MOSL: Morning India (24/September/18): 1. Bharat Forge FY18-ART (Performance impressive at standalone level); 2. Ashoka Buildcon; 3. Logistics; 4. EcoScope (Monsoon)
MOrning India (24/September/18): 1. Bharat Forge FY18-ART (Performance impressive at standalone level, subdued at subsidiaries); 2. Ashoka Buildcon (Satisfactory progress on HAM projects); 3. Logistics; 4. EcoScope (Monsoon)
Today’s top research idea
Annual Report Threadbare (ART) | Bharat Forge FY18: Performance impressive at standalone level, subdued at subsidiaries
- Bharat Forge's (BHFC) FY18 annual report analysis highlights EBITDA growth of 38%, led by a robust performance at standalone level. However, PBT growth came in relatively low at 25% to INR12b due to an exceptional loss on impairment provision of INR954m.
- PAT at subsidiaries (derived) declined 62% to INR0.5b. Consequently, consolidated RoCE of 11.6% trailed standalone RoCE of 14.5%.
- OCF declined to INR9.7b due to a rise in working capital. Cash and investments increased 5% to INR18.1b (39% of NW), lowering net debt to INR15.1b (FY17: INR16.4b) - net D/E fell to 0.3x from 0.4x in FY17. Purchases from related parties declined to INR5.4b (15% of RM cost) from INR17.7b (62% of RM cost) in FY15.
Piping hot news
RBI Calls For A Meeting With IL&FS Shareholders
- The Reserve Bank of India will meet with shareholders of Infrastructure Leasing and Financial Services (IL&FS) Ltd this week, as the group continues to default on its debt obligations. The RBI has called for a meeting with shareholders of IL&FS Ltd on September 28, two bankers with direct knowledge confirmed.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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