BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Over the years, Annual Report Analysis for commodity sector companies has been losing its relevance in the investment community as-
majority of annual report information is backward looking (also on account of improving disclosures on the part of corporates) and/or doesn’t help in investment decisions,
limited shelf life and
nature of sector– underlying volatile commodity movements virtually sidestepping operational improvements.
Ways of improving relevance in our view include:
contrast multiple participants (for analysts) and
amended disclosures in annual report with more relevant information augmenting investment decision and reducing flap wherever possible – ageing of capital work in progress has been a welcome addition.
We look at FY22 annual reports of Tata Steel Ltd. and JSW Steel Ltd. with such a lens.
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