Post on 12-Nov-2021
transcript
13 May 2021 HSIE Results Daily
HSIE Results Daily
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Contents
Results reviews
Asian Paints: APNT’s topline delivery (43.5% YoY) exceeded expectations
(HSIE: 35%). Growth was all-round. Decorative business clocked 48/46%
volume/value growth, underpinned by (1) strong pent-up demand in paints
and adjacencies (waterproofing) and 2) pick-up in metros and Tier 1/2 cities.
Industrial subsidiaries too delivered a strong recovery. GM crack (down
266bp YoY at 43.2%; in-line) was a foregone conclusion, given runaway RM
inflation. Strong cost control cushioned EBITDAM (+128bp at 19.8%; in-line).
While the double whammy of the second wave and RM inflation is expected
to be a drag in 1Q, demand normalisation trend over the year is unlikely to
change meaningfully for a category like paints. Hence, we marginally cut
our FY22/23 revenue/EPS estimates (-2% each and -2/1% resp). Our DCF-
based TP stands unchanged at INR 2,300/sh, implying 54x FY23 P/E.
Maintain REDUCE.
Godrej Consumers: GCPL’s 4QFY21 was a mixed bag with in-line revenue
but a miss in EBITDA. Consolidated revenue registered 27% YoY growth
(HSIE 26%). Domestic revenue/EBITDA grew by 35/10% YoY, while
international revenue/EBITDA grew by 20/34%. Domestic/international
revenue posted 5/6% 2-year revenue CAGR. Domestic volume growth was
at 29%, 4% 2-year CAGR. Cost restoration was quicker than expected in 4Q;
hence, EBITDA margin contracted by 108bps YoY to 21% (HSIE 23%) despite
a favourable base. EBITDA grew by 21% YoY (flat 2-year CAGR) vs. HSIE
32%. GCPL was on margin expansion trajectory and posted 100bps YoY
EBITDA margin expansion during 9MFY21, but missed in 4Q. However, the
hiring of the new CEO Sudhir Sitapati (from HUL) was the showstopper. He
brings vast experience (22 years) in working with one of the world’s most
well run companies - Unilever. Sudhir can introduce various required
changes in GCPL management, which are necessary to drive both domestic
and international business. Since the past one year, GCPL has renewed its
focus on growth and market share gain. Thus, the addition of Sudhir to the
team further empowers the growth focus of the company and gives us more
confidence on earnings longevity. Hence, we increase our target P/E
multiple to 42x (38x earlier) on Mar-23E EPS and drive TP of INR 925.
Maintain ADD.
Birla Corporation: Birla Corp’s (BCORP) 4QFY21 consolidated
revenue/EBITDA/APAT surged 20/8/106% QoQ (26/14/58% YoY) to INR
21.3/3.9/3.1bn respectively, led by robust volume growth and healthy
realisation. However, input and fixed cost inflation dragged down unitary
EBITDA by 8/11% QoQ/YoY to INR 918/MT. We continue to prefer BCORP
in the mid-cap space for its large retail presence in the northern/central
markets and ongoing opex reduction. Further, the ongoing expansion will
increase its capacity to 21mn MT by FY23, boosting volume growth
visibility. We maintain BUY with an unchanged target price of INR 1,451
(8.5x Mar’23E consolidated EBITDA).
HSIE Research Team
hdfcsec-research@hdfcsec.com
Page | 2
HSIE Results Daily
JMC Projects: JMC Projects (JMC) reported revenue of INR 13.5bn
(+44%/+26% YoY/QoQ), 6% ahead of our estimate. However, EBITDA/APAT
missed our estimate by ~7% on higher commodity prices and COVID-
related expenses. JMC registered an exceptional year with order wins of INR
84.4bn, taking the order book (OB) to INR 140bn. The momentum has
continued in 1QFY22 with intake of INR 30bn until now. Despite the
lockdown, labour availability is at 90% of Mar-21. Provided COVID
situation does not deteriorate further, management expects 15-20% revenue
growth. We reiterate BUY with an increased target price of INR 126, given
(1) a healthy order book (~4x FY21 revenue) and (2) comfortable balance
sheet. We have tweaked our FY21 estimate to incorporate continued
momentum in the order intake and higher commodity prices. Key risks: (1)
delay in restructuring/monetisation of BOT assets and (2) increase in
leverage.
Page | 3
HSIE Results Daily
Asian Paints
Exceeds expectations
APNT’s topline delivery (43.5% YoY) exceeded expectations (HSIE: 35%).
Growth was all-round. Decorative business clocked 48/46% volume/value
growth, underpinned by (1) strong pent-up demand in paints and adjacencies
(waterproofing) and 2) pick-up in metros and Tier 1/2 cities. Industrial
subsidiaries too delivered a strong recovery. GM crack (down 266bp YoY at
43.2%; in-line) was a foregone conclusion, given runaway RM inflation.
Strong cost control cushioned EBITDAM (+128bp at 19.8%; in-line). While the
double whammy of the second wave and RM inflation is expected to be a drag
in 1Q, demand normalisation trend over the year is unlikely to change
meaningfully for a category like paints. Hence, we marginally cut our FY22/23
revenue/EPS estimates (-2% each and -2/1% resp). Our DCF-based TP stands
unchanged at INR 2,300/sh, implying 54x FY23 P/E. Maintain REDUCE.
4QFY21 highlights: Revenue grew 43.5% YoY to Rs. 66.5bn (HSIE: Rs.
62.4bn) as all business vectors fired. Decorative volume/value grew 48/46%
YoY (13/8% for FY21) underpinned by (1) strong pent-up demand in paints
and adjacencies (waterproofing) and (2) pick-up in metros and Tier 1/2
cities. Industrial subsidiaries (PPG-AP and AP-PPG) too staged a strong
recovery (+39/63% resp). Strong Auto sales momentum continued. Within
non-auto, both industrial liquid and powder paints recovered well in 4Q.
GM crack (down 266bp YoY at 43.2%; in-line) was a foregone conclusion,
given runaway RM inflation. Strong cost control cushioned EBITDAM
(+128bp at 19.8%; in-line). International revenue grew 21.8/6.5% YoY to Rs.
7.3/25bn in 4Q/FY21. Management commenced its round of price hikes (first
round: +2.5% in Apr-21) to partly cushion expected impact on GM from RM
inflation.
Outlook: APNT’s wide distribution arbitrage has helped it recoup most of
its annual demand in FY21. We expect a similar demand normalisation
trajectory in FY22. Margin pressures remain, given the recent RM spikes
(will partly be cushioned by price hikes). We marginally cut our FY22/23
revenue/EPS estimates (-2% each and -2/1% resp). Our DCF-based TP stands
unchanged at INR 2,300/sh, implying 54x FY23 P/E. Maintain REDUCE.
Quarterly financial summary (INR mn) 4QFY21 4QFY20 YoY (%) 3QFY21 QoQ (%) FY19 FY20 FY21E FY22E FY23E
Net Revenue 66,514 46,356 43.5 67,885 (2.0) 193,415 202,113 217,128 238,568 269,218
EBITDA 13,183 8,596 53.4 17,879 (26.3) 35,245 41,618 48,556 51,903 58,888
APAT 8,699 4,803 81.1 12,654 (31.3) 21,595 27,101 31,393 34,722 40,623
EPS (Rs) 9.1 5.0 81.1 13.19 (31.3) 22.5 28.3 32.7 36.2 42.4
P/E (x)
113.5 90.5 78.1 70.6 60.3
EV/EBITDA (x)
69.6 58.8 50.4 46.4 40.6
Core RoCE(%)
25.2 27.7 30.3 36.5 47.3
Source: Company, HSIE Research, Standalone Financials
Change in estimates
(INR mn)
FY21E FY22E FY23E
New Old Change
(%) New Old
Change
(%) New Old
Change
(%)
Revenue 217,128 213,051 1.9 238,568 243,889 (2.2) 269,218 273,335 (1.5)
Gross Profit 96,156 94,444 1.8 104,462 106,373 (1.8) 119,008 119,319 (0.3)
Gross Profit Margin(%) 44.3 44.3 (4 bps) 43.8 43.6 17 bps 44.2 43.7 55 bps
EBITDA 48,556 47,932 1.3 51,903 53,569 (3.1) 58,888 59,592 (1.2)
EBITDA margin (%) 22.4 22.5 (14 bps) 21.8 22.0 (21 bps) 21.9 21.8 7 bps
APAT 31,393 31,167 0.7 34,722 35,652 (2.6) 40,623 41,091 (1.1)
APAT margin (%) 14.5 14.6 (17 bps) 14.6 14.6 (6 bps) 15.1 15.0 6 bps
EPS (Rs) 32.7 32.5 0.7 36.2 37.2 (2.6) 42.4 42.8 (1.1)
Source: Company, HSIE Research
REDUCE
CMP (as on 12 May 21) INR 2,556
Target Price INR 2,300
NIFTY 14,697
KEY
CHANGES OLD NEW
Rating REDUCE REDUCE
Price Target INR 2,300 INR 2,300
EPS % FY22E FY23E
-2.6 -1.1
KEY STOCK DATA
Bloomberg code APNT IN
No. of Shares (mn) 959
MCap (INR bn) / ($ mn) 2,452/32,947
6m avg traded value (INR mn) 5,886
52 Week high / low INR 2,873/1,483
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) 2.8 17.7 67.8
Relative (%) 8.4 5.4 12.6
SHAREHOLDING PATTERN (%)
Dec-20 Mar-21
Promoters 52.79 52.79
FIs & Local MFs 2.79 2.98
FPIs 21.13 20.38
Public & Others 23.29 23.85
Pledged Shares 5.63 4.98
Source : BSE
Pledged shares as % of total shares
Jay Gandhi
jay.gandhi @hdfcsec.com
+91-22-6171-7320
Page | 4
HSIE Results Daily
Godrej Consumers Miss in 4Q margin; inspiring addition to team
GCPL’s 4QFY21 was a mixed bag with in-line revenue but a miss in EBITDA.
Consolidated revenue registered 27% YoY growth (HSIE 26%). Domestic
revenue/EBITDA grew by 35/10% YoY, while international revenue/EBITDA
grew by 20/34%. Domestic/international revenue posted 5/6% 2-year revenue
CAGR. Domestic volume growth was at 29%, 4% 2-year CAGR. Cost
restoration was quicker than expected in 4Q; hence, EBITDA margin
contracted by 108bps YoY to 21% (HSIE 23%) despite a favourable base.
EBITDA grew by 21% YoY (flat 2-year CAGR) vs. HSIE 32%. GCPL was on
margin expansion trajectory and posted 100bps YoY EBITDA margin
expansion during 9MFY21, but missed in 4Q. However, the hiring of the new
CEO Sudhir Sitapati (from HUL) was the showstopper. He brings vast
experience (22 years) in working with one of the world’s most well run
companies - Unilever. Sudhir can introduce various required changes in
GCPL management, which are necessary to drive both domestic and
international business. Since the past one year, GCPL has renewed its focus
on growth and market share gain. Thus, the addition of Sudhir to the team
further empowers the growth focus of the company and gives us more
confidence on earnings longevity. Hence, we increase our target P/E multiple
to 42x (38x earlier) on Mar-23E EPS and drive TP of INR 925. Maintain ADD.
▪ In-line revenue, GUAM & LATAM standout: Consolidated revenue up by
27% (HSIE 26%) with domestic up by 35% (HSIE 30%) and international up
by 19% (HSIE 21%). Home Care posted 34% YoY growth (6% 2-year CAGR),
Soaps 41% YoY growth (4% 2-year CAGR) and Hair Colour 25% growth (-2%
2-year CAGR). The Indonesia business remained slow and clocked 5% YoY
growth. GUAM sustained momentum and posted 30% growth (36% cc).
LATAM and SAARC registered 30% growth (54% cc). In FY21, revenue grew
by 11% (-4% in FY20) with domestic growth of 14% (-4% in FY20) and
international growth of 8% (-4% in FY20). In FY21, HI clocked 15% growth,
Hygiene 24%, Hair Colour 14% while others category was down by 8%.
▪ Miss in margin: Gross margin contracted by 198bps YoY to 55.7% (-97bps in
4QFY20, -167bps in 3QFY21) vs. HSIE 56.9%. Employee cost was up by 38%
YoY (-16% in 4QFY20), A&P 51% YoY (-20% in 4QFY20) and other expenses
8% (-5% in 4QFY20). EBITDA grew by 21% YoY (flat 2-year CAGR) vs. HSIE
32% growth. Indonesia and GUAM EBITDA margins expanded by 230bps
and 710bps YoY. LATAM & SAARC EBITDA margin contracted by >400bps
YoY. EBITDA margin expansion was strong in 9MFY21 with 100bps YoY
expansion. Despite challenges in FY21, EBITDA registered 14% growth.
▪ Call and BS/CF takeaways: (1) The company remains growth focused, and
the mandate for the new CEO will be the same; (2) launch pace will continue;
(3) HI growth was across premium and burning formats; (4) e-commerce
saliency at 4%; (5) hygiene growth driving by a structural change; (6) market
share gain continued in soaps, where the company is now the second largest
player (low teens share); (7) FCF was INR 18.5bn vs. INR 14.4bn in FY20.
Quarterly/Annual Financial summary YE Mar (INR mn) 4QFY21 4QFY20 YoY (%) 3QFY21 QoQ (%) FY20 FY21P FY22E FY23E
Net Sales 27,307 21,538 26.8 30,554 (10.6) 99,108 110,286 121,448 133,966
EBITDA 5,748 4,765 20.6 7,112 (19.2) 21,430 24,431 26,900 29,813
APAT 4,170 3,288 26.8 4,970 (16.1) 14,725 17,150 19,710 22,516
Diluted EPS (Rs) 4.1 3.2 26.8 4.9 (16.1) 14.4 16.8 19.3 22.0
P/E (x) 60.7 52.2 45.4 39.7
EV / EBITDA (x)
42.7 42.0 36.0 32.3
RoCE (%)
19.0 21.5 23.8 26.9
Source: HSIE Research
ADD
CMP (as on 12 May 21) INR 873
Target Price INR 925
NIFTY 14,697
KEY
CHANGES OLD NEW
Rating ADD ADD
Price Target INR 786 INR 925
EPS % FY22E FY23E
1% 6%
KEY STOCK DATA
Bloomberg code GCPL IN
No. of Shares (mn) 1,022
MCap (INR bn) / ($ mn) 892/11,993
6m avg traded value (INR mn) 1,138
52 Week high / low INR 895/510
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) 15.7 27.0 68.6
Relative (%) 21.3 14.7 13.3
SHAREHOLDING PATTERN (%)
Dec-20 Mar-21
Promoters 63.23 63.23
FIs & Local MFs 3.09 3.04
FPIs 26.77 26.61
Public & Others 6.91 7.12
Pledged Shares 0.42 0.42
Source : BSE
Pledged shares as % of total shares
Varun Lohchab
varun.lohchab@hdfcsec.com
+91-22-6171-7334
Naveen Trivedi
naveen.trivedi@hdfcsec.com
+91-22-6171-7324
Page | 5
HSIE Results Daily
Birla Corporation
Healthy performance
Birla Corp’s (BCORP) 4QFY21 consolidated revenue/EBITDA/APAT surged
20/8/106% QoQ (26/14/58% YoY) to INR 21.3/3.9/3.1bn respectively, led by
robust volume growth and healthy realisation. However, input and fixed cost
inflation dragged down unitary EBITDA by 8/11% QoQ/YoY to INR 918/MT.
We continue to prefer BCORP in the mid-cap space for its large retail presence
in the northern/central markets and ongoing opex reduction. Further, the
ongoing expansion will increase its capacity to 21mn MT by FY23, boosting
volume growth visibility. We maintain BUY with an unchanged target price of
INR 1,451 (8.5x Mar’23E consolidated EBITDA).
4QFY21 highlights: Sales volume grew 18/26% QoQ/YoY, riding on healthy
demand. BCORP increased the share of premium cement sales to 53% (of
trade sales) vs 40% YoY. NSR increased 2% QoQ on price recovery. Higher
input cost led to 4/2% QoQ/YoY rise in unitary opex. Therefore, unitary
EBITDA fell 8/11% QoQ/YoY, moderating EBITDA rise to 8/14% QoQ/YoY.
FY21 highlights and outlook: FY21 net sales declined 2% YoY to INR 69.2bn
as volume fell 1% and NSR stood flat YoY. The share of premium cement
sales increased to 50% vs 40% YoY. Blended cement remained high at 92%.
Unitary opex cooled off 1% YoY, led by lower fuel costs during 1H and
BCORP’s ramping up green fuel share to 20% vs 15% (YoY) of total
consumed power. Thus, unitary EBITDA firmed up 4% YoY to INR
1,007/MT and EBITDA came in higher 3% at INR 13.7bn. BCORP’s cash
conversion cycle remained unchanged YoY at 27days. Net debt stood at INR
34bn vs 35bn YoY, on slower Capex (at INR 8bn vs 10bn YoY). These factors
led to positive FCF of INR 1.8bn vs outflow of INR 0.3bn YoY. Amid COVID
2.0, BCORP’s Mukutban expansion is delayed by three months to Dec’21.
We maintain our earnings estimates, BUY rating, and target price of INR
1,451 for BCORP (8.5x Mar’23E consolidated EBITDA).
Consolidated Quarterly/Annual Financial summary YE Mar
(INR mn)
4Q
FY21
4Q
FY20
YoY
(%)
3Q
FY21
QoQ
(%) FY19 FY20 FY21E FY22E FY23E
Sales (mn MT) 4.17 3.30 26.4 3.55 17.5 13.6 13.6 13.4 15.4 19.2
NSR (INR/MT) 4,851 4,884 (0.7) 4,765 1.8 4,551 4,819 4,848 4,745 4,835
Opex (INR/MT) 3,933 3,855 2.0 3,767 4.4 3,870 3,857 3,842 3,779 3,850
EBITDA (INR/MT) 918 1,029 (10.9) 998 (8.1) 680 962 1,006 966 985
Net Sales 21,326 16,900 26.2 17,766 20.0 65,487 69,157 67,855 74,035 86,617
EBITDA 3,920 3,446 13.8 3,624 8.2 9,487 13,360 13,702 14,687 17,308
APAT 3,072 1,947 57.8 1,495 105.5 2,558 5,052 6,890 4,847 5,792
AEPS (INR) 39.9 25.3 57.8 19.4 105.5 33.2 65.6 89.5 62.9 75.2
EV/EBITDA (x) 8.8 6.4 6.1 8.1 6.9
EV/MT (INR bn) 5.29 5.42 5.36 6.10 5.72
P/E (x) 19.5 9.9 7.2 16.6 13.9
RoE (%) 7.2 13.2 15.9 9.2 9.4
Source: Company, HSIE Research
BUY
CMP (as on 12 May 21) INR 1,043
Target Price INR 1,451
NIFTY 14,697
KEY
CHANGES OLD NEW
Rating BUY BUY
Price Target INR 1,451 INR 1,451
EBITDA % FY21E FY22E
- -
KEY STOCK DATA
Bloomberg code BCORP IN
No. of Shares (mn) 77
MCap (INR bn) / ($ mn) 80/1,079
6m avg traded value (INR mn) 227
52 Week high / low INR 1,050/382
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) 26.5 40.7 162.3
Relative (%) 32.0 28.4 107.1
SHAREHOLDING PATTERN (%)
Dec-20 Mar-21
Promoters 62.90 62.90
FIs & Local MFs 13.59 13.77
FPIs 3.80 3.61
Public & Others 19.71 19.72
Pledged Shares - -
Source : BSE
Pledged shares as % of total shares
Rajesh Ravi
rajesh.ravi@hdfcsec.com
+91-22-6171-7352
Saurabh Dugar
saurabh.dugar@hdfcsec.com
+91-22-6171-7353
Page | 6
HSIE Results Daily
JMC Projects
Poised for growth
JMC Projects (JMC) reported revenue of INR 13.5bn (+44%/+26% YoY/QoQ),
6% ahead of our estimate. However, EBITDA/APAT missed our estimate by
~7% on higher commodity prices and COVID-related expenses. JMC
registered an exceptional year with order wins of INR 84.4bn, taking the order
book (OB) to INR 140bn. The momentum has continued in 1QFY22 with
intake of INR 30bn until now. Despite the lockdown, labour availability is at
90% of Mar-21. Provided COVID situation does not deteriorate further,
management expects 15-20% revenue growth. We reiterate BUY with an
increased target price of INR 126, given (1) a healthy order book (~4x FY21
revenue) and (2) comfortable balance sheet. We have tweaked our FY21
estimate to incorporate continued momentum in the order intake and higher
commodity prices. Key risks: (1) delay in restructuring/monetisation of BOT
assets and (2) increase in leverage.
Growth levers in place; higher commodity prices could put a spanner:
JMC reported revenue of INR 13.5bn (+44%/+26% YoY/QoQ). EBITDA at
INR 1.3bn was impacted by higher commodity prices. APAT at Rs 601mn
(+33% YoY) was 7% below our estimate. Management has guided for 15-20%
topline growth in FY22, which we believe is achievable, given the robust OB.
Despite 90% of the OB being variable pass-through contract, higher
commodity prices could jeopardise JMC’s double-digit margin guidance. We
remain cautious and build in 9.5% EBITDA margin for FY22.
Exceptional year in terms of order wins: JMC received orders of INR 84.4bn
in FY21, more than its guidance of INR 60bn to 80bn for the year. Including
the order wins of INR 30bn in 1QFY22, the order book stands at INR 170bn
(~4.6x FY21 revenue). Although management did not give any formal
guidance, it expects to match FY21 in terms of order intake, driven by B&F
and water segments.
Debt to be at the same level; resolution of BOT assets inching closer:
Standalone net debt reduced to INR 5.1bn (net D/E 0.47x) from INR 6.6bn at
the end of Dec-20. Debt is likely to remain at similar level in the near term,
given the growth prospects. Basis management commentary, the
restructuring process of two of the BOT road assets (Wainganga and
Kurukshetra Expressway) could be completed by Jun-21. For Vindhyachal
asset, a binding offer is expected in 60-90 days from a prospective buyer. The
restructuring process would potentially reduce (near NIL) the support
required from JMC.
Standalone Financial Summary YE March 4QFY21 4QFY20 YoY (%) 3QFY21 QoQ (%) FY20 FY21E FY22E FY23E
Net Sales 13,486 9,386 43.7 10,660 26.5 37,130 36,888 43,100 49,385
EBITDA 1,352 1,065 27.0 955 41.6 3,319 3,315 4,095 4,988
APAT 601 451 33.2 257 133.9 1,584 711 1,194 1,750
EPS (Rs) 3.6 2.7 33.2 1.5 133.9 9.4 4.2 7.1 10.4
P/E (x)
10.4 23.1 13.8 9.4
EV/EBITDA (x)
7.3 6.4 5.6 4.5
RoE (%)
16.7 7.2 11.3 14.9
Estimate Change Summary (Standalone)
INR mn FY22E FY23E
New Old % chg. New Old % chg.
Revenues 43,100 39,620 8.8 49,385 45,227 9.2
EBIDTA 4,095 4,120 (0.6) 4,988 4,749 5.0
EBIDTA Margins (%) 9.5 10.4 (90.0) 10.1 10.5 (40.0)
APAT 1,194 1,213 (1.6) 1,750 1,611 8.6
Source: Company, HSIE Research
BUY CMP (as on 12 May 21) INR 98
Target Price INR 126
NIFTY 14,697
KEY
CHANGES OLD NEW
Rating BUY BUY
Price Target INR 110 INR 126
EPS % FY22E FY23E
-1.6 +8.6
KEY STOCK DATA
Bloomberg code JMCP IN
No. of Shares (mn) 168
MCap (INR bn) / ($ mn) 16/221
6m avg traded value (INR mn) 36
52 Week high / low INR 109/32
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) 28.9 101.0 156.9
Relative (%) 34.5 88.7 101.7
SHAREHOLDING PATTERN (%)
Dec-20 Mar-20
Promoters 67.75 67.75
FIs & Local MFs 16.53 16.35
FPIs 0.25 0.24
Public & Others 15.47 15.66
Pledged Shares - -
Source : BSE
Parikshit D Kandpal, CFA
parikshitd.kandpal@hdfcsec.com
+91-22-6171-7317
Chintan Parikh
chintan.parikh@hdfcsec.com
+91-22-6171-7330
Page | 7
HSIE Results Daily
Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: > 10% Downside return potential
Disclosure:
Analyst Company Covered Qualification Any holding in the stock
Jay Gandhi Asian Paints MBA NO
Varun Lohchab Godrej Consumers PGDM NO
Naveen Trivedi Godrej Consumers MBA NO
Rajesh Ravi Birla Corporation MBA NO
Saurabh Dugar Birla Corporation MBA NO
Parikshit Kandpal JMC Projects CFA NO
Chintan Parikh JMC Projects MBA NO
Page | 8
HSIE Results Daily
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.
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