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The management expects revenue growth of 15% and modestly higher EBITDA margins in FY20 aided by increasing share of value-added products. At CMP, TTL is trading at P/E of 12.4x and 9.4x FY19E and FY20E earnings respectively, which is attractive as it is at a discount to midcap index valuation. In recent months, the TTL stock has been derated in line with 1) general sell-off in the midcaps and smallcaps universe 2) Weak Q2FY19 results and 3) concerns on promoter stake sales. At the current price, valuations are attractive. Hence, we continue to maintain our positive...
the green. Sgx Nifty is trading higher by 0.41%. The U.S. markets ended mixed in a volatile session amid decline in energy stocks and gains in technology Stocks. The Dow Jones lost 76 points or...
We believe that Indian IT's growth compass is intact and the insights from the forum validates key trends in (1) Rapid pivot to digital and hybrid cloud adoption, (2) Buoyant demand environment, (3) Captive/automation challenges and (4) Capability and sales augmentation to align with changing business and addressable market. We hosted IT and New Age Business Investor Forum in Mumbai with 14 corporates/experts participating in the event. The participating corporates/experts were across the IT spectrum of (1) Large cap IT services (Infosys), (2) IT midcaps & smallcaps (L&T; Infotech, L&T; Tech, Hexaware, Zensar, Majesco), (3) Global Tech product & services majors (IBM, Capgemini), (4) Software products (Infor, UiPath), (5) Enterprise Tech Buyers (Large US/European Banks) and (6) Industry association (NASSCOM).
28 December 2018 CESCs power distribution includes Kolkata, Noida (49% stake) and three franchisee (DFs) circles in Rajasthan. The generation portfolio includes installed capacity of ~2.5GW, of which only 300MW is without any long-term PPA. The regulated distribution business of Kolkata and Noida generates a healthy RoE of ~20%. Noida, which is a new circle, has grown at CAGR of ~21% over FY13-18 and we expect ~11% CAGR over FY18-21. The DFs are in the initial years of operation. We expect a meaningful contribution from DFs only after a couple of years. Generation capacity under long-term PPA generates healthy double-digit RoE on the back of efficient operations and favorable norms. CESC, in its new form, reported PAT of ~INR8.3b in FY18, up ~55% YoY, driven by the full benefit of Noida PPA at Dhariwal power plant. PAT is partly dragged by initial losses in the DFs (~INR1.
Gandhi Special Tubes (GST) reported a healthy performance in Q2FY19 with net sales for the quarter coming in at | 33.6 crore, up 12.9% YoY. Corresponding EBITDA in Q2FY19 was at | 12.9 crore with subsequent EBITDA margins at 38.3%, flat YoY PAT in Q2FY19 was at | 10.0 crore, up 15.1% YoY Topline growth of 12.9% can be considered a temporary blip vs. ~30% in last three quarters (Q3FY18, Q4FY18 & Q1FY19). The management attributed it to fewer working days in the quarter with...
Strong free cashflow and limited capex in the near term could result in high dividend payout in FY2019 and FY2020: We expect PLNG to generate free cashflow of ~Rs. 1,848 crore in FY2019E and ~Rs. 2,692 crore in FY2020E. However, capex would be limited for Dahej terminal expansion, as the start of the investment in the overseas foray (Bangladesh and Sri Lanka)...
Wall Street overnight while investors focus on trade development between US & China after comments that U.S. President is considering to ban American companies from using telecom...
