Research Reports

Despite denting market share, VOLT notched sales of more than 2mn AC units

View Report

Strong traction in North America business and consistent performance in One-India; South Africa and Global Access business stabilising

View Report

360 One acquired ET Money for a total payment of Rs 3.7bn, partially paid in cash and partly through shares

View Report

Healthy FY24 performance; EBITDA margin expansion of 40bps YoY; Lloyd turns profitable in Q4

View Report

Q4 results ahead of consensus on beat in India operations and lower losses in Europe partly due to carbon credits in the UK

View Report

ALKEM reported a weak fourth quarter with EBITDA/PAT missing Bloomberg consensus by 9%/16% to Rs 4.0bn/2.9bn

View Report

Beat our EBITDA estimate by 4.5% mainly due to better-than-expected plastic pipe sales volume

View Report

Missed our EBITDA estimates by 4% for Q4FY24 on weak laminates demand from export market

View Report

Q4 volumes fell 5% YoY as capacity constraints restricted volume even to cater to steady demand; realisations flat YoY despite weak volumes

View Report

APE and net premium grew 11% and 16% YoY respectively in Q4; EV grew 25% YoY in FY24

View Report

CPBI’s Q4 broadly in line; EBITDA fell by 9.4% YoY in Q4 due to weak performance across segments

View Report

ARBP reported strong Q4 with EBITDA/Adj. PAT beat of 10%/23%. Exceptional expense of Rs 1.2bn reduced reported PAT beat to 8%

View Report

Steady 11% growth in a challenging quarter assisted by 12% YoY volume increase; realisations softens

View Report

DIVI delivered a strong quarter with all round beat. EBITDA/PAT beat Bloomberg consensus estimate by 20% each

View Report

Q4 EBITDA missed consensus on provisions for delayed TOP recovery and inventory loss; provisions to muddle EBITDA reporting till FY26

View Report

Healthy base keeps revenue growth listless in Q4, strong growth of 22% QoQ; volume grew a sturdy ~20% YoY/QoQ

View Report

Q4 revenue growth muted at 4% YoY as weak demand in key operating regions continues; pricing pressure dampens realisations

View Report

SUNP missed consensus EBITDA estimate by 4% as higher R&D spend offset gross margin gains; higher other income & low tax aided PAT

View Report

Q4 revenue growth of 7% YoY backed entirely by steady 7% volume as realisations stay listless

View Report

MTLM missed our EBITDA estimate by 16% in Q4 on sharper-than-expected contraction in plywood margin on high timber prices

View Report

ERIS posted strong revenue performance in Q4 with a beat of 8%, but EBITDA came below BBG consensus due to higher opex and one-offs

View Report

Healthy business growth, improved asset quality and higher other income supported topline; increased provision dragged PAT

View Report

Q4 revenue grew 10% YoY to Rs 29.4bn as grey cement volumes gained 13% YoY/QoQ; realisation resilient YoY with 1% drop

View Report

EBITDA miss by 6% compared to our estimate on continued weak performance of paints and adhesives segment

View Report

Weak Q4 performance on loss of market share due to rise in competitive intensity in the sector

View Report

Q4 revenue grew 11% YoY, led by 7% blended realisation gains and 4% volume growth (flat QoQ)

View Report

Subdued Q4 topline with EBITDA margin expansion of 110bps on better product mix

View Report

Q4 topline up 18% YoY, fuelled by Consumer Durables segment, as the early onset of summer boosts overall performance

View Report

Beats our revenue estimate by 3% on strong volume, but misses our EBITDA estimate by 6% on pricing pressure in the sector

View Report

Q4 revenue grew ~9% YoY driven by realisations higher by 5% due to better product mix, and 4% volume growth

View Report

Q4 standalone topline growth ex-BGAL at 12% YoY in Q4, gross margin expanded 130bps and EBITDA margin 30bps ex-BGAL

View Report

Q4 revenue jumped 52% YoY, driven by mobile and EMS growth; EBITDA margin down 120bps on input cost hike

View Report

Q4 revenue down 15% YoY driven by 19% volume decline due to slower-than-estimated rural demand recovery

View Report

Beats our revenue/EBITDA estimate by 5%/14% due to better-than-expected tiles volume and improved margin

View Report

Topline growth strong at 18.4% in Q2, with gross margin expanding 100bps and EBITDAM 250bps YoY

View Report

Q4 tractor volumes dipped 14% YoY, with domestic share recovered but overall market share recovery weak as exports volume declined

View Report

While Q4 EBITDA missed consensus on higher expense booking in a quarter, IGL gained traction in industrials, commercials and households

View Report

Sharp contraction in gross margin in Q4FY24 on higher discounts offered to dealers to push volumes in a weak demand environment

View Report

Q4 revenue down 9.7% YoY with gross margin expanding 160bps and EBITDA margin 220bps

View Report

Strong PAT growth was led by one-off gain in other income and lower operational cost

View Report

Strong pipe performance in Q4FY24, driven by healthy volume growth of 23% YoY as well as sharp margin improvement

View Report

Robust topline growth in Q4, but EBITDA margin dipped due to product mix

View Report

ICE 2-wheeler volume grew 18% YoY, supporting 24% revenue growth in Q4. FY24 growth was 19% YoY vs. industry’s 13%

View Report

Strong topline growth of 27.8% with gross margin above 40% after 6 years; EBITDA margin expands 650bps YoY to 18.3% in Q1

View Report

Strong topline growth of 27.9% in FY24, with gross and EBIT margin expansion of 90bps and 70bps respectively

View Report

India business remains on strong footing; international markets too registered strong volume growth with improvement in margins

View Report

Healthy 20% topline growth with gross margin expansion of 250bps in Q4; EBITDA lower on EPR provisioning

View Report

Q4 revenue grew 15% YoY supported by double-digit volume gains YoY and realisation adding ~5%

View Report

ALPM reported strong margin gains in Q4 on account of better utilisation of new facilities and traction in the US business

View Report

Stable performance in domestic markets with consistent improvement in gross margins

View Report

Q4 revenue/PAT short of our estimates by 3%/13% on intense competition from Morbi players in a weak demand environment

View Report

Revenue growth guidance of 3-5% for FY25, likely to be similar to FY24

View Report

DRRD reported largely in-line revenue/EBITDA, but higher tax aided in PAT beat

View Report

Healthy topline growth of 42.1% in Q4 as summer sets in, but EBITDA margin contracted 280bps in Q4 and 220bps in FY24

View Report

Standalone Q4 revenue grew 12% YoY backed by strong volume gains of 17%, partially offsetting weak realisations

View Report

LPC delivered a healthy operational performance in Q4 with largely in-line revenue/PAT; higher tax impacted net profit

View Report

Strong quarter with highest quarterly revenues of Rs 61.6bn, +11.6% YoY; management guides for 15% revenue growth in FY25

View Report

Subdued growth in Q4 and FY24; however, volume recovery seen in second half of FY25

View Report

Regional banks and mortgages business will continue to draw down the overall BFSI segment

View Report

Healthy business growth in Q4, deposits outpaced credit growth driven by TDs, NIIs remained modest while boost in other income aided PPOP

View Report

Cost take-out projects and vendor consolidation to be the prime growth driver for PSYS in FY25

View Report

Q4 revenue growth of 13% YoY boosted by 22% uptick in volumes (unadjusted to MSA) while realisations moderated ~7%

View Report

Rural markets continue to grow ahead of urban owing to increased penetration and improved product portfolio

View Report

Q4 revenue jumps 19% YoY with 10bps EBITDA margin boost. FY24 revenue up 17%, driven by robust infrastructure and real estate demand

View Report

Topline growth of 21.4% achieved in FY24, with gross margin expanding 120bps and EBITDA margin 70bps

View Report

Strong quarter with EBITDA/PAT beat of 8% each, led by reduction in API prices, logistics costs and reduced intensity of US price erosion

View Report

Q4 revenue growth subdued at 1% YoY as volumes stay flat YoY, guarding realisations a challenge

View Report

Sharp contraction in operating profit (-33% YoY) for sixth consecutive quarter on supply overhang in MDF industry and higher timber prices

View Report

NII grew 2%/8% QoQ/YoY due to moderation in credit growth, while PAT grew 4%/17% QoQ /YoY supported by lower opex and provision

View Report

Strong volume gains of ~11% YoY push revenue growth of 9% even though realisation falls by 3.5%

View Report

Healthy 12% topline growth with EBITDA margin expansion of 90bps in Q4; though raw material prices have started inching up

View Report

Sharp tariff cut due to recognition of higher volumes, adjustment of past excess revenue and extension of pipeline’s economic life

View Report

Healthy business growth supported by CFD aided 16% YoY rise in Q4 income, while higher opex led to flat PPOP (1% QoQ)

View Report

QAAUM grew 21% YoY to Rs 3.3tn in Q4 with equity assets rising even faster at 31%; however, market share declined

View Report

Credit cost soared 50% YoY to Rs 9.4bn (7.9% of loans) in Q4; stress expected to continue in FY25 as well

View Report

NII growth remained subdued at 11% YoY on higher cost of funds in line with moderate business growth; credit/deposit grew 14%/13% YoY

View Report

FY24 APE growth strong at 17% YoY with ULIPs forming 60% of total; continues to lead the market with 23.3% share in individual APE

View Report

Q4 QAAUM grew 22% YoY to Rs 2.9tn, but equity and hybrid schemes combined saw sustained outflows

View Report

Q4 volumes grew 13% YoY driven by healthy demand for SUVs; rural demand for lower-end segment shows no signs of revival

View Report

Q4 broadly in line with our estimates as strong pipe volume offset the impact of weak pipe margin

View Report

Volume growth remained at 2%; revenue growth flat owing to pricing action in key portfolios

View Report

Rising cost of funds dent NIM; we factor in a further 43bps/13bps YoY decline in FY25/FY26

View Report

Lower-than-expected 4Q due to Red Sea disruptions. EBITDA/PAT were 17% below consensus estimates

View Report

Q4 revenue grew at a steady 10% YoY supported by ~19% volume growth while realisations weakened 7% YoY/QoQ

View Report

Strong growth witnessed across geographies driven by sustained growth in domestic markets and healthy double-digit growth in exports

View Report

Company delivered 26% EBITDA CAGR over FY21-FY24 clocking 29% CAGR in cyclical business and 22% in consumer businesses

View Report

Cost optimisation/vendor consolidation to be the prime growth driver for Infosys in FY25

View Report

QAAUM growth robust at 47% YoY to Rs 4.3tn at end Q4 led by a strong equity segment (+63% YoY) constituting 49% of the total

View Report

ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term

View Report

Growth businesses continue to maintain high growth trajectory; new acquisitions to fuel growth going ahead

View Report

APE grew 10% YoY in Q4 (+5% YoY in FY24) beating our estimate; market share gain in individual APE is a key positive

View Report

Recovery in deposit mobilisation led to lower C/D ratio while better yield on asset helped NIM (R) stabilise; asset quality remains stable

View Report

Higher equity share drove strong overall QAAUM growth of 36% YoY in FY24; expansion in equity QAAUM market share a key positive

View Report

Q4 revenue grew 29% YoY backed by healthy domestic 2W volume growth and decent realisation gains. Export volume was steady

View Report

HDFC Life’s APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26

View Report

TCS gained market share through vendor consolidation/cost optimisation programmes

View Report

PRICOL is a global-level manufacturer of instrument clusters and fuel-level sensors for 2/3W with ~70% of its revenue from cluster segment

View Report

DBL gears up for healthy business growth backed by 20% clinker capacity addition by FY26 across its operations

View Report

JBIL turned around operations improving plant utilisation and efficiency, and restored its balance sheet by restructuring debt

View Report

ECD segment expected to do well on the back of a strong summer and fans premiumisation; solar pumps a big opportunity

View Report

PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn

View Report

RDL maintained its guidance of trebling revenue over the next five years by increasing its presence across wood panel segments

View Report

Individual APE market share grew to 10%/12.4% in Jan/Feb’24 from 8.7% in 9MFY24 – a positive surprise

View Report

Management targets credit/deposit CAGR of 20%/25% over FY24-FY29; NIM to stabilise at current mark with upward bias (6.4% in Q3FY24)

View Report

Greenfield laminate plant in Andhra Pradesh to aid market share gains for GRLM in both export and domestic markets

View Report

Healthy Q4 led by growth across segments; order inflows swelled 35% YoY and backlog held strong at Rs 84bn

View Report

Q3 volumes grew only 2% YoY due to cold weather and construction halt in northern markets; realisations only steady despite weak volume

View Report

Potential to double volumes to close to 1mmscmd in FY25 and grow to 1.5mmscmd in FY27, as per management

View Report

Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations

View Report

Strong Q3 topline from higher fan, lighting and pump sales, but EBITDA margin fell 120bps YoY on ad expenses and weakness in BGAL

View Report

Q3 revenue grew 13% YoY driven by 10% higher realisations from a better product mix; volume growth muted

View Report

EBITDA fell 35% short of our estimate due to tepid demand climate and steep margin compression across segments

View Report

Q3 EBITDA fell 18% YoY and missed our estimate by 28% on subdued demand and higher brand & sales promotion expense

View Report

Q3 EBITDA/PAT surged 68%/90% YoY led by growth in US/EM revenue and ~700bps jump in operating margin

View Report

Robust December quarter order flows and revenue, though margins contracted due to weakness in digital industries segment

View Report

Healthy business growth drives 21% YoY rise in Q3 NII, though muted other income induces 14% fall in PPOP

View Report

Factoring in faster e-transition for DTC buses and passenger vehicles in Delhi, we lower FY23-FY26 volume growth to 5.9% from 8.4%

View Report

Q3 revenue dipped 3% YoY owing to dismal performance in food & nutrition segment

View Report

Q3 a muted quarter with net loss of Rs 5mn due to lower revenue and higher interest and depreciation costs

View Report

Q3 operating performance stable with EBITDA margin inching up 20bps YoY despite a Rs 100mn hit from cost overruns

View Report

Q3 revenue grew 21% YoY steered by 17% growth in motorcycle volumes and 22% in scooters; realisations up 3%

View Report

Q3 revenue grew 9% YoY on 25% rise in custom synthesis business; API and nutraceuticals stayed soft

View Report

Revenue grew 9% YoY in Q3 backed by strong India and ROW growth that offset lower US business

View Report

Q3 revenue growth muted at 6% YoY due to poor demand; pricing pressure dampens realisations

View Report

Q3 PAT met estimates at Rs 40bn; 20% bump-up in FY25 capex target to Rs 150bn a key positive

View Report

Sustained revenue growth (+ 9% YoY) and margin expansion in Q3, propelled by robust India business

View Report

VNB margin improved 200bps YoY to 16.6% at end-9M, leading us to increase our FY24-FY26 estimates by 100-150bps

View Report

Q3 topline flattish with PAT contraction on lower RLNG trading gains; bright spots from higher PLFs and lower T&D losses

View Report

Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline

View Report

Strong Q3 with EBITDA/PAT of Rs 10.2bn/Rs 6.1bn, beating consensus by 17%/42%

View Report

Steady growth in a challenging quarter aided by 7% YoY volume pickup; realisations softened

View Report

Domestic sales continue to underpin growth, rising 8.9% YoY in the December quarter on better pricing, volumes and product mix

View Report

Strong Q3 topline growth of 16% YoY despite lower exports, along with 330bps gross margin expansion as input costs eased

View Report

Urban markets grew ahead of rural centres largely driven by premium portfolio; volume growth revived to ~5.5% YoY in Q3

View Report

Q3 topline and margins contracted due to change in product mix; FY24 volume guidance cut from 310,000t to 300,000t

View Report

Q3 topline growth strong at 38% YoY but EBITDA margin shrank 380bps to 5.5% on weak product mix

View Report

Q3 revenue growth subdued at 3% YoY as volumes fell 3% amid state elections and festive season

View Report

Strong business growth in Q3 but one-off pension and ex-gratia provision of Rs 71bn saw net profit drop 36% YoY

View Report

Q3 revenue grew 3% YoY to Rs 92.7bn in a challenging quarter, aided by 3% higher realisation

View Report

Q3 PAT came in 36% below our estimate on continued market share bleed and margin pressure

View Report

Q3 PAT missed our estimate by 31% on weak laminate volumes and sharp increase in capital charge

View Report

Q3 revenue down 20% YoY on steep 33% volume decline due to anaemic rural demand

View Report

Q3 EBITDA ahead of consensus by 4% on healthy margins but strong PAT beat of 22% came from lower tax rate

View Report

Weak Q3 came as a big negative surprise considering management’s upbeat outlook in last earnings call

View Report

Standalone Q3 revenue grew 7% YoY as volumes increased 7%, ushioning flattish realisations

View Report

Q3 below consensus and also weaker than peers amid higher competitive pressure from imports and lower exports

View Report

Q3 revenue growth of 20% YoY backed by sharp 11% volume uptick to 8.9mt

View Report

Q3 EBITDA miss of 7% on tepid demand environment and rise in competitive intensity from Morbi players

View Report

Q3 results ahead on higher per unit EBITDA margin; first coil from HSM represents next milestone on Angul growth project

View Report

Sustained quarterly performance amid macro headwinds in domestic markets and currency devaluation in select global markets

View Report

EBITDA beat estimates (+6%) in Q3 on quick ramp-up of MDF plant in a challenging environment

View Report

Q3 topline up 19% YoY on low base but consumer demand still soft; margins expand on lower input prices

View Report

Topline flattish YoY due to high base and soft demand for fans; EBITDA margin lower on advertising expenses

View Report

Q3 revenue growth of 8% YoY bolstered by 16% uptick in volumes while realisations moderated 5%

View Report

Sharp contraction in operating profit (-34% YoY) for fifth consecutive quarter owing to supply-side pressure in MDF industry

View Report

Consistent performance across segments and markets with 7% YoY revenue growth despite delayed winter and macro headwinds

View Report

Strong quarter with revenue/EBITDA in line and reported PAT 4% ahead of Bloomberg consensus

View Report

Q3 revenue up 2x YoY led by robust growth in mobile & EMS segment; EBITDA margin dips 80bps on higher input costs

View Report

Q3 volumes grew 8% YoY driven by continued demand surge for SUVs; we expect sustained outperformance

View Report

Q3 revenue/PAT short of our estimates by 4%/13% on tepid demand climate and intense competition from Morbi players

View Report

Q3 revenue growth strong at 31% YoY but challenges in international EMP business cause net loss of Rs 304mn

View Report

Strong Q3 led by T&D and civil businesses, though rail revenue was subdued due to increasing competition

View Report

Healthy quarter with revenue/PAT coming in 3%/4% ahead of consensus; US sales a positive surprise, rising 6% QoQ

View Report

Strong topline growth of 25% YoY in Q3 aided by festive season sales; margin expansion continues

View Report

QAAUM grew 11% YoY to Rs 3.1tn in Q3 with equity assets rising even faster at 13%; however, market share inched down

View Report

Q3 order inflows and topline strong but margins declined due to legacy orders in the mix

View Report

Topline in line at Rs 13.7bn; miss at EBITDA level on one-off expense and MTM inventory loss

View Report

Dull Q3 performance in domestic as well as international markets amid a challenging operating environment

View Report

QAAUM growth robust at 29% YoY in Q3 fuelled by 10%+ share of industry-wide net equity flows (ex-arbitrage and index)

View Report

Q3 power generation grew 14% YoY with bump-up in PAT to Rs 45.7bn due to movement in regulatory deferral balance

View Report

Cigarette business had a soft quarter while FMCG-others remained resilient, and hotels posted its best quarter on a high base

View Report

Weak Q3 performance on rise in competitive intensity in a tepid demand environment

View Report

Q3 AUM growth in line at 13% YoY to Rs 2.7tn, but equity and hybrid schemes combined saw sustained outflows

View Report

Rural B2C business remains a sore point with overall credit costs climbing 15bps YoY in Q3 to 1.7%

View Report

Q4 results broadly in line; India beat our estimates with higher margins on leaner coking coal blend and benefit of inventory swing

View Report

Q3 revenue grew at a slow 7% YoY supported by 8% volume growth while realisations stayed flat

View Report

ICE 2W volume growth beats industry at 33% YoY, supporting 26% revenue growth in Q3

View Report

Q3 revenue grew 30% YoY backed by healthy domestic 2W volume growth and revival in exports

View Report

Q3 beats consensus with sharp uptick in volume growth and stable margins despite lower APM gas allocation

View Report

Credit cost soared 66% YoY to Rs 8.8bn in Q3 amid industry-wide stress in unsecured loans; uncertainty persists

View Report

9MFY24 APE growth strong at 17% YoY with ULIPs forming 61% of total; continues to lead the market with 26.5% share in individual APE

View Report

Q3 strong with EBITDA beat of 9% over consensus, though impairment charges of Rs 1.9bn limited PAT outperformance vs consensus

View Report

NII flat QoQ (6%YoY) in Q3 on higher interest expenses; treasury gains and moderate opex aided 9% YoY PPOP growth

View Report

Fourth straight quarterly miss with upsets on all fronts; Q3 revenue/ EBITDA well short of Bloomberg consensus by 13%/79%

View Report

Q3 revenue grew 22% YoY to Rs 27.8bn as new grey cement capacities aided 17% volume growth and realisation improved 5%

View Report

NII growth subdued at 9% YoY despite credit/deposit growth of 22%/18%, due to a high cost of funds

View Report

Q3 EBITDA margin rose 150bps YoY to 5.3% as chip constraints eased, leading to 5x jump in PAT off a low base

View Report

Q3 revenue growth a miss at 6% YoY but robust 670bps expansion in gross margin helped mitigate the impact on bottomline

View Report

Business growth held strong in Q3, but treasury losses and higher provisions weighed on PAT (-6% QoQ)

View Report

Q3 revenue grew 16% YoY with 30bps EBITDA margin expansion; order book up 11% on strong domestic demand

View Report

Q3 revenue grew just 7% YoY on subdued demand; high A&P spend hurt margins even as Lloyd’s cash burn continued

View Report

Q3 PAT up 24% YoY but flat QoQ due to higher provisions and modest growth in NII

View Report

Healthy business growth led to 35% YoY (+5% QoQ) rise in Q3 PPOP; PAT grew 11% YoY but fell 21% sequentially on higher provisions

View Report

Q3 EBITDA broadly in line at segment level supported by sharp growth in retail, oil and gas, and resilience in oil-to-chemicals

View Report

Cost savings of 3% YoY boosted Q3 earnings despite slow volumes (+5%) and flat realisations

View Report

Q3 broadly in line with our estimates; strong pipe performance for the eighth consecutive quarter

View Report

Delayed rural recovery and elevated competition from regional players impacted volume recovery in Q3

View Report

Strong business growth aided a 10% YoY rise in Q3 PPOP despite higher opex; PAT increased 17% to Rs 23bn

View Report

ARR AUM and total revenue grew 33% and 14% YoY respectively in Q3; flows also stayed strong at Rs 89bn

View Report

Missed our Q3 EBITDA estimate by 16% on slow recovery in agri pipe demand

View Report

Revenue growth reasonable at 17% YoY, but EBITDA margin falls on lower exports and higher advertising expenses

View Report

Business growth healthy in Q3 despite deposit mobilisation challenges; PAT grew 25% YoY on higher other income

View Report

9MFY24 VNB margin contracted 500bps YoY to 26.7% owing to a change in product mix and cost pressures

View Report

Operationally weak December quarter due to elevated cost of funds and increased provisions

View Report

9MFY24 growth low but management’s clear roadmap for growth raises confidence on medium-term prospects

View Report

Actively managed equity QAAUM grew 40% YoY, driving 24% AUM growth in Q3; topline growth strong at 23%

View Report

Leading domestic player in basmati rice with strong presence in export markets and popular brands, including Daawat, Royal and Ecolife

View Report

SIEM ended FY23 on a strong note in terms of order inflows, backlog, revenues, profitability, and cash flows

View Report

Energy transition identified as focus for next five years, especially areas of coal gasification, biomass, bio-CNG and green hydrogen

View Report

Management expects India’s MF industry to grow 15% in medium term assuming 10% rise in annual inflows

View Report

Management is guiding for 80-100bps EBITDA margin expansion every year from cost cuts, scale and premiumisation

View Report

Expect 19% credit and deposit CAGR over FY23-FY25 on retail-led growth and targeted increase in secured book

View Report

New brand identity is aimed at driving demand and spurring FMEG business; EHV capacity addition on track

View Report

Management confident of robust demand recovery through H2FY24 as festive and wedding seasons coincide

View Report

Q4 revenue grew at robust 25% YoY with 100bps EBITDA margin expansion and 50% rise in PAT to Rs 5.7bn

View Report

Leading basmati rice player with a strong presence in India (30% market share) and exports to 80+ countries

View Report

Focused on balancing growth ambitions and risk-adjusted returns; loan book guided to log an 18% CAGR over FY23-FY25

View Report

Q2 results flattered by prior-period rail revenue recovery; underlying EBITDA margin flattish sequentially while volume recovered

View Report

RBI has instructed BAF to stop disbursing loans under two digital products, the ‘Insta EMI Card’ and ‘eCOM

View Report

Profit has likely bottomed in Q2 as operations in Netherlands return to breakeven and India’s H2 demand outlook looks up

View Report

Q2 revenue grew 16% YoY backed by double-digit volume uptick (+11%) and 5% higher realisations

View Report

Net blended realisation per vehicle grew 6% YoY in Q2 and volumes increased 11%

View Report

Q2 EBITDA/PAT overtook consensus by 16%/25% backed by strong US business from gSpiriva launch and robust margins

View Report

H1FY24 APE declined 10% YoY due to flat individual APE (up 20% ex-non-par) and a 25% drop in group business

View Report

Q2 net realisation per vehicle grew at healthy 6% to Rs 1,933k on price hikes of 1-2% in CVs

View Report

Q2 revenue and PBT flattish YoY as gas trading and power sales in the short-term market tapered

View Report

Q2 volumes recovered 15% YoY (-10% QoQ) to 1.4mt helped by below-normal rainfall and higher western region sales

View Report

Monsoon impact in northeast markets kept Q2 volumes flat YoY at 0.9mt while realisation slipped 2%

View Report

New capacities buoyed Q2 volumes by 39% YoY but realisations slipped 5%

View Report

Robust quarter with revenue up 31% YoY and 590bps EBITDA margin expansion aided by the robotics and robotics segments

View Report

Q2 revenue/PAT in line at Rs 104bn/Rs 38bn; ramp up of FY24 capex target to Rs 100bn from Rs 88bn a key positive

View Report

Q2 volume growth of 10% YoY could have been higher but for a pursuit of realisation gains (+10%)

View Report

Q2 revenue grew 19% YoY as volumes climbed 16% and realisation moved up 3%

View Report

Q2 revenue ticked up 8% YoY as healthy sales in international markets supported by modest India business

View Report

Q2 gross/EBITDA margins expand 500bps/320bps YoY on lower input costs, sustained pricing and better product mix

View Report

Q2 revenue grew 20% YoY to Rs 25.7bn as grey cement volumes surged 22% to 3.9mt

View Report

Q2 EBITDA/PAT outstripped consensus by 44%/54% on higher margins, strong US growth and low taxes

View Report

Q2 topline grew 12% YoY led by ~10% volume growth; realisation flat due to price hikes in eastern region

View Report

Flattish volume growth in Q2 owing to muted performance in glucose and sweetener categories

View Report

Q2 tractor volumes dipped 7% YoY as sales flagged towards the quarter’s end after an initial pickup

View Report

Q2 EBITDA margin rose sequentially to 5.3% as chip constraints eased but PAT still down 33% YoY

View Report

Q2 sales flat YoY but operating leverage enables EBIDTA margin gains of 600bps to 29.5%

View Report

Dull Q2 with EBITDA/PAT plunging 21%/29% YoY, missing consensus by a wide margin

View Report

Q2 PPOP growth dropped 23% QoQ owing to one-time wage revision provisions

View Report

Management revises expansion capex to factor in the addition of more downstream and project components to temper risk profile

View Report

Q2 operating performance strong with 210bps YoY margin expansion, half of which management believes is sustainable

View Report

ECD revenue growth ahead of peers but lighting segment declines in Q2

View Report

Strong growth across categories except beverages which declined 10% YoY in Q2 due to uneven rainfall in North India

View Report

Standalone Q2 revenue grew just 8% YoY (-16% QoQ) as net volumes dropped 9% (-18% QoQ)

View Report

Q2 revenue grew 4% YoY driven by realisation gains as volumes stayed flat at 1.4mn units.

View Report

ARR AUM and revenue grew 31% and 10% YoY respectively, but ARR yield (calc.) slipped 13bps YoY to 63bps

View Report

Q2 topline up 11% YoY as ECD grew 17%, gross margin up 400bps; working capital cycle doubles due to festive stocking

View Report

Volume-led growth continues in India business at 11% YoY in Q2; margin expands despite elevated media spend

View Report

Q2 volumes flat YoY (-15% QoQ) at 6.9mt due to flood impact in key markets

View Report

Q2 topline growth robust at 52% YoY but lower share of ODM business drove gross margin down 690bps

View Report

Another soft quarter from BRIT (revenue up just 1% YoY), though EBITDA margin expanded due to lower input cost and savings

View Report

Q2 saw in-line margins but PAT was impacted by high interest cost; margins expected to improve in H2

View Report

Q2 revenue/PAT grew 11%/5% YoY to Rs 122bn/Rs 24bn, largely in line with consensus

View Report

PLNG has approved the PDHPP project at a capital intensity of US$ 3,000-3,650/t

View Report

Q2 topline up 15% YoY with gross margin expansion of 460bps; markets outside South India grew 11%

View Report

Q2 advances grew 19% YoY led by agri and inclusive banking (AIB) and co-lending; NIM dipped 13bs QoQ on deposit repricing

View Report

Q2 topline grew 11% YoY and EBITDA margin rose 150bps on sustained domestic growth and strategic international pricing

View Report

Middling Q2 performance with easing capacity constraints; cables revenue healthy but margin lagged peers

View Report

Strong show in Q2 led by highest ever order inflows of Rs 892bn (exit book of Rs 4.5tn), robust execution and working capital efficiency

View Report

Strong Q2 gross/EBITDA margins at 75%/28% drove a 7% EBITDA beat, though higher tax pulled PAT 2% below consensus

View Report

Q2 volume growth beats industry at 3.1%/13% YoY/QoQ with a focus on high-end products such as Apache and Raider

View Report

Sustained, strong performance marked by above-industry growth of 39% YoY in UCP segment along with higher margins in Q2

View Report

Q2 results in line but margin remains above the cycle average; we raise FY24 EBITDA by 11% factoring in a strong H1

View Report

Q2 revenue flattish YoY owing to a subdued demand environment and regional competition in select categories

View Report

QAAUM growth robust at 23% YoY in Q2 fuelled by 11% share of industry-wide net equity flows (ex-arbitrage and index)

View Report

Q2 revenue in line but PAT outdid consensus by 22% on account of PLI benefits, litigation settlement and interest income

View Report

QAAUM grew 10% YoY to Rs 3.1tn in Q2 with equity assets rising 9%; however, market share inched down

View Report

Q2 results broadly in line, with continuing structural growth in both consumer businesses and resilience in cyclical energy businesses

View Report

Q2 a normal quarter with a flat topline of Rs 409bn and healthy PAT of Rs 39bn

View Report

Q2 volume growth of ~7% YoY continued to beat the industry (~5%); we expect sustained outperformance

View Report

Q2 EBITDA/PAT 14%/15% ahead of consensus underpinned by strong growth in US and India businesses

View Report

Credit card spends climbed 27% YoY to a record high of Rs 792bn in Q2; debut on UPI platform promising

View Report

H1 APE growth strong at 21% YoY led by a rebound in ULIP and protection business during Q2

View Report

Q2 NII up 19% YoY led by strong business growth, aiding a 10% rise in PAT despite a spike in opex due to card-related costs

View Report

Q2 sales up 28% YoY led by a 77% upswing in mobiles & EMS business which offset slow lighting sales

View Report

Innovation and market penetration-led volume growth remain strategic focus areas; growing emphasis on rural markets

View Report

Q2 credit growth rises 21% YoY led by the high-yielding retail book and recovery in deposit mobilisation to 13%

View Report

Strong business growth in Q2 but NIM down 35bps QoQ on higher deposit cost and liquidity buffer; other income muted

View Report

Q2 NII grew 24% YoY despite higher deposit cost, while dividends from subsidiaries offset absence of treasury gains

View Report

Q2 volume and value growth weak YoY owing to delayed rural recovery and heightened competition from regional players

View Report

Q2 topline up 23% YoY with better margins due to dry weather in an otherwise unseasonal quarter for cooling products

View Report

Q2 result beat estimates on higher cost savings in standalone operations beyond coking coal reduction

View Report

Q2 revenue in line at Rs 6bn but EBITDA/PAT 3%/6% below our estimates due to higher opex and a product mix change

View Report

Q2 mixed with UCP performing well (+ 15% YoY) but EMP continuing to post losses due to collection disputes

View Report

Q2 volume growth slowed to single digits (7% YoY) owing to fierce competition in key operating regions

View Report

Q2 revenue up 15% YoY backed by 16% rise in dispatches; realisations resilient despite volume push in a monsoon quarter

View Report

FMCG business delivered strong topline (+8% YoY) growth in Q2 led by steady portfolio expansion

View Report

Despite higher opex, Q2 PAT increased 22% YoY to Rs 22bn driven by steady business growth

View Report

Mixed quarter with 5% YoY declines in ECD and flat lighting but 8% growth in cable & wires and 9% in switches

View Report

Q2 AUM grew 14% YoY to Rs 2.7tn but equity and hybrid schemes saw cumulative outflows for the fourth straight quarter

View Report

Healthy product mix in 2Ws and buoyancy in 3Ws aid 6% YoY increase in Q2 revenue

View Report

Domestic business posted double-digit growth in Q3 with continued margin expansion

View Report

Strong Q2 powered by 29% YoY growth in wires & cables business; FMEG set to improve gradually

View Report

Continued healthy business momentum in Q2, with reported PAT rising 35% YoY on lower provisions

View Report

Q2 APE growth muted at 3% YoY due to a 15% drop in the ICICIBC channel; ULIP and protection businesses showed traction

View Report

Q2 PAT grew 51% YoY supported by healthy other income and a lower tax rate

View Report

Robust, broad-based AUM growth of 33% YoY to Rs 2.9tn at end-H1FY24; we raise our FY24/FY25 AUM forecast by 3%/4%

View Report

Multi-faceted business model backed by aggressive growth plans in lending, insurance broking and payments

View Report

Q2 slightly short of our estimates; management expects a stronger H2 on new launches, growth in tier-2&3 markets and in bancassurance

View Report

Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18%

View Report

Autoclaved aerated concrete (AAC) block production targeted to reach 0.5mn cbm per annum by end-FY24 at Wada plant

View Report

SIEM has identified three broad trends in India: high public spending on infrastructure, pent-up private capex and rising decarbonisation

View Report

Early data from BAF shows 33% YoY growth in H1 AUM, tracking above the full-year guided range of 29-31%

View Report

Expect a strong 18% credit CAGR over FY23-FY25 (1.4x industry growth), supported by a better portfolio mix

View Report

ELCN has ~40% share in gearbox and components, catering to industries such as sugar, power, steel, cement, rubber and fertilisers

View Report

Volume revival surprised in H1FY24 but further upside constrained by higher availability of domestic gas in the near term

View Report

Decarbonisation of UK operation can sharpen competitiveness and add potential value of Rs 6-7/sh for TATA

View Report

Expansion snags due to plant relocation to hamper medium-term growth as utilisation likely breaches 80% in FY25

View Report

Electronics, engineering and design manufacturer largely catering to export markets; US a key geography at ~55% of revenue (FY23)

View Report

Expect pickup in retail loans and newer products to aid a 19% credit CAGR over FY23-FY25, with deposit CAGR of 15%

View Report

Borrowing limit raised to Rs 70bn at AGM but resolution to hike inter-corporate transaction limit 4x to Rs 100bn rejected

View Report

Management optimistic on festive-led demand revival in H2FY24; foresees no pricing action as commodity prices have eased

View Report

Momentum across consumer, commercial, SME and mortgage lending to propel a 28% AUM CAGR over FY23-FY25E

View Report

Pivoted towards consumption and new-age technology in India and beyond for sustainable growth

View Report

Lighting division moving to a new corporate structure, eyeing commercial orders, and pruning prices to spur volumes

View Report

Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus

View Report

Q1 revenue/EBITDA beat consensus by 4%/9% with adj. PAT (ex-one-off charge) running 15% ahead

View Report

New capacities (+2mt YoY) aid a 28% jump in Q1 volumes but pursuit of growth impacts realisations

View Report

ECD revenue growth at par with industry but lighting segment lagged peers in Q1

View Report

Q1 EBITDA/t drops 42% YoY to Rs 4.2k/t, reflecting the impact of high operating leverage

View Report

Q1 a mixed bag with UCP performing well (+ 16% YoY) while losses continued in the EMP segment

View Report

Robust Q2 with revenue up 22% YoY and 420bps EBITDA margin expansion aided by the robotics and electrification segments

View Report

Key AR takeaways: an improving narrative for digital, missing granularity for retail and approaching target dates for new energy business

View Report

Q1 consolidated topline grew 9% YoY as volumes increased 9% while realisations stayed flat

View Report

Q1FY24 individual APE declined 8% YoY but non-par business grew 22% (constituting 10.2% of individual APE vs. 7.8% in Q1FY23)

View Report

Q1 revenue/EBITDA a beat as international business outperformed; adj. PAT growth in line with consensus at 65% QoQ

View Report

All-round growth in Q1 led by non-South India markets that grew at 17% YoY

View Report

Robust volume-led performance in Q1 spurred by the MSA agreement between ACC and parent ACEM

View Report

Strong execution-led revenue growth of 14% YoY together with 190bps EBITDA margin expansion in Q3

View Report

Q1 muted as DBL restricted supply to safeguard prices but still failed to stave off a decline in realisations (-3% YoY)

View Report

Volume-led growth continues in India business at 12% YoY in Q1; margin expansion seen across geographies

View Report

Shift from commission to recurring revenue model (ARR) paying off – the latter now contributes 61% of AUM and 67% of revenue at end-FY23

View Report

Q1 revenue/PAT in line but operating margin ahead of consensus at 36.4% (+395bps YoY)

View Report

Q1 ahead of consensus on margin surprise but soft CNG volumes for the third straight quarter worrying

View Report

Treasury gains buoyed the topline and together with lower opex and provisioning lifted Q1 PAT 178% YoY

View Report

Relatively soft quarter (revenue up just 8% YoY) due to stiffer local competition and sluggish rural growth

View Report

Q1 revenue up 14% QoQ; device addition tepid but converted user base saw a sizeable ramp-up

View Report

Q1 a beat with revenue/EBITDA running 8%/25% ahead of consensus; gross margin improves to 65.9% (64.4 ex-licensing income)

View Report

Q1 topline grew 14% YoY led by ECD, with gross margin up 290bps though EBITDA margin was flat on higher wages

View Report

Q1 UCP revenue beat the industry, rising 7% YoY on the back of B2B sales; EMP order book robust

View Report

Flattish revenue growth in Q1 largely driven by a subdued performance in Glucon-D and Complan

View Report

Domestic pre-buying buoys quarter; new emission norms delayed but KKC well positioned to manage the transition

View Report

Good Q1 with 28% YoY topline growth and 70bps EBITDA margin gains to 5.8%; management sees “improving trajectory of profitability”

View Report

Q1 revenue grew 11% YoY aided by strong growth across categories, except beverages that saw the impact of unseasonal rains

View Report

Q1 revenue/EBITDA beat consensus by 2%/11%, but reported PAT missed estimates by 6% due to exceptional items

View Report

All-round beat with Q1 topline up 15% YoY, EBITDA margin expansion of 480bps and PAT up 43%

View Report

Q1 topline growth robust at 54% YoY but margins falter on lower healthcare business

View Report

Good Q1 performance though legacy orders continue to weigh on infrastructure margins

View Report

Tepid volume growth of 5% YoY with little support from realisations kept Q1 revenue growth muted

View Report

Core cables and wires business hampered by lack of capacity; likely to be addressed in coming quarters

View Report

Q1 revenue dipped 3% YoY owing to destocking and trade scheme rationalisation

View Report

Q1 results benefitted from uptick in margin above long-term guidance, but volumes were soft (+4% YoY)

View Report

Q1 revenue up 13% YoY despite weak seasonality, led by a mix of volume growth (+5%) and realisation gains (+8%)

View Report

Q1 credit cost climbed 130bps YoY to 7.1% of loans (calc.) owing to stress from customers acquired in CY19, inducing a 5% fall in net profit

View Report

Strong Q1 beat with EBITDA/PAT of Rs 2.7bn/Rs 2.1bn coming in 17%/ 39% ahead of consensus due to margin recovery

View Report

Q2 revenue up 15% YoY led by strong growth across categories and geographies; margins remained healthy

View Report

QAAUM growth strong at 12% YoY in Q1 fuelled by 20% share of industry-wide net equity flows (ex-arbitrage and index)

View Report

Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t

View Report

Q1 PAT up 41% YoY supported by strong NII (+27%), fee income and treasury gains

View Report

QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline

View Report

Improved demand in core markets led to robust 16% YoY uptick in India business; rural recovery visible but still below pre-Covid levels

View Report

CME a drag (-9% QoQ) in Q1 mainly due to lower network service and discretionary spends together with deal deferrals

View Report

Q1 EBITDA/PAT beat estimates by 7%/16% on the back of growth in North America and One India

View Report

Grey cement volumes grew 20% YoY to 28.6mt in Q1; utilisation healthy at ~86%

View Report

MTM gains boosted Q1 net profit growth to ~150% YoY whereas core net profit fell 25% YoY

View Report

Q1 revenue weak given the “worst of bad seasons”, though margins improved on a better product mix

View Report

Stellar Q1 led by inflows, execution and working capital efficiency; closed the quarter with a record Rs 4.1tn order book

View Report

Q1 APE growth softened to 4% YoY as non-par business slowed; management optimistic of a rebound

View Report

Q1 topline strong at Rs 32.7bn (+15% YoY) with improved margins; new customer additions provide healthy visibility

View Report

Q1 ahead of consensus with Indian operations limiting the decline in margin and overseas business seeing improvement

View Report

Q1 EBITDA margin at just 3.2% as supply chain constraints hampered profitability; chip shortage guided to recede gradually

View Report

Strong core and non-core revenue supported Q1 net income growth of 50% YoY though NIM contracted 15bps sequentially

View Report

Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive

View Report

NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1

View Report

Top BFS client the driving force behind Q1 growth, but management expects weakness in the vertical for the next few quarters

View Report

Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum

View Report

Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue

View Report

Key overhang dispelled with consummation of HDFC-HDFC Bank merger and parent’s stake raise to >50%

View Report

Q1 missed estimates as dollar revenue slipped 3.4% QoQ following a slowdown in both direct business and DXC

View Report

ARR robust at Rs 130bn net flows in Q1, forming 80% of revenue from operations and 65% of AUM

View Report

Q1 volume and value growth moderated; margins improved sequentially as inflation eased

View Report

Q1 revenue in line at US$ 272mn led by BFSI but EBIT margin at 10% fell short of estimates

View Report

FY24 revenue growth guidance slashed from 4-7% to 1-3.5%, implying continued uncertainty – a sector-wide phenomenon

View Report

Q1 a miss due to soft EBIT margins in ECD (-220bps YoY to 10.9%) and lighting (-210bps to 14.3%)

View Report

Q1 PAT growth robust at 30% YoY to Rs 21.2bn on NII growth and lower provisions which offset elevated opex

View Report

Impressive Q1 fuelled by 47% YoY growth in wires & cables business; FMEG set to improve

View Report

Q1 PAT grew 30% YoY backed by a strong topline and lower provisions. Deposits outpaced loan growth at 19% YoY

View Report

APE down 4% YoY to Rs 14.6bn in Q1 but up 4% ex-ICICIBC despite a soft demand environment

View Report

High-yield retail assets drove 42% YoY PAT growth; NIM (calc) dipped 13bps QoQ to 3.1% on a higher cost of funds

View Report

Q1 weaker than peers due to a higher mix of consulting services (Capco, Rizing), especially in BFSI and telecom

View Report

Q1 revenue missed estimates largely due to a slowdown in ER&D services and the telecom & media vertical

View Report

Management echoed Accenture’s commentary on temporary weakness due to project delays in the near term

View Report

Reliance Retail exit offer targeted at minority shareholders and does not reflect full retail business value

View Report

Targeting ~35% MHCV market share in FY24 by growing to 50% of the southern market (vs. 40%) and holding at 35% in North/Central India

View Report

Upcoming launch of high-end 125cc motorcycle to help shore up market share (21% currently)

View Report

NBP and individual APE CAGR the lowest in the listed private space for FY17-FY23; underperformance continued in 2MFY24

View Report

Standalone business trading at FY24E P/B of 0.4x after adjusting for GUJGA stake at market value minus 30% holding discount

View Report

FY23 a milestone year with revenue/EBITDA of Rs 5bn/1bn; Naprosyn brand crossed Rs 500mn

View Report

Management reiterated its FY24 order inflow (+15% YoY), revenue and EBITDA margin (~7%) guidance

View Report

Management optimistic of strong demand recovery in H2FY24; foresees no requirement for price hikes in near term

View Report

Product launches, top-tier scheme outperformance and phygital delivery channels remain key growth levers

View Report

New energy labelling norms hit the fans business and subdued demand dimmed lighting sales in FY23

View Report

Q1FY24 growth likely to fall short of expectations as unseasonal showers dampened summer demand

View Report

Key spending areas for FY23 included AI/ML, data & network services, cloud and managed security services

View Report

Remains market leader in core wires & cables business; FMEG segment tepid in FY23 but guided to return to form in FY24

View Report

Key spending areas in FY23 included cloud, generative AI, cybersecurity, IoT, and immersive technologies

View Report

Market share growth in Lloyd, rural markets and manufacturing remain strategic focus areas

View Report

FY23 saw competition denting margins in VOLT’s AC business and provisioning losses in the projects business

View Report

Volume growth healthy including contribution from the new Panna unit that has attained 60% capacity utilisation

View Report

Growth momentum continues with 16% YoY topline growth in FY23 and market share gains in >75% of the portfolio

View Report

Flat quarter despite growth in non-core markets; Q4 gross margin improved but EBITDA margin still under pressure

View Report

Q4 revenue in line but adj. PAT 9% above consensus at Rs 21.8bn (+46% YoY) on account of strong margins

View Report

Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%

View Report

Buildup of production momentum in Q4 but slower pickup in profitability on higher employee costs

View Report

Strong FY23 performance with revenue/PAT up 11%/29%, underpinned by innovation, premiumisation and distribution

View Report

Weak Q4 revenue print (-4.1% QoQ); DR and DXC remained a drag on growth

View Report

APE grew 12.5% YoY in FY23 led by strong 36% growth in non-par products; non-par constituted 8.9% of APE vs. 7.1% in FY22

View Report

Q4 volumes grew 23% YoY with realisations up 9%, aiding 33% topline growth to Rs 116bn

View Report

Realisations led growth in Q4 while capacity constraints restricted volume gains (to 1% YoY)

View Report

Q4 EBITDA margin expands to 24.8% on a better revenue mix; stronger margin coupled with higher other income aids a beat on PAT

View Report

Operationally strong Q4 despite supply chain constraints, with EBITDA and PAT each up ~60% YoY; exports resilient

View Report

Q4 volume gains steady at 7% YoY; realisation gains at 3%, indicating healthy demand in key areas

View Report

Q4 sequentially stronger as supply chain constraints eased; chip shortage guided to recede fully in next two quarters

View Report

Healthy Q4 revenue gains driven by both volumes (+10% YoY) and realisations (+6%)

View Report

Q4 topline of Rs 30.7bn in line with our estimate while improved ODM contribution aided a margin beat

View Report

Q4 revenue grew 11.4% YoY on the back of continuous price hikes; volume growth muted at 4%

View Report

Q4 topline grew 16% YoY aided by a good ECD performance; lighting continues to disappoint

View Report

New capacities (+2mt YoY) aided 45% jump in Q4 volumes (28% net of added capacities)

View Report

Q4 EBITDA/PAT of Rs 3.5bn/Rs 710mn well short of consensus by 21%/ 79% primarily due to higher operating costs

View Report

Lower provisioning supported robust 83% YoY PAT growth in Q4, though PPOP declined sequentially on higher opex

View Report

Q4 topline/PAT up 83%/160% YoY spurred by strong growth in the auto and consumer segments

View Report

Low-voltage and geared motors business divested to parent for Rs 22bn (2.1x revenue)

View Report

Growth momentum continues with 330bps YoY EBITDA margin expansion; we expect 12% topline growth in FY24

View Report

Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious

View Report

Consolidated Q4 revenue/EBITDA growth of 32%/23% YoY missed consensus by 3%/10%

View Report

Device addition remained tepid during the quarter but strong additions in converted users

View Report

Streamlining of operations by the new management led to Rs 94bn of impairments over H2 but is helping wipe the slate clean

View Report

Q4 a beat as all segments posted strong growth, led by electronics (+69% YoY) and RAC & components (+55%)

View Report

Q4 volume gains of 32% YoY helped by preponement of festive season and tiller & other non-tractor sales

View Report

Launches aided Q4 volume growth of 18% YoY and healthy revenue gains; both Hunter and Bullet pushed up realisations

View Report

Wires & cables shore up growth in Q4 while FMEG business struggles; international sales at a record high

View Report

Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4

View Report

Q4 EBITDA/PAT grew 57%/45% YoY but missed consensus by 5%/30% on higher R&D spend, field force expansion and other costs

View Report

Q4 volume growth of 5% YoY in domestic markets backed by diversification and market development

View Report

Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half

View Report

Robust Q4 revenue of US$ 264mn (+4.7% QoQ CC) with US$ 1bn milestone reached in FY23

View Report

Robust execution and margins in Q2 led by smart infrastructure and mobility segments; base order inflow at Rs 57bn

View Report

Robust volume-led growth aided 12% YoY rise in India revenue; Indonesia business saw strong recovery

View Report

Q4 broadly in line as revenue/EBITDA grew 16%/35% YoY (-7%/-23% QoQ), albeit aided by one-offs

View Report

Q4 in line; FY23 order inflow and revenue beat guidance while margins were on par and order book soared to a record Rs 4tn

View Report

Q4 beat consensus as EBITDA margin improved sharply by Rs 4.6/scm QoQ on limited passthrough of lower gas purchase costs

View Report

ALPM reported in-line Q4 revenue at Rs 14bn (flat YoY), though negative tax and lower R&D expense resulted in a PAT beat

View Report

Higher other income plus lower provisions aided 67% YoY PAT growth in Q4; NIM contracted due to deposit repricing

View Report

Strong India and US growth in Q4 (17% YoY each) offset by declines in other businesses

View Report

UCP business shines in Q4, delivering 20% YoY growth and an 8.4% EBIT margin

View Report

Strong 13% YoY topline growth in Q4 fuelled by pricing, enhanced distribution reach and market share gains

View Report

Robust Q1 with revenue up 23% YoY and EBITDA margin expansion of 230bps aided by the robotics and electrification segments

View Report

Q4 revenue grew 12% YoY backed by 5% higher net realisation per vehicle and volume gains of 7%

View Report

Q4 AUM/PAT 6%/10% below our expectations at Rs 2.7tn/Rs 1.6bn; ARR focus continues

View Report

Price pass thru availability helps realisation gains in Q4, taking revenue up 19% YoY (flattish QoQ) despite tepid volume growth

View Report

Broad-based growth across categories in Q4, barring healthcare which is navigating the high Covid base

View Report

Focus on realisation gains curbed Q4 volume growth at 5% YoY, indicating lacklustre demand in key areas

View Report

Q4 revenue/PAT ahead of estimates at Rs 55bn/Rs 722mn; revenue growth guidance of 15%+ for FY24 on strong order inflow

View Report

Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24

View Report

Q4 revenue growth muted at 8% YoY on tepid realisations and limited volumes owing to a labour strike

View Report

Q4 revenue up 10% YoY to Rs 48.6bn anchored by strong switchgear sales and consistent performance in cables & wires

View Report

Traction in cable business buoyed Q4 topline growth; EHV set to bounce back in FY24

View Report

Volume-led topline growth truncated by muted realisations (+1% YoY) in Q4, an indication of market share pressure

View Report

Q4 PAT grew 26% YoY backed by a strong topline and lower opex; provisions stayed flat

View Report

Q4 revenue grew 20% YoY and QoQ aided by strong double-digit volume gains and supportive pricing

View Report

Q4 revenue grew 16% YoY to Rs 39bn buoyed by higher volumes (+12% YoY); realisations up just 3%

View Report

Q4 volume growth soft due to an unfavourable mix; order book strong at 412k units (vs. 363k units in Q3FY23)

View Report

Q4 PAT beat our estimate by 10% due to robust revenue (+32% YoY), partially offset by higher credit cost (+60% YoY)

View Report

Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API

View Report

QAAUM declined 7% YoY to Rs 2.8tn at end-FY23 with continued market share bleed

View Report

Lower provisioning aids strong Q4 PAT growth of 64% YoY (ex-one-off charge of Rs 125bn towards Citi deal

View Report

Q4 a miss on all fronts – revenue/EBITDA/PAT below consensus by 16%/35%/55%

View Report

Equity outflows coupled with softer yields dampened Q4; core PAT flat YoY at Rs 571mn, well below our estimate

View Report

Q4 revenue flattish at US$ 1.7bn (+0.3% QoQ CC) with 10% growth in FY23 to US$ 6.6bn

View Report

Q4 revenue grew 0.6% QoQ CC to US$ 2.8bn due to a drag in technology consumer and communication verticals

View Report

Strong performance in FY23 with gross premium up 15% YoY and APE growth of 18%

View Report

Underlying pricing growth tapered down in Q4 due to softening input cost; volume growth at 4% YoY

View Report

UCP EBIT margin returns to double digits in Q4 after languishing at 7-8% over the first three quarters

View Report

Despite 13% lower volumes YoY, realisations steered topline growth of 12% in Q4 on the back of a better product mix

View Report

Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%

View Report

Strong 14% YoY revenue growth in Q4 as key businesses continued to outperform

View Report

MTM loss on other income led to 7% sequential decline in Q4 total income and 10% drop in pre-tax profit

View Report

Q4 revenue up 3.9% QoQ CC to US$ 275mn, backed by services and top-client business

View Report

Q4 net profit missed our estimate by 7% owing to below-expected revenue of Rs 6.4bn and QAAUM of Rs 4.5tn

View Report

Q4 PAT growth strong at 46% YoY backed by robust business growth that offset lower other income and higher opex

View Report

Highest quarterly growth in the last decade supported by a strong performance across product segments in Q1CY23

View Report

Q4 beat led by O2C business; investor concerns appeased by introduction of a capital discipline target of 1x net debt/EBITDA

View Report

Central bank permits leeway on PSL norms post-merger which will aid HDFCB’s margins and asset quality in the immediate term

View Report

Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income

View Report

Strong Q4 growth lifts overall FY23 numbers; sustainability of growth and ability to arrest NBP market share loss key monitorables

View Report

Q4 revenue down 0.3% QoQ CC, below our estimates

View Report

EBITDA momentum likely to continue in Q4 propelled by both cyclical and consumer engines

View Report

Deposits outpaced loan growth YoY while a higher cost of funds led to 14bps contraction in NIM to 4.2% in Q4; FY24 NIM guided at 4.1%

View Report

Q4 revenue declined 2.3% QoQ CC, weighed down by project cancellations

View Report

Q4 dollar revenue growth of 1.7% QoQ in line with our estimate and broad-based across verticals

View Report

CY22 order inflows strong at Rs 100bn (+31% YoY) and revenue growth robust at 24% YoY

View Report

Expect a healthy March quarter with deposits outpacing loan growth (196bps QoQ decline in CD ratio)

View Report

Extensive presence, brand equity and leadership in group life business serve as strong moats, supporting NBP market share of over 60%

View Report

Highest domestic revenue growth in a decade, at 14.8% in CY22, led by both volumes and pricing

View Report

Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks

View Report

Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom

View Report

TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices

View Report

Private 5G expected to be a key enabler for the digital transformation of enterprises

View Report

Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity

View Report

Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing

View Report

CY22 revenue increased 14.5% YoY with broad-based growth across categories

View Report

Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales

View Report

Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income

View Report

Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn

View Report

Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner

View Report

Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth

View Report

9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%

View Report

Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability

View Report

Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses

View Report

Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn

View Report

Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions

View Report

Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%

View Report

Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business

View Report

UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier

View Report

Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices

View Report

Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%

View Report

Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn

View Report

Q3 below consensus with softer recovery in India operations and acute losses in Europe

View Report

Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise

View Report

Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains

View Report

Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%

View Report

Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4

View Report

Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories

View Report

Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness

View Report

Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand

View Report

Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%

View Report

Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India

View Report

Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing

View Report

EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted

View Report

Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%

View Report

Steady Q3 performance with 11% YoY growth each in revenue and net profit

View Report

MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%

View Report

Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%

View Report

EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business

View Report

Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%

View Report

UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4

View Report

Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion

View Report

Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23

View Report

Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC

View Report

Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth

View Report

Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained

View Report

Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex

View Report

Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry

View Report

Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits

View Report

Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable

View Report

Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches

View Report

Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA

View Report

Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%

View Report

Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense

View Report

Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses

View Report

Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt

View Report

Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations

View Report

Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient

View Report

Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions

View Report

Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation

View Report

Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase

View Report

Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%

View Report

ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend

View Report

Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base

View Report

Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ

View Report

Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps

View Report

Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions

View Report

Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout

View Report

Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%

View Report

9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%

View Report

Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions

View Report

Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate

View Report

Management expects to see benefit of PVC price recovery from Q4 after a muted Q3

View Report

Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates

View Report

Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation

View Report

Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate

View Report

IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles

View Report

Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence

View Report

Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup

View Report

Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23

View Report

Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition

View Report

Q4 in line; management now focused on aggressive growth, in a shift from consolidation

View Report

Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins

View Report

Increase in MDF imports could pose a threat to domestic price realisation, if not curbed

View Report

Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand

View Report

Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)

View Report

Demand for premium products buoyant but entry-level segment remains distressed

View Report

Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP

View Report

Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)

View Report

Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)

View Report

Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses

View Report

Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%

View Report

Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline

View Report

Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins

View Report

Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base

View Report

Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%

View Report

Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India

View Report

Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY

View Report

Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%

View Report

Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth

View Report

Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales

View Report

Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects

View Report

Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%

View Report

Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business

View Report

Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations

View Report

Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales

View Report

Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter

View Report

Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise

View Report

Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers

View Report

Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business

View Report

Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm

View Report

UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22

View Report

Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales

View Report

Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1

View Report

Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness

View Report

Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY

View Report

Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24

View Report

Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4

View Report

Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up

View Report

Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth

View Report

Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins

View Report

Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%

View Report

Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn

View Report

Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost

View Report

VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25

View Report

Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)

View Report

H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%

View Report

Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn

View Report

Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd

View Report

Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact

View Report

Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)

View Report

Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%

View Report

Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence

View Report

H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19

View Report

Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions

View Report

Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers

View Report

EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off

View Report

Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets

View Report

FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged

View Report

Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25

View Report

Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality

View Report

Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy

View Report

Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers

View Report

Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view

View Report

Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below

View Report

Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%

View Report

Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%

View Report

Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%

View Report

Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)

View Report

Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn

View Report

Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20

View Report

Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations

View Report

Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins

View Report

Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin

View Report

Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers

View Report

Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes

View Report

Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business

View Report

TATA exposed to slower pickup in China but we expect Chinese demand to stabilise over H2, providing support to regional margins

View Report

Key initiatives taken in FY22 to bolster business in electronic manufacturing services (EMS), including PLI initiatives

View Report

Q1 revenue growth robust at 27% YoY (13% ahead of consensus), supported by a low base in Asia/Africa and momentum in India

View Report

Q1 revenue grew 17% YoY (9% QoQ) to Rs 6.9bn aided by price hikes and 10.3% volume growth

View Report

Stellar growth as Q1 gross premium increased 35% YoY with NBP up 67% and renewal premium up 14%

View Report

Q1 EBITDA margin hit by A&P spend and write-offs; ECD/electronics margins guided to recover to ~7%/16% in FY23

View Report

Q1 credit card spends grew 79% YoY and cards in force 19% YoY, with strong asset quality

View Report

Q1 revenue/EBITDA came in 5%/8% above consensus and grew 20%/ 15% YoY to Rs 15.4bn/Rs 4.5bn

View Report

Mobiles segment drove Q1 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially

View Report

RIL captured upsides in refining margin and gas prices in Q1, but an increase in tax rate and Jio depreciation resulted in a miss on net income

View Report

Focus on expanding trail-based ARR model; recurring revenue constituted 68% share in Q1 and recurring AUM 57%

View Report

Q1 gross margin maintained but EBITDA margin drained by higher A&P spend (+108% YoY) and logistics & warranty expense (+87% YoY)

View Report

With a weaker outlook for steel margins in H1, JSTL lowers capex plan for FY23 to manage leverage but maintains Rs 480bn plan over 3 years

View Report

Q1 revenue grew 64% YoY led by increased realisations (+8%) and volume recovery (+53%) on a soft base

View Report

Q1 revenue increased 23% YoY as volumes/realisations rose 29%/4% in PVC pipes & fittings and 25%/0.2% in PVC resin

View Report

Q1 miss on margins due to one-time costs; expect margins to course correct in 9MFY23 against backdrop of lower commodity costs

View Report

Q1 revenue climbed 51% YoY to Rs 4.6bn led by growth of 50%/57% YoY (-1.6%/0.4% QoQ) in MDF/plywood

View Report

Q1 revenue grew 80% YoY (-8.5% QoQ) spurred by a 15% (+2% QoQ) rise in tile realisations and 53% (-10% QoQ) volume growth

View Report

Q1 EBITDA margin hit by absence of price hikes, while falling commodity prices hurt profitability in key cables and wires segment

View Report

Q1 revenue/PAT came in at Rs 8.8bn/Rs 0.9bn led by healthy price realisations across segments (ex-plywood)

View Report

Pricing action, cost-cutting initiatives and premiumization all helped to keep margins intact in Q1

View Report

Q1 gross premium increased 23% YoY with NBP up 27% and renewal premium up 19%

View Report

Q1 results ahead of consensus but net debt reduction muted with higher working capital build

View Report

Q1 APE grew 25% YoY to Rs 15.2bn led by the savings segment at 25% and protection at 22%

View Report

Strategic growth plan ‘Lakshya’ targets revenue of Rs 2.7tn and ROE of 18%+ by FY26

View Report

Sustainable model with diverse product offerings in HNI/UHNI category and focus on expanding trail-based recurring revenue streams

View Report

Targeting key growth drivers such as greater reach in South India, channel diversification and innovation-led product development

View Report

We expect CRS to clock revenue CAGR of ~16.5% during FY22-24E aided by growth in sanitaryware and faucetware segments

View Report

Leadership maintained in fans and pumps, while being a top player in lighting. BGAL acquisition to strengthen adjacency offerings

View Report

Calcom Vision Ltd, an ODM player, specializes in LED manufacturing and is expanding its competencies in BLDC fans

View Report

Accelerated launch of innovative products, growing international footprint, and expanding customer base augur well for the company

View Report

DRRD unveiled a framework to make its business future ready

View Report

Due to disruptions in UP and Bihar, which form 65-70% of the top-line, the sale is expected to be adversely impacted in Q1FY23

View Report

Pure-play API company with robust market share in key high-value, low-volume chronic therapies, alongside budding CDMO business

View Report

Management optimistic about margin recovery on the back of strong underlying demand across segments

View Report

Well placed to capitalise on near-term MDF demand traction, with strong guidance of 15-18%/15% volume growth in FY23/FY24

View Report

Maintains leadership in wires & cables with ~23% market share; growth momentum in FMEG business sustained in FY22 (5Y CAGR of 30%)

View Report

Claws back ~200bps of market share in April over March, taking share to 21.6%

View Report

Major player in credit card domain with vast growth potential due to partnership with parent SBIN and customised offerings

View Report

Q4 EBITDA margin stable QoQ at 16.8% but down 450bps YoY with 335bps YoY contraction in gross margin

View Report

Q4 EBITDA/adj. PAT declined 17%/28% QoQ (+6%/-5% YoY) due to 350bps QoQ contraction in operating margin

View Report

Consolidated Q4 revenue grew 23% YoY with pipe/adhesive segments up 22%/27%; pipe volumes increased 11%

View Report

Mobiles segment drove 40% YoY Q4 topline growth; calibrated pricing action and cost-saving initiatives helped improve margins sequentially

View Report

Q4 margin well maintained led by key initiatives of brand building, fortifying the distribution network and cost cutting

View Report

Management expects AC market to clock 20% CAGR over five years (vs. 7-10% historically) buoyed by increased affordability and reach

View Report

Retains leadership in RAC segment with 23.4% market share; bolstering supply chain through JV with Highly

View Report

Q4 revenue grew 30% YoY to Rs 4.6bn, with 84% coming from VMART and 16% from Unlimited stores

View Report

Robust standalone Q4 revenue/EBITDA growth of 45%/57% YoY, ahead of consensus by 11%/17%

View Report

LPC booked a loss of Rs. 5.2 bn in Q4 with weak operating performance and contraction in margins, EBITDA was ~50% below consensus

View Report

Q4 revenue growth strong at 24% YoY on the back of higher sales in electrical and consumer durables segments, but margins remain stressed

View Report

India, Russia, US and one-off opportunities drove 15% YoY sales growth in Q4; non-core brands divested in Russia and India

View Report

Q4 revenue growth muted at 9.7% YoY due to a 5% decline in tile volumes, though blended realisation rose 14% to Rs 333/msm

View Report

Consolidated Q4 net revenue increased 12% YoY to Rs 25bn as the C&B/B2B segments grew 11%/21%

View Report

Q4 revenue increased 28% YoY as volumes/realisations rose 4%/9% in PVC pipes & fittings and 32%/8% in PVC resin

View Report

Q4 revenue growth healthy at 17% YoY driven by a 47%/11% increase in the AgChem/CSM segments

View Report

Q4 revenue grew 5.6% YoY (65% QoQ) to Rs 6.4bn aided by price hikes; volumes muted

View Report

Q4 revenue grew 16% YoY (+3% QoQ) spurred by a 13% rise in tile realisations; volume growth was subdued at 2%

View Report

Q4 revenue/PAT came in at Rs 8.9bn/Rs 0.9bn led by robust price realisations across segments (ex-plywood)

View Report

Consolidated Q4 revenue grew 13% YoY backed by an 8% rise in plywood volumes and 7% rise in price realisation for India operations

View Report

Q4 revenue of Rs 24.8bn broadly in line with our estimate; PAT reduced 55% to Rs 1.1bn on account of prior years’ tax

View Report

Q4 topline strong but higher RM and operating costs dent margins and bottomline

View Report

Q4 revenue growth in line at 4.9% QoQ USD, spearheaded by the enterprise segment; TCV robust at US$ 1.01bn

View Report

Analysis of AC/cooler ownership shows higher product penetration in North India while the South lags

View Report

Consolidated Q4 revenue up 7% YoY ex-one-offs of Anjani Tiles divestment and Ind AS-105 application; amounted to Rs 525mn

View Report

Strong quarter with the core cable and wire business performing well on revenue and margins, beside maintaining market leadership

View Report

Slight miss on Q4 revenue but EBITDA underperformed our estimate by 32% due to lower margins (incl. one-time charge of Rs 2bn)

View Report

ECD weakness hurt Q4 topline growth; aggressive price hikes helped to sustain gross margin despite RM cost pressure

View Report

Q4 revenue 6% ahead of our estimate but margins disappointed with gross/EBITDA margin contraction of 530bps/1050bps YoY to ~72%/24%

View Report

Q4 results in line with consensus – O2C and digital services performed well; we raise FY23/FY24 EBITDA by 8%/4%

View Report

Below-expected quarter but strong portfolio and distribution coupled with low market penetration remain key structural drivers

View Report

Q4 revenue climbed 21% YoY to Rs 4.7bn led by 31% growth in MDF but plywood revenue declined by 15%

View Report

Good quarter with strong room AC sales due to harsh summer and pent-up demand in target markets, aided by its broad product portfolio

View Report

Q4 results in line with consensus, dividend payout raised to 15% with improved gearing, and 10:1 stock split announced

View Report

Strong Q4 topline aided by Lloyd and the wires & cables business, though RM inflation remained a drag on margins

View Report

Q4 sales/EBITDA contracted 8%/20% QoQ (up 10%/3% YoY) due to structural decline in the cardiometabolic segment

View Report

Q4 revenue growth at 11% YoY led by broad-based domestic uptick and 17% growth in the US; ROW declined 19% YoY

View Report

Steadfastly retains >60% market share despite stiff competition and is well positioned to capture opportunities in a growing industry

View Report

Q4 revenue growth slightly ahead of estimates at 3.1% QoQ USD driven by manufacturing, retail and BFSI

View Report

Q4 revenue grew 23% YoY led by increased realisations (+6%) and volume recovery (+16%)

View Report

Q4 topline growth 14% ahead of consensus as healthy CDMO, FDF and non-ARV API sales offset decline in ARV business

View Report

Q4 revenue growth of 9.1% QoQ USD outperformed estimates led by services business; TCV at US$ 361mn rose 8% QoQ

View Report

Q4 revenue growth of 0.5% QoQ USD underperformed our estimate owing to a double-digit slowdown in Mode-3 business

View Report

Q4 revenue growth of 3.6% QoQ CC below our estimate of 5%; however, net new TCV robust at US$ 80mn, up 21% YoY

View Report

Q4 revenue growth at 4.8% QoQ USD was largely in line with our estimate, driven by travel and BFSI verticals; manufacturing and retail slowed

View Report

Q4 revenue growth muted at 0.7% QoQ USD, below our (4.1%) and street estimates. TCV robust at US$ 2.3bn

View Report

Q4 revenue growth at 3.2% QoQ CC beat consensus expectations of 2.3% but came in a tad lower than our estimate

View Report

ARBP acquired Veritaz Healthcare at 1x FY22E sales (9.8x EBITDA), marking its foray into domestic formulations

View Report

Product innovation, distribution expansion and Heinz India merger synergies expected to aid brisk PAT CAGR of 11% for FY21-FY24

View Report

GREENP well placed to capitalise on near-term MDF opportunity with management guiding for 15% volume growth in FY23E

View Report

SUNP, through subsidiary Taro Pharma, to acquire Galderma’s skincare arm Alchemee in US$ 90mn all-cash deal

View Report

One of the fastest growing kitchen appliance companies in India with leadership in steel LPG stoves and tabletop wet grinders

View Report

Current refining demand growth expectations may prove conservative, keeping refining and product markets tight

View Report

Google plans to adopt new privacy initiatives (termed Privacy Sandbox) to curtail tracking across apps on Android smartphones

View Report

Consolidated Q3 revenue grew 24% YoY backed by 11% increase in plywood volumes and 7% rise in price realisation for India operations

View Report

RIL plans to restructure a part of its O2C business to address climate risks and open up new opportunities for value addition

View Report

Q3 surpassed expectations on all fronts with revenue/EBITDA growth at 49%/62% YoY, ahead of consensus by 15%/26%

View Report

Q3 revenue growth at 47% YoY to Rs 6.9bn, with 83% coming from VMART and 17% from Unlimited stores

View Report

Q3 revenue dipped 3% YoY on a steep decline in US (-23%) and API (-8%) business, despite growth in India (+17%) and ROW (+13%)

View Report

Q3 revenue declined 6% YoY despite 48% growth in APIs as US (-13%) and ARV (-65%) business contracted

View Report

Q3 revenue growth at 24% QoQ and 126% YoY – the highest ever in AFFLE’s history led by rise in CPCU and user volumes

View Report

Q3 revenue growth modest at 4% YoY (+2% QoQ) despite strong US and India formulation business, as API revenue declined 25%

View Report

Robust traction in India formulations (+20% YoY) during Q3, partly offset by a 7% decline in US generic revenue

View Report

Consolidated Q3 revenue grew ~23% YoY with pipe/adhesive segments up 25%/16%; pipe volumes dipped 4% due to dealer destocking

View Report

Q3 revenue growth at 5.9% QoQ USD beat our estimate led by a sharp increase in offshoring

View Report

Q3 revenue growth robust at 4.1% QoQ USD, outperforming our estimate of 3.6%, driven by the CME vertical

View Report

Q3 revenue up 12% YoY spurred by branded formulations business in India and Africa; US sales down 14% QoQ to US$ 22mn

View Report

Strong Q3 with YoY growth across geographies; flat sequential growth in domestic/ROW markets due to lower Covid portfolio contribution

View Report

Q3 revenue growth of 14.7% QoQ and 48% YoY was INFOE’s highest in over a decade, led by its recruitment business

View Report

Q3 revenue/PAT came in at Rs 8.5bn/Rs 0.9bn led by robust price realisations across segments (except plywood)

View Report

Growth in Q3 driven by product launches and higher volumes, partly offset by US price erosion

View Report

Industry-wide slowdown in cardiometabolic segment (59% revenue share for ERIS) affected Q3 growth

View Report

Inventory destocking in ARV API/FDF led to 20% YoY decline in revenue; guided to normalise from Q4

View Report

Q3 results a mixed bag – retail and oil & gas performed well but digital services and O2C delivered muted sequential growth

View Report

Q3 revenue grew 4.2% QoQ USD, roughly in line with estimate. Growth was driven by the BFS vertical with a modest uptick in travel

View Report

Consolidated Q3 net revenue up 24% YoY to Rs 28.5bn as C&B/B2B segments grew 23%/30%

View Report

Q3 revenue declined 6% YoY as volumes fell 15% in PVC pipes & fittings and 36% in PVC resin

View Report

Q3 sales growth modest at 6% YoY led by US and India formulations. API sales declined due to slowdown in orders from developed markets

View Report

Q3 revenue up 3% QoQ, short of our estimates due to weak ARPU growth

View Report

Q3 consolidated revenue grew 28% YoY with the sanitaryware/faucet segments increasing 51%/60%

View Report

Augmented risk architecture to enhance overall performance with total CAR estimated at robust 19-20% levels, enabling growth

View Report

Q3 revenue grew 5.5% YoY led by high realisations (+31%) though volumes declined 18%

View Report

Q3 revenue climbed 34% YoY to Rs 4.2bn led by 40% growth in MDF and 8% in plywood segment

View Report

Q3 results broadly in line; we raise our earnings forecasts on consolidation of BPSL

View Report

Q3 revenue grew 27% YoY (+10% QoQ) driven by 14% volume growth to 25.6msm – the highest-ever volumes for KJC

View Report

Above-expected Q3 with revenue growth of 9.2% QoQ USD led by IP business

View Report

Q3 revenue growth robust at 7.6% QoQ USD, ahead of our estimate, driven by direct business, BCM and communications

View Report

Just Dial (JUST) reported revenue growth of mere 1.9% QoQ-far below estimates, dragged by impact on SMEs from covid waves

View Report

L&T Infotech (LTI) reported strong growth beat with 8.7% QoQ USD growth. EBIT margin at 17.9% was up 70bps QoQ, was above estimates

View Report

Bank remains reasonably stable during turbulence

View Report

HCL Tech (HCLT) reported stellar growth of 6.7% QoQ USD, beating our estimate of 3.5%

View Report

Mindtree (MTCL) reported growth of 4.7% QoQ USD, in-line with estimates. Momentum was driven by travel, CMT and BFSI

View Report

Fast-growing player in savoury packaged snacks. Strengthening of processes (to stabilise RM cost) and distribution channels to spur growth

View Report

Company benefits from the best of two domains in chemical industry: Pharma intermediates and specialty chemicals

View Report

ERIS enters ten-year, 70:30 JV with MJ Biopharm for marketing rh-insulin, insulin analogues, GLP1 agonists and biosimilars

View Report

TPWR’s ~70% run-up in two months stems from power demand growth, international coal price rally and possible renewables business IPO

View Report

WPRO’s analyst meet focused on highlighting results of a transformed business model and reiterating a “bold” strategy

View Report

Q2 revenue grew 37% YoY, outperforming consensus, with broad-based uptick across Naukri, 99acres and other verticals

View Report

Q2 revenue surged 104% YoY aided by above-expected rebound at JAMPP and strong native business growth

View Report

Consolidated Q2 revenue grew 32% YoY to Rs 5.6bn with tile volumes up 25% and blended realisation up 6% YoY to Rs 306/msm

View Report

Consolidated Q2 net revenue up 40% YoY to Rs 26.3bn. Like-to-like growth at 33% (ex-PAPL)

View Report

TECHM’s analyst meet today focused on the 3Ps – Purpose, People and Performance

View Report

Despite steady 8% YoY growth in Q2 pretax income, consolidated net income fell 11% due to lower tax rate in comparable quarter

View Report

Q2FY22 revenue grew 93% YoY to Rs 3.4bn, marking 107% recovery vs. pre-Covid (Q2FY20) levels on consolidation of 74 ‘Unlimited’ stores

View Report

Steady 1.9% YoY growth in Q2 pretax income and appreciable decline in outstanding payments

View Report

Stock looks attractive following ~25% correction from its Oct’21 peak – upgrade from HOLD to BUY with unchanged TP of Rs 8,430

View Report

Q2 revenue/PAT came in at Rs 8.1bn/Rs 1bn led by robust price realisations across segments

View Report

Q2 revenue grew 7.1% QoQ USD, delivering a strong beat. EBIT margin missed our estimate but outperformed consensus expectations

View Report

Q2 PAT increased 60% YoY as revenue grew 45% due to strong recovery in goods transport and bus service volumes

View Report

Q2 revenue growth robust at 85% YoY as PVC realisations surged 63% and pipe volumes grew 27% YoY

View Report

Q2 revenue climbed ~88% YoY to Rs 4.2bn led by ~103% growth in MDF and ~38% in plywood

View Report

Q2 consolidated revenue grew 24% YoY with the sanitaryware/faucet segments increasing 30%/63%

View Report

Stellar Q2 print with revenue growth of 9.3% QoQ USD (incl. Capiot) driven by BFSI and healthcare

View Report

Q2 revenue/EBITDA grew 10%/4% YoY to Rs 55bn/Rs 12bn, beating our estimates by 6%/4%

View Report

Q2 revenue growth beat estimates at 6.4% QoQ USD on 6.3%/6.7% enterprise/communications business growth

View Report

Robust Q2 revenue growth of 6.6% QoQ USD led by BFSI; EBIT margin in line at 14.8% (+230bps QoQ)

View Report

Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm

View Report

Strong Q2 revenue growth led by high realisations (+38% YoY) and healthy volumes in plastics (+9% YoY)

View Report

Q2 performance in line as sales grew 12% YoY and EBITDA margin stood at 46%

View Report

Robust volume growth in Q2 a reflection of improving macros. Network expansion and new sorting centre to sustain growth

View Report

Q2 revenue grew 6.4% QoQ USD, outperforming our (4.9%) and street estimates; EBIT margin a miss at 15.1%

View Report

Disappointing Q2 with revenue contracting 6.9% YoY and miss on margins

View Report

Best revenue growth ever at 8.3% QoQ USD in Q2, aided by secular uptick across verticals, clients, service lines and geographies

View Report

Q2 a miss with subdued revenue growth of 2.6% QoQ USD due to 8.4% contraction in product business

View Report

Stellar Q2 with revenue growth at 5.7% USD QoQ vs. 4.2% estimated and resilient operating margin

View Report

Q2 revenue growth beat estimates at 6.9% USD/8.1% CC QoQ and surpassed guided range of 5-7% CC QoQ

View Report

Strong Q2 beat led by significant revenue surprise and resilient operating margin

View Report

Pandemic-led boost to INMART’s outsourced client acquisition model (DSA-based) has improved sales engine efficiency

View Report

Q2 revenue grew 2.9% QoQ USD, in line with our estimate of 3%; TCV was healthy at US$ 7.6bn

View Report

Ecosystem-level partnerships fortify AFFLE’s defense against data/ privacy risk

View Report

In-line Q1 with revenue up 14% YoY (deferred revenue up 36%) and EBITDA margin at 31.2%

View Report

Q1 revenue growth at 1.4% QoQ USD, roughly in line with our estimate of 1.7% QoQ USD

View Report

Q1 revenue fell 37% QoQ on reduced volumes and ASP. High RM cost and lower operating efficiency further dampened PAT

View Report

Q1 revenue and gross margin beat our estimates but lower operating efficiency crimped profitability

View Report

Consolidated Q1 revenue grew 121% YoY, rebounding from a tepid base

View Report

Q1 revenue declined 35% QoQ on weak volumes (-40%). Lower operating efficiency further pulled down profitability

View Report

Q1 standalone revenue growth robust at 124% YoY off a low base, with strong growth across segments

View Report

Consolidated Q1 revenue grew 73% YoY with pipes/adhesives rising 63%/107% due to a low base; pipe volumes grew just 13%

View Report

Q1 revenue fell 13% QoQ, EBITDA margin shrank 400bps on gross margin pressure and adj. PAT fell 49% QoQ to Rs 1.6bn

View Report

Q1 revenue increased 70% YoY driven by 89% growth in CPCU business, with a broad-based uptick across E, F, G, H verticals

View Report

Q1 losses fell to below 10% of last year but declined from strong profits in Q4FY21 as volumes slowed and bus operations continued to bleed

View Report

Q1 revenue/EBITDA grew 27%/28% YoY, beating consensus estimates by 7%/19%

View Report

Consolidated Q1 revenue grew 95% YoY with tile volumes up 94% due to a low base.

View Report

Strong results driven by growth in solar products, award to CGPL under APTEL order and uptick in coal mining associates

View Report

Q1 revenue beat our estimate at Rs 18.1bn but EBITDA margin dropped to 28.3% on lower gross margin and higher other expense

View Report

Q1 revenue in line but gross margin fell short of our estimate, denting operating performance. Adj. PAT a miss at Rs 567mn

View Report

Q1 revenue in line at Rs 4.8bn but EBITDA margin disappoints at 5.1% due to poor operating efficiency

View Report

Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%

View Report

Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business

View Report

Standalone Q1 revenue tripled YoY as volumes surged 217% aided by a low base

View Report

Q1 reflects weak benchmark refining margin and impact of planned shutdowns but robust marketing margin

View Report

Q1 revenue in line but EBITDA margin disappoints at 12.4% due to gross margin pressure and lower operating efficiency

View Report

Consolidated Q1 revenue grew 102% YoY as tile volumes doubled, aided by a soft lockdown-hit base quarter

View Report

Q1 earnings reflect a muted refining performance but recovery in marketing margin

View Report

Q1FY22 revenue growth robust at 72% YoY as PVC realisations surged 93% YoY

View Report

Q1 PAT robust at Rs 1.7bn, up 17% YoY. Sales grew 12% YoY while EBITDA declined 2%

View Report

Q1 EBITDA/PAT growth strong at 22%/20% YoY to Rs 1.3bn/Rs 1.1bn, meeting street estimates

View Report

Q1 dollar revenue growth beat our estimate at 4.1% QoQ on 4.7% enterprise business growth and 3.2% recovery in communications

View Report

Q1 revenue met our estimate but EBITDA margin fell short at 7% and adj. PAT declined 70% QoQ to Rs 833mn

View Report

Q1 strong with 16% QoQ USD revenue growth led by BFSI. EBIT margin in line at 12.6% (-107bps QoQ)

View Report

Q1 consolidated revenue growth robust at 242% YoY with 272%/132% rebound in MDF/plywood segments off a soft base

View Report

MSIL’s Q1 revenue fell 26% QoQ while lower gross margin and higher staff cost capped EBITDA margin at 4.6%. Adj. PAT declined 62% QoQ

View Report

Strong Q1 operating income of Rs 164mn in a challenging quarter vs. a loss of Rs 206mn in Q1FY21

View Report

ALPM reported a 42% YoY decline in Q1 EBITDA due to weak US sales led by increased competition in key molecules and launch delays

View Report

GNA’s Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%

View Report

PSYS reported stellar Q1FY22 numbers with dollar revenue growth of 9.1% QoQ (incl. Capiot) driven by BFSI and healthcare

View Report

INMART reported a decent Q1FY22 performance with 20% YoY revenue growth and a 50% EBITDA margin

View Report

MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact

View Report

BJAUT’s Q1 revenue declined 14% QoQ on lower volumes (-14%) and flat ASP. High RM cost further pulled down profitability

View Report

CEAT’s Q1 revenue fell below projections at Rs 19bn and gross margin declined, weakening EBITDA margin to 8.7%. Adj. PAT was at Rs 199mn

View Report

SI’s Q1 volumes slipped 22% YoY as agri pipe demand slowed, but pass-along of higher RM prices aided consolidated revenue growth of 27% YoY

View Report

HCLT reported 0.9% QoQ dollar revenue growth in Q1FY22, underperforming our estimate of 1.5% due to the Covid2.0 impact

View Report

Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT

View Report

RRVL’s Rs21.6bn capital infusion to acquire 25% of JUST DIAL (JUST) to drive revenue growth was the key positive development

View Report

LTI’s Q1FY22 revenue grew 5.1% QoQ USD, its best first-quarter growth ever, due to an uptick in hi-tech and BFS

View Report

WPRO posted an upbeat QoQ performance in Q1FY22 with 12% CC revenue growth, ahead of our (8.9%) and street estimates

View Report

INFO’s Q1FY22 revenue growth of 4.8% CC QoQ outperformed our estimate of 3.8% CC and street expectations of 3.8% USD

View Report

Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates

View Report

TCS reported 2.4% QoQ cc growth (vs. est. of 3.5%), impacted by contraction in India geography. Core market growth was intact at 4.1%

View Report

DPFCL’s FY21 performance was best ever for the company with EBITDA/PAT jump of 2.1x/4.6x YoY

View Report

SJET’s Q4FY21 revenue plunged 35% YoY and it reported an adjusted net loss of Rs 2.4bn, translating to negative EPS of Rs 3.9

View Report

FNXP reported strong Q4FY21 revenue growth of 63% YoY as PVC prices surged 68% YoY, driving up realisations

View Report

CRS’s management expects unlocking to rejuvenate demand led by tier-2-and-below cities and targets 17-18% revenue growth for FY22

View Report

INFOE reported below-expected Q4FY21 numbers with revenue down 10% YoY (-6.5% est.) and EBITDA margin at 18% (29% est.)

View Report

NTPC reported strong 31% YoY growth in Q4FY21 net income driven by capacity expansion

View Report

VSTT’s Q4 operating performance was in line. EBITDA margin fell 220bps QoQ on higher RM cost and adj. PAT declined 14% to Rs 264mn

View Report

RPGL reported revenue growth, margin expansion and debt reduction in FY21 despite Covid-led disruptions in the acute portfolio

View Report

SOMC reported consolidated Q4FY21 revenue growth of 59% YoY with tile volumes up 52% off a low base due to the national lockdown last year

View Report

At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook

View Report

GIL reported Q4FY21 consolidated revenue growth of 15% YoY backed by a 21% uptick in India business

View Report

KJC reported consolidated Q4FY21 revenue growth of 46% YoY as tile volumes grew 39%, aided by a soft lockdown-hit base quarter

View Report

MUNI’s standalone Q4FY21 revenue grew 35% YoY as volumes increased 26% aided by a low base

View Report

CPBI reported robust standalone revenue growth of 41% YoY off a soft base, with the plywood/MDF/laminate segments growing 43%/41%/44%

View Report

CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%

View Report

ECLX reported Q4FY21 revenue growth of 19.3% CC QoQ, including 6.3% organic growth and the balance from its Personiv acquisition

View Report

IndiGo’s Q4FY21 RASK came in at Rs 3.3, EBITDAR at Rs 7.3bn was hit by rising fuel costs and the company suffered a Rs 11.6bn net loss

View Report

MRF’s Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn

View Report

Despite a soft base, V-Mart Retail (VMART) reported weak 6% YoY Q4FY21 revenue growth due to sustained Covid-19 headwinds.

View Report

M&M’s (MM) Q4FY21 revenue was in line at Rs 133.4bn (–5% QoQ).

View Report

Eicher Motors (EIM) reported in-line Q4FY21 standalone revenue of Rs 29bn, a 22% EBITDA margin and adj. PAT of Rs 4.7bn.

View Report

Alkem Labs reported a below-expected Q4FY21 with +7%/–4% YoY sales/EBITDA growth.

View Report

We present key takeaways from our interaction with the management of Greenpanel Industries (GREENP).

View Report

TVS Srichakra (TVSS) posted a 5% QoQ increase in Q4FY21 revenue, with an above-expected EBITDA margin of 13.3% (11.2% est.).

View Report

State Bank of India’s (SBIN) Q4FY21 PAT of Rs 64.5bn was backed by 19% YoY NII growth and strong non-interest income from a lumpy NPA recovery worth Rs 40bn.

View Report

JK Tyre’s (JKI) Q4FY21 revenue increased 6% QoQ to Rs 29bn while operating margin contracted 260bps QoQ to 15.5%, albeit beating our estimate of 13.8% due to an above-expected gross margin.

View Report

Torrent Power (ADD): Good results; hopeful on DNH, selective on renewable bids

View Report

Astral’s (ASTRA) Q4FY21 consolidated revenue grew 79% YoY, with 80%/78% growth in pipes/adhesives.

View Report

Canara Bank (CBK) reported Q4FY21 PAT of Rs 10bn aided by 6% QoQ growth in operating profit.

View Report

Minda Corp’s (MDA) Q4FY21 topline increased 7% QoQ to Rs 7.9bn.

View Report

Federal Bank’s (FB) Q4FY21 PAT at Rs 4.8bn beat our/consensus estimates on below-expected provisions.

View Report

Balkrishna Industries (BIL) posted healthy Q4FY21 volume growth of 17% YoY to 68k MT, 15% ahead of our projections.

View Report

Greenpanel Industries’ (GREENP) consolidated Q4FY21 revenue grew 64% YoY aided by a 63%/65% increase in the MDF/plywood segments.

View Report

Escorts (ESC) reported Q4FY21 revenue of Rs 22bn (+60% YoY) with above-expected ASP.

View Report

Mphasis (MPHL) reported dollar revenue growth of 1.8% QoQ in Q4FY21, underperforming our estimate.

View Report

Pidilite Industries (PIDI) reported consolidated Q4FY21 revenue growth of 45% YoY on a tepid base, with a 45%/26% rise in standalone C&B/B2B volumes.

View Report

Apollo Tyres (APTY) delivered an operational beat in Q4FY21 led by better margins in European operation.

View Report

DCB Bank’s (DCBB) Q4FY21 PAT of Rs 0.8bn (+13% YoY) beat our estimate on below-expected provisions.

View Report

Bandhan Bank (Bandhan) reported Q4FY21 PAT of Rs 1bn (–80% YoY), much below our and consensus estimates owing to a spike in provisions.

View Report

Hero MotoCorp’s (HMCL) Q4FY21 operating performance was marginally ahead of our estimates due to an above-expected gross margin.

View Report

CEAT’s revenue was 8% ahead of our estimate at Rs 23bn in Q4FY21.

View Report

Coforge reported a strong Q4FY21 with 7.1% QoQ USD revenue growth led by the ‘other’ vertical, though EBIT margin underperformed at 13.6% (+63bps QoQ).

View Report

L&T Infotech’s (LTI) Q4FY21 revenue growth was strong at 4.4% QoQ CC due to an uptick in the hi-tech, manufacturing and BFS verticals.

View Report

RBL Bank’s (RBK) Q4FY21 PAT of Rs 0.8bn declined 34% YoY due to an 11% fall in NII and accelerated provisions.

View Report

Supreme Industries’ (SI) Q4FY21 revenue grew 46% YoY, aided by an 8% rise in volumes off a tepid base.

View Report

Kotak Bank’s (KMB) Q4FY21 PAT at Rs 16.8bn (+33% YoY) was largely in line with our estimates.

View Report

Ajanta Pharma (AJP) reported strong Q4FY21 revenue/EBITDA growth of 11%/56% YoY to Rs 7.6bn/Rs 2.6bn, surpassing consensus estimates by 3%/23%.

View Report

Laurus Labs reported yet another strong quarter on the back of high growth in the API (esp. ARV) and formulation segments.

View Report

AU Small Finance Bank (AUBANK) reported below-estimated Q4FY21 PAT of Rs 1.7bn due to slower NII growth and one-off employee cost.

View Report

IndusInd Bank (IIB) reported in-line Q4FY21 PAT of Rs 9.3bn with a steady operating performance marked by 9%/10% YoY growth in NII/operating profit.

View Report

In its Q4FY21 earnings call, Mahindra Logistics’ (MLL) management spoke about its vision to triple revenue by FY26, driven by formalisation, auto recovery, service expansion and integrated solutions to customers.

View Report

Persistent Systems (PSYS) reported in-line Q4FY21 numbers, with dollar revenue growth at 4.6% QoQ.

View Report

Mahindra Logistics’ (MLL) Q4FY21 net income increased 58% YoY on 28% revenue growth in the SCM segment, even as the enterprise mobility business remained weak.

View Report

Bajaj Auto’s Q4FY21 revenue was ahead of estimates at Rs 86bn.

View Report

TVS Motor (TVSL) posted a Q4FY21 beat on all counts.

View Report

Axis Bank (AXSB) delivered strong Q4FY21 PAT of Rs 27bn (+2.4x QoQ) on 17% YoY growth in operating profit.

View Report

Maruti (MSIL) posted in-line Q4FY21 revenue, but an adverse sales mix, higher input costs and lower other income pulled PAT down 10% YoY.

View Report

Tech Mahindra (TECHM) posted below-estimated Q4FY21 dollar revenue growth of 1.6% QoQ.

View Report

ICICI Bank (ICICIBC) reported Q4FY21 PAT of Rs 44bn on 17% YoY growth in NII and 14% loan growth.

View Report

HCL Tech (HCLT) reported 3% QoQ dollar revenue growth in Q4FY21, in line with our estimate.

View Report

GNA Axles’ (GNA) Q4FY21 revenue was 10% ahead of estimates at Rs 3.1bn (+72% YoY), led by healthy volumes.

View Report

Swaraj Engines’ (SWE) Q4FY21 revenue was below estimates on lower volumes.

View Report

HDFC Bank’s (HDFCB) Q4FY21 PAT was in line at Rs 82bn (+18% YoY) and asset quality was stable with GNPA ratio at ~1.3% despite the SC vacating its stay on NPA recognition.

View Report

Mindtree (MTCL) reported a strong Q4FY21 performance with dollar revenue growth of 5.2% QoQ, ahead of estimates.

View Report

Wipro (WPRO) delivered an upbeat QoQ performance in Q4FY21 with 3% CC revenue growth, ahead of our estimate of 2.6%.

View Report

Infosys’ (INFO) Q4FY21 revenue growth of 2% CC QoQ was in line with our estimate of 1.9%, with the company also posting robust TCV of US$ 2.1bn.

View Report

Coforge has acquired 60% stake in SLK Global Solutions – a BPM and digital solutions company for the financial services industry.

View Report

We initiate coverage on Bandhan Bank (Bandhan) with ADD and a Mar’22 TP of Rs 375 based on 2.4x FY23E P/BV.

View Report

TCS’s Q4FY21 revenue growth of 4.2% QoQ CC was broadly in line with our optimistic estimates in a seasonally weak quarter.

View Report

We expect AU Small Finance Bank’s (AUBANK) longstanding expertise in vehicle finance and successful extension into secured business loans to aid a 22% loan CAGR over FY20-FY23.

View Report

Key takeaways from our interaction with the management of Greenpanel Industries (GREENP)

View Report

Key takeaways from our interaction with the management of Greenply Industries (GIL).

View Report

Key takeaways from our interaction with the management of Balrampur Chini Mills (BRCM).

View Report

The Capco acquisition, Wipro’s (WPRO) largest to date, for a cash consideration of US$ 1.45bn is another of CEO Thierry’s bold moves to achieve industry-leading growth.

View Report

We hosted virtual investor meetings with V Krishnakumar, COO of Eris Lifesciences (ERIS).

View Report

Domestic MDF demand remains strong in Q4FY21 backed by higher purchases of readymade furniture, a shift away from low-end plywood and continued slowdown in imports (25-30% of the total market).

View Report

Info Edge (INFOE) reported a 15% YoY sales decline in Q3FY21.

View Report

Mayur Uniquoters’ (MUNI) Q3FY21 standalone revenue swelled 31% YoY to a record Rs 1.6bn.

View Report

ONGC’s Q3FY21 EBITDA at Rs 65bn (–47% YoY) underperformed estimates owing to higher operating costs.

View Report

Ashok Leyland (AL) reported a weak Q3FY21 as revenue at Rs 48.1bn fell 5% short of our estimate.

View Report

Petronet LNG’s (PLNG) Q3FY21 EBITDA outperformed estimates at Rs 13.4bn (+21% YoY).

View Report