From here, it’s possible to build a deeper knowledge of the core interactions of circuit analysis. Picture a flowing river: the current is the speed of the flowing water, the resistance is rocks that impede the local flow, and the voltage is the energy potential represented by a vertical drop. Understanding voltage, current, resistance, and related subject matter usually begins with the water analogy. The better a learner can mold new ideas to existing schema and relationships, the better chances are of understanding and synthesizing the material. One of the most powerful techniques available to grasp new topics is to relate to that which is already known. Voltage, current, resistance – all are beautifully illustrated in the incandescence of a stovetop burnerĮlectronics, at least initially, is a perplexing area of study, even for those familiar with basic mechanics. Voltage: what is it, why it applies to capacitors, and why designs have so many caps. The role of current and how reactance complicates the standard resistance model. The AMC.Resistance and its contributions to circuit analysis. Motilal Oswal Financial Services: MOFS printed capital market revenue (ex-WM) 14% ahead of the estimate, driving capital markets APAT to INR1.4bn (+37% QoQ). Our implied multiple reflects CREDAG's high cross-cycle potential RoE and an extremely conservative underwriting approach to an inherently risky business. We tweak our FY23E/FY24E earnings estimates for moderation in loan growth expectations and maintain BUY, with a revised TP of INR1,130 (3.0x Sep-24 ABVPS). CREDAG is poised to deliver a combination of strong growth, sustained profitability and low credit costs over the medium term. The pace of new customer additions is gradually gaining traction and is likely to provide a further fillip to AUM growth (+24% YoY). Portfolio stress has largely receded (PAR-0/GNPA at 3.1%/2.2% for the consolidated entity), indicating benign credit costs in H2FY23. Disbursements picked up (+104% QoQ) post regulatory disruptions in Q1, although they are yet to reach optimal levels. CreditAccess Grameen: CreditAccess Grameen (CREDAG) reported healthy but in-line operating metrics, with NII/PPOP growth of 35%/53% YoY. Q2FY23 EBITDA was at INR 5.3bn (-1% YoY, -15% QoQ), below our estimate, while APAT at INR 4.2bn (+4% YoY, -1% QoQ) came in marginally above our estimate, supported by higher-than-expected other income and marginally lower tax expense. Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 510 is based on (1) robust volume growth at ~13% CAGR over FY22-25E (2) regulatory support from the government to curb pollution in the Delhi/NCR region and (3) a strong portfolio of mature, semi-mature, and new geographical areas. Bandhan Bank: Bandhan Bank's Q3FY23 earnings missed. However, the valuation looks expensive at INR262 (RoE - ~8.9%, FY25 P/E 23.6x, P/BV - 2.0x) thus, we maintain SELL with a SoTP of INR186. in cash profit, which is sufficient to fund its pipeline projects and aims to maintain the debt/EBITDA level below 4-5x. Further, JSW Energy completed the acquisition of the Utkal Ind-Bharath project having 700MW capacity pursuant to NCLT under IBC whose project revival plan is in progress and commissioning is expected in the next 24 months. Acquisition of Mytrah Energy is expected to be completed in Q4FY23 (delayed by a quarter), which along with the phase-wise commissioning of SECI IX-810MW and X-450 MW will take the total operational capacity to 9.1GW by FY24 (65% RE). Over and above this, JSW Energy received an LoA for the SECI wind project and plans to start its construction in the next 18-21 months. A committed pipeline of 10GW by FY25 is well on time. Receivables days stood at 69 days vs 66 QoQ due to the seasonality factor in the hydro business. Accordingly, EBITDA and PAT declined 21% YoY and 41.8% YoY to INR6.2bn and INR1.9bn respectively. Net generation, however, declined 4.8% YoY to 4.3bn due to a relatively weaker merchant market as coal prices increased by 37% YoY to $227/ton during the quarter. JSW Energy: JSW Energy Q3FY23 sales were 10% above the consensus estimate at INR22.5bn (+18.7% YoY), driven by higher blended realisation, which was up 30.3% YoY to INR5.5/unit.
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