External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, IOC, Britannia and More

Cholamandalam Investment and Finance / Equity Bottom-Up

<p>We reiterate CIFC among larger NBFCs and CREDAG among mid-sized ones as our top picks within our universe. As REPCO finally brought the curtain down on a long earnings season for NBFCs, we argue that within our coverage universe (18% of the NBFC AUM market share), they are comfortably positioned on their balance sheets, having utilised the benign funding cost environment (50-150bps benefit during FY21) to significantly shore up their coverage (FY21: 2.5%, FY20: 2%). The second wave is likely to manifest itself in deferred disbursement momentum, softer collections, and a larger restructured portfolio (compared to FY21).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We reiterate CIFC among larger NBFCs and CREDAG among mid-sized ones as our top picks within our universe. As REPCO finally brought the curtain down on a long earnings season for NBFCs, we argue that within our coverage universe (18% of the NBFC AUM market share), they are comfortably positioned on their balance sheets, having utilised the benign funding cost environment (50-150bps benefit during FY21) to significantly shore up their coverage (FY21: 2.5%, FY20: 2%). The second wave is likely to manifest itself in deferred disbursement momentum, softer collections, and a larger restructured portfolio (compared to FY21).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NBFCs: Pandemic year navigated; recovery interrupted

India

Cholamandalam Investment and Finance Company Limited operates as a financial services provider. The Company offers vehicle finance, home equity loans, investment advisory, stock broking, and other financial services to customers.

Cholamandalam Investment and Finance (CIFC IN)

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Cholamandalam Investment and Finance (CIFC IN)

HSIE Results Daily: NTPC, IOC, Britannia and More

NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in...

HDFC Securities

NBFCs: Pandemic year navigated; recovery interrupted

We reiterate CIFC among larger NBFCs and CREDAG among mid-sized ones as our top picks within our universe. As REPCO finally brought the curtain...

HDFC Securities

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