Factoring in currently low steel prices and demand outlook, we are lowering FY20/21e HRC price by 5%/2%, which knocks down Ebitda by 13%/2%. Maintain ‘HOLD/SP’ with a revised target price of Rs 430 (earlier Rs 520) on an
M&M is currently battling multiple headwinds, simultaneous weakness in automotive and FES segment; and perception challenge on its ability to ensure a smooth transition to BS VI given its higher share of diesel portfolio.
The tender business which accounts for ~30% of exports revenue declined 27% YoY, on continuing headwinds from lack of funding by global funds in malaria & ARV, accompanied by pricing pressure amid rising competition.
Current proportion of capacity under long-term (LT) PPA contracts stands at 81.4%. On capex, management indicated that the committed amount for FY20 currently is at `1.5 billion, which is likely to boost FCF beyond `10 billio
Trent reported Q1FY20 standalone revenue growth of 29.9% y-o-y, well ahead of our estimate, while Westside’s revenue shot up 21% y-o-y – the gap implies strong revenue traction at Zudio continues (likely >2.5x y-o-y reve