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Founded in 2015 by Sidharth Gupta, Rahul Chaudhary and Kadam Jeet Jain, Treebo is backed by Bertelsmann India Investments, the strategic investment arm of German media conglomerate Bertelsmann SE and Co. KGaA. SAIF and Matrix partners have also invested in the company. … [Read more...] about Treebo and MakeMyTrip part ways over rising commissions

TVS Motor’s higher-than-estimates Q4FY20 performance was purely on account of a substantial jump in the realisation led by ~85% dispatches of BS6 products, volumes tilted towards exports (32% in Q4FY20 vis-à-vis 22% in Q4FY19) & regulation related price hikes. Despite ~30% volume decline, TVS managed to maintain its EBITDA Margin at 7.0% for the quarter on account of benefits accruing from lower commodity costs. Higher other income (+601% YoY to Rs 251mn) and lower tax rate (-950bps YoY to 17.8%) offset the impact of exceptional costs. The near-term outlook is poor due to demand contraction and supply bottlenecks. We believe, in FY21e, TVS would grow lower than the industry due to downtrading and competitive prices in the entry segment will hurt its Mopeds sales. Exports too will remain weak due to subdued oil prices. In our view, current valuations are elevated and hence we recommend ‘Hold’. … [Read more...] about Hold TVS Motor Company; target of Rs 1002: East India Securities

Q4FY20 volumes of United Spirit de-grew 13%, mainly due to broad based consumption slowdown. In line with the weak performance of its major competitor Pernod Ricard, USL also faced strong headwinds in the P&A category (fell 20% YoY), while the Popular category de-grew 7%. The weak performance on the volume front comes on a weak base of 1% volume growth in Q4FY19. Further, H1FY21 is expected to remain muted, amid lockdown, excise and cess hikes by various states. EBITDA margins grew mere 101 bps YoY to 13.6% on a low base (mainly due to unfavourable product mix and higher other expenses). Subsequently, resultant EBITDA, PAT, de-grew 4%, 81%, respectively (weak operating leverage further impacted by higher depreciation, lower other income and higher tax rate). … [Read more...] about Buy United Spirits; target of Rs 650: ICICI Direct