News Overview

The Mehta family, who are the promoters of the company, currently holds an 86.67% stake, while the remaining 13.33% is publicly owned.

Quess’ underlying business momentum remains healthy and the targeted Ebitda break-even at foundit by Q4FY24 remains on track. Analysts of IIFL Capital Services raise EPS for FY25/26 by 5%/2%. Their new TP comes to Rs650 (vs Rs640 earlier).

Management believes that while Gen-AI is capable of driving business disruptions, it is still an evolving model. For large-scale deployment of Gen-AI, ILOM will have to wait for Gen-AI to stabilise and become more mainstream. However, the company continues to experiment with the technology. Maintain BUY.

This project, costing ₹95.95 Crore, is scheduled to be completed within 240 days.

The stock is currently trading at ~58x/48x CY25/26. Though expensive, analysts of IIFL Capital Services believe the valuation is justified given the track record and strong growth prospects. They maintain BUY; TP Rs1,500.

Season-to-date rainfall (since 1-Jan-24) is ~5% below normal. Reservoir levels are below last-year levels and 10yr average.

Additionally, the bank warned that any incoming NEFT transfers—including salaries and other payments—that were supposed to arrive on April 1 might potentially be delayed.

Export tractor sales in March 2024 amounted to 533 units, indicating a 24.3% decrease from the 704 units sold in March 2023.

RIL sells all of its gas through Brent and JKM linked prices, capped at HPHT; it has recently hiked the slope of its Brent-linked gas contracts from 8% to 12.67%, for which there is ~2% EPS upgrades for FY25/FY26ii. ONGC, OIL etc., see no impact; CGDs also remain unaffected.

A contract for the Mid Life Upgrade (MLU) of 25 Dornier aircraft and related equipment for the Indian Navy was signed by the Ministry of Defence and the business on March 15.