Long-term investment thesis of the bank looks quite solid
Operating cash flows for FY2022 fell to Rs 143 bn from Rs 290 bn in FY2021
Domestic prices have bottomed out and should recover with demand from 2HFY23E
We expect adjusted Ebitda margin to improve to 7.6% from 1% over FY2022-25E
Indices up despite growth, inflation concerns; HUL, TCS, Cipla, Nestle and L&T figure in September 2022 portfolio
Sharp increase in the cost of cricket rights could hit bottomline, entertainment advertising; ‘Add’ retained with target price of Rs…
Q1 performance is strong; earnings estimates up 1-8%; downgraded to ‘Sell’ rating given price rally.
FY23-25e EPS cut by 2-4%; target price down to Rs 1,690; ‘Buy’ retained; company is best placed among peers
An all-round weak quarter; FY23-25 EPS down 7-10%; company more vulnerable than peers in a slowdown; ‘Reduce’ rating retained
Steel price correction likely to keep margins under pressure; ‘Reduce’ retained with target price of Rs 360.
FY23/24/25e Ebitda down 7/7/8%; rating revised to ‘Reduce’ from ‘Sell’ as margin headwinds are priced in.
Retain ‘reduce’: LTI is among better placed mid-tier IT companies heading into a possible slowdown/recessionary scenario.
Firm well placed to harness opportunities; FY23e EPS cut by 38%; ‘Add’ retained with target price reduced to Rs 625
Street’s focus on moderate bookings growth; revenue guidance for FY22 raised; impact of a deteriorating scenario is not visible yet.
PAT CAGR of 20% estimated over FY22-25e; initiated with ‘Reduce’ and target price of Rs 1,000; valuations are rich.
But gain on revenue front is limited; estimates up 5%; target price raised to Rs 2,300; upgraded to ‘Reduce’ rating
Q4 earnings better than expected; FY23/24e EPS up 5/12%; target price revised to Rs 4,700; ‘Sell’ retained
Execution stays impressive; valuations attractive after correction; upgraded to Buy with target price of Rs 4,710
