reports
- Shirish Rane
GMR Infrastructure's Q3FY20 results (Outperformer) - Air traffic growt...
Q3FY20 result highlights Airport traffic recovered in Q3FY20 with Delhi Airport witnessing a 7% yoy growth in passenger (vs 5% decline in H1FY20) and Hyderabad Airport reporting a 9% growth in passenger traffic (vs 4.9% in H1FY20). Note that traffic was subdued in H1 because of Jet Airways shutdown of operations. GMR Infrastructure (GMR) revenues grew by 11% yoy to Rs16.7bn aided by strong non aero revenues growth of 12% and 138% yoy growth in rental revenues. EBITDA for airport business w...
- Bhoomika Nair
Ambuja Cement's Q4CY19 results (Outperformer) - In line; cost efficien...
Q4CY19 result highlights Adj PAT +54% yoy to Rs4.55bn: was above estimates on lower tax (shifted to new tax regime) while operational performance was in-line. Volume increased 6.7% yoy: to 6.54mn tons led by pickup in demand in North and East, growing ahead of industry (mkt share gains). Realisations +2.7% yoy: to Rs4795/t due to sharp price hikes across regions in 1HCY19. This was further augmented by 14% yoy growth in premium products. Hence, revenue was up 9.5% yoy to Rs31.4bn. However, ...
- Nitin Agarwal
Event update: Aurobindo Pharma (Outperformer) - Unit IV receives EIR; ...
Event Unit IV has received an Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status by USFDA Key highlights With the receipt of this status, FDA will now start granting new ANDA approvals from this facility. Notably, in mid-November, the USFDA had conducted a surprise inspection for nearly 10 days in Unit 4, post which it had issued 14 observations. While our read of the observations suggested that most of these were primarily procedural, market has been concer...
- Shirish Rane
Event update: GMR Infrastructure (Outperformer) - Unlocking value in a...
Event GMR Infrastructure (Infra) has entered into an agreement to sell its 49% stake in GMR Airports (GAL) to France’s Groupe ADP at an enterprise value of Rs220bn. The new deal would replace GMR’s earlier deal with Tata-GIC Details GMR has signed a share-purchase agreement with Groupe ADP to sell 49% stake in GAL. GMR Infra holds 92% stake in GAL, with 5.86% of the shares held by PE investors Groupe ADP operates two main airports in France - Paris-Charles de Gaulle and Paris-Orly. The dea...
- Shirish Rane
India Strategy: Nifty50 Q3FY20 Review - Demand weakness persists, cont...
Nifty50* Q3FY20 continued to see a fairly segmented performance led by a) weak earnings reported by commodity oriented companies, b) strong show by financials and c) strong base effect support from Tata Motors (TAMO). Ex-TAMO, Nifty PAT grew 22%yoy (6% above IDFC estimates and 1% above consensus estimates). Ex-financials, commodities and TAMO, PAT (for 24 out of 50 Nifty companies) increased by 8%yoy, about 1% above consensus estimates. Led by overall weak demand environment in consumption as we...
- Nitin Agarwal
Glenmark Pharmaceuticals' Q3FY20 results (Outperformer) - Good quarter...
Q3FY20 result highlights Consol Revs came at Rs27.4bn vs est Rs26.5bn; +7% yoy. US revs came at $113m – lower vs est of $115m; $120m Q2; Mgt attributed lower sales due to price erosion in derma and loss of Ranitidine sales India biz grew at 18% way above est of 13% - Mgt guided to maintaining growth momentum, EU sales stood at Rs3.1bn vs est of Rs3.2bn (-4% yoy); Q2 was Rs2.9bn. Lat-Am came sharply above est and API and RoW sales were marginally below est Consol EBITDA came at Rs4.4bn vs e...
- Shirish Rane
IRB Infrastructure Developers' Q3FY20 results (Outperformer) - Deal wi...
Q3FY20 result highlights IRB infrastructure reported consolidated revenue of Rs17.4bn, a decline of 2.6% yoy. The decline in revenues was primarily due to lower BOT revenues as concession agreement in Mumbai Pune Expressway Project expired in Q2FY20 (33% yoy decline in Q3FY20). EPC revenue during the quarter grew by 10% yoy to Rs13.9bn (vs our estimate of Rs14.8bn). Overall EBITDA in Q3FY20 declined by 6% yoy to Rs7.1bn led by decline in BOT EBITDA of 30% yoy to Rs3.2bn and partially offset ...
- Shirish Rane
Sadbhav Engineering's Q3FY20 results (Outperformer) - A disappointing ...
Q3FY20 result highlights Revenue declined sharply by 58% yoy to Rs4.4bn (est. of Rs10.6bn) in Q3FY20 due to cancellation of two HAM projects. Overall, revenues have declined by 27% yoy in 9mFY20. Management attributed tight liquidity situation leading to slower disbursal of loan as the main cause for slow execution during Q3FY20 (Q4 is likely to be better) EBITDA declined by 51% yoy to Rs548m in Q3FY20 (vs. Rs1.1bn in Q3FY19 and below our estimate of Rs1.3bn). EBITDA margin improved to 12.5%...
- Nitin Agarwal
Apollo Hospitals Enterprise's Q3FY20 results (Outperformer) - Another ...
Q3FY20 result highlights Consol revs grew 17% yoy to Rs29.1bn – above est of Rs28.2bn. Existing hospitals grew 9% vs est of 10% and new hospitals grew 16% yoy vs est of 11%. SAP revs grew +22% yoy to Rs12.3bn vs est of 17% Consol EBITDA (pre Ind AS 116) were above est at Rs3.6bn (+28% yoy); Q2 was Rs3.4bn. EBITDAM – 12.2% vs 11.1% last year (est – 11.9%); Standalone adj. EBITDA was Rs3.2bn above est of Rs3.1bn Mature hospital EBITDA came at Rs2.4bn inline with est; 12% growth yoy; 22.1% ma...
- Nitin Agarwal
Natco Pharma's Q3FY20 results (Outperformer) - Soft quarter
Q3FY20 result highlights Consol revs came at Rs4.8bn vs est Rs5bn; 13% decline yoy. Yoy numbers are not comparable due to significant share of gTamiflu sales in the base Exports sales came at Rs1.9bn below est of Rs2.2bn; Q2 was Rs2.25bn – mgt cited higher material supplies in Q2 and expects higher gTamiflu profit share in Q4 Domestic formulations sharply stood at Rs1.5bn vs est Rs1.35bn (7% decline) due to lower HepC and CnD sales. Oncology sales flat yoy EBITDA came at Rs1.3bn vs est Rs1...
- Rohit Dokania
S Chand & Company's 9MFY20 results (Neutral) - Lower SG&A + Lower DSO ...
9MFY20 Financial Results Highlights Q3 is insignificant for SCHAND and we believe 9M comparison is better to see costs/NWC movement. Revenue: Cons. Revenue grew ~34% yoy to ~Rs975m in 9MFY20. The growth is on a relatively weak base due to higher sales returns depressing revenue over FY19. Profitability: SCHAND 3.0 is now fully implemented. While revenue performance would be visible only in Q4FY20E, operating cost improvement has started coming in. Adjusting for Ind-AS 116, SG&A costs fell ~...
- Rohit Dokania
Sun TV Network's Q3FY20 results (Outperformer) - Lower costs led EBIT ...
Q3FY20 result highlights Std. rev. fell ~10% yoy to ~Rs8.2bn (2% miss). Ad (inc. Broadcast) rev. fell ~14% yoy to ~Rs3.5bn (4% miss) given weak macroeconomic trends. Domestic subscription revenue grew ~18% yoy to ~Rs4.1bn (2% beat), while International subscription revenue fell ~15% yoy to ~Rs410m (in-line). Total costs fell ~1% yoy mainly driven by sharp ~10% yoy fall in operating expenses. The fall was ~21% qoq due to one-off expenses booked in Q2. This led to EBITDA decline of ~13% yoy t...
- Nitin Agarwal
Dhanuka Agritech's Q3FY20 results (Outperformer) - Robust quarter
Q3FY20 result Dhanuka reported revenue, EBITDA and PAT above our estimates driven by favourable rabi season. Revenues grew by strong 25.2% yoy to Rs2.7bn (above est : Rs2.45b) led by 27% volume growth , while realisations declined by 2% Gross margins declined by 150bps to 35% (est 37.5%) as the company passed on the decline in gross margins Tight control on employee and operating expense led to 270bps improvement in EBITDA margins to 12.6% ( est : 13.5%) .EBITDA stood at Rs343m, up 59.8% ...
- Bhoomika Nair
Shree Cement's Q3FY20 results (Neutral) - Cost efficiencies aid profit...
Q3FY20 result highlights Adj. PAT at Rs3.05bn (+1.1% yoy): led by higher realisations and cost efficiencies. This was partly offset by higher tax rate (3Q20 at 25.3% vs 3Q19 at 18.6%) Volume growth at 5.3% yoy to 6.25mt: driven by demand pick up in East (pick up seen in Dec-19) as also in North. Shree has limited presence in South (5-7% of volumes). Realizations increased 4.6% yoy: to Rs4512/t (-Rs141 or -3% qoq) as the sharp price hikes in 1QFY20 were gradually rolled back in East (~30% of...
- Ashish Kejriwal
GMDC's Q3FY20 results (Outperformer) - Triggers missing; awaiting volu...
Q3FY20 result- Operationally in losses; other income saves the day GMDC reported its worst ever operating performance in over a decade with EBITDA of Rs131m (IDFCe: Rs452m). Both of its business segments, lignite and power, disappointed with power slipping into EBIT losses again. Lignite segment suffers from higher mining cost which inturn was due to lower volume and higher stripping ratio at Mata-No-Madh mines (46% of volume). Other income, at Rs394m, was up 11% yoy and constitutes 133% of PBT...
- Nitin Agarwal
Aarti Industries' Q3FY20 results (Outperformer) - Stable performance d...
Q3FY20 results Aarti Industries’s (AIL) revenues declined by 3.9% to Rs12.18bn (above est: Rs11.7bn); Notably, Aarti had demerged its Home and Personal care segment in July, hence revenue growth to that extent is not comparable. Increase in crude linked RM prices led to higher realisations as AIL adopts a cost plus model. However temporary nitric acid shortage and macro challenges continued to impact volumes. Speciality chemicals (86% of revenues) grew by 2.8%yoy, while the Pharma segment (1...
- Nitin Agarwal
PI Industries' Q3FY20 results (Outperformer) - Strong performance cont...
Q3FY20 result highlight PI reported another quarter of healthy revenue and EBITDA growth, ahead of our estimates, led by both CSM as well as domestic business Revenues grew by 20% yoy to Rs8.5bn (ahead of our est of Rs8.3bn). CSM business reported 24% yoy growth to Rs6.4bn on ramp up in demand of existing products and new product commercialisation, while domestic business revenues registered 20%yoy growth to Rs2.06bn owing to increase in Rabi acreage leading to healthy volume gains Gross ...
- Shirish Rane
Adani Transmission's Q3FY20 results (Underperformer) - Sale of 25% in ...
Q3FY20 Result highlights Adani Transmission Ltd (ATL) net sales declined by 3% yoy to 27.4bn (vs our estimate of Rs28.2bn) led by decline in sales of 1% yoy (at Rs18.9bn) from Mumbai Distribution business Adani Electricity Mumbai Ltd (AEML) reported AT&C loss of 7.89% for 9mFY20 (normative at 8.36% for FY20E). The Mumbai DISCOM sold 2.06BU in Q3FY20 (vs 2.14BU in Q3FY19) and reported EBITDA of Rs4.9bn (growth of 65% yoy) and a PAT of Rs480m (flat yoy). Revenue of transmission business grew ...
- Nitin Agarwal
IPCA Laboratories' Q3FY20 results (Outperformer) - Another solid quart...
Q3FY20 result highlights Ipca Q3 standalone revs came at Rs11.4bn; 20% growth yoy. Consol revs at Rs12.1bn vs est Rs12bn. Domestic formulations grew 15% yoy above est of 14% and better than most peers Formulations exports came above est at Rs3.5bn vs est Rs3.4bn (25% yoy); Q2 was Rs3.4bn; Generic formulations came at Rs 1.9bn (39% yoy) above est of Rs1.7bn, Institutional formulations below est at Rs478m vs Rs544m and branded formulations at Rs1.1bn (8% yoy) inline with est. API exports grew...
- Rohit Dokania
Nestle India's Q4CY19 results (Downgrade to Neutral) - Healthy earning...
Q4CY19 result highlights Nestle India’s net sales were up 8.8% yoy to Rs31.3bn (est: Rs31.5bn), EBITDA grew by 13.6% yoy to Rs6.59bn (est: Rs5.95bn) and Adj. PAT (adj. for Rs415m provisions of contingencies in the base qtr) grew by 23.4% yoy to Rs4.7bn (est: Rs4.7bn) due to lower tax rate. Consensus EBITDA est. stood at Rs6.8bn. Domestic sales grew by strong 10% yoy driven by both volume and mix. Export Sales declined by 9.7% due to lower exports of coffee to Turkey. We believe domestic volu...
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