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Axis Securities Report
ICICI Bank Ltd. - The bank has been outperforming its peers and has been firing on all cylinders. ICICI Bank has ticked most boxes on growth, margins, and asset quality. Higher loan growth, improving operating profits, and a strong provision buffer coupled with a strong deposit franchise will help the bank achieve return on average equity/return on average assets expansion over FY23-25E.
Coal India Ltd. - Higher international coal prices and volume growth and Coal India's focus on closing the non-profitable manpower intensive high cost underground coal mines and expanding the large open cast mines will drive the profitability.
Dalmia Bharat Ltd. - The company reported encouraging Q1 FY23 results with revenue/volume growth of 28%/27% YoY respectively. It reported healthy Ebitda margins of 17.7% and Ebitda/tonne of Rs 945 despite severe cost headwinds. We believe the company is well-positioned to grow its revenue and profitability moving forward, supported by revival of cement demand in its key markets in both trade and non-trade segments, cost optimisation measures, and increasing premium cement sales aided by capacity expansions.
Click on the attachment for the full list of Axis Securities' Top Stock Picks for September 2022:
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