| Torrent Pharma - Insti |
- Exceptional Performance Led By Launch Of Abilify In US: Torrent Pharmaceuticals’ (TPL) reported exceptional performance for 1QFY16, led by the launch of generic drug Abilify (April 2015-end) in the US, with reported revenue of Rs19.5bn being 47%/34% above our/ Bloomberg consensus estimates, respectively. Reported EBITDA of Rs9.1bn was 151%/121% above our/Bloomberg consensus estimates, respectively, and EBITDA margin of 46.7% was significantly above our/Bloomberg consensus estimates of 27.3%/28.3%, respectively. Consequently, reported PAT of Rs4.5bn was 85%/65% above our/Bloomberg consensus estimates, respectively, despite a higher tax rate. Going forward, we expect the gains to continue from recently launched Abilify in the near term, and also some expected gains from Nexium (approval likely by the end of CY15), but beyond Abilify and Nexium the product pipeline looks thin for FY17.
|
| KEC International - Insti |
- Strong Traction In Order Inflow And Margins: KEC International (KEC) posted a second successive strong quarterly performance with robust operating margin and strong order inflow in 1QFY16. Consolidated revenue grew 9% YoY to Rs18.8bn, in line with our estimate, driven by a healthy 31% YoY growth in cable segment. EBITDA grew 38% YoY to Rs1.4bn, 18%/17% above our/consensus estimates, respectively. Operating margin was up 160bps YoY to 7.5% (and 150bps higher compared to FY15 level of 6%). In 4QFY15, operating margin was 7.3% on a much higher revenue base of Rs25bn. Driven by improved operational efficiency, PAT grew 167% YoY to Rs304mn, significantly above our/consensus estimate of Rs147mn/Rs228mn, respectively.
|
| Just Dial - Insti |
- Strong Revenue, Healthy Margins: With 24.8%/4.7% YoY/QoQ growth in paid listings, respectively, Just Dial’s (JDL) revenue in 1QFY16 grew by a healthy 24.9% to Rs1,686mn. Adjusted operating margin improved 39bps to 33%, in line with our estimate but 533bps above Bloomberg estimate. Following lower other income, PAT grew by a mere 7.2% to Rs380mn. We have cut our revenue/EPS estimates, respectively, by 3.3%/3.7% for FY16 and by 7.6%/9.1% for FY17, factoring in the impact of lower growth on a high base, increase in Search Plus- related costs, and lower other income because of share buyback. Currently, JDL has 25 Search Plus services live on its platform, up from 20/24 in 2QFY15/4QFY15, respectively. JDL has revamped the entire look and feel of its application and increased its employee strength by 13.2% QoQ through the addition of 1,256 employees, mainly in sales and call centre teams to roll out Search Plus services fully by September 2015.
|
| Thermax - Insti |
- Weak order inflows, healthy revenue, margins broadly in-line
- Thermax reported revenue of Rs10bn for 1QFY16, up 19% YoY, 12% above our/consensus estimate each. Energy segment (79% of total revenue) registered a top-line growth of 25% YoY at Rs8bn while Environment segment (21% of total revenue) posted a flat top-line at Rs2bn.
- EBITDA grew 58% YoY to Rs910mn, on a low base of last year, 10%/9% above our/Bloomberg consensus estimates each. The operating profit margin stood at 9.1%, compared to our estimate/consensus of 9.3% each. Energy segment posted maintained operating margin of 11% while Environment segment’s margin was lower at 6.4% (FY15 was 7.1%).
- Aided by lower interest costs, PAT grew 49% YoY to Rs617mn, 5%/8% above our estimate/Bloomberg consensus.
- Overseas subsidiaries have reported a net loss of Rs39mn in 1QFY16.
- The standalone order intake was weak at Rs8.8bn (average quarterly run-rate of past 3 years is Rs12bn) leading to a lower order backlog of Rs42.8bn, 18% lower YoY. Consolidated order intake for the quarter was Rs10.2bn (average quarterly run-rate of past 3 years is Rs14bn) leading to a 7% decline in consolidated backlog to Rs55.4bn.
- We will release a detailed update post the conference call
|
| Blue Star - Insti |
- Blue Star reported 1QFY16 revenue of Rs9bn, up 8.5% YoY, in-line with Bloomberg consensus estimates.
- Despite a less-harsh summer (unseasonal rains in April and May), Cooling products posted a 17% YoY rise in turnover at Rs5.6bn (61% of total revenue) with a healthy operating margin of 14.2%, 70bps lower YoY. For FY15, the top-line had grown 24% YoY to Rs13.3bn with operating margin of 11%, up 220bps YoY.
- EMPS (36% of revenue) posted muted execution with a 3% YoY decline in revenue at Rs3.3bn. EBIT margin stood at 2.7% (down 40bps YoY) due to lower billings with high cost structure as well as cost overruns in legacy projects. The management is yet to see a pick up in commercial construction cycle.
- Boosted by healthy margin in cooling products, EBITDA stood at Rs657mn, up 9% YoY, at an operating margin of 7.2%, flat on YoY basis. EBITDA was 11% higher than the consensus estimates.
- Aided by a healthy 25% YoY reduction in interest costs, PAT grew 26% YoY to Rs390mn, in-line with consensus, despite higher tax rate of 20% (MAT rate) versus a 12.5% tax rate in same quarter last year.
- The order book stands at Rs14.9bn, up 6% sequentially.
- We currently do not have a rating on the stock.
|
| Dalmia Bharat Ltd |
- result above expectation. Sales came at 1570cr vs exp 1619cr qoq 1231.3cr yoy 680.6 cr EBITDA came at 401.2cr vs exp 319.3cr qoq 290.9cr yoy 57.9 cr. PAT 41.6cr vs exp 32.4cr qoq 47.3cr yoy loss of 27.3 cr
|
| Elantas Back |
- result good Sales came at 92cr vs qoq 80cr yoy 86cr EBITDA came at 18cr vs qoq 13cr yoy 9.7cr PAT came at 12.6cr vs qoq 8.63cr yoy 9.31cr Qtr EPS is Rs.15.93
|
| Shriram City union Finance (Standalone) |
- result in line with expectations
- NII stood at 573cr vs 576cr exp, 562cr qoq & 500cr yoy
- PBP at 341cr vs 348cr exp, 331cr qoq & 310cr yoy
- Prov 117cr vs 120cr exp,107cr qoq & 121cr yoy
- PAT at 148cr vs 147cr exp, 150cr qoq & 128cr yoy
- Qrtrly EPS 22.41
|
| Gulf Oil Lubricant |
- result below expectation. Sales came at 230cr vs exp 254cr qoq 263cr yoy 230cr EBITDA came at 35cr vs exp 37cr qoq 36cr yoy 30cr PAT came at Rs.20cr vs Exp 22cr qoq 22cr yoy 18cr
|
| GSFC |
- result ahead of Expectation. Sales came at 1084cr vs exp 1263cr qoq 1290cr yoy 1243cr EBITDA came at 156cr vs Exp 130cr qoq 102cr yoy 159cr PAT came at 101cr vs exp 85cr qoq 65cr yoy 108cr Qtr EPS is Rs. 2.53
|
| Torrent Cable |
- result improved Company is getting merged with Torrent Power
|
| Pidilite Industry |
- result ahead of expectation. Sales came at 1462cr vs exp 1459cr qoq 1037cr yoy 1338cr EBITDA came at 344cr vs exp 292cr qoq 134cr yoy 240cr PAT came at 225cr vs exp 202cr qoq 81cr yoy 168cr. Share is trading at PE of 33 FY17 earning
|
| PNB - Insti |
- 1QFY16 Result Update- Some Respite On Asset Quality Front: Punjab National Bank (PNB) reported moderate 1QFY16 performance, with some respite witnessed in asset quality. Loan slippage (Rs33.8bn) stood at 3.6% against 5.8% in the previous quarter and 3.4% in the corresponding quarter a year ago. Loan recoveries/upgradations were healthy at Rs23.6bn for the quarter. PNB restructured Rs6.8bn of loans and did 5/25 restructuring of Rs26bn of loans during the quarter, taking the total stressed asset addition to Rs66.6bn. PNB posted a 49% drop in profit on higher-than-expected overall provisioning. Net interest margin or NIM compressed 52bps YoY, which can be attributed to the drop in yields and reversal of interest income on loan slippage and restructuring.
|
| APL Apollo Tube |
- result improved Sales came at 965cr vs qoq 773cr yoy 745cr EBITDA came at 55cr vs qoq 35cr yoy 49cr PAT came at 21.85cr vs qoq 6.75cr yoy 19.86cr
|
| Swaraj Engines |
- Result is ahead of expectations
|
| Blue Star |
|
| Intellect Design |
- result improved with sales growth of 34% yoy. Sales came at 192cr vs qoq 160cr yoy 143cr EBITDA came at negative 12.05cr vs qoq negative 28cr yoy negative 9.39cr PAT came at negative 11.65cr vs qoq negative 29cr yoy negative 9.83cr
|
| Union Bank |
- result declining Assets quality further declined
- NII stood at 2130cr vs 2178cr exp, 2121cr qoq & 2117cr yoy
- Non Interest Income at 783cr vs 792cr exp, 1143cr qoq & 691cr yoy
- PBP at 1488cr vs 1363cr exp, 1652cr qoq & 1372cr yoy
- Prov at 642cr vs 1010cr qoq & 393cr yoy
- PAT at 519cr vs 496cr exp, 444cr qoq & 664cr yoy
- Qrtrly EPS 8.16
- GNPA 14144cr vs 13031cr qoq at 5.53% vs 4.96% qoq
- NNPA 7634cr vs 6919cr qoq at 3.08% vs2.71% qoq
|
| HDFC |
- result inline NII came at 2174cr vs exp 2044cr yoy 2115cr PBP came at 1991cr vs exp 2017cr yoy 1924cr PAT came at 1361cr vs exp 1394cr yoy 1344cr
|
| Mahindra Holiday |
- result improved. Sales came at 215cr vs qoq186cr yoy 175cr EBITDA came at Rs.53cr vs qoq 39cr yoy 41cr PAT came at 25cr vs qoq 25cr yoy 20cr
|
| Maruti Suzuki |
- result inline Sales came at 13078cr vs exp 13387cr EBITDA came at 2189cr vs Exp 2099cr PAT came at 1193cr vs qoq 1250cr. Lower PAT is on account of lower other income
|
| J Kumar Infra |
- result inline. Sales came at 355cr vs exp 382cr EBITDA came at 67cr vs exp 68cr PAT came at 26cr vs Exp 24cr
|
| Dish TV |
- Result inline Sales came at 737cr vs exp 772cr EBITDA came at 237cr vs exp 227cr PAT came at 54cr vs exp 38cr
|
| Aditya Birla Chemical |
- Result improved. Sales came at 282cr vs qoq 264cr yoy 274cr EBITDA came at 76cr vs qoq 53cr yoy 75cr PAT came at 20cr vs qoq 9cr yoy 15cr
|
| RPG Life |
- result improved Sales came at 66.5cr vs qoq 61.2cr yoy 58.8cr EBITDA came at 5.35cr vs qoq 8.5cr yoy 3.5cr last quarter company had some higher other operating income resulted into higher EBITDA PAT came at 2.1cr vs qoq 4.7cr yoy 1.2cr
|
| Syndicate Bank |
- result - not good
- NII stood at 1412cr vs 1423cr qoq & 1351cr yoy
- Non Interest Income at 501cr vs, 794cr qoq & 456cr yoy
- PBP at 1039cr vs 1201cr qoq & 1014cr yoy
- Prov at 481cr vs 715cr qoq & 468cr yoy
- PAT at 302cr vs 417cr qoq & 485cr yoy
- Qrtrly EPS 4.56
- GNPA 7546cr vs 6442cr 3.71qoq at % vs 3.13% qoq
- NNPA 4721cr vs 3844cr 2.36qoq at % vs 1.90% qoq
|
| Bank of India |
- not good
- NII stood at 2913cr vs 2889cr exp, 2846cr qoq & 2686cr yoy
- Non Interest Income at 841cr vs 1122cr qoq & 1024cr yoy
- PBP at 1704cr vs 1941cr exp,1427cr qoq & 2060cr yoy
- Prov at 1515cr vs 2255cr qoq & 893cr yoy
- PAT at 130cr vs 375cr exp, -56cr qoq & 806cr yoy
- Qrtrly EPS 4.95
- GNPA 26889cr vs 22193cr qoq at6.8 % vs 5.39% qoq
- NNPA 15789cr vs 1318cr qoq at4.11 % vs 3.36% qoq
|
| Spicejet |
- result good Sales came at 1106cr vs qoq 782cr yoy 1678cr EBITDA came at 100cr vs qoq negative 73cr yoy negative 60cr PAT came at 72cr vs qoq negative 39cr yoy negative 124c
|
| Taj GVK |
- Result improved Sales came at 62.10cr vs yoy 53.8cr EBITDA came at 13.1cr vs yoy 8.77cr PAT came at 0.08cr vs yoy loss of 3.34cr
|
| PI Inds. |
- Result is above expectations
- Sales is Rs 552 cr vs exp of Rs 566 cr. QoQ Rs 539.2 cr YoY Rs 470.2 cr
- EBITDA is Rs 135.8 cr vs exp of Rs 126 cr. QoQ Rs 95.3 cr YoY rs 108 cr
- PAT is Rs 87.3 cr vs exp of Rs 79.5 cr. QoQ Rs 60.3 cr YoY Rs 71.7 cr
- The stock is trading at 29x FY16E earnings
|
| Gujarat Alkali |
- Result has operationally improved QoQ
- Sales is Rs 472.6 cr vs QoQ Rs 487.6 cr YoY Rs 493.9 cr
- EBITDA is Rs 77.7 cr vs QoQ Rs 52.4 cr YoY rs 94.5 cr
- PAT is Rs 44 cr vs QoQ Rs 96.3 cr YoY Rs 57 cr
|
| Tata Communication |
- result marginally below expectation. Though sales came at 5180cr vs exp 4935cr but EBITDA came at 761cr vs exp 780cr. PAT came negative 34cr vs exp Positive 71cr
|
| BASF India |
- Result has declined
- Sales is Rs 1345.9 cr vs QoQ Rs 1068.9 cr YoY Rs 1445.8 cr
- EBITDA is Rs 61.1 cr vs QoQ loss Rs 5.7 cr YoY rs 91.4 cr
- Adjusted Net loss is Rs 4.9 cr vs QoQ loss of Rs 59.3 cr YoY profit of Rs 52 cr
|
| Navneet Education |
- result below expectation. Sales came at 516cr vs exp 560cr yoy 493cr EBITDA came at 157cr vs exp 172cr yoy 150cr PAT came at 98cr vs exp 106cr yoy 90cr
|
| 3i infotech |
- result continue to remain weak Tata Communication result marginally below expectation. Though sales came at 5180cr vs exp 4935cr but EBITDA came at 761cr vs exp 780cr. PAT came negative 34cr vs exp Positive 71cr
|
| Vaibhav Global |
- Result not good. Sales came at 276cr vs yoy 301cr qoq 359cr EBITDA came at 15cr vs yoy 26cr qoq 35cr PAt came at 7cr vs yoy 22cr qoq 18cr. Poor perfromance is on account of decline in Web sales volume, decline in TV sales realisation, Higher Fix cost not supported by increase in Volume and higher tax. Q2 is even seasonally weak qtr.
|
No comments:
Post a Comment