External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

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Equity Bottom-Up

<div><div><div><div><ul><li>Front-load Washing Machine update: Front-load Washing Machine revenue grew by 2.8% YoY in 4QFY22 to Rs2.38bn. Sales were affected in Dec’21 and Jan’22 due to the third covid wave.</li></ul><div><div><div><div><ul><li>Top-load Washing Machine update: Sales of top-load Washing Machines increased by 33.6% YoY in 4QFY22 to Rs972mn.</li></ul><div><div><div><div><ul><li>Outlook: Over FY21-FY24E, we expect IFB to post 22.4% revenue CAGR. With the commissioning of self- manufacturing plant, addition of AC OEMs and scale-up in other categories, we expect earnings CAGR of 45.2% over FY21-FY24E.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Front-load Washing Machine update: Front-load Washing Machine revenue grew by 2.8% YoY in 4QFY22 to Rs2.38bn. Sales were affected in Dec’21 and Jan’22 due to the third covid wave.Top-load Washing Machine update: Sales of top-load Washing Machines increased by 33.6% YoY in 4QFY22 to Rs972mn.Outlook: Over FY21-FY24E, we expect IFB to post 22.4% revenue CAGR. With the commissioning of self- manufacturing plant, addition of AC OEMs and scale-up in other categories, we expect earnings CAGR of 45.2% over FY21-FY24E.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.

IFB Industries - Margin Pressures Impacts Profitability; Confident of Healthy Demand in Future

<p>We upgrade our rating on IFB Industries to Buy (from Accumulate earlier) with a SOTP-based target price (TP) of Rs1,300 (from Rs1,535 earlier). On FY23E EPS, we value the Home Appliances business at a P/E of 30x and the Fine Blanking business at P/E of 7x. IFB's stock price has corrected by 22% since 3QFY21 results. IFB's revenue grew by 65% YoY to Rs7.9bn but was 7% below our estimate. The topline was lower than expectation as IFB lost some sales due to intense competition from peers who refrained from passing the price hikes on to consumers.</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 upgrade our rating on IFB Industries to Buy (from Accumulate earlier) with a SOTP-based target price (TP) of Rs1,300 (from Rs1,535 earlier). On FY23E EPS, we value the Home Appliances business at a P/E of 30x and the Fine Blanking business at P/E of 7x. IFB's stock price has corrected by 22% since 3QFY21 results. IFB's revenue grew by 65% YoY to Rs7.9bn but was 7% below our estimate. The topline was lower than expectation as IFB lost some sales due to intense competition from peers who refrained from passing the price hikes on to consumers.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.

Ashoka Buildcon Ltd- 4QFY21 Result Update- Order inflow and asset monetization key monitorables

India

IFB Industries Ltd. manufactures household appliances, machine tools, and automobile parts.  The Company produces washing machines, clothes dryers, microwave ovens, and household and commercial dishwashers; machine tools such as straightners, decoilers and strip loaders; motors for appliances; and       a utomobile parts.

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IFB Industries (IFBI IN)

IFB Industries - Margin Pressures Impacts Profitability; Confident of Healthy Demand in Future

IFB Industries (IFB) posted revenue of Rs8.8bn, up 10% YoY. The topline was below our estimate by 19.5%, but above consensus estimate by 3.5%.

Nirmal Bang

Ashoka Buildcon Ltd- 4QFY21 Result Update- Order inflow and asset monetization key monitorables

We upgrade our rating on IFB Industries to Buy (from Accumulate earlier) with a SOTP-based target price (TP) of Rs1,300 (from Rs1,535 earlier). On...

Nirmal Bang

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