Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q3FY20 result highlights Coal trading volume grew by 24% yoy to 20.4mt while MDO volume came in at 4.8mt, a growth of 28% yoy. Besides, solar volume also grew by 102% to 283MW. As a result, revenue grew by 5% yoy to Rs109bn in Q3FY20 (offset by decline in International coal prices). EBITDA for the quarter grew by 71% yoy to Rs7.6bn (vs est of Rs7.3bn). Increase in volumes was primarily on account of strong volume growth in trading (ICM), MDO and solar business. Adani Wilmar JV reported EBIT...
Q2FY20 result highlights Adani Enterprises (ADE) reported revenue of Rs85bn in Q2FY20, a decline of 7.5% yoy led by decline in sales in ICM (-22% yoy to Rs55bn due to decline in International coal prices) and Mining & Services business (-25% yoy to Rs3.4bn led by decline in MDO volumes due to monsoons). Solar Module business grew by 59% yoy to Rs5.9bn EBITDA for the quarter declined by 14.5% yoy to Rs3.8bn (vs est of Rs7.6bn) with the EBITDA margin at 80.7% (vs 82% in Q2FY19). Decline was pr...
Q1FY20 result highlights Adani Enterprises’ (ADE) reported revenues of Rs106bn (est of Rs86bn) in Q1FY20, +39% yoy led by sharp jump in coal trading volumes (+61% yoy) to 18.5mt and MDO volumes (+11% yoy) to 2.4mt. Solar Module sold was 236MW (3x Q1FY19 volumes). Coal trading Business EBITDA increased by 46% yoy to , 108% increase in MDO to Rs3.4bn and solar EBITDA to Rs660m (vs loss of Rs300m). Overall EBITDA came in at Rs7.7bn (ahead of our estimate of Rs5bn) Other income was Rs1.2bn, +...
Q4FY19 result highlights Adani Enterprises’ (ADE) reported revenues of Rs133bn (est of Rs99bn) in Q4FY19, +29.3% yoy led by sharp jump in coal trading volumes (+54% yoy) and MDO volumes (+88% yoy) to 3.7mt.. FY19 trading volumes was 67.5mt (+2% up yoy) and MDO volume was 12.1mt (+73% up yoy) EBITDA grew by 8% yoy to Rs7.1bn led by 152% jump in MDO EBITDA to Rs3.6bn offset by decline in Coal trading EBITDA by 49% yoy to Rs2.4bn. FY19 EBITDA was Rs19.7bn (- 25% yoy) led by decline in coal trad...
Q3FY19 result highlights Adani Enterprises' (ADE) earnings were below our estimate despite lower depreciation expenses, due to ICM (Integrated Coal Management) margins and higher interest costs expenses. PAT fell significantly by 80.6% yoy to Rs447m, below our estimate of Rs1.2bn. Revenue grew 7.2%yoy to Rs104.3bn (est: Rs96.4bn) led by strong growth in MDO volumes and higher ICM volumes. EBITDA declined 38.7%yoy to Rs4.4bn and was below our estimate of Rs5.2bn due to lower ICM margins (impa...
Q2FY19 result highlights Adani Enterprises’ (ADE) reported earnings were above our estimate due to lower than expected depreciation and tax expenses. PAT grew 191.8%yoy to Rs1.7bn and was above our estimate of Rs1.3bn. Revenue grew 7.1%yoy to Rs91.5bn (est: Rs83.6bn) led by strong growth in MDO volumes. EBITDA grew 5.5%yoy to Rs4.4bn and was below our estimate of Rs4.8bn because CGD business financials have been accounted directly in earnings as profit from discontinued operations. EBITDA ma...
Q2FY19 result highlights Adani Enterprises’ (ADE) reported earnings were above our estimate due to lower than expected depreciation and tax expenses. PAT grew 191.8%yoy to Rs1.7bn and was above our estimate of Rs1.3bn. Revenue grew 7.1%yoy to Rs91.5bn (est: Rs83.6bn) led by strong growth in MDO volumes. EBITDA grew 5.5%yoy to Rs4.4bn and was below our estimate of Rs4.8bn because CGD business financials have been accounted directly in earnings as profit from discontinued operations. EBITDA ma...
Q1FY19 result highlights Adani Enterprises’ (ADE) reported earnings were below estimate due to lower coal trading volumes, steep MTM fx loss of Rs1.7bn, one off expense of Rs900m and higher interest cost. This was partly offset by higher share of profits from associates. Recurring PAT grew 6.3%yoy to Rs1.7bn, was sharply below estimate of Rs2.9bn. Revenue declined 9.4%yoy to Rs79.5bn (est: Rs96.5bn) led by decline in coal trading volumes. EBITDA declined 24.5%yoy to Rs4.8bn, was sharply belo...
Q4FY18 result highlights Adani Enterprises’ (ADE) reported earnings were below our estimate due to write-off of a claim of Rs1.8bn which was recognized as income in FY17. ADE had recognized the claim from RRVUNL in its MDO business subsequent to a favourable arbitration award but has reversed it now following an unfavourable High Court order. ADE meanwhile has appealed against this ruling in the Supreme Court. PAT declined 14.8%yoy to Rs1.9bn vis-à-vis estimate of Rs2.6bn. Revenue declined 1...
Q3FY18 result highlights Adani Enterprises’ (ADE) reported earnings were sharply ahead of estimate led by higher coal trading margins, lower interest cost & depreciation. Recurring PAT grew 223%yoy to Rs3.5bn. Revenue grew 15.5%yoy to Rs99.4bn (in line). EBITDA grew 70.1%yoy to Rs9.5bn (est: Rs7.5bn) and EBITDA margins grew 300bps yoy to 9.5% led by higher coal trading margins at 4.8% as against 2.1% in Q2FY18 (3.8% in Q3FY17). Coal trading EBITDA stood at Rs223.2/MT ($3.4/MT) up from Rs81.7...
Adani Enterprises (AEL) has approved the de-merger of its Renewable Energy business and its transfer to Adani Green Energy (AGEL). Details AEL’s renewable energy business unit comprises (i) trading and supply of solar and wind energy equipment and (ii) 100% stake in Prayatna Developers Private Limited (PDPL), which is developing 220MW of solar power projects. AEL also owns a 47.2% stake in AGEL, which is a dedicated renewable power development arm of the group (balance 52.8% owned by the promo...
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