Motilal Oswal - MOSL: Morning India (30/May/18): 1. Financials: Credit growth â€“ Changing gears; 2. Infosys; 3. Coal India; 4. MM; 5. Power Grid Corp; 6. BPCL; 7. United Spirits; 8. Aurobindo Pharma

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Motilal Oswal

Team Research

MOSL: Morning India (30/May/18): 1. Financials: Credit growth â€“ Changing gears; 2. Infosys; 3. Coal India; 4. M&M; 5. Power Grid Corp; 6. BPCL; 7. United Spirits; 8. Aurobindo Pharma

MOrning India (30/May/18):

Today’s top research idea

Mahindra & Mahindra: Above-estimate; low RM, staff costs drive EBITDA margin beat

Net realizations grew by 2.1% QoQ to INR557.9k (est INR556.6k) led by price hikes of ~0.5-1% in autos and favorable mix. Net revenues grew in-line by 25.6% YoY to INR131.9b.
EBITDA margin expanded 390bp YoY (+40bp QoQ) to 15.1% (est 13.4%), led by mix and operating leverage. PBIT margins for Auto increased 350bp YoY (+220bp QoQ) to 10.7%, and for FES grew by 170bp YoY (-100bp QoQ) to 19.5%. Adj. PAT grew 60% YoY to INR11.2b (est INR10b).
For FY19, it expects tractor industry to grow 8-10%, UVs to grow 15%, and 10-12% growth for CVs. It is hopeful of maintaining Auto business margins through operating leverage and cost efficiencies.
We upgrade FY19/FY20 EPS by 5% each. Buy with SOTP-based TP of INR1,032.

Piping hot news

FPI debt selling hits 18-month high in May

Net sales of local debt by overseas investors in May are headed for an 18-month record, underscoring the diminishing appeal of emerging market assets amid steady climbs in crude oil prices globally and the cost of capital in the US.

30/05/2018 48 EN

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MOSL: Morning India (30/May/18): 1. Financials: Credit growth â€“ Changing gears; 2. Infosys; 3. Coal India; 4. M&M; 5. Power Grid Corp; 6. BPCL; 7. United Spirits; 8. Aurobindo Pharma

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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