Ujjivan managed to remain barely profitable for FY21, with no provisions in Q4 (Rs 250 million reversal) despite a Covid-19 wave-2 impact as well as relatively large wave-1 residual stress, and through cost cuts (partly unsus
We are less worried about the long-term story and expect the bank to deliver well relative to new-age banking peers. That said, valuations at 3.8x/25x FY23F BV/EPS warrant caution in the near term as room for error is low.
Standalone revenue of 42.9bn (+23% y-y, +4% q-q) came in 1-2% below Bloomberg consensus estimate and our forecast, driven by 1% lower blended realisations, while cement volume was in line with our estimate.
DLPL stock has significantly outperformed its peers and the broader market since the start of the pandemic. Since mid-Feb 2020 (when fear pandemic started), the stock is up 106% against a Nifty return of 18%.
While Godrej Consumer (GCPL) has underperformed Nifty by c.26%/11%/ 14% over the past 1/2/3 years, we remain cautious, as we believe two of its three core growth drivers (India household insecticides, Indonesia) are still not
Divestment, delays and lukewarm interest, still looks likely to complete in FY22F; BPCL’s divestment, initially planned for FY20, has been delayed. Investor interest has also been lukewarm. We believe the current environmen
Diversification into coal MDO and rail appears synergistic; significantly de-risking future sales mix; new Rs 810 TP DBL’s diversification into related sectors leads to semi-annuity type revenue stream over the next five ye