Key Notes on Control Print

January 23, 2024 Stable quarter. Margins would grow in line with revenues and that’s where focus of the company lies. 630 printers were sold in Q3FY24 Sales are currently muted due to company’s changed strategy of focusing on larger customers to preserve service bandwidth. Changed strategy may take time for sales force to adapt to … Read more

Key Notes on HDFC Bank

January 16, 2024 Bank highlighted challenges in mobilising deposits due to macro factors and bank’s focus on profitability (due to higher prevailing interest rates). Analysts highlighted low NIMs of 3.4% (lots to do with addition of HDFC Limited’s book that didn’t have CASA). Management highlighted target to improve NIMs to 3.7%-3.8% over the next 12-18 … Read more

Key Notes on Indigo Paints

February 12, 2024 Continued strong performance in Q3FY24 Company continues to grow significantly higher than the market during Q3FY24. Value growth of 21% during the qtr. Growth across all regions. Growth is not skewed towards any particular region. EBITDA Margins increased to 18% compared with 15% in Q2FY24 and 14% in Q3FY23. Outlook continues to be … Read more

Key Notes on Clean Science

February 3, 2024 Continued slowdown, though some recovery seen during the quarter. Also, intensifying competitive pressures from China as true for the overall chemical sector in general. Inventory destocking led demand slowdown is ending. However, economic led demand pickup is awaited. Very transparent and reasonable management. November 2, 2023 A relatively young Company. Incorporated in … Read more

Key Notes on Jyothy Labs

January 31, 2024 Overall strong Q3FY24 During the quarter – Stiff competition, rural headwinds, normalisation of raw material prices Focus on volume led growth through marketing and sales activities continued, keeping margins within control Vision/ aspiration of Rs 5,000 cr annual revenue over the next 4 yrs (double of FY 23 revenues) Path can be … Read more

Key Notes on Motherson Sumi Wiring

January 31, 2024 Continued strong quarter. Tailwinds for the Company as manufacturers are launching more feature rich models and hence the demand for more wiring harness per vehicle. October 31, 2023 Motherson Sumi Wiring India (MSWIL) was established in FY22 as a result of the reorganization of Samvardhana Motherson International Limited (SAMIL) wherein the automotive … Read more

Key Notes on Max India

February 8, 2024 Continued focused execution. Financial performance continues to remain dragged due to the absence of inventory. New launches on track but will take few quarters to start reflecting in the results. October 28, 2023 As expected, due to lack of any inventory of homes left to be sold, revenues and EBITDA was lower. … Read more

Key Notes on Sumitomo Chemical

February 2, 2024 Sector headwinds in FY24 impacting overall performance Poor monsoon Dumping of agrochemicals by China De-stocking by global manufacturers Company expects situation to start normalising from Q4FY24 and fully normalise in FY25 – provided monsoon is normal Company is gearing up to launch several unique first-time registrations in India after years of efforts, … Read more

Key Notes on Cantabil Retail

February 7, 2024 Demand headwinds continue during Q3FY24 impacting margins. SSG for the quarter was -4% in terms of value and -0.9% in terms of quantity.  Higher reduction in value due to reduction in MRP (due to lower raw material costs). Not much demand recovery is forecasted in Q4 as well. From April, Company expects … Read more