Operationally, growth can be a near-term challenge, but with the rate cycle reversing, margin clearly looks to have bottomed out for IIB. With 110/85bps credit costs, flat margins and lower corporate fee intensity, we expect
This is likely to impact companies under our coverage given their higher dependence on H-1B visas. As per USCIS data for FY16/17, India accounted for 62-63% of the approved H-1B petitions for initial employment, 80-81% for co
The prominent deals include Torrent Pharma’s acquisition of Unichem and Elder Pharma brands in India, acquisition of UCB’s brands by Dr Reddy’s and acquisition of Stride Pharma’s brand by Eris Lifesciences.
Revenues were lower y-o-y due to a 13% y-o-y decline in lead prices that was passed on in all segments ex-Replacement. Given the slower OEM growth, we think Replacement 4W battery volume may slow to 6% y-o-y in FY21 from 10%