India: Campus Activewear Ltd, Larsen & Toubro Infotech, Gland Pharma Ltd, ICICI Securities Ltd, ACC Ltd and more

• Campus Activewear Ltd (1535013D IN) is looking to raise about US$184m in its India IPO, via a 100% secondary selldown.
• While there are other domestically listed footwear makers, Campus’ competitors generally market a broader product offering, ranging from casual, formal or outdoor shoes etc.. 
• Campus’ performance was amongst the most resilient during the pandemic, but its margins continues to trail peers. 

• Campus Activewear Ltd (1535013D IN) is looking to raise about US$200m in its India IPO, via a 100% secondary selldown.
• Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. 
• Operating under the “CAMPUS” brand, the firm offers a diverse portfolio of styles, color palettes, and price points.

• LTI reported a growth of 3.6% QoQ CC on a high base, below our estimate of 4.2%.
• Growth was broad-based across verticals and service lines.
• EBIT margin moderated by 60bp QoQ to 17.3% in 4QFY22 (inline) due to lower working days and revenue mix

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• Q1CY22 EBITDA declined 26% YoY/increased 14% QoQ to Rs6.3bn, marginally ahead of our estimates, led by better-than-expected realization.
• Blended EBITDA/ton fell 25% YoY/rose 12% QoQ to Rs812 (Emkay est.: Rs780).
• Ongoing expansion projects (2.7mt clinker and 3.2mt cement grinding) are delayed by a quarter.

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• ACC’s Q1CY22 EBITDA of Rs6.35bn (down 26% YoY) was broadly in-line with our / consensus estimates.
• Total cost/te continued its upward trajectory as it rose 1.6% QoQ and 13% YoY primarily due to higher fuel prices, while blended realisations were up 2.7% QoQ and 5.0% YoY, resulting in blended EBITDA/te increasing 12% QoQ but declining 24% YoY to Rs812/te (I-Sec: Rs779/te).
• Volumes including clinker sales were down 2% YoY and up 2% QoQ at 7.8mnte.

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• GLAND has 11 injectable products in the USFDA shortage list, which have combined sales of ~USD400m over the past 12-months.
• The overall number of drugs under shortage in the US has declined to a 15-year low at present.
• However, the number of injectables facing a shortage is at its 20-year average, but is at a record high as a percentage of total drug shortages.

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• ICICI Securities Ltd. (ISEC) reported numbers stood below our and consensus estimates, mainly owing to lower brokerage income driven by weak market sentiments arising from the geopolitical tensions.
• While the momentum on the client addition has been strong YoY, it has moderated on a sequential basis
• We maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% from CMP.

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• ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment.
• We have lowered our FY23/FY24 EPS estimate by 10% each, to factor in weaker-than-expected traction in the Broking segment, a slowdown in the Issuer Services segment, the impact of a run-down in the ESOP funding book, and higher costs.
• Revenue from Retail Broking declines; momentum in client addition slows down

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• Results largely in line; Power & Fuel costs controlled ACC reported numbers largely in-line with our estimates with reported EBITDA coming in at Rs6.34bn, only 1.8% below our estimate.
• While volume and realisation were lower than our estimates, operating costs were also down, resulting in reduced impact on EBITDA.
• In fact, we were surprised that ACC did not show a bump up in Power & Fuel costs, which were largely controlled…(continued).

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