Diwali Report 2024+

Shagun Ke Shares Diwali Picks | November
#ðœăðqðÆāĮtÐĨďīĴɽUďŒÐĉÅÐīǫǩǫǭ 2024

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India on a Strong Footing Amidst Global shifts
Company CMP (ൟ) TP (ൟ)
Capital Goods India continues to demonstrate robust growth and resilience despite the evolving
Cummins India 3,676 4,840 global economic and geopolitical environment. The Indian economy is projected to
Praj Industries 814 940 grow at 7.2% in FY25, maintaining its position as the fastest-growing major
Construction economy, supported by robust domestic demand, easing inflationary pressures,
NCC 301 400 and the resurgence of private capex. Both, Manufacturing and Services PMI remain
Consumer Durables
in expansionary territory, reflecting healthy demand across sectors.
Blue Star 2,045 2,570 Increased capacity utilization, coupled with greater private sector confidence and
Dixon Technolog. 15,402 19,070 public infrastructure spending, is further boosting the capital expenditure (capex)
Finance revival seen over the last year. Additionally, GST collections have sustained at high
Nippon Life Ind. 707 820 levels, providing a solid revenue base for the government to meet fiscal targets.
FMCG This robust tax base, alongside prudent fiscal management, is allowing the
Colgate-Palmoliv 3,492 4,590 government to maintain course on meeting the sub-5% (of GDP) Fiscal Deficit
target while ensuring continued investments in infrastructure. On-the-whole,
Jyothy Labs 529 680
healthy banking sector metrics and corporate debt levels are also providing a
Gas Distribution
conducive environment for private investments to accelerate.
Mahanagar Gas 1,835 2,310
IT - Software India’s ability to maintain inflation within manageable limits, supported by
eClerx Services 3,072 3,700 softening global commodity prices, is aiding sustained corporate profitability. The
Persistent Sys 5,631 7,040 Nifty PE is currently trading at 20.8x 1-year forward EPS. We maintain a positive
Pharmaceuticals outlook on sectors such as Capital Goods, Construction, Consumer Durables,
Finance, FMCG, Gas Distribution, IT, Pharma, Plastics, Power and Refractories; all
Neuland Labs. 15,667 19,580
of which are positioned to benefit from India’s economic growth trajectory. Near-
Plastic products
term volatility stems from ongoing geopolitical tensions in the Middle East and
Time Technoplast 438 550
Ukraine, crude oil prices, ongoing major state elections, and the evenly poised
Power
upcoming US elections.
Torrent Power 1,953 2,300
Refractories Global interest rate cut cycle begins as inflation eases and growth moderates
After over two years of high inflation across major global economies, a sustained
Vesuvius India 5,780 6,770
moderation is in progress. The lowering of inflation was supported by aggressive
Source: Company, Angel Research global monetary tightening and cooling of energy prices. On the back of cooling in
Closing price as on 15 Oct,2024 inflation and the American job market, the US Fed has initiated monetary easing with
a 50bps rate cut announced in September. While commodity prices have come off
from peak levels; overall global growth has remained surprisingly resilient led by
strong consumption demand. However, growth rates in developed countries are
showing signs of reverting to their long-term trend levels resulting from the impact
of the cycle of quantitative tightening. This should maintain commodity prices,
thereby supporting Indian companies' profit margins.
India is in a strong position amidst a relatively uncertain global scenario
Overall economic growth is expected to sustain its momentum led by easing
inflationary pressures and resilient demand outlook. As such, the Reserve Bank of
India has eased its stance from ‘withdrawal of accommodation’ to ‘neutral’. As
inflation continues to stabilize, the RBI can be expected to follow the US Fed in
implementing rate cuts in the near future. The normalization in global growth and
stable OPEC production are likely to keep oil prices in check. Moreover, India is in a
comfortable position with manageable CAD (1.1% of GDP in 1QFY25) and sufficient
forex reserves (US $705 Bn) which should aid in absorbing any near-term shocks.
Further, strong tax collections and rising capacity utilization levels are expected to
drive overall investments. Also, strong corporate balance sheets and healthy banking
metrics should also support private capex revival.
ʥ

ůĂƐƐŝĨŝĞĚĂƐ/ŶƚĞƌŶĂů

DIIs & Retail have emerged as dominant players

DII flows continue to grow robustly in India on the back of increasing incomes across
levels, propelling the markets to newer highs. DII flows in FY25 (until September)
stand at Rs 2.32 Lk Cr - having already surpassed FY24 flows. As such, despite FIIs
flows being muted, the Indian markets have been buoyantly driven by strong SIP flows
(+23.4% CAGR over the last 5 years) and domestic buying. Additionally, the
emergence of direct retail participants has been instrumental in lowering overall
dependence on FIIs.
Global interest rate cuts begin as 2-year interest rate hike cycle hits peak
After over two years of elevated global inflation, a sustained inflation moderation that
started in FY24 continues to be underway. The moderation in inflation was supported
by two years of aggressive global monetary tightening and reversal of causal factors
induced during Covid-19 and surge in energy prices. Commodity prices as well have
come off from peaks levels. Taking cognizance of the cooling inflation, the US Fed
has initiated its cycle of rate cuts starting with a 50-bps rate cut delivered in
September 2024. Overall, growth rates in developed economies are expected to
revert to the long-term trend levels. Furthermore, most commodity prices should
continue to be maintained, thereby supporting Indian companies' profit margins.
ʦ


'ŘìðÅðĴǪȤ US inflation (CPI YoY%) continues to moderate 'ŘìðÅðĴǫȤ Exhibit 2: US Fed embarks on a rate cut cycle
10
6 5.25
9 9.1 5
8 5
7
6 4 3.25 3.4
2.9
(%)
(%)
3
4
3 2
2 2.3 2.5
1 0.5
1
0 0
Sep/19 Sep/21 Sep/23 Sep/21 Sep/22 Sep/23 Sep/24 Sep/25 Sep/26
Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research

'ŘìðÅðĴǬȤ Real GDP growth moderating towards trend levels 'ŘìðÅðĴǭȤ European PMIs improving, US expansionary
15 12.2 US Europe Composite PMI
60 57.2 53.6 53.4 54
10 50.2 52.5
49.5
5 50 45
4
5 2.8 2.8 3
1.1 1.8 1.3
0.2 40
0
-0.2 30
-5 -2.9
-4 20
-10 -7.5
10
-15 0
Q1FY20 Q1FY21 Q1FY22 Q1FY23 Q1FY24 Q1FY25 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24
USA Europe USA Europe
India on a robust path of growth amidst an evolving global scenario

India continued to be the world’s fastest growing major economy with real GDP
growth of 8.2% and 6.7% in FY24 and Q1 FY25 respectively. A sustained recovery in
discretionary spending, increasing disposable income, restoration of consumer
confidence, recovering private-sector investments, and government’s thrust on
capex is keeping growth momentum sustained. Growth in GDP figures is expected to
be sustained amid positive business sentiments backed by robust demand
conditions.

ʧ


'ŘìðÅðĴǮȤ Indian growth stable amidst global moderation 'ŘìðÅðĴǯȤ India is expected to outperform all major
economies
,QGLD5HDO*'3<R<
30.0 Real GDP average growth %
20.1
13.1 India China Indonesia Brazil United Kingdom United States
15.0 8.2 6.7 7.4 7.0
8.0 6.9
4.9 5.1
(%)
0.0 6.0 5.0 4.9

3.7
4.0 2.5 3.0 2.8
2.1 2.0 2.2
-15.0 2.0
1.4 1.1
0.8
-
-30.0 -23.8
(2.0) (0.9)
Q1FY19 Q1FY20 Q1FY21 Q1FY22 Q1FY23 Q1FY24 Q1FY25
CY15-CY18 CY19-CY22 CY23-CY25E
Source: Bloomberg, Angel Research

Source: World Bank, Angel Research
A positive trend in most of the high-frequency indicators provides reassurance on

the growth momentum. The PMI for the manufacturing sector has remained in the
expansionary zone for almost three years now and the output prospects are assessed
to be strong. For most of FY24-25, services PMI has recorded near-all-time high
levels.

'ŘìðÅðĴǰȤ Manufacturing remains in expansionary zone 'ŘìðÅðĴǱȤ Services momentum strengthening – new highs
Indian Manufacturing PMI Indian Service PMI

60 60
50 50
40 40
30 30
20 20
GST collections are strong as they are recording steady growth with average monthly
collections during Apr-Aug’24 at INR 1.81 Lakh crore, up from INR 1.66 lakh Crore same
period last year. This will further encourage the government to maintain its focus on
capex. E-way bill volumes also registered a healthy expansion, indicating robust
trade activity.
ʨ


'ŘìðÅðĴǲȤ GST collection to sustain on growth momentum 'ŘìðÅðĴǪǩȤ E-way data points continued growth - a new high
220 GST Collection (in Cr) 120

Eway Bill generations (mns)
103.83
173.2
100
170
80
120
60
70 40
20
20
0
-30
Source: GSTN, Angel Research Source: GSTN, Angel Research
India’s aggregate demand indicates continued positive momentum. Among urban

demand indicators, passenger vehicle sales have reached all-time high levels in F24,
credit card spending, and UPI transactions are increasing at a healthy rate. Domestic
aviation traffic has grown to reach above pre covid levels. In FY24, the UPI platform
processed a total of 13,000 crore of transactions aggregating to Rs. 199 Lakh crore,
compared with 8,400 crores of transactions worth Rs. 139 Lakh crore in FY23.
Further, total credit card spending in FY24 surged by 28%, with a 22.1% rise in
transaction volume. This suggests a notable increase in spending per transaction.
'ŘìðÅðĴǪǪȤ 'ŘìðÅðĴǪǬȤ Passenger vehicle driven to new all-time highs

Domestic aviation traffic above pre-covid levels 'ŘìðÅðĴǪǫȤ
160
140
(No of Passengers in mn)
120
100
80
60
40
20
-
FY19 FY20 FY21 FY22 FY23 FY24
Domestic Air Traffic Pre covid level
Source: DGCA, Angel Research Source: Angel Research
ʩ


'ŘìðÅðĴǪǭȤ UPI Transactions on a consistent uptrend 'ŘìðÅðĴǪǮȤ Credit card spends rising - discretionary demand
UPI Transactions in Value (Rs.Lakh Cr)

25
20.6
20
15
10
0
Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24
Source: NPCI, Angel Research Source: Angel RBI, Research
India‘s capex cycle to pick pace

Investments and consumption are two of the major drivers of the India Growth Story.
Investment activity in India has gained steam on the back of sustained record-
breaking government capital expenditure over the last 2-3 fiscals; this has raised
business optimism, and a led to a revival in private capex in certain key sectors.
Traction in construction activity is also likely to be sustained.
A few of the favorable government policies that are likely to promote capex and
infrastructure development in India are:
1. National Infrastructure Pipeline with a projected infrastructure of around Rs. 111
Lac Cr during FY20-25 to provide high-quality infrastructure across the country.
Target sectors include energy, roads, railways and urban development.
2. Production linked Incentive Scheme worth Rs. 2 Lac Cr across 14 sectors to
promote domestic manufacturing and exports.
3. National Monetization Pipeline to monetize Rs. 6 Lac Cr worth of government
assets from FY22-25 to fund new infrastructure projects.
4. India Semiconductor Mission backed by over Rs. 76,000 Cr to encourage
establishment of semiconductor and display fabrication plants.
5. PM Gati Shakti to provide multi nodal connectivity infrastructure to various
economic zones.
6. In order to boost exports, India has signed 13 Regional Trade Agreements (RTAs)
/Free Trade Agreements (FTAs) with various countries/regions such as
Singapore, Malaysia, Thailand, Japan, Sri Lanka, Mauritius, UAE, Australia etc.
and is also in advance talks with the UK.
Further in line with various policies, the government in the Union Budget 2024-25,
budgeted capital expenditure increased by ~17% from Rs. 9.5 Lac Cr in FY24 to Rs.
11.1 Lac Cr in FY25.
ʪ


'ŘìðÅðĴǪǯȤ Govt Capital expenditure increased by ~17%
Capital Expenditure (in Lk Cr)

12 11.1
9.5
10
8
6
4
2
0
Source: Budget Documents, Angel Research
This is resulting in crowding effect which is encouraging private capex. Corporate

India finds itself in a favorable position for investment, propelled by high capacity
utilization, robust balance sheets, clear demand visibility, and optimistic
expectations for earnings growth. Capacity utilization in the manufacturing sector at
76.8% in Q4FY24, which is above the average of 71.2% (6 Years). Additionally,
corporate India has significantly improved its debt-to-equity ratio reducing from 1.7x
in FY21 to 0.5x in FY24, as a result, Indian companies on the whole have stronger
balance sheets, enabling private sector capital expenditure.
'ŘìðÅðĴǪǰȤ Corporate India Debt to Equity improves further 'ŘìðÅðĴǪǱȤ Manufacturing Capacity Utilization remains high
2
1.71
1.6
1.10
1.2
0.68 0.61
0.8 0.6 0.55
0.4
0
Source: Angel Research

Source: RBI, Angel Research
The credit growth of SCBs has been accelerating since early 2022, led by both public
and private sector banks recording a 16.30% y-o-y growth in FY24. The strength of
loan demand is reflected in the increased volume of new loans being extended by
SCBs. At the same time, the financial health of banks overall remains improved with
better asset quality and capital ratios, thus assuring adequate liquidity to meet the
credit needs of the growing economy.
ʫ


'ŘìðÅðĴǪǲȤ Continued Improvement in Capital Adequacy 'ŘìðÅðĴǫǩȤ Asset quality of Banks continues to improve
Ratio
13.5
11.6
20 18.6 11.5 10.3
9.1
18 9.5
Gross NPA (%)

7.6
15.5
16 7.5
5.3 5.5 5.2
(%)
4.9
5.5
14 3.7 3.7
3.5 2.2
12 1.8
1.5
10 FY19 FY20 FY21 FY22 FY23 FY24
Private Banks PSU Banks
Private banks PSU Banks
'ŘìðÅðĴǫǪȤ Sustained improvement in credit growth 'ŘìðÅðĴǫǫȤ CD ratio shows headroom for lending expansion
17% 16.3% 79%
15.0% 77.7%
15%
13.3%
13% 76%
74.8%
11%
8.6% 72.9%
9% 73%
7% 6.1%
5.6%
5% 70%
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
Credit Growth Credit to Deposit %
Source: RBI, Angel Research Source: RBI, Angel Research
Considering the robust growth outlook, Nifty and Bank Nifty earnings are
expected to grow by 18% & 15.5% from FY24-FY26E respectively.
'ŘìðÅðĴǫǭȤ Corporate profit to GDP stable with positive bias

'ŘìðÅðĴǫǬȤ Nifty & Bank Nifty robust growth expectations
Corporate profit of listed companies (% of
GDP)
4.6 4.8
4.3 4.1
3.5
2.9 2.8
2.3
Source: Angel Research

ʬ


Inflation moderation – back at expected levels

On the front of prices, India has made significant progress towards controlling
inflation. The Reserve Bank of India has indicated a change in status from ‘withdrawal
of accommodation’ to ‘neutral’ indicating satisfaction at the way it has reigned in
inflation through a concerted rate hike cycle. India’s headline inflation is now within
an upper target range of 6%, and the MPC remains committed to align India’s inflation
to the 4% target. With the US Fed having started its cycle of rate cuts by delivering a
50bps cut, we might see India following suit in the months ahead. There remains
uncertainty arising from geopolitical tensions and volatility of crude oil prices which
could constitute an upside risk to inflation target.
'ŘìðÅðĴǫǮȤ India Inflation is now within RBI’s target range 'ŘìðÅðĴǫǯȤ End of 2Y rate hike cycle by RBI. Stance: Neutral
9 RBI Policy Rate
India CPI YoY (%) Upper band Lower band 7.0
8 6.5
6.5
7
6.0 5.9
6
5.5
(%)
5
(%)
5.0
4
3.65 4.5
3
4.0
2 4.0 4.0
3.5
1
3.0
0
Aug/20 Aug/21 Aug/22 Aug/23 Aug/24
DIIs & Retail have emerged as dominant players

The Indian markets have demonstrated remarkable resilience in the face of volatile
FII flows, unlike similar instances of FII selling in the last decade. This resilience is
attributed to the robustness of domestic institutions (including Mutual Funds) and a
steadily expanding base of retail investors. The Indian markets – primary as well as
secondary - have been buoyant and driven by strong SIP flows (+23.4% CAGR over the
last 5 years) and domestic buying. The robustness and growth of direct retail
participants have been instrumental in lowering overall dependence on FIIs.
ʤʣ


'ŘìðÅðĴǫǰȤ MFs supported by strong SIP flows 'ŘìðÅðĴǫǱȤ Strong DII flows have kept the markets buoyant
25,000
Monthly SIP Inflows 23,547 DII and FII Flows in Rs. Cr
23,000 256,209
221,389 232,177
200,563 209,885
21,000
129,384
19,000 72,391
17,000 18,838
(ൟ Crs)
15,000 (14,581)
(26,859) (76,407)
13,000 (90,138)
12,140 (134,054)
11,000 8,819 (198,639)
9,000 (275,348)
7,000
FY19 FY20 FY21 FY22 FY23 FY24 FY25-YTD
5,000
Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 FII DII
Source: AMFI, Angel Research Source: Bloomberg, Angel Research. FY25 is till Sep 2024
Nifty PE trading near its 5-year average

Currently, the Nifty PE is trading at 20.8x its 1-Yr forward EPS, which is slightly higher
than 5-Year average of 19.4x. We believe that valuations are reasonable given the
current positive outlook on the India Growth Story amid lower growth in other parts
of the world, and the Chinese slowdown. Furthermore, the outlook on capex,
investments and consumption continues to be upbeat. We are positive on the
sectors of Capital Goods, Construction, Consumer Durables, Finance, FMCG, Gas
Distribution, IT, Pharma, Plastics, Power and Refractories. Elevated uncertainty
arising from geopolitical tensions, the volatility of crude oil prices and upcoming
major state elections constitute key short-term risks.
'ŘìðÅðĴǫǲȤ Nifty 1 Year Forward PE reflects the premium assigned to the India
Growth Story
24.0
22.0
20.0 20.8
18.0
16.0
14.0
12.0
10.0
ʤʤ

Diwali Picks

6WRFN,QIR Vesuvius India Ltd

ʶˀ˃ ʨʟʪʫʣ Ŷ Vesuvius India Ltd is primarily engaged in manufacturing and trading of
ˇ˃ ʩʟʪʪʣ refractory goods. It also provides services in relation to refractory goods. It
ˈˣ˦˜˗˘ ʤʪʘ
has operations in India and caters to both domestic and international markets.
ˆ˘˖˧ˢ˥ ˅˘˙˥˔˖˧ˢ˥˜˘˦
Ŷ As on Q1FY25, revenue rose by 14.1% YoY basis to Rs 462 Crores and net profit
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʤʟʪʦʧ rose by 28.9% on a YoY basis to Rs 67 Crores. Growth is primarily driven by
ʵ˘˧˔ ʣʡʪ strong demand for its refractory products in key end markets like steelmaking
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʩʣʣʣʢʥʫʤʨ and foundries.
Ŷ The company is a part of Vesuvius group, which is among the global leaders in
<HDU&KDUW metal flow engineering. It leverages worldwide expertise with a strong
domestic presence. Capex expansion is likely to support its topline growth in
7,000 coming quarters.
6,000
5,000
4,000 ʾ˘ˬʹ˜ˡ˔ˡ˖˜˔˟˦
3,000 Y/E Sales PAT EPS OPM ROE P/E P/BV EV/Sales
2,000
March (ൠcr) (ൠ cr) (ൠ) (%) (%) (x) (x) (x)
1,000
ʶˌʥʣʥʦ ʤʟʩʣʦ ʥʤʦ ʤʣʨ ʥʣʡʥ ʤʪʡʫ ʦʧʡʥ ʩʡʤ ʩʡʦ
-
ʶˌʥʣʥʥ ʤʟʦʧʦ ʤʤʪ ʨʫ ʤʧʡʣ ʤʤʡʪ ʥʫʡʤ ʦʡʦ ʪʡʥ
Dec-23
Oct-21
Oct-22
Oct-23
Jul-22
Apr-23
Jul-23
Mar-24
Jan-22
Jan-23
Jun-24
Sep-24
Apr-22
ʶˌʥʣʥʤ

ʤʟʣʧʪ ʩʫ ʦʧ ʤʤʡʧ ʪʡʩ ʦʥʡʦ ʥʡʨ ʬʡʪ
Source: Company, Angel Research Source: Company, Angel Research
as on 15th Oct, 2024
6WRFN,QIR Nippon Life India Asset Management Ltd

ʶˀ˃ ʪʣʪ
Ŷ The Company is engaged in managing mutual funds including exchange traded
ˇ˃ ʫʥʣ funds (ETFs); managed accounts, including portfolio management services,
ˈˣ˦˜˗˘ ʤʩʘ alternative investment funds and pension funds; and offshore funds and
ˆ˘˖˧ˢ˥ ʹ˜ˡ˔ˡ˖˘ advisory mandates.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʨʨʟʪʬʤ
Ŷ In Q1 FY25, revenue rose by 42.6% on a YoY basis to Rs 505 Crores and net
ʵ˘˧˔ ʤʡʧ profit rose by 40.6% on a YoY basis to Rs 332 Crores. Growth in profitability
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʪʧʣʢʦʧʣ supported by strong market gains on back of buoyant market.
Ŷ Company is among the leading asset management company in India. It is one

<HDU&KDUW of the fastest-growing AMCs in B-30 cities. Building on strong Q1 performance,
800 the company is poised for continued growth in the coming quarters. Lower
700 penetration of MF in India to drive MF AUM growth.
600
500
400 NÐř9ðĊĊÆðăĮ
300
Y/E Sales PAT EPS OPM ROE P/E P/BV EV/Sales
200
100 March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)
- FY2024 2,036 1,107 18 68.2 27.8 26.7 7.4 19.6
Dec-23
Oct-21
Oct-22
Oct-23
Jan-22
Jul-22
Jan-23
Jul-23
Mar-24
Jun-24
Sep-24
Apr-22
Apr-23
FY2023 1,512 723 12 63.6 20.6 18.1 3.7 26.3

FY2022 1,533 744 12 66.5 21.4 29.1 6.2 27.0
Source: Company, Angel Research

ʤʦ


Stock Info NCC Ltd

ʶˀ˃ ʦʣʤ Ŷ NCC Ltd is one of the largest construction players in India and undertakes civil
ˇ˃ ʧʣʣ construction in transportation, water & irrigation, buildings, power,
transmission and distribution. The company has ventured into railways and
ˈˣ˦˜˗˘ ʦʦʘ
metals segments as well. It also has exposure to the real estate development
ˆ˘˖˧ˢ˥ ʶˢˡ˦˧˥˨˖˧˜ˢˡ space and owns land bank in various cities in South India.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʫʟʫʩʪ
ʵ˘˧˔ ʥʡʤ Ŷ In Q1FY25, revenue rose by 26.2% on a YoY basis to Rs 5,528 Crores and net profit
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʦʩʨʢʤʦʪ rose by 21.2% on a YoY basis to Rs 223 Crores. Growth is supported by robust
order book and superior execution of building division and electrical T&D
business.
<HDU&KDUW
400 Ŷ NCC is among the well-established players in the Indian construction sector. It
350 has a well-diversified portfolio across sectors including buildings, roads,
300 irrigation, and power. Government focus on infrastructure development and
250 transportation is likely to support revenue.
200
150
50
-
March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)
Dec-23
Oct-21
Oct-22
Oct-23
Jan-22
Jul-22
Jul-23
Mar-24
Apr-22
Jan-23
Jun-24
Sep-24
Apr-23
FY2024 20,845 711 11 9.0 10.7 20.5 2.2 0.9

Source: Company, Angel Research FY2023 15,553 609 10 10.3 9.9 10.9 1.08 1.2
as on 15th Oct, 2024 FY2022 11,138 482 08 11.7 8.6 7.4 0.64 1.8
Stock Info
Jyothy Labs Ltd
ʶˀ˃ ʨʥʬ
ˇ˃ ʩʫʣ Ŷ JLL is a renowned brand in the domestic FMCG industry. It has a diversified
product portfolio spanning four major categories of fabric care, dishwashing,
ˈˣ˦˜˗˘ ʥʬʘ
household insecticides (HI) and personal care. It has an established market
ˆ˘˖˧ˢ˥ ʹˀʶʺ position in the post-wash (under Ujala brand) and the dishwashing segments.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʬʟʧʤʩ
ʵ˘˧˔ ʣʡʨ Ŷ In Q1FY25, revenue rose by 7.9% on a YoY basis to Rs 742 Crores and net profit
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʨʬʨʢʦʦʦ rose by 6.2% on a YoY basis to Rs 102 Crores
Ŷ The shift towards urban living is creating a larger market for branded products
<HDU&KDUW like those offered by Jyothy Lab. Company is focusing on expanding
700 distribution networks & broadening product portfolio, which is likely to
600 support revenue growth. Additionally, growth in premium products and
500 favorable mix is expected to support margin.
400
300
NÐř9ðĊĊÆðăĮ
200
100 Y/E Sales PAT EPS OPM ROE P/E P/BV EV/Sales
- March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)
Oct-21
Oct-22
Oct-23
Dec-23
Jul-22
Jul-23
Mar-24
Jan-22
Jun-24
Jan-23
Sep-24
Apr-22
Apr-23
FY2024 2,757 369 10 19.4 20.4 43.7 8.9 7.2

FY2023 2,486 240 7 14.6 15.5 29.2 4.5 7.8
FY2022 2,196 162 4 12.2 11.2 33.4 3.7 9.0
ʤʧ


Stock Info
Dixon Technologies (India) Ltd
ʶˀ˃ ʤʨʟʧʣʥ Ŷ Dixon is an Electronic Manufacturing Services (EMS) company with operations in
the electronic products vertical such as consumer electronics, lighting, home
ˇ˃ ʤʬʟʣʪʣ
appliance, closed-circuit television cameras (CCTVs), and mobile phones. It also
ˈˣ˦˜˗˘ ʥʧʘ undertakes reverse logistics operations. Besides, it manufactures security
ˆ˘˖˧ˢ˥ ʶˢˡ˦˨ˠ˘˥ʷ˨˥˔˕˟˘˦ surveillance equipment, wearables & audibles, AC-PCBs. Recently, it has entered
a JV with Imagine Marketing Private Limited for designing and manufacturing
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʬʥʟʤʨʬ wireless audio solutions in India.
ʵ˘˧˔ ʤʡʧ
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʤʨʟʤʣʣʢʨʣʫʣ Ŷ In Q1FY25, revenue rose by 101.1% on a YoY basis to Rs 6580 Crores and net profit

rose 108.9% on a YoY basis to Rs 140 Crores.

<HDU&KDUW Ŷ India's young population, with a large number of tech-savvy individuals, presents
a significant market opportunity for electronic products. The company has well
16,000
14,000
diversified product portfolio mix and it is actively expanding its manufacturing
12,000
capacity and product offerings to capitalize on the growing Indian market.
10,000
8,000
6,000
4,000
-
Oct-23
Oct-21
Oct-22
Dec-23
Jul-22
Jul-23
Mar-24
Jun-24
Sep-24
Jan-22
Jan-23
Apr-22
Apr-23
FY2024 17,691 375 61 4.2 21.6 121.6 26.4 4.9

FY2023 12,192 255 43 4.3 19.8 66.6 13.2 6.6
as on 15th Oct, 2024 FY2022 10,697 190 32 3.6 19.1 134.5 25.6 7.7
Mahanagar Gas Ltd

Stock Info
ʶˀ˃ ʤʟʫʦʨ Ŷ Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD),
presently supplying natural gas in the city of Mumbai including adjoining areas
ˇ˃ ʥʟʦʤʣ
and the Raigad District in the state of Maharashtra
ˈˣ˦˜˗˘ ʥʩʘ
ˆ˘˖˧ˢ˥ ʺ˔˦ʷ˜˦˧˥˜˕˨˧˜ˢˡ Ŷ In Q1FY25, revenue rose by 3.4% to 1,590 Cr and net profit fell 22.5% to 285 Cr
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʫʟʤʥʨ on a YoY basis, respectively. While rising input costs affected current
performance, the company is well-positioned to meet the growing CNG demand
ʵ˘˧˔ ʤʡʦ
and boost revenue.
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʤʬʫʬʢʬʪʬ
Ŷ MGL is among the prominent natural gas distributor in India. It has a vast
network of pipelines and CNG stations to cater to the increasing demand for
<HDU&KDUW clean and efficient fuel. Additionally, Government's plan to invest in the natural
2,500 gas sector until FY30 is likely to provide a tailwind for growth.
2,000
1,500 NÐř9ðĊĊÆðăĮ
1,000
500
FY2024 6,290 1,276 129 32.1 24.9 10.5 2.6 2.8
-
FY2023 6,299 790 80 20.6 19.1 12.3 2.3 2.8
Oct-21
Oct-22
Oct-23
Dec-23
Jul-22
Jul-23
Mar-24
Jun-24
Jan-22
Apr-22
Jan-23
Sep-24
Apr-23
FY2022 3,560 597 60 28.4 16.6 12.9 2.1 5.2

ʤʨ


Stock Info Praj Industries Ltd

ʶˀ˃ ʫʤʧ
Ŷ It is one of the leading biotechnology and engineering company globally. It
ˇ˃ ʬʧʣ offers sustainable solutions in bioenergy, water purification, process
ˈˣ˦˜˗˘ ʤʨʘ equipment, breweries, and wastewater treatment. Company is focused on the
ˆ˘˖˧ˢ˥ ʶ˔ˣ˜˧˔˟ʺˢˢ˗˦ environment, energy and farm-to-fuel technology solution. Company has
global offices in Thailand, Philippines, and the USA.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʧʟʬʩʧ
ʵ˘˧˔ ʤʡʥ
Ŷ In Q1FY25, revenue fell by 5.1% on a YoY basis to Rs 699 Crores, but profit rose
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʫʥʪʢʧʧʫ 42.3%YoY to 84 Cr. The resultant change in product mix during the quarter led
to strong margin despite a relatively weaker topline and it is likely to improve
further as the revenue mix shifts towards high-margin products and
<HDU&KDUW geographies.
900
800
700 Ŷ Government focus on promoting the bio-energy sector is likely to support top-
600 line for the company. In addition to revenue, margins are likely to improve due
500 to better mix supported by newer contracts and export orders.
400
300
200
100
- Y/E Sales PAT EPS OPM ROE P/E P/BV EV/Sales
Dec-23
Oct-21
Oct-22
Oct-23
Jul-23
Mar-24
Jan-22
Apr-22
Jul-22
Jun-24
Sep-24
Jan-23
Apr-23

FY2024 3,466 283 15 12.4 22.2 34.5 7.6 4.0
as on 15th Oct, 2024 FY2022 2,343 150 8 9.8 16.4 48.6 7.9 5.9
H&OHU[6HUYLFHV/WG
Stock Info
eClerx is a leading KPO player in the high opportunity services segments like
ʶˀ˃ ʦʟʣʪʥ
business process management, automation and data analytics. It services to
ˇ˃ ʦʟʪʣʣ
a number of Fortune 2000 enterprises, including some of the world's leading
ˈˣ˦˜˗˘ ʥʣʘ
financial services, communications, retail, fashion, media & entertainment,
ˆ˘˖˧ˢ˥ ʼˇʠˆˢ˙˧˪˔˥˘
manufacturing, travel & leisure and technology companies
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʨʟʣʩʣ
ʵ˘˧˔ ʣʡʩ In Q1FY25, revenue increased by 14.2% on a YoY basis to Rs 782 Crores and net
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʦʥʤʫʢʤʫʩʬ profit rose 4.6% YoY to Rs 112 Crores. Demand for Financial Markets was
strong in the first quarter and was driven by both the client life cycle and trade
life cycle businesses.
<HDU&KDUW
3,500
The company has strong revenue visibility, driven by the growing demand in
3,000
the IT and BPM sectors. It also has a global footprint and diverse customer
2,500
2,000
base offering significant growth potential. Company is strategizing on
1,500 analytics & automation and productized services to improve revenue mix.
1,000
- Y/E Sales PAT EPS OPM ROE P/E P/BV EV/Sales
Oct-21
Dec-23
Oct-22
Oct-23
Jan-23
Mar-24
Jul-22
Jul-23
Jan-22
Jun-24
Sep-24
Apr-22
Apr-23

FY2024 2,926 511 106 28.7 22.8 22.2 5.0 5.1
FY2023 2,648 489 102 29.8 28.5 12.6 3.6 5.6
FY2022 2,160 417 84 31.8 26.6 18.8 5.0 6.7
ʤʩ


Colgate-Palmolive (India) Ltd

Stock Info
ʶˀ˃ ʦʟʧʬʥ Ŷ The Company is India's leading provider of scientifically proven oral care
ˇ˃ ʧʟʨʬʣ products. The range includes toothpastes, toothpowder, toothbrushes and
mouthwashes under the 'Colgate' brand, as well as a specialized range of dental
ˈˣ˦˜˗˘ ʦʤʘ
therapies under the banner of Colgate Oral Pharmaceuticals.
ˆ˘˖˧ˢ˥ ʹˀʶʺ
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʬʧʟʬʪʩ Ŷ In Q1FY25, revenue increased by 13.1% on a YoY basis to Rs 1,497 Crores and net
ʵ˘˧˔ ʣʡʧ profit rose 32.8% YoY to Rs 364 Crores. Revenue growth is primarily led by
double-digit growth in toothpaste and toothbrush segment.
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʦʫʬʦʢʥʣʣʧ
Ŷ Company is among the largest players in the consumer staples sector. It has a
diversified product portfolio with strong branding and global presence.
<HDU&KDUW Furthermore, it is well-positioned to capitalize on rising awareness and
4,500
spending in the oral care and personal care segment.
4,000
3,500
3,000
2,000
1,500
1,000 March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)
500
FY2024 5,680 1,324 49 34.5 70.6 55.7 39.3 17.7
-
FY2023 5,226 1,047 39 30.4 61.0 39.1 23.8 19.1
Dec-23
Oct-21
Oct-22
Oct-23
Jul-22
Jul-23
Jan-23
Mar-24
Sep-24
Jan-22
Jun-24
Apr-22
Apr-23
FY2022 5,100 1,078 40 31.2 62.2 38.8 24.1 19.8

Cummins India Ltd

Stock Info
Ŷ Cummins India Ltd is an Indian manufacturer of diesel and natural gas engines
ʶˀ˃ ʦʟʩʪʩ
for power generation, industrial, and automotive markets. It operates in the
ˇ˃ ʧʟʫʧʣ engineering sector, specializing in engine manufacturing, power systems,
ˈˣ˦˜˗˘ ʦʥʘ and distribution services.
ˆ˘˖˧ˢ˥ ʶ˔ˣ˜˧˔˟ʺˢˢ˗˦
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʤʟʣʤʟʬʣʧ Ŷ In Q1FY25, revenue increased by 4.4% on a YoY basis to Rs 2,316 Crores and
net profit increased by 30.7% on a YoY basis to Rs 463 Crores. The company
ʵ˘˧˔ ʤʡʧ
has successfully maintained growth by rationalizing costs, enhancing its
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʧʪʤʣʢʤʩʨʬ product mix, and leveraging the high demand for diesel gensets
<HDU&KDUW Ŷ The company is among the leading manufacturers of diesel and natural gas
4,500
engines in India. The rising importance of alternative fuels (natural gas)
4,000 provides strong growth avenues. It is also likely to benefit from an increase in
3,500 spending on infrastructure development.
3,000
2,500
2,000
1,500
500
-
FY2024 9,000 1,721 62 26.6 26.6 48.4 12.6 11.3
Dec-23
Oct-21
Oct-22
Oct-23
Sep-24
Jan-22
Jul-22
Jan-23
Jul-23
Mar-24
Jun-24
Apr-22
Apr-23
FY2023 7,772 1,228 44 22.5 21.3 36.7 7.8 12.7


ʤʪ


Stock Info Persistent Systems Ltd

ʶˀ˃ ʨʟʩʦʤ
Ŷ Persistent Systems Ltd is in the business of outsourced software product
ˇ˃ ʪʟʣʧʣ development (OPD) services. It includes software engineering and strategy
ˈˣ˦˜˗˘ ʥʨʘ services to help companies implement and modernize their businesses. It has
ˆ˘˖˧ˢ˥ ʼˇʠˆˢ˙˧˪˔˥˘
its own software and frameworks with pre-built integration and acceleration.
It also has partnership with providers such as Salesforce and AWS.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʫʪʟʪʨʪ
ʵ˘˧˔ ʣʡʫ Ŷ In Q1 FY25, revenue increased by 17.9% on a YoY basis to Rs 2,737 Crores and
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʨʨʫʫʢʥʫʤʧ net profit increased by 33.6% YoY to Rs 306 Crores. Growth is supported by
strong margin improvement, aided by cost optimization and higher utilization.
<HDU&KDUW Ŷ The company is among the fastest growing companies in IT Sector. Its growth
6,000 momentum is likely to continue backed by robust deal wins and strong addition
5,000 of capabilities. Furthermore, profitability is expected to improve led by strong
demand and lower attrition.
4,000
3,000
- March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)

Oct-23
Oct-21
Oct-22
Dec-23
Jul-22
Jul-23
Mar-24
Jun-24
Jan-22
Jan-23
Sep-24
Apr-22
Apr-23
FY2024 9,822 1,093 71 18.4 22.1 56.2 12.4 8.4

FY2023 8,351 921 30 18.7 23.2 76.4 17.7 9.7
Stock Info
Blue Star Ltd
ʶˀ˃ ʥʟʣʧʨ Ŷ Blue Star manufactures air purifiers, air coolers, water purifiers, cold storage
ˇ˃ ʥʟʨʪʣ and specialty products. The Company offers turnkey solutions in MEP
(Mechanical, Electrical, Plumbing, and Firefighting) Projects. It fulfills the
ˈˣ˦˜˗˘ ʥʩʘ
cooling and refrigeration requirements of many corporate and commercial as
ˆ˘˖˧ˢ˥ ʶˢˡ˦˨ˠ˘˥ʷ˨˥˔˕˟˘˦ well as residential customers.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʧʥʟʣʧʧ
ʵ˘˧˔ ʣʡʩ Ŷ In Q1FY25, its revenue increased by 28.7% on a YoY basis to Rs 2,865 Crores and
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʥʤʬʫʢʫʨʩ net profit increased by 103.6% on a YoY basis to Rs 169 Crores. The growth is
on the back of strong demand due to sparing temperature and harsh summer.

Ŷ Blue Star is well-positioned to benefit from the ongoing growth in Indian air
<HDU&KDUW
conditioning market. Its focus on cost control will likely increase its margin in
2,500
coming years. Company is also gaining market share by expanding distribution
2,000 network and increased focus in tier 2 and 3 cities.
1,500
500
-
FY2024 9,685 415 20 7.4 15.9 62.9 10.0 4.0
Oct-22
Dec-23
Oct-21
Oct-23
Jul-22
Jul-23
Mar-24
Jan-22
Jan-23
Jun-24
Sep-24
Apr-22
Apr-23
FY2023 7.977 401 21 8.7 30.1 33.1 9.9 5.0

as on 15th Oct, 2024 Source: Company, Angel Research
ʤʫ


Stock Info Time Technoplast Ltd

ʶˀ˃ ʧʦʫ Ŷ TTPL offers a range of technology-based polymer products catering to the
ˇ˃ ʨʨʣ growing sectors of the Indian economy with Industrial and Consumer
ˈˣ˦˜˗˘ ʥʩʘ Packaging Solutions, Lifestyle Products, Auto Components, Healthcare
Products and Construction / Infrastructure related products.
ˆ˘˖˧ˢ˥ ˃˟˔˦˧˜˖ˣ˥ˢ˗˨˖˧˦
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʬʟʬʦʦ
Ŷ In Q1FY25, the company reported revenue rose by 13.9% on a YoY basis to Rs
ʵ˘˧˔ ʤʡʧ 1,230 Crores and net profit increased by 40.3% on a YoY basis to Rs 80 Crores.
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʧʧʪʢʤʧʤ
It is among the strongest players in the Indian plastic packaging industry.
Ŷ
<HDU&KDUW Company has a well-diversified product portfolio supporting industrial and
500 consumer packaging solutions. Increased demand for packaged goods and e-
450
commerce is expected to drive topline growth.
400
350
300
200
150 Y/E Sales PAT EPS OPM ROE P/E P/BV EV/Sales
100
50
- FY2024 4,993 310 14 14.1 12.2 18.2 2.2 1.9
Dec-23
Oct-21
Oct-22
Oct-23
Jul-22
Jul-23
Mar-24
Jan-22
Jan-23
Jun-24
Sep-24
Apr-22
Apr-23
FY2023 4,289 219 10 13.5 9.7 7.9 0.7 2.1

FY2022 3,650 188 8 13.9 9.1 7.7 0.7 2.6
as on 15th Oct, 2024 Source: Company, Angel Research
Stock Info Torrent Power Ltd

ʶˀ˃ ʤʟʬʨʦ
Ŷ Torrent Power Ltd is a leading integrated power utility company in India with
ˇ˃ ʥʟʦʣʣ presence across generation, transmission and distribution of power. Its
ˈˣ˦˜˗˘ ʤʫʘ operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh
ˆ˘˖˧ˢ˥ ˃ˢ˪˘˥ʺ˘ˡ˘˥˔˧˜ˢˡ and Karnataka.
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʬʦʟʫʩʥ
Ŷ In Q1FY25, its revenue increased by 23.3% on a YoY basis to Rs 9,034 Crores and
ʵ˘˧˔ ʤʡʣ net profit increased by 87.2% YoY to Rs 996 Crores. Growth is driven by increase
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪

ʤʬʫʧʢʩʬʥ in thermal generation segment and improved EBITDA margin.

Ŷ Company is among the leading power utility companies in India. Positioned
<HDU&KDUW strategically to meet surging energy needs, while maintaining its focus on
2,500 renewable resources. Focus on hybrid projects within the renewable energy
space offers potential for higher returns.
2,000
1,500
1,000
500 March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)
- FY2024 27,220 1,833 38 18.0 15.2 35.5 5.4 3.6
Dec-23
Oct-21
Oct-22
Oct-23
Jul-22
Jul-23
Mar-24
Jan-22
Jan-23
Jun-24
Sep-24
Apr-22
Apr-23
FY2023 25,725 2,117 44 20.0 19.2 11.5 2.2 3.8

FY2022 14,278 454 9 17.7 4.6 52.0 2.3 7.0
ʤʬ


Stock Info Neuland Laboratories Ltd

ʶˀ˃ ʤʨʟʩʩʪ Ŷ NLL manufactures bulk drugs such as salbutamol sulphate, terbutaline
ˇ˃ ʤʬʟʨʫʣ sulphate, labetalol hydrochloride and ciprofloxacin. Its products are exported to
ˈˣ˦˜˗˘ ʥʨʘ more than 35 countries including Germany, Italy, Switzerland, the UK and the
Netherlands
ˆ˘˖˧ˢ˥ ˃˛˔˥ˠ˔˖˘˨˧˜˖˔˟˦
ˀ˔˥˞˘˧ʶ˔ˣʛൠ˖˥ʜ ʥʣʟʤʣʣ
Ŷ In Q1FY25, its revenue increased by 21.1% YoY to Rs 440 Cr and net profit rose
ʵ˘˧˔ ʣʡʪ 58.1% YoY to Rs 98 Crores. Growth is led by strong EBITDA margin and improved
ʨʥˊ˘˘˞ʻ˜˚˛ʢʿˢ˪ ʤʦʩʣʣʢʦʩʤʥ product mix.

Ŷ Company is among the leading brands in the pharma manufacturing API
<HDU&KDUW industry. Rising demand for generic drugs and need for medication would
14,000
support revenue growth. Additionally, strong demand likely to improve capacity
utilization and support margins.
12,000
10,000
8,000
6,000
4,000
2,000
- FY2024 1,559 300 233 30.5 23.4 27.0 6.3 9.6
Dec-23
Oct-21
Oct-22
Oct-23
Jul-22
Jul-23
Jan-22
Jan-23
Mar-24
Jun-24
Sep-24
Apr-22
Apr-23
FY2023 1,191 164 127 23.6 16.4 14.2 2.3 12.3

FY2022 951 64 49 15.2 7.6 20.7 1.5 16.6
ʥʣ


Stock Bought in last six Month Stock Sold in last six months

Stock Date Reco Price Stock Date Reco Price
Praj Industries 23-Apr-24 BUY 519 Persistent Sys 23-Apr-24 EXIT 3,501
Vesuvius India 13-May-24 Buy 4,427 Titan Company 13-May-24 EXIT 3,425
Polycab India 27-May-24 BUY 6,798 Torrent Power 27-May-24 EXIT 1,414
Time Technoplast 29-May-24 BUY 268 AIA Engineering 29-May-24 EXIT 3,685
J B Chemicals & 31-May-24 BUY 1,739 CRISIL 31-May-24 EXIT 4,115
NCC 3-Jun-24 BUY 309 Narayana Hrudaya 3-Jun-24 EXIT 1,187
Colgate-Palmoliv 5-Jun-24 Buy 2,985 Astral 5-Jun-24 EXIT 2,016
Jyothy Labs 5-Jun-24 Buy 445 Nestle India 5-Jun-24 EXIT 2,554
Kirloskar Oil 27-Jun-24 Buy 1,426 IOCL 27-Jun-24 EXIT 164
Mahanagar Gas 1-Jul-24 Buy 1,687 J B Chemicals & 1-Jul-24 EXIT 1,785
Persistent Sys 2-Aug-24 Buy 4,711 Kirloskar Oil 2-Aug-24 EXIT 1,189
eClerx Services 26-Sep-24 BUY 2,954 Polycab India 26-Sep-24 EXIT 6,687
Torrent Power 4-Oct-24 BUY 1,844 Safari Inds. 4-Oct-24 EXIT 2,460
ʥʤ


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ʥʥ


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Shagun Ke Shares Diwali Picks | November

DIIs & Retail have emerged as dominant players

Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research

Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research

India on a robust path of growth amidst an evolving global scenario

0.0 6.0 5.0 4.9

Source: Bloomberg, Angel Research

Source: World Bank, Angel Research

A positive trend in most of the high-frequency indicators provides reassurance on

Indian Manufacturing PMI Indian Service PMI

Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research

220 GST Collection (in Cr) 120

Source: GSTN, Angel Research Source: GSTN, Angel Research

India’s aggregate demand indicates continued positive momentum. Among urban

'ŘìðÅðĴǪǪȤ 'ŘìðÅðĴǪǬȤ Passenger vehicle driven to new all-time highs

Source: DGCA, Angel Research Source: Angel Research

UPI Transactions in Value (Rs.Lakh Cr)

Source: NPCI, Angel Research Source: Angel RBI, Research

India‘s capex cycle to pick pace

'ŘìðÅðĴǪǯȤ Govt Capital expenditure increased by ~17%

Capital Expenditure (in Lk Cr)

Source: Budget Documents, Angel Research

This is resulting in crowding effect which is encouraging private capex. Corporate

Source: Angel Research

Gross NPA (%)

Source: RBI, Angel Research Source: RBI, Angel Research

'ŘìðÅðĴǫǭȤ Corporate profit to GDP stable with positive bias

Source: Angel Research

Inflation moderation – back at expected levels

Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research

DIIs & Retail have emerged as dominant players

Nifty PE trading near its 5-year average

Source: Bloomberg, Angel Research

6WRFN,QIR Vesuvius India Ltd

6WRFN,QIR Nippon Life India Asset Management Ltd

Ŷ Company is among the leading asset management company in India. It is one

FY2023 1,512 723 12 63.6 20.6 18.1 3.7 26.3

Stock Info NCC Ltd

FY2024 20,845 711 11 9.0 10.7 20.5 2.2 0.9

FY2024 2,757 369 10 19.4 20.4 43.7 8.9 7.2

rose 108.9% on a YoY basis to Rs 140 Crores.

FY2024 17,691 375 61 4.2 21.6 121.6 26.4 4.9

Mahanagar Gas Ltd

FY2022 3,560 597 60 28.4 16.6 12.9 2.1 5.2

Source: Company, Angel Research Source: Company, Angel Research

Stock Info Praj Industries Ltd

March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)

March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)

Colgate-Palmolive (India) Ltd

FY2022 5,100 1,078 40 31.2 62.2 38.8 24.1 19.8

Cummins India Ltd

FY2023 7,772 1,228 44 22.5 21.3 36.7 7.8 12.7

Stock Info Persistent Systems Ltd

- March (ൟ cr) (ൟ cr) (ൟ) (%) (%) (x) (x) (x)

FY2024 9,822 1,093 71 18.4 22.1 56.2 12.4 8.4

FY2023 7.977 401 21 8.7 30.1 33.1 9.9 5.0

Stock Info Time Technoplast Ltd

FY2023 4,289 219 10 13.5 9.7 7.9 0.7 2.1

Stock Info Torrent Power Ltd