Operating expenses growth was high (cost-to-income of 69%) due to investments in technology and higher spend on marketing.
Domestic sales impressive; structurally, a long-term growth story; TP raised to Rs 20,800; ‘Buy’ maintained
EPS for FY22/23/24e up 10-17% given outlook; further re-rating may be in the works; TP raised to Rs 950; ‘Buy’…
The steep inflation across key raw materials (18-20% since 3Q FY21) and logistics pulled down the ebitda margin by 1090bp…
Sales jumped by 64% y-y; concerns over valuation are misplaced; estimates revised and TP raised to Rs 2,650; ‘Buy’ retained
Molnupiravir, if approved, to boost revenues for firm; FY22-24e EPS up 0.4-4%; TP raised to Rs 5,750 from Rs 5,465;…
In our view, we are still midway in the evolving high-growth compounding construct; investor should continue to stay positive on…
GCPL stock has run up rapidly post the announcement of the new CEO as the market quickly priced in the…
1.99 GW won in e-auction is on attractive terms; PSU advantage sets firm apart; RE efforts will allow it to…
Deal with SILS could add NPV of `21/share to TP; better biosimilar execution remains key; ‘Hold’ retained
Strong growth in non-agri (commercial) usage of tractors should further help. Escorts expects to grow better than the industry both…
GNP had spent Rs 60.6billion (12.4% of revenues) on R&D during FY17-21 (11.3% in FY21) with ~55-60% spend on innovation…
Historically, Ambuja has disappointed the street with relatively slow and at times delayed capacity addition, leading to market share losses…
Tractor volumes may be hit in near term; auto business seems undervalued; ‘Buy’ retained with TP of Rs 1,030
Strong traction in exports in recent quarters by most companies, including for RE, is a medium-term positive as well. For…
Visibility on growth drivers supports long-term outlook; FY22-24e EPS up 2-5%; TP up to Rs 5,465; ‘Buy’ retained
EBITDA in 1QFY22: Despite the Covid second wave and maintenance shutdown of the petrochemical plant, GAIL reported EBITDA of Rs…
Strong recovery boosts prospects for FY22; TP raised to Rs 1,980; ‘Buy’ maintained
