reports
Chennai Petroleum's Q4FY18 results (Outperformer) - Lower inventory ga...
Q4FY18 highlights Chennai Petroleum (CPCL) reported earnings of Rs1.8bn, +4% yoy (IDFCe Rs3bn)., Higher refining volumes of 2.8mt (IDFCe 2.7mt) was offset by lower inventory gains of US$0.7/bbl (IDFCe US$2.6/bbl) as well as higher depreciation costs of Rs1.1bn (IDFCe Rs850mn). EBITDA of Rs3.5bn (+41% yoy, IDFCe Rs6bn) was further impacted by forex loss of Rs774mn in Q4, vs gain of Rs650mn in Q4FY17 Reported GRMs of US$5.7/bbl declined US$1.3/bbl yoy (IDFCe US$7.3/bbl) driven by lower invent...
- Rohit Dokania
Event update: Kajaria Ceramics (Outperformer) - FY19E to be a year of ...
We attended the annual analyst meet of Kajaria Ceramics Ltd. (KJC) for a discussion on the year gone by and the future outlook for FY19E. Following are the key takeaways of our interaction: FY19E to be better vis-à-vis FY18: KJC expects tiles volume growth of 12-15% in FY19E, aided by improving demand at the retail level and withdrawal of the unorganized industry. Brand spends (~3.5% of revenue), rising fuel prices (est. 120-150 bps margin hit), JV profits of ~Rs200m+ (vs ~Rs330m loss yoy) and ...
- Rohit Dokania
Kajaria Ceramics' Q4FY18 results (Outperformer) - Below expectations; ...
Q4FY18 results highlights Tiles sales volume grew by 4.8% yoy, to 20.2MSM (IDFCe: +6.6% yoy) on a relatively high base (+10.8% in Q4FY17). Blended tile realization declined 1.8% yoy (IDFCe: +0.7%) largely due to weak GVT realizations. Sanitaryware/Faucet revenue grew 23.8% yoy. Cons. rev. grew by 4.1% yoy to Rs7.5bn (4% miss). Growth was led by outsourced revenue (+19.6% yoy) and in-house manufacturing (+10.1% yoy) even as JV revenue declined by 17.1% yoy. JV revenue has been declining for t...
- Rohit Dokania
Event update: Kajaria Ceramics (Outperformer) - WestBridge infuses fun...
Event In a filing to the exchanges, Kajaria Ceramics Ltd. (KJC) has announced that WestBridge Crossover Fund LLC (through Aravali Investment Holdings, Mauritius) will invest ~Rs645m in Kajaria Bathware Private Ltd. (KBPL), KJC’s 100% subsidiary. The investment would be through compulsorily convertible preference shares. Post conversion, WestBridge would hold 15% stake in KBPL on a post-diluted basis. As per this deal, 100% of KBPL is being valued at Rs4.3bn or Rs27/share (5% of CMP). Our View ...
- Rohit Dokania
Kajaria Ceramics' Q3FY18 results (Outperformer) - Weak quarter; GST re...
Q3FY18 results highlights Tiles sales (volume) grew by a healthy 10.1% yoy, to 17.6MSM (IDFCe: 6.6% yoy) on a low base (quarter affected by demonetization as it had 0.5% yoy vol. growth). The current quarter did see a slowdown prior to the GST rate reduction in mid Nov and in that light KJC’s volume growth is commendable; Somany’s volume grew by 6% yoy. Blended tile realization declined by 1.3% yoy (IDFCe: +0.5% yoy) largely due to weak JV realizations (-10.3% yoy) and inferior mix; sanitary...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.