Happy Mother’s day ❤️❤️❤️❤️

No one can match your energy love and care !!!!

🙏🙏

Sula Vineyards

Big target cut from CLSA

Downgrade to reduce from buy

Target cut to 515 from 819

WEAK PERFORMANCE

This is my India ❤️

Stock down 4%

Sula Vineyards - Weak numbers

Q4FY24
EBITDA 29cr, -4.4%
MARGIN 24 % vs 27.2 %
PAT 13.6cr vs14.2cr, -4.8%

Company loosing market share due to competitive intensity !!!

UBL – CONCALL
Decent commentary
Management expects industry volume growth of 6- 7% YoY in CY24, company to outperform
looking at high single-digit or close to double digit revenue
co focuses on revenues and volumes more than margins
Demand increased during this summer

Voltas – concall

Margin outlook mixed
Depsite strong demand, voltas expects margin in high-single digit
Sustained competitive intensity and an uptick in commodity prices could weigh on margins
VoltBek will be Ebitda break even by FY25 and start making profits by FY27

TVS Motors – Healthy performance
Lower other income and higher tax impacted PAT
TVS Motor records highest ever Revenue and Profit in FY24
Management commentary positive
Expects volume recovery to continue in domestic and international segments and TVS to grow ahead of the market

Piramal enterprises – Another quarter of one offs
Core profit disappoints
Subdued ROA outlook
Reported profit boosted by Shriram investment gains, AIF Provision written back & one off tax gains
PEL to merge with its HFC subsidiary PCHFL
Jefferies cut PAT est by 22-27% for FY25-26

L&T – Good performance
Margins slight miss
All segments did well
Management guidance remain tepid considering the order book
Record high Order Book
Consolidated order book of the group as on March 31, 2024, is at 4.75 lakh crore up 20% YoY,
Share of international orders at 38%

Good Morning 🌞

Cash good results

JSW Energy
Latent view
CreditAccess Grameen
Kec International
Jindal Saw

IGL - weak
Miss on estimates
2nd quarter if miss
Lower EBITDA/unit owing to higher cost
Margins expected to moderate further in Q1FY25
Volumes in line but below management guidance

UBL – Another quarter of margin miss despite strong revenue growth
Volume growth strong at 10.9% vs est of 8%
Premium portfolio grew faster and posted 21% volume growth
Concall today at 3pm

Chambal Fertilizers – Good
Inline with estimates
Cash levels improved to 100cr
Gross debt decreased to 1800cr, down by 1480cr
Concall today at 11am

Navin Fluorine – Decent quarter, beat estimates
Bottoming out trends in select segments
Specialty chemicals growth to accelerate on new launches
Honeywell project stable
Management expects recovery from H2FY25

Pidilite - Mix
Rev & volumes beat
Miss at margins
Concall today at 4pm

C&B businesses volume growth at 12.7% vs est of 11-12%
optimistic about market demand in the medium term

Voltas – Operationally weak numbers
Higher sales at the costs of margins
Across segment margins disappoints
Project losses remain high
PAT also impacted due to higher tax rate of 30%
Concall today at 3:30

Dr reddy’s – Miss Estimates
Profit higher due to increase in other income & lower tax
QOQ decline in US sales due to price erosion
No material new launches in near term