Paytm is undergoing a shift from growth to profitability at scale
Prices to impact near-term earnings
We see upside across DuPont metrics for SBI that should see the bank’s ROEs reflate back to 13% by FY20E…
As portfolio performance improves over time,they will again look to re-accelerate the growth there.
In our view, it is still too early to crystalise a value for the R1,500 bn (and likely to increase…
JSW reported Ebitda and PAT beat in Q4 driven essentially by lower costs even as ASP/t increase was muted at…
Despite some positives in recent months, a turnaround in the economy is unlikely before FY18
Siemens India reported March quarter order inflows of Rs 29.4 billion (+10% y-o-y, -15% q-o-q). Implied order book as of…
However, net interest margin was down 16bp q-o-q and is likely to fall 20bp further in FY17
Strong volume growth and lower energy costs see Q4 earnings beat expectations
It should see TATA’s reported Ebitda improve by ~$150-250 mn
Tata Motors is benefitting from healthy sales growth at JLR, driven by new product launches. The F Pace crossover from…
We remain cautious on PSU banks, as we see continued asset quality stress. We think the macro turnaround is not…
The stress in key sectors like power and steel is too acute for credit costs to be delayed to FY18
Volume growth for FY17e is likely to come in lower than earlier estimated due to the infra cess announced in…
Maruti’s sales are lower by 1% y-o-y at 117,451 units in February. Dispatches were impacted due to production shortage (state…
Share of imports in the domestic market has gone up to 40%
ICICI Bank reported 8.3% incremental asset stress in third quarter of fiscal 2016, largely driven by a lumpy steel account.
