Reaching RoCE target of 16% by FY25 may prove difficult; ‘Reduce’ retained with target price of Rs 735
Strong growth likely though margin pressure will persist; FY23-24e EPS cut by 1-11%; upgraded to ‘Reduce’ rating
While near term may pose difficulties, firm’s best bet on auto cycle recovery; ‘Buy’ rating maintained
Valuation in line with past mean on a trailing basis; Adani unlikely to break market pricing discipline; ‘Reduce’ rating retained
Company did very well on order inflows; guidance for FY23 appears reasonable; target price cut to Rs 2,025; ‘Buy’ rating…
Profitability to be under pressure in near term; EPS for FY23/24e changed by 3/-3%; ‘Reduce’ retained
Sharp cut in debt in Q4; Ebitda for FY23/24e raised by22/8%;target price up to Rs 1,660; valuations are attractive; ‘Buy’…
Covid-driven credit costs and interest reversals to boost y-o-y earnings; target price up to Rs 6,500; ‘Sell’ retained
Earnings remained strong; merger with HDFC is an overhang; target price cut to Rs 1,650 from Rs 1,780; ‘Buy’ rating…
Underlying demand trends remain strong; FY23-24e EPS down 11-22%; TP cut to Rs 7,000 from Rs 7,800; ‘Sell’ rating maintained
High sales of low value products could weigh on margins; volume growth likely to decline in Q4; ‘Reduce’ retained
Strong recovery expected in auto segment; EPS for FY22 up 3%; Buy retained on cheap valuations with unchanged TP of…
Medium-term outlook bright; execution risk for new app not reflected in valuation; ‘Sell’ retained with TP of Rs 6350
Firm in a position to make most of opportunities in sector; FY22-24e EPS up 1-3%; TP raised to Rs 4,350;…
Shift towards EVs to help in medium term; FY22-23e EPS down 6-8% due to lower growth estimate; upgraded to ‘Buy’…
We focus on Mopa Airport (Goa) and estimate $300 mn overall equity investment to yield 3X price to book. Adjusted…
Firm to continue to outgrow industry; ‘Buy’ retained with TP up to Rs 1,130 from Rs 950
Focus on productivity post transformation to provide upside over time; ‘Add’ rating retained with unchanged TP of Rs 1,650
