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18.8% over last year. The income figures are not comparable as the income last year was post a December 2018 grew by 25.8%, to Rs.1532 crores. During the quarter there was an additional provision of Rs. 70 crores made for investments as part of Treasury operations in inter corporate...

12 February 2019 COAL has managed to keep cost under control despite inflationary pressure Revenues increased 16% YoY to ~INR250b, as against our est. of INR239b, led by (a) FSA realization increase of ~13% to INR1,334/t, as against our est. of INR1,310/t, (b) e-auction realization increase of 43% (10% QoQ) to INR2,847/t, as against our est. of INR2,500/t, and (c) volume increase of ~2% to 154.1mt (volume mix was weak). Cash cost (ex-OBR) was flat YoY at INR1,001/t. Adj. EBITDA (ex-OBR) increased 44% YoY to ~INR79b, driven by higher realization and flattish cost. There is a change in accounting of provisions from gross to net basis. The provisions have decreased with corresponding decrease in revenue and other income. 1QFY19 and 2QFY19 financials have also been restated, which boosted EBITDA, but with no impact on PAT. PAT increased 52% YoY to INR45.6b, beating our est. of INR35.7b, driven by better-than-expected FSA realization and lower cost.

12 February 2019 3QFY19 EBITDA of INR17.2b (-1% QoQ) came in 5% higher than our estimate of INR16.7b owing to the better-than-expected copper business performance. Finance cost was flat QoQ at INR4.8b, while other income increased 13% QoQ to INR2.1b. PAT declined 2% QoQ to INR7.1b (consol. PAT up by 45% YoY to INR46b YTD). lower LME prices, partly offset by lower cost of production and positive hedging impact (+INR900m). Aluminum production and sales were largely stable QoQ at 324kt and 323kt, respectively. Aluminum CoP reduced by USD59 QoQ with input costs reaching peak levels. CoP in 4Q is expected to be flat or slightly lower, given the fall in CPC and caustic prices, and flattish oil and coal costs. Copper production increased 46% QoQ to 105kt post maintenance shutdown. Sales rose 25% QoQ to 99kt.

revenue grew 11% YoY to INR32.7b, with margin expansion of 230bp YoY to 16.7% (EBITDA up 28.1% YoY to INR5,454m). 6% YoY to INR8,027m, primarily led by higher ARRs. Consequently, EBITDA increased 13% YoY to INR2,607m. Subsidiary (domestic and international) revenue/EBITDA grew 19%/50% YoY to INR5,208m/INR749m, mainly driven by international subsidiaries (US and UK) due to higher occupancy, ARRs and currency tailwinds. RevPAR of international subsidiaries increased 9.4% YoY to USD208 (occupancy up 490bp to 72.8%; ARR up 2% YoY to USD286). IHIN has guided for rate hikes for corporate customers in 4QFY19. Thus, the underlying thesis of favorable demand-supply led growth in the Indian hospitality industry remains intact. We maintain our FY19/20/21 earnings estimates CAGR (FY18-21) of 10% to INR53.9b in revenue and of 24% to INR12.

12 February 2019 Revenue increased 23% YoY (-6% QoQ) to INR35.1b, marginally ahead of our estimate of INR34.5b. Crude oil sales/production ratio stood at 97%, while realization was at USD66.7/bbl (in line with our estimate of USD66.8/bbl; +12% YoY, -9% QoQ). EBITDA grew 24% YoY (+3% QoQ) to INR15.2b (16% ahead of our estimate of INR13.1b), as other expenditure came in lower at USD6.4/boe +43% QoQ) came in above our estimate of INR8.5b due to higher other income Production of crude oil stood at 0.84mmt (-3% YoY, -2% QoQ) and of gas at 0.7bcm (-3% YoY, flat QoQ). Total production declined 3% YoY (-1% QoQ) to 1.53mmtoe.

PAT grew 9% YoY to INR2,834m. CSM business delivered robust growth of 40% YoY, backed by higher demand due to an improvement in global sentiment. Domestic business performance was notable in that it grew by 10% YoY, despite facing headwinds in the form of erratic rainfall in key states and poor price realization for key crops, which impacted demand and led to higher inventory levels. We expect it to meet its FY19 guidance of ~20% revenue growth on the back of the improved global scenario and strong support from its newly launched products. Factoring in the strong beat on our 3QFY19 estimates, we raise our FY19 earnings estimate by 8% while keeping FY20/21 estimates unchanged. We expect revenue/PAT CAGR of 19%/17% over FY18-21. We value the stock at 24x FY21E EPS (in-line with its five-year average trading multiple), which is justified as the company has shown strong signs of returning to its robust growth cycle post three muted years.

12 February 2019 Sun Pharmas (SUNP) revenue grew ~16% YoY to INR76.6b (our estimate: INR77.3b) in 3QFY19, led by higher Taro and API sales. Gross margin (GM) expanded ~350bp YoY (-260bp QoQ) to 71.7%, led by better revenue growth and an improved product mix. EBITDA margin, too, expanded by 210bp YoY to 23.1% owing to GM expansion and lower employee cost (-206bp YoY as % of sales), partly offset by higher other expenses (+190bp YoY). Revenue growth, coupled with a better operating margin, led to adj. PAT of INR9.4b (our estimate: INR10.2b). PAT increased 12%/26%/26% YoY to INR216b/INR47.3b/INR29b.

For Q3FY19, LT Foods Ltd (LTFLs) revenue grew 21% YoY largely driven by pick up in branded consumer business and better realization both in India (+2%) and international (+8%) market. In Q3FY19, branded business (both domestic and international combined) saw a growth of 2% YoY driven by better realization in international branded segment (up 8% YoY). Organic segment de-grew by 12% YoY in value terms largely on account of consolidation. For Q3FY19, growth was triggered by India unbranded segment and other value added products which together grew by 63% YoY. Other Income Adj. PAT Adj. PAT Margin % Market share in India Basmati rice industry for the company stands at 29% while in USA it is 45% (Royal Brand). Branded business as % of overall sales up 100bps YoY for 9MFY19 to 69% from 68%. In Q3FY19, other income was down significantly on account of lower forex gains of INR50mn vs INR220mn gains for the corresponding quarter last year.