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Sachin Pal

Senior Research Analysts

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Dalmia Bharat: Volume growth a bright spot in an otherwise dull quarter

BUSINESS

Dalmia Bharat: Volume growth a bright spot in an otherwise dull quarter

 Realisations remain flat due to the muted pricing environment in key operating markets

Transport Corporation of India: Best in class execution

BUSINESS

Transport Corporation of India: Best in class execution

The logistics company posts record-high revenues in Q1FY23 as all business verticals show healthy increases

Hyderabad Industries – Operating in a tough spot

BUSINESS

Hyderabad Industries – Operating in a tough spot

Despite growth initiatives, earnings outlook weak amid macro challenges

Nazara Technologies: Rosy earnings outlook

BUSINESS

Nazara Technologies: Rosy earnings outlook

The company in a vantage position to capitalise on gaming opportunities

Dixon Technologies: Is the growth story faltering?

BUSINESS

Dixon Technologies: Is the growth story faltering?

Contract manufacturer Dixon Technologies delivered healthy operating metrics for Q1 FY23. However, the business internals were mixed and the June-quarter sales and margins were a bit soft on a sequential basis due to demand slowdown and the challenging cost environment

Asian Paints: Stock run-up unlikely amid the business sparkle

BUSINESS

Asian Paints: Stock run-up unlikely amid the business sparkle

Since the start of 2022, paint stocks have been under pressure due to concerns about high commodity inflation, sluggish demand, and intensifying competition. Despite these headwinds, market leader Asian Paints has reported a surprisingly good Q1 FY23

Crompton Greaves Consumer Electricals: Strong growth across segments in Q1

BUSINESS

Crompton Greaves Consumer Electricals: Strong growth across segments in Q1

Consumer electrical maker Crompton Greaves Consumer Electricals continued its business momentum from the previous quarter and reported a healthy revenue growth in Q1

UltraTech – Margin guidance casts a shadow on Q1 optimism

BUSINESS

UltraTech – Margin guidance casts a shadow on Q1 optimism

The management is optimistic on the demand scenario because of the government’s focus on infrastructure and housing

Havells India: Margins crack further in Q1

BUSINESS

Havells India: Margins crack further in Q1

Havells India has had a rough start to fiscal year FY23. The company reported strong revenues for the June quarter, but margins remain an area of big concern as expenses are climbing faster than revenue.

Polycab India Q1: Slump in commodity prices to impact near-term growth

BUSINESS

Polycab India Q1: Slump in commodity prices to impact near-term growth

Wires and cables manufacturer Polycab India posted a strong revenue growth in Q1 FY23 on a yearly (YoY) basis. Though the headline numbers appear robust, market internals suggest that the volatility in metal prices is hampering business momentum

Ambuja Cements Q2 CY22: Near-term headwinds keep us on sidelines

BUSINESS

Ambuja Cements Q2 CY22: Near-term headwinds keep us on sidelines

Cement volumes are likely to get support from the government’s capex push and normal monsoon

Sterling Wilson Renewables Energy: Receding cost pressure to aid recovery

BUSINESS

Sterling Wilson Renewables Energy: Receding cost pressure to aid recovery

SWREL is targeting ~ $1 billion (Rs 7,000-8,000 crore) of new EPC orders from its current bid pipeline

ACC: Soaring energy prices crush margins in Q2 CY22

BUSINESS

ACC: Soaring energy prices crush margins in Q2 CY22

Newcastle coal futures are trading near $430 per tonne, just shy of a record peak touched in early March, amid robust demand, falling Russian deliveries and supply-chain disruptions, among others

Polycab India: A compelling growth story

BUSINESS

Polycab India: A compelling growth story

Consumer durables manufacturer Polycab ended FY22 on a very impressive note, recording its highest top line ever in the March quarter

GM Breweries Q1 -- Is the margin shaking off its slack?

BUSINESS

GM Breweries Q1 -- Is the margin shaking off its slack?

GM Breweries' entry into the ethanol market could turn out to be a big growth engine for the overall business in the coming years

Bajaj Healthcare: Meet a solid buy-the-dip candidate

BUSINESS

Bajaj Healthcare: Meet a solid buy-the-dip candidate

In FY23, the management is planning to introduce 3-4 new products, through reverse engineering in APIs

Crompton Greaves Consumer Electricals: Cost optimisation offsets inflationary headwinds during Q4

EARNINGS

Crompton Greaves Consumer Electricals: Cost optimisation offsets inflationary headwinds during Q4

Crompton Greaves Consumer Electricals has reported decent numbers for Q4FY22. Overall revenue was impacted by Omicron-related disruptions in January. However, February and March saw strong recovery, and the business maintained margins despite cost headwinds

SastaSundar Ventures: Interesting value proposition after the correction

BUSINESS

SastaSundar Ventures: Interesting value proposition after the correction

The company has all the necessary ingredients (cash, people, capability, technology, experience etc.) to scale its business and there could be major margin unlocks that might play out over the next 3-5 years

Dixon Technologies: Growth outlook wired to mobile business

BUSINESS

Dixon Technologies: Growth outlook wired to mobile business

The current market has clearly punished stocks that have inflated valuations. Dixon is no exception as the stock has fallen about 40 percent in the past 6-8 months. Besides, the stock had a massive rundown following the ED raids on Xiaomi India

Radico Khaitan – Inflation makes inroads into margins

BUSINESS

Radico Khaitan – Inflation makes inroads into margins

Revenue growth of the liquor maker was quite solid, but its operating performance turned weaker hit by inflationary cost pressures

Cement sector | What are pain points for investors?

BUSINESS

Cement sector | What are pain points for investors?

We advise strong caution on UltraTech and Shree Cement as the entry of Adani poses the biggest risk to their market share as well as super-rich valuation

Paint sector: Valuation derating on the cards?

BUSINESS

Paint sector: Valuation derating on the cards?

A lot of action is happening in the paint industry. Asian Paints and Berger Paints, the long undisputed leaders, are now facing the heat of competition. With so many players, many of them biggies in allied sectors, entering the fray, the sector is just starting a valuation de-rating cycle. This is not the time to hold paint company stocks

Delhivery Q4: Priced beyond perfection

BUSINESS

Delhivery Q4: Priced beyond perfection

The logistics player needs to keep on churning strong growth metrics as the current valuation is expensive, both on relative and absolute basis, and leaves no scope for error, in case growth starts to falter or even taper

Dalmia Bharat Q4: Short-term headwinds getting priced in

BUSINESS

Dalmia Bharat Q4: Short-term headwinds getting priced in

A near-term revival in profitability for Dalmia Bharat appears unlikely as the inability of cement makers to push up prices, especially in a weakening demand environment, will continue to hurt operating margins for the coming 2-3 quarters

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