ITC, ICICI Bank among 6 top largecap investment ideas that can rally up to 30%
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"It has delivered good margin improvement over the last few quarters. We continue to view HCLT’s defensive business as positive in a demand-constrained environment. We expect dollar revenue growth of 10.2% and a corresponding PAT CAGR of 12.5% over FY23-25," the brokerage said.
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Motilal has set a target price of Rs 1,475 on Mahindra & Mahindra, which signals an upside potential of 19% from the current market prices.
"We expect M&M’s revenue/ EBITDA/PAT to post 15%/20%/20% CAGR over FY23-25. M&M sees scope for margin expansion from 3QFY23 levels in both Auto and FES businesses," it said.
"Cement demand was strong during 4QFY23 and the momentum continued in April. All the regions contributed to strong volume growth for the company. Cement demand should grow 7-8% YoY in FY24E. UTCEM is likely to register 400-500bp higher growth than the industry, aided by its capacity expansions," it said.
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ONGC would start producing its first oil from KG Basin from May 2023, which would reverse its declining O&G production. At peak level by FY25, this would add 10%/20% to its domestic O&G production.
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Unlike staples peers, the company has displayed resilient operating performance of its ‘Other FMCG’ business in the past few quarters. If wheat costs decline sharply post the Rabi harvest, performance on the segmental margin front can be even better in FY24.
"We are positive on ITC as a result of better earnings visibility over peers in the next few quarters, inexpensive valuations, and attractive dividend yield," Motilal said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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