IGI Logo
Toggle Navigation
News
Hindi
Hindi News
Top News
Screeners
Stocks
Stocks Screener
Stock
News
Stock Market Home Page
Stock News
Industry News
Economy News
Stock on the move
Expert Views
Research Reports
Company Result
Comp Info And Fundamentals
Company Profile
Equity
Financial Ratios
Results
Balance Sheet
Profit And Loss
Cash Flow
Share Holding
Derivatives (F&O)
Get Quotes
Market Watch
Top Gainers
Top Losers
Top Traded Quantity
Top Traded Value
Most Active Puts
Derivatives (F&O)
Most Active Calls
Put Call Ratio
Highest In Premium
Daily Settlement Price
FII and DII Statistics
Open Interest: Highest In OI
Open Interest: Lowest In OI
Derivatives (F&O)
Open Interest: Increase in OI Increase in Price
Open Interest: Decline in OI Decrease in Price
Derivative Watch
Derivatives Dashboard
Historical Data
List of Underlyings & Underlying Info
Derivative Watch
Derivatives Dashboard
Market Reports
Top Gainers
Top Losers
Monthly High/Low
52 Week High
52 Week Low
Market Cap Gainers
Market Cap Losers
PE Ratio
>More Market Reports
IPO
News
IPO News
IPO Issue Reports
Commodity
Commodity Market
Commodity Home Page
Commodity News
Commodity Reports
Market Details
Get Quotes
Top Gainers
Top Losers
Top Volume
Top Value
Top Gainers Spot Market
Top Losers Spot Market
High & Low
Commodity Indices
Technical Analysis
Advance Declines
High & Low
Highest In OI
Lowest OI
Increase In Open Interest(%)
Descrease In Open Interest(%)
Currency
News
Currency News
Economy News
Currency Reports
Mutual Fund
News
Mutual Fund Home Page
Mutual Fund News
Mutual Fund Details
Mutual Fund Home Page
Compare Scheme
Scheme Profile
Mutual fund Investment
Mutual Fund Share Holding
Mutual Fund Statistics
Mutual fund Gainers
Mutual fund Losers
Biggest Schemes
Best Performers
Latest Dividend Details
Tools
Multi Scheme Comparison Tool
Dividend Details
Performance Map
Mutual fund Investment
Mutual fund Share Holding
Mutual Fund Search Category Rankings
Widgets
Stock Widgets
Watchlist
Heatmap
Mutual Fund Widgets
Watchlist
Calculators
EMI Calculator
SIP Calculator
SWP Calculator
GST Calculator
FD Calculator
RD Calculator
Wealth
World
Tips
Intraday Tips
Market Outlook
Stock Tips
Commodity Tips
Currency Tips
Reports
Short Term Investment Opportunities
Long Term Investment Opportunities
Sector Analysis
Commodity Reports
Currency Reports
Mutual Fund Analysis
Podcast
Videos
Videos Category
Business Videos
Budget Videos
News And Politics
Entertainment Videos
Sports Videos
Lifestyle And Fashion Videos
Global News Videos
Calculators
EMI Calculator
SIP Calculator
SWP Calculator
GST Calculator
FD Calculator
RD Calculator
More
Budget 2024
Astrology
Women
Politics
Entertainment
Car&Bike
Gadgets
Lifestyle
Sports
Health
Fashion
Diwali Reports
Diwali Expert Reports
News
Astrology
Beyond Market Car
Beyond Market Entertainment
Beyond Market Fashion
Beyond Market Gadgets
Beyond Market Health
Beyond Market India
Beyond Market Life Style
Beyond Market Sports
Broking Firm Views
Broking Firm Views - Long Term Report
Broking Firm Views - Sector Report
Broking Firm Views - Short Term Report
Budget 2024 Sector Reports
Budget Bites
Budget Economic Servey
Budget Expert Views
Budget Industry
Budget News
Budget Wishlist
Commodities
Commodities Reports
Commodity Top News
Company News
Company Result
Currency News
Currency Report
Currency Top News
Diwali Expert Views
Diwali Market Outlook
Diwali Report
Diwali Technical Report
Economy News
Expert View Institution
Expert Views
Industry News
IPO Analysis
IPO More News
IPO Reports
IPO Top News
Market Outlook
Mutual Fund Analysis
Mutual Fund Expert Views
Mutual Fund More News
Mutual Fund Top News
Podcast - Market Ki Awaaz
Special Event Expert Views
Special Event Reports
Startup
Startup Expections
Startup Speak
Stock Market
Stock On The Move
Top News
Top Stories
Videos
Videos Business
Videos Entertainment
Videos Global News
Videos Lifestyle And Fashion
Videos News And Politics
Videos Sports
Wealth
Women
World Market More News
World Top News
Search
Results Synopsis SAIL's Q2FY25 performance was below the consensus expectations, primarily driven by lower export sales volumes and falling realizations on a QoQ basis, which offset the declines in imported coking coal prices. Net revenue from operations stood at Rs 246,746 mn (which included Rs 16,369.4 mn towards rail price revision for FY22-23), up 3% QoQ and down 17% YoY. Adjusted EBITDA stood at Rs 12,673 mn down 43% QoQ and 67% YoY. Debottlenecking to be the focus while the 35...
Reduce Steel Authority of India Ltd For Target Rs. 112 by Yes Securities Ltd
Result Synopsis Bata India Ltd (BATA) reported another muted quarter on the back of sluggish demand environment & subdued consumption. Consequently, topline stood at Rs8.37Bn (largely in-line with est), a marginal growth of 2%YoY (2-Year CAGR remained flat). Gross margins declined by 143bps YoY & improved by 176bps sequentially to 56.6% & similarly EBITDA margins declined by 133bps YoY & expanded by 127bps QoQ to 20.9% (above est of 20%). Hence, Absolute EBITDA stood at Rs1...
Neutral Bata India Ltd For Target Rs. 1,388 by Yes Securities Ltd
All round beat builds ground for optimism Result Synopsis Base business growth in Vijaya is running healthy coupled with robust addition from new hubs opened between FY21-23. We had been circumspect about base business expansion, but it does appear to be running at 8-10% YoY in our view and indeed Vijaya has surprised for 2 quarters in a row. Company has not added any hubs between JanNov’24 barring one opened in Ongole, AP as management focused on integration of PH. With ~4 hubs l...
Add Vijaya Diagnostics Ltd For Target Rs. 1,240 by Yes Securities Ltd
Positive MHCV outlook maintained for 2HFY25 Valuation and View – MHCV volume trajectory key to watch for AL’s 2QFY25 operating performance was slightly better as EBITDA margins came in at 11.6% (vs est 11.2%, cons 11.1%, +40bp/+100bp YoY/QoQ). This was led by better-than-expected gross margins as RM continues to be benign (+50bp impact) and cost control initiatives (+50bp impact). We believe, despite volumes trajectory likely to be uncertain (flat to mid-single digit growth)...
Add Ashok Leyland Ltd For Target Rs. 256 by Yes Securities Ltd
Macro challenges yet not over both at JLR&S/A View – Sharp stock correction still not make risk reward favorable! TTMT’s 2QFY25 consol results were operationally weaker than expected led by supply disruptions at JLR (~16k units) dragged consol EBITDA miss of ~17%/20% to our/street estimates. JLR EBITDAM contracted 320bp YoY (-410bp QoQ) at 11.7% (est 13.2%) more than negating better S/A margins delivery at 12.4% (est 12%, +50bp YoY). On the positive side, deleveraging is...
Add Tata Motors Ltd For Target Rs. 948 by Yes Securities Ltd
Asset quality stress and upfront provisioning impact RoA Substantial flows/slippages and credit cost in MFI portfolio impacts profitability Equitas SFB’s credit cost (3.7% annualized) was higher than even Q1 FY25 (3.5% - which included Rs1.8bn of additional floating provision) due to 1) significantly increased flows/slippages in MFI portfolio, 2) moderate incremental deterioration in vehicle finance, affordable housing and MSE finance asset quality and 3) additional provisioning o...
Add Equitas Small Finance Bank Ltd For Target Rs. 94 by Yes Securities Ltd
Result Synopsis Whirlpool’s consolidated revenue came 2.5% below estimates. Revenue grew 12.6% yoy. WHIRL revenue grew in double digit despite overall industry for refrigerator and washers was flattish in Q2. Revenue growth was driven by strong volume share growth in Refrigerators and Washers compared to last year as well as more premium product mix driving value growth. The company continued to gain market share in its key categories of refrigerators and washers. Gross margin has im...
Buy Whirlpool of India Ltd For Target Rs. 2,483 by Yes Securities Ltd
Broad investment thesis remains intact Our view – Management guides for reasonably healthy loan growth Balance sheet growth – Loan growth outcome and guidance were both positive, while management was currently willing to allow deposit growth to lag: Whole bank advances grew 2.9%/15.3% QoQ/YoY driven by all segments, barring retail. In terms of guidance, the bank is looking at a credit growth in the range of 14-16% YoY. There is good corporate credit visibility due to healthy...
Buy State Bank of India Ltd For Target Rs. 1025 by Yes Securities Ltd
RoEV improves due to underlying factors, Upgrade Our view – Growth and margin show improved traction, BUY VNB margin - VNB margin has improved in a reasonably healthy manner on YoY basis, driven by product mix change: The VNB margin for 2QFY25 amounts to 17.9% compared with 15.3% in 2QFY24, up 257 bps YoY. On half-year basis, VNB margin has improved 160 bps YoY, with product mix change enhancing 1H margin by 430 bps whereas economic assumption change offsetting the same by 290 bps...
Buy Life Insurance Corporation of India Ltd For Target Rs. 1150 by Yes Securities Ltd
Result Synopsis CARYSIL Ltd reported decent performance in Q2YFY25 wherein revenue grew by 26.6%YoY to Rs2.07Bn (in-line with our est) which was driven by exports biz (82% of revenue) which grew by 31%YoY. GP margins on a consolidated basis improved from 53%/53.3% in Q2FY24/Q1FY25 to 55.6%, however, operating margins declined by 218bps YoY to 18% due to higher employee & other cost. On standalone basis, revenue increased by 11%YoY, but gross margins declined from 61.4% in Q2FY24 to 58%...
Buy Carysil Ltd For Target Rs. 1,035 by Yes Securities Ltd
Underlying ICE margins continues to be healthy View – ICE margins to sustain while EVs ramp-up to continue HMCL’s 2QFY25 results were steady and in-line to our/street with EBITDA margins expanded 40bp YoY (+10bp QoQ) at 14.5%. This was constrained by EV (margin drag of ~200bp) as underlying ICE margins were healthy at 16.5% (vs 16.4% in 1Q, 15.6% in 4QFY24 and 14.5% in 1QFY24), supported by operating leverage, favorable mix, cost savings and price hikes. ~4.2% QoQ increase i...
Buy Hero MotoCorp Ltd For Target Rs. 5,377 by Yes Securities Ltd
Result Synopsis Century Plyboards Ltd (CPBI), reported highest-ever topline of Rs11.84Bn, a growth of 19%YoY. However, operating margins contracted to multi-year low at 9.4% owing to elevated timber cost and higher operating cost of newly commenced laminates and MDF plant. Further, higher depreciation & finance cost weighed on net profit. Plywood, the core-segment of CPBI displayed stellar performance. Company’s plywood biz (57% revenue; 86% EBITDA), reported topline growth of...
Add Century Plyboards India Ltd For Target Rs. 880 by Yes Securities Ltd
Valuation and View – Diversified revenue base to cushion weak auto Bharat Forge (BHFC) 2QFY25 results were largely in-line to our/street. Weak tonnage at 64.1k tons (-9% YoY/ -5% QoQ, est 68.1k tons) was offset by better gross margins at 59.2% (+250bp YoY, est 58.7%). The key highlight of the quarters was, ramp-up in defence business with 2QFY25 revenues at ~Rs5.1b (vs Rs6.42b in 1Q and ~Rs15.6b in FY24) with cumulative order book at ~R59b (vs ~Rs54b in 1QFY25) as it added Rs6.4b ord...
Buy Bharat Forge Ltd For Target Rs. 1,624 by Yes Securities Ltd
Solid RoE delivery led by Gold Loans Strong performance in Gold Loans; MFI and other products witness NPL spike Muthoot Finance delivered a 5-6% NII/PPOP beat on our expectations aided by strong growth, yield improvement and operating leverage in the mainstay Gold Loans business (83% of AUM). Consolidated PAT was however in-line with our estimate with higher provisioning in Belstar MFI and other non-GL businesses (HF, VF, PL, BL, etc.). Consolidated RoA/RoE sequentially improved to 4.9%...
Buy Muthoot Finance Ltd For Target Rs. 2,240 by Yes Securities Ltd
Result Synopsis Crompton has reported marginally lower than estimated revenue growth on account of subdued performance of Butterfly Appliances. ECD revenue grew 12.5% (in line with estimates). Fans have witnessed muted growth of 5%, while Pumps (+20%) and Appliances (+26%) have registered strong growth. Appliance growth has been driven by water heater, room heater and mixer grinders. Air-cooler delivered strong growth even in the lean season. Company continues to gain share in its key cate...
Buy Crompton Greaves Consumer Electricals Ltd For Target Rs. 510 by Yes Securities Ltd
Beat on volume front but sharp knock on profitability! Result Synopsis Prince Pipes & Fittings Ltd (PRINCPIP) reported a weak set of numbers in Q2FY25. Though volumes increased by 4%YoY to 43,301Te, which was above our estimates, and the same better than the listed peers, but 2-year CAGR stood at 6%, which is meaningfully below industry average. Volumes were impacted due to extended monsoons and sharp fall in PVC prices, which led to dealer destocking. However, growth of 4%YoY was p...
Buy Prince Pipes & Fittings Ltd For Target Rs. 623 by Yes Securities Ltd
Natural Gas trading disappoints; PBT in line, supported by lower depreciation GAIL's Q2 FY25 performance was a mix bag, with EBITDA/PAT at Rs37.5bn/Rs26.7bn, up 7.3%/11.1% YoY, EBITDA missing expectations on poor gas trading performance. Natural Gas transmission was in line on better volumes and margins. Petchem reported a positive surprise while other segments were in line to our expectations. The management guidance on volume growth for NG transmission segment annually at 10-12mmscmd...
Buy GAIL Ltd For Target Rs. 240 by Yes Securities Ltd
EBITDA miss on lower production and sales of both oil and gas Oil India’s earnings saw lower-than-estimated EBITDA and PAT on weaker volumes while the realizations in line with expectations. Crude production & natural gas both experienced YoY and QoQ increase (but was lower than the company target due to less than planned workover wells & lower offtake by customers. Depreciation, finding cost, and statutory levies showed marginal increase, other expenses were higher than expe...
Buy Oil India Ltd For Target Rs. 710 by Yes Securities Ltd
Revenue and margin evolution healthy for now Our view – Strong growth in both MF and non-MF segments sustained Asset-Based Mutual Fund Revenue– Asset growth remained strong and yield was broadly stable: Asset-based mutual fund revenue was up 10.7%/32.7% QoQ/YoY to Rs 2.68bn, lagging growth in AAUM serviced by CAMS, which was up 12.3% QoQ and 39.2% YoY. The revenue yield was largely stable during the quarter, where the adverse impact of telescoping pricing was negated by high...
Add Computer Age Management Services Ltd For Target Rs. 4,800 by Yes Securities Ltd
Result Synopsis Symphony on consolidated basis missed our revenue estimates by 6%, miss was largely on account of decline in international revenue. International revenue registered declined of 8.4% on yoy basis, while domestic business saw growth of 24.5%. Gross margins have seen expansion of 334bps on back of tactical pricing, value engineering and softening of input costs. EBITDA margin on other hand has seen expansion of 541bps to 20.3%, despite negative operating leverage in the intern...
Add Symphony Ltd For Target Rs. 1,696 by Yes Securities Ltd
Volume beat expectations, but weaker EBITDA spread dampens the earnings Indraprastha Gas Limited (IGL) reported an underwhelming Q2FY25 performance, with Rs5.4bn EBITDA being lower 18.4% YoY and 7.9% QoQ. The Rs4.3bn PAT demonstrated 19.4% YoY decline but experienced a 7.4% QoQ increase. Despite beating volume expectations, the realizations were lower than estimated and elevated gas cost led to eroding EBITDA margins. The stock witnessing a sharp correction, we upgrade our rating to ADD wi...
Add Indraprastha Gas Ltd For Target Rs. 474 by Yes Securities Ltd
Equity flows improve, while yield remains stable Our view – Higher share of equity in AUM helps maintain revenue yield Revenue Yield – Equity segment yield sequentially down but overall revenue yield has remained stable: The equity segment yield has come down QoQ from 68bps in 1Q to 67bps in 2Q. However, the total revenue yield has remained stable since negative factors have been offset by the rise in share of equity. The company has not undertaken any exercise yet like its ...
Add Aditya Birla Sun Life Asset Management Ltd For Target Rs. 900 by Yes Securities Ltd
Growth and Margins remain key monitorables’ Earnings higher on lower credit cost; disbursements in-line, margin contracts LIC HF delivered a material 8% beat on our PAT estimate on benign credit cost and asset quality improvement. NII/PPOP were marginally lower than our expectation with NIM dipping sequentially and opex being higher, even as the disbursement/loan portfolio growth were in-line with expectation and recoveries from written-off loans were larger. Disbursements stoo...
Add LIC Housing Finance Ltd For Target Rs. 765 by Yes Securities Ltd
2H to see double-digit growth; EBITDA to lag Marico Ltd. (MRCO) 2QFY25 domestic business saw some improvement in its volume trajectory (+5% YoY volume growth) driven by core as well as new franchises. Realizations have turned positive (price hikes + reversal in pricing cycle) this quarter supporting domestic revenue growth of ~8%. Incremental currency headwinds in some overseas markets restrained consolidated growth to 7.6%. Impact of inflation in domestic core portfolios was more than off...
Buy Marico Ltd For Target Rs. 750 by Yes Securities Ltd
Result Synopsis As expected, Greenpanel Industries (GREENP) registered weak performance in Q2FY25. The core segment, MDF (89% of revenue), reported a degrowth of 17%YoY & 11%QoQ, wherein volumes degrew by 18%YoY & 15%QoQ (2-year volume CAGR came in at -10%) and blended realizations improved by 2%YoY & 5%QoQ. Volumes declined owing to higher competitive intensity in domestic markets coupled with sharp degrowth of 55%YoY & 30%QoQ in exports (15% of vols) biz. Domestic ASP dec...
Buy Greenpanel Industries Ltd For Target Rs. 451 by Yes Securities Ltd
Valuation and View – CNG to help drive industry outperformance MSIL’s 2QFY25 results were weak as it reported ~7%/6% EBITDA miss to our/street estimates led by weak gross margins at 28.1% (est 29.5%). Lower than expected EBITDA at Rs44.2b (est Rs47.8b) was led by; 1) ~70bp drag due to higher A&P, 2) ~50bp RM impact, 3) increased discounts (on wholesales) at ~Rs29.3k/unit (vs ~Rs21.7k/unit in 1QFY25) at ~4.3% of ASP. However, this was offset by 30-40bp positive operating lev...
Buy Maruti Suzuki Ltd For Target Rs. 13,485 by Yes Securities Ltd
Result Synopsis In 2QFY25, ACC’s revenue grew by 3.9% YoY but declined by 10.6% QoQ to Rs40bn, is 15% ahead of our estimate due to higher-than-expected volume and realization. Volumes were up by 14.8% YoY but declined by 8.8% QoQ. The QoQ decline in volume mainly due to heavy seasonal impact and intensifying competition in the industry. While realization was dropped 9.5% YoY and 2% QoQ due to persistent of weak pricing across the geography due to seasonal impact and sluggish demand. ...
Buy ACC Ltd For Target Rs. 2,909 by Yes Securities Ltd
Result Synopsis Greenply Industries Ltd (MTLM) reported a steady growth in Q2FY25, which was largely in-line with our estimates. Plywood volumes grew by 6%YoY & 14%QoQ (2- year CAGR stood at 8%). Incrementally, ASP improved by 2%YoY & 2%QoQ to Rs251/sqm. For H1FY25, plywood volumes increased by 7%YoY and revenue grew by 9%YoY. Operating margins expanded marginally from 7.6%/7.9% in Q2FY24/Q1FY25 to 8.3% in Q2FY25, however. higher input costs continue to weigh on margins. For H1FY25...
Buy Greenply Industries Ltd For Target Rs. 461 by Yes Securities Ltd
Result Synopsis Somany Ceramics Ltd (SOMC), registered a muted performance in Q2FY25. Company’s tile volumes grew by 3%YoY (2-year CAGR stood at 6%) while tile revenue remained flattish YoY on account of 3% reduction in realizations. Operating margins remained under pressure at 8.4% Vs 9.8% in Q2FY24 & 8.5% in the previous quarter due to one of the lowest capacity utilizations which came in at 77% as compared to 88%/81% in Q2FY24/Q1FY25 respectively largely due to sluggish demand...
Buy Somany Ceramics Ltd For Target Rs. 873 by Yes Securities Ltd
Weak refining and marketing performance; LPG subsidy burden continues to impact the earnings Indian Oil Corp Q2FY25 performance showcased a poor core performance aggravated by inventory and adventitious losses. The integrated core margins in USD/bbl were lower than our estimates at 2.6 versus 4.1. With EBITDA at Rs37.7bn and Adj. PAT loss of Rs9.8bn, the core GRMs has been quite weaker with inventory losses, while the marketing performance stood weaker than our expectations with higher-tha...
Neutral Indian Oil Corporation Ltd For Target Rs. 163 by Yes Securities Ltd
Results Synopsis JSW Steel's Q2FY25 performance was above the consensus expectations, primarily driven by robust volumes and effective cost management, which offset the declines in net steel realization (NSR). Net revenue from operations decreased by 7.6% QoQ and 11% YoY, with EBITDA down 1.3% QoQ and 31.1% YoY. A decline in coking coal costs of $27/t provided margin support, with an anticipated further $20-25/t reduction for Q3FY25. The company is advancing its backward integration in...
Add JSW Steel Ltd For Target Rs. 1,045 by Yes Securities Ltd
Strong growth; Outperforms peers in Sept quarter Gillette India Ltd. (GILL’s) Sept’24 quarter saw a sharp beat driven by strong growth of 23% in the Grooming business (5-yr revenue CAGR at 13.6%). The performance looks even more commendable as it comes at a time when FMCG peers are seeing consumption pressure in urban markets. We believe this robust is driven by multiple factors (1) improved rural growth aiding volumes in Guard portfolio, (2) introduction of upgraded Guard prod...
Add Gillette India Ltd For Target Rs. 9,500 by Yes Securities Ltd
No major surprises 2H to be better in terms of margin * Quess Corp (QUESS) delivered 3.5% QoQ/9.1% YoY growth in revenue in 2QFY25, in line with our estimate. * The headcount addition was muted at ~11.8k net. EBITDA margin at 3.8% (stable QoQ) was in line with our estimate of 3.8%. Adj. PAT increased 34% YoY to INR921m, below our estimate of INR1,053m, largely due to lower other income and ETR (8.4% vs. 10% estimated). * For 1HFY25, revenue/EBITDA/PAT grew 8.9%/19.2%/63.9% YoY. We...
Neutral Quess Corp Ltd For Target Rs. 750 by Motilal Oswal Financial Services Ltd
Our view – Long-term bull market for select PSU banks still not over Asset Quality – Slippages were well under control with management guiding for a decline in credit cost: Gross NPA additions amounted to Rs 13.84bn for 2QFY25, translating to calculated annualized slippage ratio of 1.02% for the quarter. Gross NPA additions had amounted to Rs 19.56bn during 1QFY25. Recoveries and upgrades amounted to Rs 10.85bn for 2QFY25, implying net NPA addition of Rs 2.99bn for the quarter....
Buy Indian Bank Ltd For Target Rs. 710 by Yes Securities Ltd
Placed as third top pick in June 2021, FED showcases positive outcomes Our view – A great bank to own in terms of evolution undergone Asset Quality – An annualised gross slippage ratio well below 1% in a worsening asset quality cycle shows FED is in a class of its own: Gross NPA additions amounted to Rs. 4.34bn for 2QFY25, translating to an annualized slippage ratio of 0.8% for the quarter. Gross NPA additions had amounted to Rs. 4.24bn during 1QFY25. The bank has benefited ...
Buy Federal Bank Ltd For Target Rs. 240 by Yes Securities Ltd
Strong core refining and marketing performance supports integrated margins BPCL's Q2FY25 results exhibited a soft financial performance where the core integrated margins were marginally higher than our expectations. The EBITDA and Adj. PAT, stood at Rs 45.5bn and Rs 24bn, respectively. The core GRM at USD5.96/bbl was strong while and the market share in diesel and motor spirits highlight the company's operational prowess. BPCL's strategic lower debt:equty amongst its peers, ann...
Buy Bharat Petroleum Corporation Ltd For Target Rs. 405 by Yes Securities Ltd
Result Synopsis Apollo Pipes Ltd (APOLP) reported a lackluster performance in Q2FY25. Volumes (82% of total) for Apollo Pipes (standalone), declined by 17%YoY to 16,430Te (2-year CAGR stands at mere 3%) due to lower agri & infra demand which constituted ~30% of volumes Vs 40-45% previously. Though ASP improved sequentially by Rs7.3/kg to Rs122.1, EBITDA/Kg declined to Rs11 as compared to Rs12.2/Rs11.6 in Q2FY24/Q1FY25 respectively, owing to low volume off-take and minor inventory loss ...
Buy Apollo Pipes Ltd For Target Rs. 640 by Yes Securities Ltd
All India avg. prices are flattish to negative in Oct’24, international coal and pet-coke prices have inched up. Our cement channel check suggests, all-India avg. trade cement prices were down by Rs1 per bag on a MoM basis in Oct’24. The East (-6), South (-Rs2), followed by flattish in West and Central, while North have witnessed a marginal price hike of Rs5 (Ref. page 3). During Oct’24, a few pockets took a price hike at the start/mid of the month but didn’t sustai...
Sector Update : All India average prices are flattish to negative in Oct`24, international coal and pet-coke prices have inched up by Yes Securities Ltd
Focus on volumes over margins accelerate Valuation and View – Volume trajectory to likely improve for near term Eicher Motors (EIM) 2QFY25 consolidated results were operational weak with EBITA/margins miss of 4-6%/~70bp to our/street. This was led by lower-thanexpected margins in both standalone (led by lower ASP and inflated other expense) and VECV (weak margins). RE's margins expansion ahead will be guided by stable RM, higher share of non-motorcycle revenues,...
Buy Eicher Motors (EIM) Ltd For Target Rs. 4,589 by Yes Securities Ltd
Result Synopsis Cera Sanitaryware Ltd (CRS) reported better than expected revenue but margins remained under-pressure owing to higher input cost and elevated other expenses. Revenue stood at Rs4.93Bn, a growth of 6%YoY (2-year CAGR stood at 9%) wherein major growth was driven by faucets biz which reported a growth of 21%YoY (2-year CAGR came in at 19%) constituting 41% of sales Vs 36% in Q2FY24. Sanitaryware biz constituted 46% of revenue Vs 51% in Q2FY24 and registered a degrowth of 4%YoY...
Buy Cera Sanitaryware Ltd For Target Rs.8,224 by Yes Securities Ltd
Another strong quarter of profitability Growth and margins in-line, asset quality improved meaningfully Repco Home Finance yet again delivered a strong RoA/RoE of 3.3%/16% in Q2 FY25 aided by asset quality improvement, higher other income, and resilient spread/margin. Loan disbursements at Rs8.67bn were up 27.5% qoq/8.5% yoy, but the increase in portfolio run-off (BT Out) restrained loan book expansion to 1.9% qoq/8.1% yoy. Portfolio spre...
Buy Repco Home Finance Ltd For Target Rs.615 by Yes Securities Ltd
Valuation and View – Industry outperformance likely to accelerate Endurance (ENDU) 2QFY24 consol results were weak as margins in India business (adjusted for MH incentive) were muted at 12.5% (+100bp/+50bp YoY/QoQ, est 13%) while Europe margins were in-line at 16% (vs 16.5% QoQ). New order wins pace mixed in 2QFY25 with SA/EUR orders at ~Rs1.24b/EUR23.6m (vs ~Rs12b/EUR31m in FY24 and Rs9.35b/EUR83m in FY23). ENDU’s EV specific orders is muted with cumulative order of ~Rs8.8b (i...
Buy Endurance Technologies Ltd For Target Rs.2,955 by Yes Securities Ltd
Valuation and View – Healthy performance to continues M&M (MM) 2QFY25 operating performance was better as EBITDA margins expanded 150bp YoY (-50bp QoQ) at 14.3% (est 14.1%/ cons 13.8%). This was led by ~30bp expansion in Auto at 9.5% (despite price correction and Thar Roxx laucn) while FES margins expanded 150bp QoQ at 17.5% (benign RM, cost controls). MM indicated no impact on margins due to price cuts in XUV7OO. It maintained guidance of, 1) SUV - mid to high teens growth in FY...
Buy Mahindra & Mahindra Ltd For Target Rs.3,632 by Yes Securities Ltd
Result Synopsis Consumer products (CP) business registered flattish revenue growth of 1.2% on single-digit de-growth in fans and flattish growth in Appliances, while Morphy Richards premium small domestic appliances demonstrated double-digit growth. Margins were subdued on back of reversal in warranty provision of Rs210mn coupled with operating de-leverage and higher brand investments. The company has been aggressively launching new products large part of it at the premium end. On the ligh...
Sell Bajaj Electricals Ltd For Target Rs.820 by Yes Securities Ltd
Gujarat Gas' Q2FY25 results were disappointing, volumes negatively surprised on weaker Morbi demand offset by an improved EBITDA spread. Volumes at 8.75mmscmd versus our expectations of 9.48mmscmd with Morbi contributing 2.9mmscmd and CNG declined from its peak at 2.93mmscmd, while the EBITDA spread of Rs 6.4/scm was higher than anticipated. The trending volumes are morbi are up ~3.5mmscmd but the sector is affected by factors - geopolitical situations globally; propane competition, shipp...
Sell Gujarat Gas Ltd For Target Rs. 462 By Yes Securities Ltd
Result Synopsis In 2QFY25, ACL’s consolidate numbers were better than other peers. Revenue/ EBITDA/ Volume/ Realization/ EBITDA per tonne is broadly in line with our estimates. Revenue up by 1.2% YoY ( -9.6% QoQ), is 4% ahead of our estimate. Higher revenue despite seasonal impacts led by better realization and volume numbers. Volumes up by 9.1% YoY (-10% QoQ), is 1.4% ahead of our estimate. Realization down by 7.2% YoY (flattish QoQ), is 2.6% ahead of our estimates. EBITDA in absolu...
Sell Ambuja Cements Ltd For Target Rs.471 By Yes Securities Ltd
Maintain ADD; LIB ramp-up a key ahead Valuation and View – Valuations expansion limited upside EXID’s 2QFY25 results were weak with EBITDA/Adj.PAT miss of ~13%/8% to our and consensus. This was led by lower-than-expected revenues which grew ~4% YoY (-1.1% QoQ) while gross margins at 31.5% were in-line (+40bp/+90bp YoY/QoQ), primarily led favorable product mix, selective price hikes. Further, lead prices have declined by ~5.6%/5% YoY/QoQ in 2QFY25, which should fully reflect ...
Add Exide Industries Ltd For Target Rs.521 By Yes Securities Ltd
Placed as third top pick in June 2021, FED showcases positive outcomes Our view – A great bank to own in terms of evolution undergone Asset Quality – An annualised gross slippage ratio well below 1% in a worsening asset quality cycle shows FED is in a class of its own: Gross NPA additions amounted to Rs. 4.34bn for 2QFY25, translating to an annualized slippage ratio of 0.8% for the quarter. Gross NPA additions had amounted to Rs. 4.24bn during 1QFY25. The bank has benefited ...
Buy Federal Bank Ltd For Target Rs.240 By Yes Securities Ltd
Load More
.jpg)
