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Equitas SFB continues to report subdued credit growth at 20% YoY mainly due to slower growth in the new CV and NBFC segments, which coupled with elevated funding cost has led to further deterioration in NIM by 20bps QoQ to 8.2%.
LTIMindtree reported weak results for a second quarter in a row – revenue declined 1.3% QoQ (-1.3% cc) compared with our estimate of a 0.5% dip. Revenue growth was impacted by continued softness in discretionary spending and cancellation of a couple of projects in BFSI.
On 22-Apr-2024, MMFS informed the exchanges that it has detected a fraud in one of its branches in the Northeast that involved forged KYC documents for retail vehicle loan disbursements, thus leading to embezzlement of Company’s funds
ABFRL’s board has approved the demerger of its Madura business into a new entity – ABLBL, upon the requisite regulatory approvals over the next 9-12 months. In our view, this move should unlock value through better capital allocation and improved investor interest for the two businesses individually.
Persistent reported mixed performance in Q4 — revenue grew 3.4% QoQ CC, in line with our estimate, while margin of 14.5% (flat QoQ) missed it. Revenue growth still lopsided with HLS contributing ~94% of incremental revenue sequentially.
We downgrade GSPL to REDUCE from Buy, as the long-awaited HP grid tariff revision came as a major negative surprise. The regulated tariff was set 47% lower from Rs34/mmbtu, at Rs18.1/mmbtu (GCV, wef 1-May), and was a far call from the Rs50.8 sought by GSPL.
Wipro has lagged in its execution despite achieving better results and higher deal wins. However, FY25E may show some recovery backed by strong deal wins. Due to lacking the necessary visibility, we recommend a SELL rating on the stock.
Wipro has reported in-line earnings in Q4FY24, with better execution at margin front. Bookings were strong at USD 3.6bn. IT services EBIT margin was impressive, up 40bps QoQ, despite headwinds from wage hikes and revenue decline
Our valuation for Indus now bakes in the VIL capex. Our recalibrated model envisions Indus’ rental revenue/EBITDA/ net profit CAGRs of 9.3%/10.2%/14.4% over FY24–27E.
BJAUT reported strong performance that was in-line, with margins sustaining QoQ at 20.1% (Emkay est.: 20.4%). Domestic 2W recovery continues apace, even as revival in exports is expected to be slightly gradual.
BJAUT reported strong performance that was in-line, with margins sustaining QoQ at 20.1% (Emkay est.: 20.4%). Domestic 2W recovery continues apace, even as revival in exports is expected to be slightly gradual.
BJAUT: Spotless performance priced in by rich valuations. HDFCAMC: Another robust quarter but rich valuation caps upside. Metals & Mining: CRU meet takeaways: India steel to gain demand support in H2. Metals & Mining: China's steel industry needs structural readjustment: Valin Steel
We downgrade GSPL to REDUCE from Buy, as the long-awaited HP grid tariff revision came as a major negative surprise. Regulated tariff was set 47% lower from Rs34/mmbtu, at Rs18.1/mmbtu (GCV, wef 1-May), and was a far call from the Rs50.8 sought by GSPL.
