Query Board

Tata Motors Ltd. – DVR are shares of Tata Motors, given with differential voting rights. Tata Motors Limited is an automobile/motor vehicle manufacturing company, engaged in producing automobiles, including all types of commercial and passenger vehicles, and providing financial assistance for vehicles sold by the company. On the consolidated financial front, the net sales declined by 9.16 per cent to reach Rs.64,763.39 crores in Q2FY20 as against Rs.71,292.79 crores in Q2FY19. The profit before depreciation and tax (PBDT) increased by 15.69 per cent to Rs.5,920.80 crore in Q2FY20 from Rs.5,117.76 crores in Q2FY19. For Q2FY20, the company gained a net profit of Rs.175.76 crores as against a net loss of Rs.1,095.34 crores incurred in Q2FY19. On the annual front, the net sales witnessed a marginal 3 per cent rise as it came in at Rs.299,190.59 crores in FY19 as against Rs.289,386.25 crores in FY18. The company incurred an operating loss of Rs.31,371.15 crores in FY19 against the operating profit of Rs.11,155.03 crores gained in FY18. Tata Motors reported a net loss of Rs.28,933.70 crores for FY19 against a net profit of Rs.6,813.10 crores gained in FY18. The company reported an improvement in the performance of Jaguar Land Rover (JLR), its Britainbased luxury vehicle arm. As we expect the slowdown to fade away and growth in the demand, we recommend HOLD.



Balkrishna Industries Limited deals in the business of tyres, tubes, and tyre flaps. It focuses on manufacturing a range of off-highway tyres (OHT), which are meant for agricultural, industrial and construction, earthmover and port, mining, forestry, lawn and garden and all-terrain vehicles (ATV).

On a consolidated financial front, in Q1FY20, the company reported net sales of Rs.1,198.93 crores, a decrease of around 11.03 per cent from the net sales of Rs.1,347.56 crores in the Q1FY19. PBDT decreased by 21.32 per cent to Rs.339.89 crores in the Q1FY20 against Rs.432 crores in Q1FY19. The company recorded a net profit of Rs.176.84 crores for Q1FY20, declining 21.54 per cent from the net profit of Rs.225.13 crores gained Q1FY19.

On the annual front, the company’s net sales in FY19 were Rs.5,209.99 crores, which is a 16.79 per cent increase from the net sales of the previous fiscal year. PBDT for FY19 increased by 5.73 per cent to Rs.1509.17 crores compared to Rs.1427.44 crores for FY18. The company’s net profit increased by 5.15 per cent YoY to Rs.773.65 crores in FY19 from Rs.735.79 crores in FY18. We recommend the reader-investors to HOLD the stock.




The Central Depository Services (India) Limited (CDSL) is an Indian securities depository, listed on NSE. Its services are offered to a range of clients, including depositary participants and other capital market intermediaries, corporates, capital market intermediaries, insurance companies, etc.

CDSL offers dematerialization for a range of securities, such as equity shares, preference shares, mutual fund units, debt instruments, and government securities. As a securities depository, it facilitates holding of securities in electronic form and enables securities transactions, including off-market transfer and pledge to be processed by book entry. CDSL also provides services for capital market intermediaries by offering to know your customer (KYC) services for investors in the Indian capital markets to capital market intermediaries, including mutual funds. The company’s online services consist of e-voting, e-locker, and Electronic Access to Security information (EASI).

On a consolidated financial front, the company reported net sales of Rs.52.66 crores for the second quarter of FY20, a decrease of 1.87 per cent from the net sales of Rs.53.67 crores for the corresponding quarter of the previous fiscal year. PBDT reduced by 3.26 per cent for the second quarter of FY20, reaching Rs.41.21 crores, from Rs.42.60 crore for the second quarter of FY19. The net profit decreased by 3.63 per cent and was recorded to be Rs.29.06 crores in Q2FY20 against Rs.30.15 crores, recorded for the second quarter of the previous fiscal year. On the annual front, on a consolidated basis, net sales for FY19 were Rs.194.65 crores, which is an increase of 3.71 per cent when compared to Rs.187.69 crores for FY18. The PBDT increased by 6.58 per cent to be Rs.158.12 crores in FY19 from Rs.148.36 crores in FY18. The net profit for FY19 was reported to be Rs.114.83 crores, thus increasing by 10.8 per cent from Rs.103.64 crores, reported for the previous fiscal year. New revenue streams, such as National Academic Depository (NAD) and e-warehouse receipts are the future growth drivers for the company. Hence, we recommend a HOLD.



Mphasis Limited provides information technology solutions in the cloud and cognitive services. Its segments include banking and capital markets, insurance, information technology, communication and entertainment, and emerging industries.

Mphasis focuses on offering cloud computing, cognitive solutions, digital services, securing businesses, application services, and infrastructure services. Apart from providing services to banking and capital market industries, it also provides services for retail banking, credit cards and payments, wealth management and brokerage, corporate banking solutions, and investment banking technology. Its services for the insurance industry include property and casualty, life, and retirement and health.

From the financial point of view, net sales of the company for Q1FY20 were Rs.2,062.56 crores as compared to the net sales of Q1FY19 of Rs.1820.22 crores. So, there is a 13.31 per cent increase in net sales in Q1FY20 from Q1FY19. For Q1FY20, the PBDT stood at Rs.408.46 crores, an increase of 13.21 per cent from Rs.360.81 crores in Q1FY19. The company recorded a net profit of Rs.264.7 crores in Q1FY20, a 2.47 per cent increase in the profit from Rs.258.31 crores, gained in the same quarter of the last fiscal year.

On the annual front, the company recorded net sales of Rs.3,434.02 crores for FY19, which is a 4.86 per cent increase from the net sales of Rs.3,274.87 crores achieved in FY18. The PBDT for FY19 stood at Rs.1011.09 crores against Rs.962.26 crores in FY18. An increase of 5.07 per cent in PBDT can be seen in FY19 from FY18. Also, the net profit is recorded at Rs.769.43 crores for FY19 compared to the net profit of Rs.739.89 crores in FY18, recording a growth of 3.99 per cent.

Thus, we recommend a HOLD to our investor-readers.



Torrent Power Limited is an integrated utility, engaged in the business of power generation, transmission, and distribution of electricity, with operational bases in Gujarat, Maharashtra, and Uttar Pradesh. It is also engaged in the manufacturing of cables.

The company has an aggregate generating capacity of around 3,334 MW. Its generation facilities include one approximately 1,147.5 MW SUGEN mega power plant and one over 382.5 MW UNOSUGEN power plant, both near Surat, around 1,200 MW DGEN power plant near Bharuch, approximately 422 MW AMGEN power plant at Ahmedabad, approximately 49.6 MW wind power plant in Jamnagar, and approximately 51 MW solar power plant in Patan. Torrent Power distributes approximately 10 billion units of power to over 2.2 million customers.

On the consolidated financial front, the net sales for the first quarter of FY20 were Rs.3,736.13 crores, which is an increase of 5.9 per cent from the net sales of Rs.3,528.13 crores in the first quarter of FY19. The PBDT for the first quarter of FY20 was reported to be Rs.640.44 crores, an increase of 8.65 per cent from Rs.589.46 crores in the same quarter of the last fiscal year. There was an increase in the net profit by 21.67 per cent for the first quarter of FY20 to Rs.276.59 crores as compared to Rs.227.32 crores for Q1FY19.

Looking at the annual trend, the net sales were reported to be Rs.13,150.97 crores for FY19, thus, increasing by 14.24 per cent from to Rs.11,512.09 crores for FY18. In FY19, PBDT also decreased by 1.67 per cent to Rs.2,490.14 crores from Rs.2,532.46 crores for FY18. Torrent Power’s net profit reduced by 5.07 per cent to Rs.903.23 crores in FY19 from Rs.952.12 crores in FY18.

Therefore, we recommend HOLD, considering the analysis and due to stable financials.



Bank of Maharashtra (BoM) is one of the major public sector banks in India. The bank’s business segments include treasury, corporate or wholesale banking, retail banking, and other banking operations. The treasury segment consists of investment, balances with banks outside India, interest accrued on investments, and related income. The corporate banking segment includes all advances to trusts, partnership firms, companies, and statutory bodies. The retail banking segment includes exposure to the individuals or to small businesses, where the total average annual turnover is less than Rs.50 crores and aggregate exposure to one counterparty do not exceed 0.2 per cent of the overall retail portfolio of the bank. The bank’s products and services include e-payment taxes, credit cards, doorstep banking, and new pension scheme and many more. Apart from these, para-banking activities include debit cards, third-party product distribution and associated costs, etc.

On the financial front, the net interest earned by the bank in the second quarter of FY20 came in at Rs.2,900.24 crores against Rs.2,788.18 crore in the corresponding quarter of the previous fiscal, clocking a growth of 4.02 per cent. The total income in Q2FY20 was Rs.3,295.91 crores, an increase of 3.23 per cent from Rs.3,192.80 crores in Q2FY19. The profit after tax increased significantly to reach Rs.114.66 crores in Q2FY20 from Rs.27 crores in Q2FY19. The GNPA percentage was 16.86 per cent in Q2FY20 as against 18.64 per cent in Q2FY19. The CRAR ratio was 11.83 per cent in Q2FY20 and 9.87 per cent in Q2FY19.

On the annual front, the net interest earned by the bank in FY19 came in at Rs.10,849.6 crores, a decrease of 2.22 per cent from Rs.11,096.42 crores in FY18. The total income earned by the bank in FY19 was Rs.12,397.06 crores, a decrease of 1.63 per cent from Rs.12,602.47 crores, earned in the last fiscal. The bank declared a net loss of Rs.4,783.88 crores in FY19 as well. The net loss incurred in FY18 was Rs.1,145.65 crores. The company reported the GNPA ratio to be 16.40 per cent for FY19 and 19.48 per cent for FY18. Hence, HOLD.