External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<div><div><div><div><ul><li>Revenue fell 6% YoY in FY22 due to lower cotton/maize (down 24%/16%) volumes.</li><li>Cotton seed volumes were impacted by lower cotton acreage and the use of illegal herbicide-tolerant Bt (HTBt) seeds, which impacted sales of branded seeds.</li></ul><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div><div><div><div><div><ul><li>Maize volumes fell due to no sales to the government.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue fell 6% YoY in FY22 due to lower cotton/maize (down 24%/16%) volumes.Cotton seed volumes were impacted by lower cotton acreage and the use of illegal herbicide-tolerant Bt (HTBt) seeds, which impacted sales of branded seeds. Maize volumes fell due to no sales to the government.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kaveri Seeds - Revenue Fell 6% YoY in FY22 Due to Lower Cotton/Maize (Down 24%/16%) Volumes.

<p>KSCL's reported a weak operating performance in 2QFY22, despite a 10% surge in revenue on account of higher input cost and other expenses. EBITDA/PAT was below our estimate. Factoring in its 2QFY22 performance, we decrease our FY22E/FY23E earnings estimate by 8%/7% due to higher RM prices. We value the stock at 12x FY23E EPS to arrive at our TP of INR630. We maintain our Buy rating....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

KSCL's reported a weak operating performance in 2QFY22, despite a 10% surge in revenue on account of higher input cost and other expenses. EBITDA/PAT was below our estimate. Factoring in its 2QFY22 performance, we decrease our FY22E/FY23E earnings estimate by 8%/7% due to higher RM prices. We value the stock at 12x FY23E EPS to arrive at our TP of INR630. We maintain our Buy rating....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lower maize seed volumes drags performance

<p>Kaveri Seeds (KSCL)'s 1QFY22 revenue fell 12% on account of de-growth in the Cotton and Maize, offset by growth in the Hybrid Rice and Vegetables segments. Cotton seed sales volumes were impacted by lower cotton acreage and the use of herbicide-tolerant Bt (HTBt) seeds, which further impacted branded seed sales. Also, the pandemic affected the supply chain, resulting in the lower absorption of cotton hybrids by dealers and distributors and the consequent unavailability for the farmer.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Kaveri Seeds (KSCL)'s 1QFY22 revenue fell 12% on account of de-growth in the Cotton and Maize, offset by growth in the Hybrid Rice and Vegetables segments. Cotton seed sales volumes were impacted by lower cotton acreage and the use of herbicide-tolerant Bt (HTBt) seeds, which further impacted branded seed sales. Also, the pandemic affected the supply chain, resulting in the lower absorption of cotton hybrids by dealers and distributors and the consequent unavailability for the farmer.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lower cotton seed volumes drag down overall performance

India

Kaveri Seed Company Ltd. produces, processes, and markets hybrid seeds for crops that include corn, sunflower, cotton, paddy, and grain.

Kaveri Seed (KSCL IN)

Kaveri Seeds - Revenue Fell 6% YoY in FY22 Due to Lower Cotton/Maize (Down 24%/16%) Volumes.

Lower than expected operating loss in 4QFY22 aided by lower OPEX. Revenue fell 6% YoY in FY22 due to lower cotton/maize (down 24%/16%) volumes.

Motilal Oswal

Lower maize seed volumes drags performance

KSCL's reported a weak operating performance in 2QFY22, despite a 10% surge in revenue on account of higher input cost and other expenses. EBITDA...

Motilal Oswal

Lower cotton seed volumes drag down overall performance

Kaveri Seeds (KSCL)'s 1QFY22 revenue fell 12% on account of de-growth in the Cotton and Maize, offset by growth in the Hybrid Rice and Vegetables...

Motilal Oswal