The strong revenue growth was driven mainly by the agri business, which doubled y-o-y. Gross revenue (ex-agri) was up 16.2%…

Trend likely to continue; EPS for FY22e up 7.3%; Buy stays with unchanged TP of Rs 1030

Operating expenses remained elevated (cost-to-income of 60% vs 57% in 2QFY22) as the company continued to spend on promotional and…

Despite strong sales growth, ebitda margins at 22.5% declined 177bps QoQ on higher raw material costs), higher other costs (e.g.…

Margins disappointed; no structural issues with core biz any longer; FY22e EPS down c3%; ‘Buy’ retained with target price of…

HDFCB made Rs9billion in contingency provisions in 3QFY22, taking additional provisions to 127bp of loans.

Jewellery sales up 37% y-y; perceived expensiveness of stock misleading, as it is a structural winner; ‘Buy’ retained with TP…

Looking at trailing 12m sales, Ebitda margin and current order backlog, the company is back to December 2018 levels.

These investments are leading the expansion strategy for Zomato, with an option to increase its stakes or fully buy-out if…

ALPM remains confident about the long-term outlook for the US business, where it has invested significantly in recent years.

FY22-24e EPS up 3-11% given robust outlook; TP raised to Rs 485; Buy retained

Core banking biz likely to re-rate; FY22/23/24e EPS up 6.5/5.9/2.9%; TP raised to Rs 650 from Rs 530; ‘Buy’ rating…

Company is well placed for strong growth in mobile revenue and rise in ROIC; ‘Buy’ maintained with unchanged TP of…

Growth in construction finance key; rise in margin, core RoE still some time away; ‘Hold’ maintained with revised TP of…

Supply normalisation key as JLR order book’s strong; domestic business outlook is bright; ‘Buy’ maintained with unchanged TP of Rs…