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(Quarter Update)

Accumlate

At Price: Rs 1200

Target: Rs 1324

Result Update -- KR Choksey

Symphony Ltd, reported consolidated net revenue of INR 2720 Mn which was up by 22% YOY (down 6.80% QoQ).

Report Date November 19, 2019

(Quarter Update)

Buy

At Price: Rs 1002

Target: Rs 1211

Result Update -- KR Choksey

• Revenues increased to INR 7.8 bn (+12.5% YoY, +3.4% QoQ) led by price hikes taken for CNG and PNG in Q2 and moderate volume growth in both. Total volumes stood at 3.0 mmscmd 2.2/0.8 for CNG/PNG. CNG grew 1% YoY (+2.8% QoQ) while PNG volumes ros 2.2% (+0.4% YoY).

More..

Report Date November 18, 2019

(Quarter Update)

Buy

At Price: Rs 299

Target: Rs 446

Result Update -- KR Choksey

Glenmark Pharma reported Revenue growth of 9.1% YoY (up 21.2% QoQ) and Adj. Net Profit growth of 3.5% YoY (up 133.8% QoQ).

Report Date November 18, 2019

(Quarter Update)

Buy

At Price: Rs 3196

Target: Rs 3717

Result Update -- KR Choksey

Britannia reported revenue growth of 6.2% YoY (+ 12.9% QoQ) at INR 3,049 Cr. EBITDA grew 8.3% YoY/24.7% QoQ to INR 492 Cr driven by cost efficiency initiatives.

Report Date November 18, 2019

(Quarter Update)

Buy

At Price: Rs 811

Target: Rs 954

Result Update -- KR Choksey

Blue Star reported revenue growth of 21.0% YoY (down 20.7% QoQ) at INR 1,249.5 Cr.

Report Date November 18, 2019

(Quarter Update)

Buy

At Price: Rs 806

Target: Rs 977

Result Update -- KR Choksey

Consolidated revenues reported at INR 10.7 bn (-18.8% YoY, -5.2% QoQ) due to decline in growth primarily from the specialty chemicals segment.

Report Date November 18, 2019

by Neha Raichura

(Quarter Update)

Hold

At Price: Rs 863

Target: Rs 883

Result Update -- KR Choksey

Revenue from operations declined by 19.2% YoY (down 10.2% QoQ) to INR 1071 Cr owing to decline in sales volume by 13.7% YoY (down 12.0% QoQ) to 45,169 MT. PAT increased by 30.9% YoY (+65.3% QoQ) on account of adoption of new taxation regime leading to lower corporate tax rate.

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Report Date November 18, 2019

(Quarter Update)

Buy

At Price: Rs 65

Target: Rs 85

Result Update -- KR Choksey

Revenues was down at INR 4.8 bn (-19.0% YoY, -7.0% QoQ) driven by subdued volumes as well as declined realizations. Volumes reduced YoY to 83,262 MT, down 6.2% (+3.9% QoQ) due to slowdown in demand from end-user industries – aluminium and automobiles. Blended realization for Q2 further weakened to INR 58,512/MT, down 19.0% YoY and 7.0% QoQ due to weak demand.

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Report Date November 18, 2019

by Neha Raichura

(Quarter Update)

Accumlate

At Price: Rs 338

Target: Rs 385

Result Update -- KR Choksey

Minda Industries Limited (MIL), consolidated net revenues declined by 11% YoY (and down 6% QoQ) to INR 13596 Mn on account of subdued growth in domestic OEMs volumes. Revenue was in line with our estimate of INR 13794 Mn.