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(Quarter Update)

ACCUMULATE

At Price: Rs 303

Target: Rs 322

Result Update -- KR Choksey

Granules India reported 3.5% YoY (+4.5% QoQ) growth in revenue to INR 8.88 bn in Q2FY22. The company faced challenges in the quarter, such as shortage of raw materials, lower utilization in capacities especially in Paracetamol, and logistic disruption.

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Report Date November 17, 2021

(Quarter Update)

ACCUMULATE

At Price: Rs 517

Target: Rs 547

Result Update -- KR Choksey

Glenmark Pharmaceuticals reported revenue growth of 6.6% YoY (+6.2% QoQ) to INR 31,474 mn, mainly led by strong growth in Rest of the World (RoW), API and EU segments on a YoY basis. It was partially offset by decline in revenue in India and Latin America (LA) segments and flat growth in the US segment on a YoY basis.

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Report Date November 17, 2021

(Quarter Update)

Buy

At Price: Rs 2003

Target: Rs 2349

Result Update -- KR Choksey

In Q2FY22, VOL reported revenue of INR 3,741 Mn (+70.51% YoY / -3.18% QoQ) supported by strong sales from ATBS segment.

Report Date November 15, 2021

(Quarter Update)

ACCUMULATE

At Price: Rs 920

Target: Rs 1020

Result Update -- KR Choksey

Overall performance was marginally below our expectations

Report Date November 15, 2021

(Quarter Update)

ACCUMULATE

At Price: Rs 2362

Target: Rs 2700

Result Update -- KR Choksey

• Revenue exceeded estimates due to higher volumes at 72,748 Mt (+19% YoY). Revenue stood at INR 20,722 Mn (+31.3% YoY).

Report Date November 15, 2021

(Quarter Update)

Buy

At Price: Rs 1225

Target: Rs 1250

Result Update -- KR Choksey

Rs40bn war chest opens doors for expansion beyond core markets

Report Date November 15, 2021

(Quarter Update)

Buy

At Price: Rs 597

Target: Rs 843

Result Update -- KR Choksey

Total income for the quarter reported at INR 3.9 bn (+14.6% yoy / +6.0% qoq). There was a sequential contraction in non-interest income by 29.6% at INR 21.1 cr while NII was reported at INR 3.7 bn (+11.5% yoy / +9.1% qoq) on account of overall AUM growth. • Pre-provision profit reported at INR 2.2 bn (+11.1% yoy / +1.1% qoq). Operating efficiency declined due to higher r operating expenses, as cost to income reported at 43.9% as against 42.2% in Q2FY21.

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Report Date November 11, 2021

by Priyanka Baliga

(Quarter Update)

ACCUMULATE

At Price: Rs 677

Target: Rs 756

Result Update -- KR Choksey

Aurobindo reported Revenue de-growth of 8.4% YoY (+4.2% QoQ) to INR 59.42 bn, due to decline in the growth markets (Africa, Canada, Brazil & China) and in antiretroviral (ARV) and API segments, which was partially offset by growth in the US and Europe.

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Report Date November 10, 2021

(Quarter Update)

ACCUMULATE

At Price: Rs 3622

Target: Rs 4000

Result Update -- KR Choksey

Overall result was mixed, top line came in-line with our estimates driven by strong growth in rural and strong recovery in urban markets. However, bottom line was below our estimates as inflationary trends continued to impact profitability.

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Report Date November 10, 2021

(Quarter Update)

ACCUMULATE

At Price: Rs 177

Target: Rs 193

Result Update -- KR Choksey

Revenue reported at INR 7,313 mn (+11.5% yoy / +30.9% qoq) as volumes were improved in both segments of ‘Mechatronics’ and ‘Information and connected system’ on a sequential basis. However, the result was below our estimated financials.

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Report Date November 9, 2021

by Priyanka Baliga