External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Star Cement: Star Cement reported a weak show in 4QFY21. Consolidated revenue rose 10% YoY to INR 6.03bn on 4/12% volume/NSR growth. However, EBITDA declined 16% YoY to INR 1.04bn due to significant cost inflation. Lower tax rate moderated APAT (at INR 853mn) decline to 1% YoY. We expect margin to expand FY22 onwards on production ramp-up. We maintain our BUY rating with a revised our target price of INR 125 (8x FY23 consolidated EBITDA). GAIL (India): Our BUY recommendation on GAIL with a price target of INR 195 is based on 9% CAGR expansion in gas transmission volume over FY21-23E to 124mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in the eastern and southern parts of India.</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>

Star Cement: Star Cement reported a weak show in 4QFY21. Consolidated revenue rose 10% YoY to INR 6.03bn on 4/12% volume/NSR growth. However, EBITDA declined 16% YoY to INR 1.04bn due to significant cost inflation. Lower tax rate moderated APAT (at INR 853mn) decline to 1% YoY. We expect margin to expand FY22 onwards on production ramp-up. We maintain our BUY rating with a revised our target price of INR 125 (8x FY23 consolidated EBITDA). GAIL (India): Our BUY recommendation on GAIL with a price target of INR 195 is based on 9% CAGR expansion in gas transmission volume over FY21-23E to 124mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in the eastern and southern parts of India.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: GAIL (India), Star Cement

Gail India

HSIE Results Daily: GAIL (India), Star Cement