ICICI Prudential Life Insurance Company Ltd

ICICI Prudential Life Insurance Company Ltd. -S | *CMP* Rs. 484 | *M Cap* Rs. 69626 Cr | *52 W H/L* 649/430 (Nirmal Bang Retail Research) Result is above expectations* Premiums earned came at Rs. 9465 Cr vs YoY Rs. 9074 Cr, QoQ Rs. 9582 Cr APE came at Rs. 1822 Cr vs expectation of Rs. 1836 Cr, YoY Rs. 1929 Cr, QoQ Rs. 1999 Cr Value of New Business came at Rs. 618 Cr vs expectation of Rs. 561 Cr, YoY Rs. 515 Cr, QoQ Rs. 621 Cr Value of New Business Margin (%) came at 33.9% vs expectation of 30.6%, YoY 26.7%, QoQ 31.1% Margin improved on the back of an increase in mix of high margin Protection business PAT came at Rs. 221 Cr vs YoY Rs. 311 Cr, QoQ Rs. 199 Cr AUM came at Rs. 251884 Cr vs YoY Rs. 237560 Cr, QoQ Rs. 244279 Cr 13th month persistency came at 86.1% vs QoQ 85.9% 61st month persistency came at 64.2% vs QoQ 61.2% Market share came at 14.6% vs QoQ 15.7% & YoY 12.7% Quarter EPS is Rs. 1.5 Stock is trading at P/E of 54.5x FY24E EPS & 2.1x trailing M Cap/EV

Mastek

Mastek reports Q3 earnings ▶️Net profit down 18.8% at ₹64.2 cr vs ₹79.1 cr (QoQ) ▶️Revenue up 5.3% at ₹658.6 cr vs ₹625.3 cr (QoQ) ▶️EBITDA up 5.9% at ₹113.7 cr vs ₹107.5 cr (QoQ) ▶️EBITDA margin at 17.3% vs 17.2% (QoQ)

Newgen Software

Newgen Software reports Q3 earnings. ▶️Net profit up 59.2% at Rs 48.2 cr Vs Rs 30.3 cr (QoQ) ▶️Revenue up 12.7% at Rs 255 cr Vs Rs 226 cr (QoQ) ▶️EBITDA up 56.8% at Rs 58.9 cr Vs Rs 37.6 cr (QoQ) ▶️Margin at 23.1% Vs 16.6% (QoQ)

Paytm

Paytm To Turn Operationally Profitable By March, Says Goldman Sachs Paytm may turn operationally profitable by March 2023, according to Goldman Sachs, two quarters ahead of the brokerage's earlier expectations and the company's own guidance. The brokerage also maintained 'buy' ratings on One97 Communications Ltd., the operator of Paytm, while raising its target price to Rs 1,120 apiece from Rs 1,100 apiece, implying an upside of over 100% Paytm is also a part of Goldman Sachs' Asia (excluding Japan) 'Conviction List', which contains select "buy"-rated stocks based on the size and likelihood of realisation of their return potential The company's FY23 lending volumes are tracking around 90% higher compared to its estimates in December 2021, while maintaining healthy credit metrics, Goldman said. "This, coupled with stronger payment margins, has resulted in the company’s profitability continuing to surprise to the upside." The presence of UPI reimbursement from the central government in the March 2023 quarter is also a key factor for its faster-than-expected operational break-even call, Goldman Sachs said. However, founder Vijay Shekhar Sharma said in April last year that the company would break even on operating Ebitda (before ESOP costs) by the quarter ending September 2023. We believe Paytm’s margin print in Q3 will further increase the street’s confidence in the company’s ability to be profitable in CY23. Paytm’s monthly transacting users, loan disbursals, and devices deployed continue to surprise us positively, and we have further raised our estimates for these metrics in this note; however, the mix shift towards UPI has also been faster, resulting in cuts to our our payment revenue estimates," the brokerage said in a Jan. 16 note. Goldman said that it "believes the current share price continues to offer a compelling entry point into India's largest and one of the fastest-growing fintech platforms." Paytm’s valuation multiples are at a discount to its global or India peer group for a growth outlook that is better or in line with the peer group," the brokerage said. "Our refreshed analysis suggests Paytm’s current share price is already pricing in multiple headwinds, with the stock trading close to its bear-case implied value; we see risk-reward as skewed to the upside." Despite Goldman's renewed optimism, Paytm's stock fell 4% to Rs 531.35 per share. That's still about 75% lower than its IPO price of Rs 2,150 in November 2021. Of the 12 analysts tracking the company, eight maintain 'buy', three suggest 'hold' and one recommends 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 68.2%.

Dabur

Dabur India: Dabur India’s beauty and personal care retail chain NewU, on Monday announced the launch of six new stores taking its total store count to over 100 outlets. NewU offers makeup, skincare, hair care, fragrances, and personal grooming products from a range of brands. NewU is operated by H & B Stores Limited which is a 100% subsidiary of Dabur India Ltd. NewU is currently present in 40 cities across India, with over 100 outlets. Asthana said the company is expanding its retail footprint across India with plans to double its store count in the next two years.

Voltamp Transformers Ltd. /Bharat Bijlee Ltd. /Transformers & Rectifiers (India) Ltd.

Voltamp Transformers Ltd. $Bharat Bijlee Ltd. $Transformers & Rectifiers (India) Ltd. The transformer sector has reported the highest ever revenue in FY22. This sector faced a very dull period of over ten years before that. We have identified three companies from this sector viz. $Voltamp Transformers Ltd. $Bharat Bijlee Ltd. and $Transformers & Rectifiers (India) Ltd. . We will post sector related development which will drive the growth in the future and our workings on these three companies. Voltamp Transformers: We can see that the growth was very muted till FY18 and in the last four years the revenue has almost doubled. The company has been able to maintain its Gross Margin over the years and the EBITDA margin has improved significantly during this period.

SIEMENS LTD

SIEMENS LTD THE COMPANY HAS RECEIVED THE LARGEST SINGLE ORDER IN ITS HISTORY* An order worth Rs 26,000 crore has been received from the Indian Railways to manufacture and supply 1,200 locomotives of 9,000 horsepower each