Higher guidance indicates strong demand scenario; margins likely to be under pressure though; Infosys and TechM are top picks
Petchem margins present risk to FY23 estimates though integrated operations will lower impact; ‘Buy’ retained
FY22-23e EPS down 5-6% but strong earnings recovery is expected; ‘Buy’ maintained
Medium-term opportunity has opened up; FY23-24e EPS growth at ~40/23% y-y.
Likely market share gains boost long-term outlook; FY22-25 EPS down 3-5%; TP reduced to Rs 850 from Rs 930; ‘Buy’…
This acquisition could help Crompton diversify its product mix. Mgmt expects it to be EPS neutral in Y1 and accretive…
Move to have a negligible effect in near term though; ‘Buy’ retained with TP of Rs 1,215; top FMCG pick
While it can be financially justified, such spend is likely to de-rate multiples; TP cut to Rs 860 from Rs…
Contract and manufacturing revenues were +30% QoQ/+1% YoY to Rs 2.4 billion. We note the lumpiness in real estate project…
2W demand expected to rise even as firm’s gaining share in several segments; ‘Buy’ retained with TP of Rs 800
3Q recurring PAT was up 2% QoQ (+68% YoY). Net debt fell 9% QoQ to Rs 43,700 crore.
Margin pressures ahead; EPS estimates up 9-16%; FY23e EPS expected to fall by 48% y-y; ‘Hold’ retained with TP of…
VGRD’s Q3FY22 revenue growth (+16% year-on-year) was driven by traction in Durables and Kitchen Appliances (+28%) and Electricals (+19%), whereas…
Ebitda margin improved after 4 quarters of decline; FY22e EPS down 4%; TP up to Rs 10,500 from Rs 9,250;…
FY22-24 Ebitda down 7-9%; ‘Hold’ maintained with unchanged TP of Rs 8,100
LR is improving sequentially as chip shortages ease, and ramp-up of next-gen RR/RR-Sport should provide a boost.
Key takeaway: We believe L&T’s order flow trajectory should move to 15% CAGR in FY21-24E vs 10% in the past…
c.40% EPS CAGR estimated over CY21-23; stock is a high-conviction ‘Buy’
