The company believes the domestic market will get more competitive across various segments, as it expects segmental quasi-monopolistic control to…
The rise in working capital led to a decline in earnings-to-cash flow conversion to 89% in FY19 from 99% in…
Digital initiatives at the bank are gaining traction, with 43% of its personal loans sourced digitally versus 22% in FY18.
Cigarette Ebit growth is a cause for concern given 23 months have passed since GST hike; ‘Neutral’ retained with TP…
Global gas demand is expected to gr-ow at a rate of 1.6% a year until 2024.
PAT estimates down 16%; ‘Buy’ rating reinstated with target price of Rs 169.
Balance sheet performance has been fairly good in recent years, particularly on the cash conversion cycle front, which declined from…
With a contribution of 44%/47%/38% of incremental sales in FY17/18/19, Detergents continues playing a key role in driving HUVR’s overall…
FY20e EPS down 4.4% due to lower margin guidance and extra costs; ‘Neutral’ retained with TP of Rs 1,200
Q4FY19 revenue increased 4% y-o-y (+17% q-o-q) to Rs 16.8b (v/s est. of Rs 16.5b). Cement volumes stood at 1.75mt…
India wireless business made a strong comeback; outlook is favourable given multiple levers; ‘Buy’ retained with TP of Rs 410.
SA deposits continued growing strongly by 22% y-o-y (SA cost of 5.66%). Core deposit mix (CASA + TD < Rs…
For FY19, total premium/PAT grew 23.8/13.1% y-o-y to Rs 289/12.5 bn. For FY19, the share of the protection business increased…
We expect return ratios to remain strong on healthy new business margins, quality underwriting, and strong cost control.
The share of the Pain segment within DF has increased from 30% in FY12 to 45% at end-M9FY19.
Risk to estimate of Ebitda margin rising to 13.9% in FY20; re-rating catalysts are missing; ‘Buy’ maintained.
Management’s expectation, in pre-quarterly update for Q4FY19 (and FY19), of further 20% sales growth in FY20 shows that all segments…
NGT order for Morbi would be a catalyst if it stands; FY20/21 volume estimates raised; TP revised to Rs 183.
