Zomato, CLSA maintained an underperform rating on ACC, Goldman Sachs recommended a neutral rating on Nestle India and JPMorgan has an underweight rating on Tech Mahindra.
Goldman Sachs maintained a buy rating on Zomato but raised the target price to Rs 240 from Rs 170 earlier.
Quick commerce implied value now larger than food deliveries. Growth profile for Blinkit at 53% (gross order value) FY24-27E CAGR.
The global investment bank sees 32% FY24E-27E adjusted revenue CAGR for Zomato, the highest within our global Food delivery and India Internet coverage.
Blinkit is now valued at Rs 119/share while food delivery at Rs 98/share. Zomato continues to improve profitability, and the global investment bank believes that its multiples could further re-rate.
CLSA maintained an underperform rating on ACC with a target price of Rs 26400. The March quarter results were in line.
The strong volume growth was helped by MSA but profitability was muted. Cash cost/t was down 2% QoQ (-14% YoY), while Ebitda/t fell 21% QoQ to Rs805.
Goldman Sachs maintained a neutral rating on Nestle India but raised the target price to Rs 2550 from Rs 2500 earlier.
Strong March quarter earnings driven by margin expansion. Gross margins may not sustain as input cost inflation increases.
Nestle could