Royal Enfield’s 1Q volumes fell 69% y-o-y while Ebitda came in at just Rs 12 million as the Covid-related lockdown…

Stock is trading at 2.4x FY22E PB, which is in-line with long-term average and attractive in context of an impending…

Company has embarked on cost reduction with fixed costs in other expenses at 3.9% of sales in FY20 vs 5.1%…

Fall in moratorium loans encouraging; while FY21e earnings may be weaker, asset quality is likely to hold up; ‘Buy’ maintained

Our current estimates factor 3%/2% of credit cost in FY21-22, a 20 bps lower credit cost will lift FY21 estimates…

Corporate growth offset weak retail; risk to asset quality likely to go down; estimates raised; ‘Buy’ retained with TP of…

Will de-risking of corporate book pay off? Axis Bank has been de-risking its corporate loan book for over the past…

Monetisation of gains on stake in subsidiaries helped mobilise Rs31bn — that may abate risk of dilution. Valuations are attractive…

Gross debt rose by Rs 30 crore in Q4. Dharmshila was Ebidta positive. Ahmedabad, Jamshedpur and Guwahati had Ebitdar margins…

Sharp rebound in retail demand; FY21e EPS cut by 4%; outlook over long term bright; ‘Buy’ retained with TP of…

While FY21 outlook is dull, FY22-23 should see rebound; valuations reasonable; ‘Buy’ retained with TP of Rs 2,725

Q4FY20 PAT was up 25% y-o-y (higher Ebitda, lower tax rate) but fell 11% q-o-q. Management has indicated volumes to…

FY21e EPS down 15% due to Covid-19; ‘Buy’ retained as DFC will boost market share.

Margins improved by 424 bps y-o-y to 14.6%, driven by operating leverage, product mix and pricing. The management was clear on not…

Growth in data subscribers should raise market share; FY21-23 estimates up 3-6%. TP revised to Rs 660 from Rs 585;…

Covid-19 pain was visible in results; balance sheet is robust; ‘Buy’ maintained with target price of Rs 660

Lockdown 1.0 in India began on 25 March 2020. AC demand slowed down from March 15, i.e. 17 days (19%…