MOSL:MOrning India (29/July/22): 1. Jubilant FoodWorks (Strong performance; well on track to meet its store expansion guidance); 2. Nestlé India; 3. SBI Life Insurance; 4. Vedanta; 5. SBI Cards
Today’s top research idea
Jubilant FoodWorks: Strong performance; well on track to meet its store expansion guidance
- JUBI’s 1QFY23 result was broadly in line with our estimates on all fronts. With 58 Domino’s stores added in 1Q, the management is well on track to meet its 250 store opening guidance for FY23.
- Delivery sales continued to deliver healthy growth, despite a higher base, with dine-in reviving to nearly 100% of pre-COVID levels. Outlook on growth and margin for the QSR sector remains attractive, unlike the rest of the Consumption space, where uncertainty prevails on either or both fronts. JUBI remains our top pick in this space, given: a) it has the best Balance Sheet to fund expansion; b) its proven track record of managing both store expansion and healthy SSSG; and c) its technological edge over peers.
Piping hot news
Bank credit rises 12.89 pc; deposit 8.35 pc: RBI data
Bank credit rose by 12.89 per cent to Rs 122.81 lakh crore and deposits by 8.35 per cent to Rs 168.09 lakh crore in the fortnight ended July 15, showed RBI data released on Thursday. In the fortnight ended July 16, 2021, advances stood at Rs 108.78 lakh crore and deposits at Rs 155.14 lakh crore, according to the Reserve Bank of India's (RBI) Scheduled Banks' Statement of Position in India as on July 15, 2022. In the previous fortnight ended July 1, 2022, bank credit grew by 13.29 per cent and deposits by 9.77 per cent.
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