Forex gains supported overall ebitda margin: During H1FY21, the company had Rs 500 million as forex gain vs Rs 900…
Q4 operating earnings in line with estimates; EPS for FY22/23e revised by -0.7/5.1%; TP up to Rs 310 from Rs…
But growth & RoEs to soften in interim; upgraded to ‘Buy’ with TP going up to Rs 678
Consolidated recurring Q4 profit stood at Rs 58billion vs loss of Rs 3.6billion in Q4FY20; share of profit from JV/associates…
Current orderbook at Rs 52.2bn (1.1x TTM sales) implies improved visibility. Due to the second wave of covid, near-term outlook…
Net margin is estimated at Rs1.48/l on 1-Jun’21 and Rs1.07/l on 16-Jun’21 at latest prices. Price hike or excise duty…
H2 expected to see strong pick-up in PVs; FY22/23e EPS revised by -1/2.8%; Buy retained with TP of Rs 1,040
Covid wave to hit near-term earnings but recovery is likely post lockdown; ‘Buy’ retained with TP of Rs 1,198
Higher focus on ancillary products: It has been focusing on ancillary products such as waterproofing and putty. It believes there…
Net debt increased by ~ Rs 80bn YoY. Higher commodity prices will lead to higher working capital requirement and may…
Volume growth of 8% (2-year CAGR still down 3%) was on the back of resilience in off-trade with on-trade continuing…
Recovery in auto marketing margin & GRM are key; FY22e EPS up 4% and TP raised to Rs 110; downgraded…
Company has impaired Vemgal by Rs 1.19 billion to reflect the estimated realisable value of Rs 1.8 billion at which…
Revenue declined 0.5% y-o-y to Rs 19.4 billion with international markets declining 7.7% offset by 9.8% growth in domestic market.
Covid vaccine to provide significant upside to earnings; TP up to Rs 5,848; ‘Add’ retained
Household Insecticides grew just 34% (28% globally) driven by broad based performance in burning as well as premium formats.
Nutralite (75% is B2B business) also continued to witness sequential recovery.
With reduced loss probability, rise in valuation band only a matter of time; ‘Hold’ retained with revised TP of Rs…
