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“We are not putting a timeline around the whole process, we do not want to make a mistake. We are very clear that we can take a few more months if required but not make a mistake of getting a wrong person in place and so there is no timeline as such and whatever time it takes we will go through it and get the right candidate into the bank at that point in time.”

Revenue from the operations of the company advanced 23.12 per cent to Rs 37,085.07 crore from Rs 30,102.60 crore during the period under review.

Promoters held 46.74 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 16.44 per cent and 14.84 per cent, respectively.

In the three trading days following the rate hike and the RBI’s warnings on upside inflation risks, yield on the 10-year benchmark government bond jumped more than 30 basis points to a three-year high of 7.46 per cent.

“While some of the risks, which are associated with the macroeconomic environment can get bigger, it is manifesting more from an increasing cost of equity that has resulted in this correction. From the demand standpoint, most of the top clients or enterprises have been giving out in terms of the trajectory of tax spend a fair amount of confidence that these numbers are not at risk.”

On BSE, Prudent was listed at Rs 660 on BSE, a mild premium of 5 per cent over its issue price of Rs 630. The scrip made its debut at a marginal premium of 3 per cent at Rs 650 on National Stock Exchange (NSE).

On the technical charts, the 200-day moving average of the stock stood at Rs 428.99.

Suven Pharma’s total revenues grew 40% YoY to Rs.364 crore with the Formulations and CRAMS (pharma) reporting stellar growth this quarter on a YoY basis. Specialty chemicals reported growth of 24% in Q4FY22 (YoY) while registering a 51% growth in FY22. As result, EBITDA grew by 68% YoY despite elevated employee cost and raw material expenses.

There has been an improvement in net debt(FY22: Rs4.1bn vs. Rs7.7bn in FY21) and it is expected to come down further by FY23-end. We have marginally raised our Mar’23 TP to Rs500 (Rs490 earlier) to factor in higher cash on books. We believe the merged entity can cater to a larger EPC market.​

For the quarter ended 31-03-2022, the company has reported a Consolidated Total Income of Rs 1355.34 Crore, up 1.34 % from last quarter Total Income of Rs 1337.45 Crore and up 5.13 % from last year same quarter Total Income of Rs 1289.20 Crore. Company has reported net profit after tax of Rs 38.67 Crore in latest quarter.