Price Rs223.75 Target Price Rs274 Higher trading, lower sugar prices impacted margins Revenue above expectation: Net sales of Shree Renuka Sugar (SHRS) for Q1FY10 was Rs 14.3bn against Rs 4bn in Q1FY09 (we expected Rs 8.78bn). Amount of sugar sold in Q1FY10 was 0.29m tonnes at average realisation of Rs28.8/Kg against 0.132m tonne at...
Price Rs501.00 Target Price Rs635 Results surpass expectations Operating performance improves: Shriram Transport Finance Corporation (STFC) reported PAT of Rs2.37bn, higher than our estimate of Rs2.04bn. Higher-than-expected topline growth, containment of operating costs and provisions trickled down into higher bottomline. AUMs increased by 23.6% YoY and 9.1% QoQ as the disbursal growth maintained healthy...