MOSL: Morning India (7/August/17)-1. Metals 2. Mahindra & Mahindra 3. HPCL 4. Dabur India 5. Cummins India 6. Voltas 7. Arvind 8. Fortis Healthcare
​MOrning India (7/August/17): 1. Metals; 2. Mahindra & Mahindra; 3. HPCL; 4. Dabur India; 5. Cummins India; 6. Voltas; 7. Arvind; 8. Fortis Healthcare
Today’s top research idea
Mahindra & Mahindra: 1QFY18 operating performance in line (adj. for GST impact); Outlook positive for both UVs and Tractors
- ​Net revenue (incl. MVML) increased 5% YoY to ~INR111b (est. of INR109b), driven by growth of 2.7% YoY in volumes and 2.6% YoY in realizations.
- Adj. for GST-related compensation, EBITDA grew 7% YoY to INR16b (est. of INR15.6b), with the margin at 14.2%.
- Adj. PBIT margin contracted by 10bp YoY (+70bp QoQ) to 7.8% for Auto business, and by 90bp YoY (+160bp QoQ) to 18.9% for Tractor business (impacted by absorption of RM cost pressure).
- PAT adjusted for GST impact declined 4% YoY to ~INR8.6b (est. of ~INR9.8b) due to lower other income and a higher tax rate.
- Management expects tractor industry to conservatively grow at 10-12% in FY18.
- FY18 tax rate to be higher by 3-3.5pp.
Piping hot news
Centre, states to come out with post-GST product rates
- ​Amid pressure from some states, the GST Council will soon start publishing rates of various products to prod companies to pass on gains, including those from input tax credit.
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