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04 May 2020 Strategy
India Equity Strategy
HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Up too much, too soon
We are not fully convinced of the durability of current market up-move (Nifty
up 30% since 23rd March’20) and believe that street has not fully factored in
the impact of CoVid-19 induced lockdown. Mar-20 volume/earnings
disappointment from large index stocks such as HUVR, RIL and rising CoVid-
19 provisioning for banks are precursors to greater systemic earnings
weakness in coming months. Nifty is now down ~20% since pre CoVid-19
highs in mid Feb’20 (vs. ~40% decline till mid March), while as per our
assessment CoVid-19 impact on FY21 EPS of HSIE univ could be >30%.
Already, FY21 EPS growth est for HSIE coverage has been cut from +20% YoY
(pre CoVid-19) to -5%YoY, and we see potential for further cuts. RBI’s rate
cut/liquidity measures are not percolating into the system as intended while
fiscal measures have been delayed and underwhelming. We continue to
recommend a largely quality, value and defensive portfolio bias given
ongoing uncertainty and heightened volatility with ~4% allocation to cash.
Our key picks are: Bharti, ITC, UNSP, Ultratech, SBI Life, ICICI Bank, Axis
Bank. IGL, CDSL.
Consensus earnings analysis- negative impact not yet fully priced in
Based on our analysis of consensus earnings estimates for Nifty constituents
(details pls see pg 5) we believe that street has not yet fully factored the impact
of CoVid-19 on corporate earnings. In our earlier note (link here) we estimated a
hit of >30% on FY21 aggregate PAT of HSIE univ in a scenario of protracted
lockdown and slower return-to-normalcy trajectory. However, till date
consensus FY21 Nifty EPS has been cut by ~15% and for FY21 consensus is still
building in a growth of 13%YoY. This is optimistic - given the intensity and
extent of lockdown FY21 will be a negative earnings growth year. In contrast,
HDFC sec has already cut FY21 aggregate PAT est by 26% and we currently
expect -5%YoY FY21 PAT growth for HSIE univ.
4QFY20 earnings: disappointments likely to strain market in May’20
Many large sector leaders have posted Mar-20 earnings disappointment on an
already muted expectation. Most notably, HUVR’s 7%/2% YoY volume/PAT
decline in 4QFY20 (despite a trend run rate till mid Mar’20) –clearly points to an
underestimation bias, which is likely to unravel as we move through the chunky
part of earnings season in May’20. We expect more disappointments than
surprises, implying a continuation of cuts in May’20 and a likely pronounced
negative price reaction given the recent run up. We expect a continuation of
negative mgt commentary w.r.t. CoVid-19 impact on FY21 earnings.
Recent uptick- a bear market rally rather than a decisive turnaround
We would deem recent mkt surge more as a bear market rally and not a
resumption of bull market. Proactive and co-ordinated moves of global central
bankers and governments have helped to mend financial market sentiments, but
the impact on real economy and corporate earnings seem to be underestimated
after current rally, in our view.
Varun Lohchab
+91-22-6171-7334
Abhishek Saraf, CFA
+91-22-6171-7314
Punit Bahlani
+91-22-6171-7354
Page | 2
Strategy
Monetary actions: strong but not seeping through; Fiscal actions: more needed
There has been limited percolation of monetary stimulus to intended entities (for
e.g. TLTRO 1 & 2 have either not reached intended recipients or have not been
duly subscribed). Given prevalent risk aversion among banks and compounding
effect of closure of FTMF credit schemes, we think RBI needs to embark on even
more unconventional monetary toolkit (like TARP, first loss assurance etc.) to
normalize frozen credit markets. Similarly, fiscal measures need to ramp up
materially with more incentives/transfers targeted at smaller businesses,
exporters and discretionary services impacted by Covid-19.
HSIE Model Portfolio: biased towards quality, value and defensive names
Our model portfolio largely leans on a mix of quality, value and defensive
stocks/sectors to navigate the expected environment of uncertain Covid-19
outcomes and heightened market volatility. We also recommend 4% cash
position.
Our key O-wts are the typically defensive Utilities (through NTPC, Power
Grid) and Telecom (through Bharti and 9% weightage in RIL to play telecom
story). Within BFSI we currently prefer insurance more than lenders. SBI Life
and ICICI Pru are key picks for us in the sector. Within lenders we prefer to
position only into large sector leaders such as ICICI Bank, Axis Bank which will
be key beneficiary of polarization in deposits. While we have trimmed our wt in
lenders, given the sharp correction and decline in sector’s index weight, lenders
are still o-wt. We have mild o-wt on Pharmaceuticals – recent runup prevent us
from taking aggressive o-wt in pharma, despite the strong sectoral tailwinds in a
post Covid-19 world. Cement is also a mild o-wt in our portfolio.
Key U-wt: (i) Autos (discretionary demand stress), (ii) Cons Staples (large sector
leaders have runup sharply and we prefer select stocks which offer value i.e.
ITC, UNSP), (iii) Cons Discretionary - clear demand compression, (iv) Metals &
Mining and Energy. Within energy we prefer gas over oil and IGL is a key pick.
Given the recent uptick we prefer to have a mildly u-wt stance on IT Services.
Page | 3
Strategy
HSIE Model Portfolio
Model
Portfolio Price Rating TP
M Cap
US$ bn
Model port on 050320 P/E P/BV(ABV) ROE EPS Growth
Wt Port Wt Rel wt FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E
Nifty 9,860
1,405.8 100.0% 100.0% 0 bps
Autos
52.9 5.9% 2.0% -394 bps
Eicher Motors 14,708 REDUCE 13,800 5.3 0.5%
-52 bps 27.1 21.7 3.5 3.1 13.5% 15.0% -15.9% 24.9%
Mahindra &
Mahindra Ltd 367 ADD 410 6.1 1.0%
-104 bps 15.2 11.5 1.1 1.0 7.3% 9.1% -23.2% 32.7%
Hero MotoCorp 2,167 BUY 2,210 5.8 0.9%
-89 bps 19.3 15.7 2.8 2.6 14.8% 17.0% -26.0% 22.8%
Maruti Suzuki
India 5,359 ADD 5,810 21.6 1.9%
-186 bps 38.2 21.2 3.1 2.8 8.2% 13.7% -20.3% 80.1%
Tata Motors 93 NR
4.1 0.8%
-77 bps NM 6.5 0.5 0.5 -0.4% 8.0% NM NM
Bajaj Auto 2,623 ADD 2,695 10.1 0.9% 2.0% 115 bps 19.0 16.6 2.9 2.6 15.7% 16.6% -15.1% 14.8%
Banks and
NBFCs 250.0 35.2% 36.5% 129 bps
Axis Bank 445 BUY 541 16.7 2.9% 4.3% 143 bps 12.8 10.0 1.6 1.3 10.7% 12.4% 83.6% 28.8%
State Bank of
India 191 BUY 316 22.6 1.5% 2.5% 100 bps 8.6 6.8 0.7 0.6 8.2% 9.6% 24.0% 26.6%
HDFC Bank 1,002 NR
73.1 11.3% 11.3% 0 bps 19.3 15.1 2.7 2.3 15.9% 17.2% 6.7% 28.2%
Housing
Development
Finance Corp
1,916 NR
44.2 7.9% 7.9% 0 bps 20.5 15.3 3.2 2.9 13.6% 14.5% -18.4% 34.4%
Kotak Mahindra
Bank 1,357 ADD 1,263 34.6 4.1%
-410 bps 41.9 38.9 4.9 4.4 12.2% 11.7% 1.9% 7.7%
IndusInd Bank 468 ADD 575 4.3 0.8%
-79 bps 11.3 7.9 0.8 0.8 8.1% 10.2% -34.9% 41.9%
Bajaj Finance 2,318 NR
18.6 1.4% 1.0% -38 bps 21.8 16.2 3.6 3.0 19.2% 21.3% 8.9% 34.4%
ICICI Bank 380 BUY 435 32.8 5.4% 7.5% 213 bps 16.7 14.1 2.3 2.0 11.6% 12.5% 68.1% 18.9%
Mahindra &
Mahindra
Financial
166 BUY 240 1.4
1.0% 100 bps 9.5 7.0 0.8 0.8 8.8% 11.2% -5.0% 35.9%
Cholamandalam
Investment &
Finance
Company
159 BUY 251 1.7
1.0% 100 bps 9.5 8.2 1.3 1.2 14.8% 15.0% -1.7% 16.4%
Insurance
28.4 0.8% 3.5% 271 bps
Bajaj Finserv 5,104 NR
10.8 0.8%
-79 bps 14.8 11.8 2.3 2.0 17.5% 18.1% 23.1% 25.2%
SBI Life 727 BUY 1,046 9.7
2.5% 250 bps 52.6 49.3 2.3 2.0 13.5% 15.6% 1.7% 6.7%
ICICI Prudential 412 BUY 460 7.9
1.0% 100 bps 39.4 35.3 2.3 2.0 13.6% 15.2% 34.6% 11.7%
Consumer-
Staples 136.8 10.4% 6.0% -442 bps
ITC 182 BUY 221 29.8 3.3% 4.5% 121 bps 15.3 14.0 3.3 3.1 22.2% 23.1% -4.9% 9.1%
Hindustan
Unilever 2,195 REDUCE 1,969 68.6 5.3%
-528 bps 59.2 52.4 12.3 11.7 34.4% 22.9% 17.1% 12.9%
Nestle India 17,925 REDUCE 14,042 23.0 1.5%
-152 bps 75.4 64.2 65.3 50.4 100.1% 88.6% 15.3% 17.4%
Britannia
Industries 3,166 REDUCE 2,711 10.1 0.3%
-32 bps 51.1 44.4 14.1 11.5 30.3% 28.6% 9.7% 15.2%
United Spirits 537 ADD 586 5.2
1.5% 150 bps 39.2 33.3 7.9 6.4 22.3% 21.1% 14.9% 17.7%
Consumer
Discretionary
(ex-Autos)
35.1 3.4% 2.0% -141 bps
Titan Co 970 ADD 1,080 11.5 0.3% 1.0% 70 bps 59.8 39.2 11.2 9.7 19.6% 26.5% -2.6% 52.8%
Asian Paints 1,759 NR
22.5 3.1%
-312 bps 55.1 45.8 13.5 11.8 26.7% 28.0% 9.2% 20.2%
Aditya Birla
Fashion 116 BUY 180 1.2
1.0% 100 bps 209.8 77.3 5.5 5.1 2.7% 6.9% -71.5% 171.3%
Industrials
(Infra+ Cap
Goods)
25.0 2.8% 4.0% 114 bps
Larsen &
Toubro 898 BUY 1,191 16.8 2.4% 3.0% 61 bps 23.9 12.6 1.7 1.6 11.4% 13.0% -15.5% 90.0%
Adani Ports &
Special
Economic Zone
290 NR
7.8 0.5%
-46 bps 12.1 10.5 2.0 1.7 17.1% 17.1% 7.1% 15.2%
KNR
Constructions 210 BUY 278 0.4
1.0% 100 bps 24.2 11.5 1.7 1.5 7.3% 13.9% -37.6% 109.8%
Page | 4
Strategy
Model
Portfolio Price Rating TP
M Cap
US$ bn
Model port on 050320 P/E P/BV(ABV) ROE EPS Growth
Wt Port Wt Rel wt FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E
IT and
Exchanges 186.4 14.1% 13.0% -107 bps
Wipro 191 REDUCE 185 14.5 0.6%
-62 bps 12.2 11.3 1.7 1.5 14.9% 14.2% -8.2% 8.4%
Infosys 716 BUY 680 40.6 6.2% 7.0% 78 bps 19.5 16.9 4.5 4.2 23.2% 25.3% -5.1% 15.5%
HCL
Technologies 544 BUY 525 19.6 1.5% 0.5% -103 bps 14.5 12.4 2.6 2.2 19.1% 19.4% -5.0% 16.9%
Tata
Consultancy
Services
2,014 REDUCE 1,680 100.7 4.9% 2.0% -285 bps 25.5 22.8 9.0 8.8 35.1% 38.9% -8.5% 12.0%
Tech Mahindra 546 BUY 625 7.0 0.9% 2.0% 115 bps 12.9 11.4 2.1 1.9 16.5% 17.4% -12.3% 13.4%
L&T Infotech 1,593 ADD 1,650 3.7
0.5% 50 bps 17.1 14.5 4.1 3.6 26.3% 27.0% 7.9% 18.1%
CDSL 225 BUY 315 0.3
1.0% 100 bps 19.9 17.0 3.0 2.7 15.0% 16.0% 1.7% 17.3%
Energy (Oil &
Gas) 170.9 12.8% 11.0% -176 bps
Reliance
Industries 1,466 Add 1,560 123.7 10.7% 9.0% -170 bps 23.7 17.2 1.9 1.7 8.3% 10.5% -8.2% 38.1%
Bharat
Petroleum Corp 370 Add 385 10.7 0.7%
-67 bps 12.8 11.5 1.8 1.6 14.3% 14.6% 88.3% 11.1%
Indian Oil Corp 84 Add 84 10.6 0.4%
-43 bps NM 9.2 0.7 0.7 -0.3% 7.5% NM NM
Oil & Natural
Gas Corp 80 Add 74 13.4 0.5%
-54 bps 12.1 6.6 0.5 0.5 4.0% 7.5% -58.6% 83.4%
GAIL India 96 Add 95 5.7 0.4%
-42 bps 9.4 45.3 0.9 0.9 10.0% 2.0% -26.8% -79.2%
Indraprastha
Gas 477 Add 504 4.4
1.5% 150 bps 38.9 19.6 6.2 5.1 16.7% 28.6% -18.4% 98.9%
Gujarat Gas 259 Add 273 2.4
0.5% 50 bps 28.0 16.7 4.8 3.9 18.7% 25.8% -20.8% 67.8%
Metals &
Mining 30.8 2.7% 1.0% -167 bps
Hindalco
Industries 130 NR
3.9 0.4%
-44 bps 8.7 6.0 0.4 0.4 5.7% 7.7% -29.3% 44.8%
Tata Steel 298 NR
4.5 0.5%
-52 bps 19.9 6.2 0.5 0.5 3.6% 7.9% -30.0% 221.0%
JSW Steel 181 NR
5.8 0.5%
-46 bps 11.7 7.2 1.1 1.0 9.3% 13.8% 8.9% 61.3%
Vedanta 90 NR
4.4 0.4%
-40 bps 7.6 6.4 0.5 0.6 8.7% 9.9% -13.7% 19.3%
Coal India 149 NR
12.2 0.8% 1.0% 16 bps 5.5 5.1 2.6 2.2 52.3% 45.6% -2.9% 6.0%
Cement
28.7 3.0% 3.5% 53 bps
UltraTech
Cement 3,534 BUY 4,850 13.6 1.0% 2.5% 149 bps 31.9 23.9 2.8 2.6 8.3% 10.2% -15.8% 33.5%
Grasim
Industries 505 NR
4.4 0.5%
-48 bps 10.7 8.9 0.5 0.5 7.6% 8.2% 3.3% 20.2%
Shree Cement 19,768 REDUCE 17,900 9.5 1.5%
-148 bps 69.5 52.0 5.2 4.8 7.6% 9.6% -27.0% 33.7%
JK Cement 1,119 BUY 1,355 1.2
1.0% 100 bps 23.0 17.8 2.6 2.3 11.8% 13.9% -12.0% 29.7%
Chemicals
5.4 0.5% 2.0% 145 bps
UPL 420 NR
4.3 0.5%
-55 bps 10.4 8.6 1.7 1.4 17.3% 17.9% 25.6% 20.1%
Galaxy
Surfactants 1,401 BUY 1,834 0.7
1.0% 100 bps 31.9 16.3 4.3 3.5 14.1% 23.5% -18.0% 95.4%
Alkyl Amines 1,790 BUY 1,380 0.5
1.0% 100 bps 24.5 17.2 6.1 4.8 27.3% 31.2% -9.4% 42.6%
Media
2.0 0.4% 0.0% -35 bps
Zee
Entertainment
Enterprises
159 NR
2.0 0.4%
-35 bps 9.2 8.0 1.3 1.2 15.4% 15.8% -4.1% 15.0%
Pharma
35.2 3.1% 3.5% 41 bps
Sun
Pharmaceutical
Industries
464 ADD 450 14.8 1.1%
-114 bps 25.0 20.7 2.2 2.0 10.6% 11.4% 2.7% 20.9%
Cipla Ltd/India 590 BUY 600 6.3 0.8% 2.0% 124 bps 25.2 20.8 2.6 2.4 11.0% 12.0% 11.9% 21.1%
Dr Reddy's
Laboratories 3,936 REDUCE 3,330 8.7 1.2%
-119 bps 27.7 22.4 3.8 3.3 14.6% 15.8% 6.7% 23.4%
Torrent Pharma 2,345 ADD 2,405 5.3
1.5% 150 bps 35.4 28.6 6.9 6.1 20.4% 22.5% 20.0% 23.6%
Telecom
41.7 2.9% 4.0% 108 bps
Bharti Airtel 514 NR
37.4 2.6% 4.0% 139 bps 94.2 38.1 3.0 2.8 2.7% 8.0% NM NM
Bharti Infratel 174 NR
4.3 0.3%
-31 bps 10.4 10.0 2.3 2.3 22.0% 22.6% -5.1% 3.7%
Utilities
23.8 2.0% 4.0% 202 bps
NTPC 95 NR
12.5 0.9% 2.0% 105 bps 6.9 6.3 0.8 0.7 11.8% 12.3% 10.0% 9.3%
Power Grid
Corp of India 162 NR
11.3 1.0% 2.0% 97 bps 7.0 6.4 1.2 1.1 17.8% 17.6% 9.4% 8.8%
Cash
0.0% 4.0% 400 bps
Note: For Life Insurance Companies P/EV and ROEV have been considered in place of P/B and ROE Source: Bloomberg Finance L.P and HSIE Research
Page | 5
Strategy
Nifty Constituents Earnings Analysis (consensus est)
Price as
on
30th
Apr'20
Cut in Cons EPS since
1st Mar '20 Cons EPS est as of 1st Mar '20
Cons EPS est as of 30th Apr
'20
Latest EPS Growth
estimate
FY20 FY21 FY22 FY20 FY21 FY22 FY20 FY21 FY22 FY21 FY22
AUTOS
-21% -35% -19%
6% 51%
Bajaj Auto 2,623 -2% -8% -7% 176 190 208 172 175 195 2% 11%
Eicher Motors 14,708 -6% -18% -15% 762 844 1,029 720 692 877 -4% 27%
Hero MotoCorp 2,167 -4% -15% -11% 165 172 194 157 147 173 -7% 18%
M&M 367 -11% -26% -19% 41 44 50 36 32 40 -11% 25%
Maruti 5,359 -5% -21% -19% 203 247 305 193 195 247 1% 27%
Tata Motors 93 -370% -114% -35% 3 16 22 -8 -2 14 -70% -734%
BFSI
-6% -15% -10%
16% 31%
Axis Bank 445 -35% -13% -5% 35 45 53 23 39 51 72% 31%
Bajaj Finance 2,318 -4% -23% -21% 102 138 181 98 106 143 9% 34%
Bajaj Finserv 5,104 -1% -8% -8% 285 375 469 281 346 433 23% 25%
HDFC 1,916 -1% -3% -1% 115 97 126 114 93 125 -18% 34%
HDFC Bank 1,002 -3% -12% -6% 50 59 71 49 52 67 7% 28%
ICICI Bank 380 -3% -15% -10% 16 29 35 16 24 31 55% 28%
IndusInd Bank 468 -12% -41% -38% 80 104 130 71 61 81 -14% 33%
Kotak Mahindra 1,357 -2% -12% -10% 48 57 68 47 50 61 5% 23%
SBI 191 -6% -19% -13% 22 35 44 21 29 39 38% 35%
CEMENT
2% -13% -8%
4% 29%
Grasim 505 -10% -17% -7% 24 25 31 22 21 29 -5% 42%
Shree Cement 19,768 30% 12% 17% 420 582 674 547 651 789 19% 21%
Ultratech 3,534 -5% -23% -18% 136 168 204 130 130 168 -0.2% 29%
CHEMICALS
-4% -8% -7%
26% 20%
UPL 420 -4% -8% -7% 34 44 52 32 41 49 26% 20%
CONS DISC
-3% -10% -8%
7% 21%
Asian Paints 1,759 -2% -8% -6% 30 35 41 29 32 38 9% 20%
Titan Co 970 -4% -13% -9% 18 23 28 17 20 26 15% 28%
Zee 159 -2% -12% -11% 18 20 22 18 17 20 -4% 15%
CONS STAPLES
-2% -3% -4%
10% 12%
Britannia Ind 3,166 -1% -4% -5% 58 67 77 58 64 73 11% 14%
HUVR 2,195 -0.1% -2% -2% 34 40 47 34 40 46 19% 15%
ITC 182 -2% -4% -4% 12 13 15 12 13 14 5% 11%
Nestle 17,925 -6% -6% -7% 243 279 316 229 263 293 15% 11%
ENERGY
-7% -22% -13%
7% 27%
BPCL 370 -20% -11% -3% 34 43 45 28 38 44 39% 15%
GAIL 96 -6% -17% -18% 13 15 17 13 12 14 -1% 13%
IOC 84 -16% -9% -6% 12 17 19 10 15 18 58% 15%
ONGC 80 -6% -38% -26% 21 22 24 20 14 18 -30% 32%
RIL 1,466 -4% -20% -10% 74 99 117 70 80 105 13% 32%
HEALTHCARE
-1% -2% -1%
17% 15%
Cipla 590 -1% -2% -0.2% 21 24 28 21 24 28 14% 16%
DRL 3,936 -1% -2% -2% 121 151 174 120 148 171 24% 16%
Sun Pharma 464 -2% -2% -2% 19 22 25 18 21 24 16% 15%
INDUSTRIALS
-4% -15% -13%
2% 20%
Adani SEZ 290 -2% -9% -12% 23 26 31 22 24 28 7% 15%
L&T 898 -5% -18% -14% 72 83 98 68 68 84 -0.003% 22%
IT SERVICES
0% -11% -8%
-2% 12%
HCL Tech 544 0.3% -5% -4% 40 44 48 40 42 46 5% 11%
Infosys 716 0.3% -11% -9% 39 43 47 39 38 43 -1% 12%
TCS 2,014 -0.1% -12% -8% 87 95 104 87 84 95 -3% 13%
Tech M 546 -1% -12% -10% 49 55 62 49 49 55 0% 14%
Wipro 191 0.1% -12% -10% 17 18 19 17 16 17 -8% 9%
Page | 6
Strategy
Price as
on
30th
Apr'20
Cut in Cons EPS since
1st Mar '20 Cons EPS est as of 1st Mar '20
Cons EPS est as of 30th Apr
'20
Latest EPS Growth
estimate
FY20 FY21 FY22 FY20 FY21 FY22 FY20 FY21 FY22 FY21 FY22
METALS & MINING
-6% -28% -14%
-9% 31%
Coal India 149 -1% -8% -7% 28 30 31 28 27 29 -3% 6%
Hindalco 130 -1% -32% -10% 21 22 24 21 15 22 -29% 45%
JSW Steel 181 -5% -35% -12% 15 24 28 14 15 25 9% 61%
Tata Steel 298 -23% -73% -24% 28 56 63 21 15 48 -30% 221%
Vedanta 90 -16% -30% -27% 16 17 19 14 12 14 -14% 19%
TELECOM
-128% -16% -10%
642% 74%
Bharti Airtel 514 -60% -26% -12% -11 7 15 -5 5 14 -221% 148%
Bharti Infratel 174 1% -2% -2% 18 17 18 18 17 17 -5% 4%
UTILITIES
-2% -2% -1%
10% 9%
NTPC 95 -4% -4% -1% 13 14 15 13 14 15 10% 9%
Power Grid 162 -1% -1% 1% 21 23 25 21 23 25 9% 9%
Nifty 9,860 -6% -15% -8% 572 690 804 539 590 741 9% 26%
Source: Bloomberg Finance L.P. Above analysis is based on consensus estimates movement till 30th April 2020 and price as of that date
Sector level trend in EPS movement and EPS growth is aggregated estimtes from sectoral components
Mar-20 Scorecard till date
Company Name Period PAT/APAT Growth
Estimate
PAT/APAT Growth
Reported
AU Small Finance Bank 4Q FY20 4.9% -40%
Axis Bank 4Q FY20 -25.2% NM
IndusInd Bank 4Q FY20 -71.3% -76.8%
Hindustan Unilever 4Q FY20 8.0% -7.6%
Tech Mahindra 4Q FY20 -10.8% -10.9%
Hexaware 4Q FY20 -2.6% 4.3%
Wipro 4Q FY20 -2.6% -5.3%
Mindtree 4Q FY20 2.7% 4.7%
Tata Consultancy Services 4Q FY20 -0.1% -0.8%
Infosys 4Q FY20 -4.3% 1.0%
Reliance Industries 4Q FY20 -3.5% -16.8%
Ambuja Cement 1Q CY20 28.4% 20.0%
ACC 1Q CY20 8.3% 18.2%
Source: HSIE Research; Company reports
Page | 7
Strategy
HSLIE Research Team
INDUSTRY ANALYST EMAIL ID PHONE NO.
Head - Research (Consumer, Strategy) Varun Lohchab [email protected] +91-22-6171-7334
Autos, Logistics, Aviation Aditya Makharia
Mansi Lall
+91-22-6171-7316
+91-22-6171-7357
AMCs, Brokerages, Insurance Madhukar Ladha [email protected] +91-22-6171-7323
BFSI, Strategy Abhishek Saraf, CFA
Punit Bahlani
+91-22-6171-7314
+91-22-6171-7354
Banks Darpin Shah
Aakash Dattani
+91-22-6171-7328
+91-22-6171-7337
Cement Rajesh Ravi
Saurabh Dugar
+91-22-6171-7352
+91-22-6171-7353
Construction & Infrastructure, Real Estate Parikshit Kandpal
Rohan Rustagi
+91-22-6171-7317
+91-22-6171-7355
Consumer Durables, FMCG Naveen Trivedi
Aditya Sane
+91-22-6171-7324
+91-22-6171-7336
IT Services & Exchanges
Apurva Prasad
Amit Chandra
Vinesh Vala
+91-22-6171-7327
+91-22-6171-7345
+91-22-6171-7332
Oil & Gas, Chemicals
Harshad Katkar
Nilesh Ghuge
Divya Singhal
+91-22-6171-7319
+91-22-6171-7342
+91-22-6171-7348
Pharma Bansi Desai
Karan Shah
+91-22-6171-7341
+91-22-6171-7359
Retail & Fashion Jay Gandhi
Rutvi Chokshi
+91-22-6171-7320
+91-22-6171-7356
Page | 8
Strategy
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