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Maintain BUY with TP of Rs 970, 20x FY20E. Mindtree posted robust revenue growth and in-line profitability. Revenue came at USD 226mn, 5.5% QoQ led by digital (45% of rev) growth at 8.3% QoQ. EBITDA% stood at 16.1%, +103bps QoQ supported by operational efficiencies (+30bps impact). APAT stood at Rs1.70bn, adjusted for write-back of earn-out from prior acquisitions (Rs0.13bn).
Shriram Transport Finance Company (SHTF) is the undisputed leader in the domestic used CV segment with 25-26% market share and outstanding AUM of INR900bn as on...
CRISIL Ltd Q1CY18 results Comment Revenue decreased by 4.75% to Rs. 419.95 Cr in Q1CY18 when compared to the previous quarter. On the other hand, it rose by 4.63% when compared with Q1CY17. The Sales had been increasing from Q2CY17 to Q4CY17.
a.Individual weighted received premium (WRP) grew 11% YoY, while overall premium rose 24% YoY. b.For 11M FY18, the market share in individual WRP improved to 13.2%. Group segment (largely protection business) market share stood at 29.5%. c.Premium mix moved in favor of ULIPs, but the company mentioned that it would look to increase the share of high-margin products over the medium term. d.Operating expenses stood at 12.3% for the quarter and at 13.5% (v/s 12.6% in FY17) for FY18.
In FY18, MTCL's revenue grew by 8.6% YoY to USD847m, EBITDA by 3.1% YoY to INR7.4b and PAT by 29% YoY to INR5,701m. Excluding the one-offs from the reversal of acquisition liabilities, PAT grew 19.6% YoY to INR5,007m. However, the exit to the year was far healthier on the operational front, with USD revenue up 15.6% YoY to USD226m, EBITDA up 26% YoY and PAT up 87% YoY to INR1,822m. QoQ revenue grew 5.5% v/s our estimate of 4.3%. EBITDA margin expanded 100bp QoQ to 16.1%, largely in line with our estimate of 15.9%.
We now forecast FY19/20 advertisement income growth of 26%/32.4% vs. 27.8%/32.6% earlier. We fine-tune our forecast for FY19/20E and now forecast EBITDA CAGR of 14% and EPS CAGR of 23%. We continue to believe that the merger with Qube Cinema would be a game...
PHNX - a pioneer in developing and operating malls - has become a partner of choice for retailers in India due to its impressive track record of consumption-led growth and strong portfolio of eight malls (6msf) spread across the top cities in India. This apart, the company specializes in mall management, an area where its competitors lag. Thus, we believe that it offers a unique opportunity for any retailer (both domestic and global) looking to expand rapidly in India. All this makes PHNX a 'specialist' play on India's promising consumption growth story, in our view. CPPIB has recently infused equity capital of INR16.6b (in tranches) in its subsidiary, Island Star Developers, and with leverage of 1:1, it will create a war chest of INR32b, gearing up the company for the next leg of growth. PHNX plans to acquire and build up to four new malls.
Infosys Ltd.'s January-March quarter earnings matched estimates, but market is disappointed by the company's margin guidance. India's second largest IT firm Infosys reported a 28 per cent drop in sequential net profit at Rs 3,690 crore for the March quarter. It had reported a net profit of Rs 5,129...
Our revised TP is Rs 231 (3x FY20E ABV of Rs 77). Our recent interaction with the City Union Bank (CUBK) reaffirms our consistently bullish view. CUBK has repeatedly quashed apprehensions around growth (23% loan CAGR over FY06-17) and delivered stable asset quality across cycles. Its relatively weaker liability franchise is more than compensated by a flourishing asset profile. We believe CUBKs balance of deep customer relationships, employee motivation and rock steady astute top management will propel the bank to greater heights.
Maintain BUY with a TP of Rs 216 (2.2x Mar-20 ABV of Rs 98.3). DCBBs 4Q numbers were brimming with positives as growth sustained (+29% YoY) and NIMs held up (4.16%, +4bps QoQ). Tight control on costs was evident as opex grew merely ~2% QoQ and core C-I dropped 330bps QoQ. Robust fee growth (+39%), timely reduction of the mortgage portfolio (down 200bps QoQ) and sharp rise in PCR (75.7%; +240bps QoQ) were a key positives. Asset quality was contained with lower slippages, better recoveries and healthy PCR.
Deposits for the bank grew at 24% YoY and 13% sequentially. The CASA portion for the bank stood at Rs 5,840 cr rising by 25% YoY & 7% sequentially. CASA ratio stood at 24.33% vs. 24.31% YoY. Retail term deposits stood at 50.18%. Cost of funds...
Assets quality witnessing improvement: During FY11-FY13, MGMA shifted its focus from CV/CE financing to other segments such as tractor/SME in order to enhance the yield on book and leverage opportunities in rural areas. While MGMA gained market share in tractors and UV/cars led by aggressive growth, rural stress in 2014 and 2015 offset the benefit of yield and GNPA ratio, which was at 0% in FY12 increased to 1.6%/3.6% in FY13/14 and worsened to 8.1% in FY16. Demonetization, a govt's move to check black money in economy, further added to woes and the company GNPA increased to ~10% by Q3FY17....
GRUH Finance (GRHF) reported strong 4QFY18 results, with continued high-teens loan growth, an improvement in margins and lower-than-expected operating expenses. However, higher tax expenses drove in-line PAT. Disbursements were up 20% YoY to INR15.1b for the quarter and up 28% YoY for the full year. Disbursement growth in the quarter was driven by home loans (+24% YoY) and developer loans (+33% YoY). Loan growth came in at 18% YoY/5% QoQ. The loan book stands at INR156b.Growth in the LAP book continues to decline (+13% YoY), while the NRP loan book continues to de-grow (-9% YoY).
DCB Bank (DBL) reported 4QFY18 results with the key strategic pointers being: (1) Fee income growth is being driven by cross-selling across products; (2) Asset quality has remained under control while provision cover remains best in class; (3) Cost to income ratio has improved to 59.4% reinforcing the thesis highlighted in our earlier report (click here). Per se, on the results front, DBL posted NII growth of 20% YoY to Rs2,637mn, PPOP growth of 23% YoY to Rs1,146 and PAT growth of 21% YoY to Rs642mn. We have marginally modified our estimates for FY19/FY20 and retained Buy rating on DBL, increasing our target price on it to Rs223 (from Rs196 earlier) and...
DCB Bank continued to deliver healthy performance on all major metrics in 4QFY18 as well led by (a) strong growth in loan book (+28.6% YoY & 9.4% QoQ); (b) all-time high NIMs of 4.16% in FY18 vs. 4.04% in FY17; (c) strong growth in other income (+33.4% YoY & 13.2% QoQ); (d) continued sequential improvement in C/I ratio to 59.4% vs. 62.3% in 3QFY18; and (e) lower fresh slippages of Rs805mn vs. Rs1,031mn in 3QFY18. Led by 70% YoY and 16% QoQ improvement in upgrades and recovery from gross NPA to Rs667mn, its headline gross and net NPA ratio came in at 1.79% and 0.72%, respectively compared to 1.89% and 0.87% in 3QFY18. The Bank's overall stressed loan portfolio, which improved sequentially, remains within the Management's comfort zone....
JMC Projects (JMC) is a formidable player in South India with three decades' experience in civil construction business underscored by well acknowledged expertise in building construction.
