Strong loan growth in Q1; non-performing loans were higher than estimated; ‘Buy’ retained with a lower target price of Rs…
Q1 saw beat on all metrics; FY23-24e EPS raised by ~2-3% to factor in results; target price up to Rs…
Demand subdued in Q1; firm to gain from a resilient core and future growth vectors; ‘Buy’ retained
PVs/MHCVs/2Ws were up 25/136/21% y-o-y in June; M&M, Tata Motors and AL are preferred picks.
Margins likely to be under pressure in first half of FY23; ‘Neutral’ rating retained with target price of Rs 490
Capex level expected to be sustained if oil prices are in $80-100/bbl range; ‘Buy’ retained with unchanged target price of…
FY23/24 EPS down 31/29% due to impact of Russia order; target price reduced to Rs 448; ‘Buy’ retained
Output continued declining trend; rise in oil prices boosted FY22 profitability; clarity on windfall taxes is key; ‘Neutral’ maintained.
Firm likely to benefit from strong CV upcycle; FY23/24 Ebitda cut by 4/3% due to input costs; ‘Buy’ retained
Final quarter results missed estimates, Marketing losses likely to widen in Q1FY23, though higher GRM could partially offset impact; ‘Buy’…
FY23/24 EPS down 18/15% due to margin pressure; target price cut to Rs 2,950; downgraded to ‘Neutral’
Lower provisions drove net income; deposit growth was below par; FY23e EPS down 6%; target price cut to Rs 1,935
While the deal creates a formidable entity, there’s need to monitor near-term risks, especially attrition
PPOP traction strong; firm’s been gaining market share consistently; target price cut to `2,850; ‘Buy’ retained.
Compression in premium valuations is likely to be checked; target price cut to Rs 680; ‘Buy’ maintained.
Margins saw a slight miss in Q4FY22; $ growth of 21.4% y-o-y is expected in FY23; ‘Neutral’ maintained
Margin estimates cut due to rising costs; FY22/23/24e EPS down 7/7/2%; upgrade to Neutral with TP of Rs 2,246
Execution on EVs is key; EPS for FY22/23/24e down 14/9/7%; TP revised to Rs 2,854; valuations are fair; ‘Neutral’ maintained
