UltraTech is strongly placed to benefit from its aggressive capacity addition plans with focus on further reducing cost structure. We expect revenue to grow at ~10.8% CAGR over FY24-26E while EBITDA and PAT are expected to grow at 18.1% and 21.2% CAGR respectively over the same period
The dividend yield is computed based on the closing price of 30th April 2024. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY23/CY22, FY22/CY21 and FY21/CY20
The company during the quarter has reported 58.6%/71.2%/35.5% YoY growth in Sales/EBIDTA/PAT to Rs 289.4 cr/Rs 92.9 cr/ Rs 43.0 cr respectively. The full year FY24 Sales/EBITDA/PAT were up 59.0%/61.6%/47.5% YoY to Rs 1,023.9 cr/ Rs 336.8 cr/ Rs 161.7 cr respectively. The EBITDA margin for FY24 remained stable at 32.9% up 51 bps YoY. The overall full year performance in terms of revenue and EBITDA were higher than our expectations, however profit marginally missed our expectation on account of higher interest costs
We have assigned BUY rating on GLS, on the back of proven execution capabilities, strong financials and long-term expansion plans in APIs and CDMO. We believe the change of ownership could be beneficial especially on the expansion front
Zomato’s ability to ‘execute’ at scale is well recognised by investors. We believe the company is now gearing up to improve its credentials as an ‘innovator’. We note it has launched multiple new initiatives in the past 40 days which aim at improving customer experience or exploring adjacencies in its core ‘food delivery’ business.
BSE options price hike was an optionality to earnings but has now become a necessity. BSE can take a price hike to offset the impact of the higher regulatory fees. NSE charges ~INR 35/bn on options premium and the clearing/ regulatory cost is ~9/10% of the derivative revenue.
Huhtamaki India Ltd. One-offs impacted profitability in Q1, On the verge of a Turnaround, Upgrade to BUY The company reported good show excluding the one-offs. Revenue declined by ~8% YoY but grew by mere ~1% QoQ. Lower volumes on YoY basis impacted the topline. Gross margin expanded by 332bps YoY but declined by 44bps QoQ […]
Timken India is strongly positioned to benefit from the buoyant capex outlay in its key domestic segments including railways and process industries. Increase in manufacturing capacity would help increasing localisation of products and further growth in both domestic markets and exports
Given the strong opportunity from the key segment driving the topline and earnings growth visibility coupled with stable balance sheet, we initiate coverage with a BUY rating on the stock.
We have a positive view on Hindalco driven by its strategic capacity expansion at Novelis and Indian operations, structural drivers in place for healthy demand of Aluminium metal and controlled leverage on B/S (Debt: Equity at ~0.5x). We assign BUY rating on the stock with target price at ₹780 wherein we have valued it at 7.5x EV/EBITDA on FY26E
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