Higher utilisations likely to continue owing to steps to boost gas usage and weaker competition; ‘Buy’ retained
As far as the real estate sector is concerned, the FM had met key stakeholders such as developers, home buyers…
Operating metrics are getting better steadily; core RoA/RoE expected to improve to 1.5/15.5% by FY21e; ‘Buy’ maintained
The management is targeting 20% topline growth (led by 10% volume growth) for FY20. But, we believe this target is…
Contingent liability stood high at Rs 66.4 bn, 16% of NW due to income tax disputes (at Rs 58.9 bn).
While the structural growth opportunity in the feminine hygiene segment (~70% of sales) remains very promising, valuations of 52.1x FY21E…
Consolidated gross margin expanded 40bp y-o-y to 40.4%. Higher other expenses as percentage of sales (up 90bp y-o-y to 21.3%)…
The company provided for expenses (~INR821m) towards restruct-uring, reskilling and redeployment in preparation for potential structural slowdown in the auto…
Divi’s Labs is working on backward integration to ensure key starting material availability, the benefit of which would accrue from…
Gross margin expanded 40 bps y-o-y to 70%, while EBITDA margin was up 270 bps y-o-y to 23.5% (against estimate…
Outlook is bright though asset quality issues in some products might slow loan growth; ‘Neutral’ retained.
Guidance for year has been cautious; FY20/21e EPS up 1/0.4%; valuations are fair; ‘Neutral’ maintained
Tata Chemicals Magadi (TCML) revenue was down 4% to $73.8 million on account of a 15% decline in volume, partly…
During FY19, ULIP APE fell 2.7% y-o-y v/s an average 18% growth over FY17-19. Protection business, though, has grown at…
After nearly doubling in FY18, slippages were largely stable YoY at Rs 66 bn in FY19. However, there has been…
Consequently, revenue growth is likely to bounce back from Q2FY20, and we estimate 18% growth in the Casino biz in…
However, gold prices increased toward the second half, which, in our view, led to demand postponement, impacting segmental growth for…
Management had stated in its previous quarterly results conference call that new products are likely to double as a percentage…
