stainless Ltd For Target Rs. 816 By Centrum Broking Ltd Despite challenging business environment, JSL reported better than expected Q1FY25 consol EBITDA of Rs12.1bn (CentrumE: Rs10.7bn) up 17% QoQ as well as EBITDA/t above estimate at Rs20,960 (CentrumE: Rs18,835/t) up 15.5% QoQ. The outperformance was largely favoured by low cost inventory during the quarter. The sales volume increased by 1.4% QoQ led by strong domestic demand but realisation/t remain flattish QoQ. Standalone EBITDA/t reported at Rs17,373/t (CentrumE: Rs15,995/t), up by 19.7% QoQ...
Buy Jindal Stainless Ltd For Target Rs. 816 By Centrum Broking Ltd
Buy Jindal Stainless Ltd For Target Rs. 816 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-06 04:16:56 pm
Buy Emami Ltd For Target Rs.950 By Centrum Broking Ltd Emami’s Q1FY25 print was in line; consolidated revenue/EBITDA/PAT grew 9.7%/13.9%/ 10.1% YoY. Domestic revenues surged by 10%, led by 8.7% volume growth, yet international business saw 11.0% growth (CC). Management alluded despite challenges in rural company’s enhanced distribution/village coverage helped to capture good growth around extreme heatwave in the north. Higher spends on brand building (BTL) resulted in volumeled growth reflecting rural growth continue to outpace urban ...
Buy Emami Ltd For Target Rs.950 By Centrum Broking Ltd
Buy Emami Ltd For Target Rs.950 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-06 04:03:30 pm
Buy Dabur India Ltd For Target Rs.735 By Centrum Broking Ltd Dabur’s Q1FY25 print was in-line with our estimates; Consolidated revenue/EBITDA/PAT grew 7.0%/8.3%/8.2% YoY. Domestic business volumes grew 5.2%, yet International business grew 18.4% (CC). Domestic growth was led by HPC (+8.1%), F&B (+4.0%), Health care (+7.0%). Management said its three fold strategy helped to address changing landscape. Q1 growth was driven by, (1) gradual pickup in rural which outpaced urban growth by 350bp, (2) 3% contribution from NPD, (3) with 20% contributi...
Buy Dabur India Ltd For Target Rs.735 By Centrum Broking Ltd
Buy Dabur India Ltd For Target Rs.735 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-05 02:24:03 pm
Add Sun Pharma Ltd For Target Rs.1,900 By Centrum Broking Ltd Sun Pharma (SUNP) 1QFY25 result was a miss on revenue while EBITDA/PAT beat our estimates. Overall revenues grew 6% YoY to Rs125bn (our est. Rs130bn), led by India/EM delivering 16%/11% YoY growth offset by muted US growth. API/ROW declined 8%/1% YoY respectively. Global specialty grew 15% YoY to USD266mn (down 2% QoQ). Gross margins expanded 200bps to 78.6% (down 120bps QoQ). EBITDA grew 11% YoY to Rs35bn with margins expanding 130bps YoY (+350bps QoQ) at 28.2% (our est. 26.5%). Adjusting fo...
Add Sun Pharma Ltd For Target Rs.1,900 By Centrum Broking Ltd
Add Sun Pharma Ltd For Target Rs.1,900 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-05 02:13:45 pm
Reduce ACC Ltd For Target Rs.2,700 By Centrum Broking Ltd ACC reported weak set of results for 1QFY25 as lower realizations and higher costs offset the impact of higher volumes. EBITDA at Rs6.8bn is down 12% YoY and 6% below our estimate. The company reported volumes of 10.2mn mt for the quarter, up 9% YoY driven by higher MSA volumes through Sanghi. EBITDA/mt saw sharp correction to Rs664/mt against our expectation of Rs739. The capex plan of the group is more skewed towards Ambuja and hence we believe that volume growth will be restricted in near ...
Reduce ACC Ltd For Target Rs.2,700 By Centrum Broking Ltd
Reduce ACC Ltd For Target Rs.2,700 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-02 05:35:22 pm
Add Avenue Supermarts Ltd For Target Rs.5,428 By Centrum Broking Ltd We attended analyst meet hosted by DMart which provided depth on current demand trends and company’s strategy to build on fast growing e-commerce/QCom segment. Management said, (1) with strategy reset (building capabilities), the GM&A category saw sequential improvement, (2) with 341 pick-up locations, DMart ready format is present in 23 cities, (3) despite opening large stores, ~43K Sq.ft area, sales reached to pre Covid levels at Rs32,941/per sq.ft. That said, with 9.9% SSSG in FY...
Add Avenue Supermarts Ltd For Target Rs.5,428 By Centrum Broking Ltd
Add Avenue Supermarts Ltd For Target Rs.5,428 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-01 05:50:35 pm
Reduce Navin Fluorine International Ltd For Target Rs.3,656 By Centrum Broking Ltd In Q1FY25, Navin Fluorine (Navin) experienced a subdued sequential performance, with revenues and EBITDA declining by 13.0% and 8.8%, respectively. Nonetheless, gross margins improved 600bps QoQ leading to operating margin expansion by 90bps QoQ, reaching 19.2%. Q1 revenue was primarily driven by higher contribution from HPP segment as HFO operations stabilized and new R32 capacity boosted sales. However, Speciality segment faced pressure, with 37.0% QoQ revenue decline due to inventory ratio...
Reduce Navin Fluorine International Ltd For Target Rs.3,656 By Centrum Broking Ltd
Reduce Navin Fluorine International Ltd For Target Rs.3,656 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-08-01 05:41:10 pm
Sell M&M Financial Services Ltd For Target Rs. 250 By Centrum Broking Ltd Earnings beat due to decrease in PCR Mahindra Finance (MMFS) reported earnings ahead of our estimates driven by controlled opex and lower provisions which resulted in decline in PCR. On NIMs front, MMFS faced twin challenges - yield compression (upgrade to better customer segment and lower yields on leading segments) and rising CoF. Resultantly, NII growth lagged AUM growth and print was at mere 12%. However, opex to Assets was controlled and remained 10bps lower YoY to 2.7% leading to hig...
Sell M&M Financial Services Ltd For Target Rs. 250 By Centrum Broking Ltd
Sell M&M Financial Services Ltd For Target Rs. 250 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-07-29 04:13:14 pm
Reduce Hindustan Unilever Ltd For Target Rs. 2,636 By Motilal Oswal Financial Services With harsh summer and price cuts lift Q1 volumes HUVR’s Q1FY25 print was in-line with our estimates; Revenue/EBITDA/APAT grew 1.3%/ 2.4%/3.1%, led by negative pricing and 4.0% volume growth. Given high food inflation impacting mass consumption, management cited it saw some green shoots and recovery in rural markets. With drop in prices for top-4 commodities – CPO, caustic soda, crude oil, and soda ash, gross margin inched up to 51.4% (+154bp). Despite higher ad-spends +11% (+20...
Reduce Hindustan Unilever Ltd For Target Rs. 2,636 By Motilal Oswal Financial Services
Reduce Hindustan Unilever Ltd For Target Rs. 2,636 By Motilal Oswal Financial Services
Source: Centrum Broking Ltd
2024-07-29 04:05:33 pm
Add Torrent Pharmaceuticals Ltd For Target Rs. 3,350 By Centrum Broking Ltd India segment continues to drive growth TRP 1QFY25 Revenue/EBITDA were in-line while PAT was a miss on our estimates. Overall sales were Rs28.6bn (+10% YoY) for the quarter. This was led by India/Germany segments delivering 15%/10% YoY growth respectively. However, Brazil grew a modest 3% YoY and US declined 12% YoY (CC: -9% YoY). Adjusting for a one-off expense of Rs0.2bn, EBITDA was Rs9.2bn (+17% YoY) with margins expanding 180bp YoY to 32.3% (our est 31.6%), due to better GM (+80bp YoY)...
Add Torrent Pharmaceuticals Ltd For Target Rs. 3,350 By Centrum Broking Ltd
Add Torrent Pharmaceuticals Ltd For Target Rs. 3,350 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-07-29 03:47:35 pm
Buy Coforge Ltd For Target Rs. 7,140 By Centrum Broking Ltd Robust financial performance; Definite signs of improvement in outlook Coforge reported inline performance for the quarter. It reported revenue of Rs 24.1bn ( up 1.8% QoQ in INR terms, up 1.6% QoQ in USD terms). The cc growth was 1.6% QoQ. The sequential growth was led by Travel , Tourism and Hospitality( up 4.6% QoQ). Adjusted EBITDA margin was at 17.9% vs 19.0% in Q4FY24. Order intake of $314 mn for the quarter( 10th consecutive quarter of $300mn+). The 12 month executable order book was...
Buy Coforge Ltd For Target Rs. 7,140 By Centrum Broking Ltd
Buy Coforge Ltd For Target Rs. 7,140 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-07-29 03:41:21 pm
Buy Shriram Finance Ltd For Target Rs. 3,480 By Centrum Broking Ltd Strong growth in a weak environment Shriram reported strong performance in 1QFY25 aided by robust AUM growth (up 21% YoY and 4% QoQ) and healthy return profile with RoA (calc) at 3.3%. NII was up 25% YoY and 3% QoQ (5% above est). NIMs (on AUM, calc) declined 13bps QoQ to 9.1% was due to change in product mix. Going ahead, some margin improvement can be expected. Operating profits increased 23% YoY and down 1% QoQ (5% above our estimates) while PAT grew 18% YoY and 2.0% QoQ (6% ahead of ou...
Buy Shriram Finance Ltd For Target Rs. 3,480 By Centrum Broking Ltd
Buy Shriram Finance Ltd For Target Rs. 3,480 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-07-29 03:35:33 pm
Buy IDFC First Bank Ltd For Target Rs. 93 By Centrum Broking Ltd Resilient franchise amidst yearly return shortfalls IDFC First Bank (IDFCBK) reported 1QFY25 numbers with lower opex and higher provisions. NII for the quarter came in line at Rs47bn (up +25%/+5% YoY/QoQ) in line with our expectations. Other income witnessed an increase of +15%/down 4% YoY/QoQ. However, opex came in at Rs44.5bn (up +30%/5.4% YoY/QoQ) below our expectations. CTI for the quarter came in at 70.5% (down 213bps sequentially), respectively. Resultantly, PPoP came in at Rs18.5bn,...
Buy IDFC First Bank Ltd For Target Rs. 93 By Centrum Broking Ltd
Buy IDFC First Bank Ltd For Target Rs. 93 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-07-29 03:22:19 pm
Sell Gujarat Gas Ltd For Target Rs.460- Centrum Broking Ltd During Q4, Gujarat Gas (GujGas) reported significant beat supported by robust sequential expansion in EBITDA/scm. 41.0% QoQ surge in EBITDA/scm at Rs6.7/scm led to EBITDA/ PAT surging by 47.5%/85.7% QoQ. Overall volumes jumped 5.8% QoQ and 9.4% YoY at 9.7mmscmd. YoY volume growth was supported by surge in CNG volumes while QoQ volumes benefitted from growth in both industrial and CNG volumes. During FY24, the company reported 11.6% YoY jump in overall volumes, however 29.9% YoY decline in EBI...
Sell Gujarat Gas Ltd For Target Rs.460- Centrum Broking Ltd
Sell Gujarat Gas Ltd For Target Rs.460- Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-05-18 11:11:46 am
Buy Indraprastha Gas Ltd For Target Rs.487 - Centrum Broking Ltd During Q4, Indraprastha Gas (IGL) reported weak sequential iterating performance due to 8.0% QoQ decline in EBITDA/scm impacted by higher opex despite GP/Scm rising 2.1% QoQ. Sequential EBITDA/PAT thus declined 6.3%/8.9%. Although CNG volumes remained flattish QoQ, 2.9% rise in QoQ volumes was supported by 15.1%/8.6% QoQ jump in PNG domestic/commercial volumes. During FY24, the company reported 4.2% YoY jump in overall volumes at 8.4mmscmd coupled with 11.7% increase in EBITDA/scm at Rs7.7/sc...
Buy Indraprastha Gas Ltd For Target Rs.487 - Centrum Broking Ltd
Buy Indraprastha Gas Ltd For Target Rs.487 - Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-05-18 11:04:33 am
Add NCC Ltd For Target Rs . 240 - Centrum Broking Ltd NCC delivered strong set of results yet again with Revenue and PAT growth of 41% and 42% respectively for 3QFY24. Higher execution in JJM projects and building and electrical division resulted in a substantial 13% beat on our expectations. While order inflow for NCC in 3Q was muted, substantial order accretion in 1HFY24 will help the company to achieve its guidance of Rs260bn order inflow this year. We expect revenue growth momentum to sustain in FY25 despite election related slowdown in orde...
Add NCC Ltd For Target Rs . 240 - Centrum Broking Ltd
Add NCC Ltd For Target Rs . 240 - Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-05-17 09:43:33 am
Sell Gujarat Gas Ltd. For Target Rs.460 By Centrum Broking Ltd During Q4, Gujarat Gas (GujGas) reported significant beat supported by robust sequential expansion in EBITDA/scm. 41.0% QoQ surge in EBITDA/scm at Rs6.7/scm led to EBITDA/ PAT surging by 47.5%/85.7% QoQ. Overall volumes jumped 5.8% QoQ and 9.4% YoY at 9.7mmscmd. YoY volume growth was supported by surge in CNG volumes while QoQ volumes benefitted from growth in both industrial and CNG volumes. During FY24, the company reported 11.6% YoY jump in overall volumes, however 29.9% YoY...
Sell Gujarat Gas Ltd. For Target Rs.460 By Centrum Broking Ltd
Sell Gujarat Gas Ltd. For Target Rs.460 By Centrum Broking Ltd
Source: Choice Broking Ltd
2024-05-16 02:03:57 pm
Add Indraprastha Gas Ltd. For Target Rs.487 By Centrum Broking Ltd During Q4, Indraprastha Gas (IGL) reported weak sequential iterating performance due to 8.0% QoQ decline in EBITDA/scm impacted by higher opex despite GP/Scm rising 2.1% QoQ. Sequential EBITDA/PAT thus declined 6.3%/8.9%. Although CNG volumes remained flattish QoQ, 2.9% rise in QoQ volumes was supported by 15.1%/8.6% QoQ jump in PNG domestic/commercial volumes. During FY24, the company reported 4.2% YoY jump in overall volumes at 8.4mmscmd coupled with 11.7% increase in EBITDA/...
Add Indraprastha Gas Ltd. For Target Rs.487 By Centrum Broking Ltd
Add Indraprastha Gas Ltd. For Target Rs.487 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-05-16 01:58:13 pm
Reduce Voltas Ltd. For Target Rs.1,300 By Centrum Broking Ltd VOLT’s consolidated sales grew 42% YoY to Rs42bn, 17%/10% above our/consensus estimate. UCP sales jumped 44% YoY to Rs29.6bn, driven by 72% RAC volumes growth. EMPS sales rose 47% YoY to Rs10.9bn led by strong execution of domestic and Saudi Arabia orders. However, margins were softer as gross margin fell 180bps YoY to 19.8% while EBITDA margin fell 290bps YoY to 4.5% (vs. our/consensus of 6.7%/6.8%). Larger than expected loss in EMPS at Rs1.1bn and lower than expected EBIT margin in UC...
Reduce Voltas Ltd. For Target Rs.1,300 By Centrum Broking Ltd
Reduce Voltas Ltd. For Target Rs.1,300 By Centrum Broking Ltd
Source: Centrum Broking Ltd
2024-05-10 03:20:55 pm
Buy AU Small Finance Bank Ltd For Target Rs.884 - Centrum Broking Lower credit cost and early signs of yield improvement Financial and valuation summary AUBANK reported above estimate numbers primarily to improvement in asset quality. NII for the quarter came in line at Rs13.4bn (CentrumE – Rs13.7bn). Further, noninterest income witnessed ~24% QoQ jump, thanks to pick up in business momentum. However, higher opex led to marginally lower PPoP at Rs6.6bn (CentrumE – 6.9bn). Resultantly, CTI for the quarter was sequentially higher at 64.9% vs. ...
Buy AU Small Finance Bank Ltd For Target Rs.884 - Centrum Broking
Buy AU Small Finance Bank Ltd For Target Rs.884 - Centrum Broking
Source: Centrum Broking Ltd
2024-04-29 12:54:49 pm
Buy LA OPALA Ltd. For Target Rs.491 By Centrum Broking La Opala’s Q3FY24 print was weaker; revenue/EBITDA declined by 15.2%/11.8%, though PAT grew 27.5%. Management alluded weak revenues to, (1) necessary changes made in front end distribution saw sales disruption, (2) high base due to non-recurring institutional order of Rs100mn in Q3FY23, (3) weak consumer spends cut discretionary demand, and (4) rising competitive intensity. Lower input prices and operating leverage influenced gross margin rising to 78.9% (+120bp); yet des...
Buy LA OPALA Ltd. For Target Rs.491 By Centrum Broking
Buy LA OPALA Ltd. For Target Rs.491 By Centrum Broking
Source: Centrum Broking Ltd
2024-03-31 02:53:01 pm