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Despite PV industry growth of Adj. PAT Interest cost reduced in 3QFY19 due to repayment of long term debt (9MFY19 Other income was negative due to loss incurred on fair value accounting of derivatives after netting off realized currency gain on hedging. Tax rate remained high Management expects PV industry to grow at ~6-7% in FY20. However, it expects Subros to grow faster than industry at 10-11% given its rising market share, presence in better selling models and shift to petrol variant. Further it is already tied up with new business for next one year. It aims to achieve EBITDA margins of 12-13% over next two years by reducing its import content of raw material (from current 30% to 25% by FY21) and improving revenue mix. Subros is pursuing a new thermal product for electric cars and is negotiating with various customers.
LR's wholesale volumes declined 16% YoY (-8% MoM) to 41.7k units (est. of 45k units), including the China JV volumes at 2.7k units (-61% YoY) in Jan???19. Jaguar volumes declined 20% YoY to 12.9k units (est. of 14k units),while Land Rover volumes declined 14.2% YoY to 28.8k units (est. of 31k units).
Global growth concerns persisted with disappointing PMI data, muted business spending in US, uncertainty over Brexit and US-China trade deal. Both BoE and European Commission raised concerns over growth. As a result, global yields closed lower. On the domestic front, RBI surprised positively with a rate cut (4-2 vote) and unanimous decision to change its stance to neutral from...
ICICI Securities Ltd | Retail Equity Research SKF India (SKF) reported weak Q3FY19 results, which were below our estimates. Revenues grew 9.6% YoY to | 767.7 crore. We expected revenue of | 774 crore for the quarter EBITDA margins came in at 15.8% vs. 17.6% YoY. Lower margins were on account of lower gross margins (down 190 bps YoY) and higher proportion of (low margin) traded goods during the quarter. Traded goods as a percentage of topline increased to 37.8% vs....
ICICI Securities Ltd | Retail Equity Research Rupa reported a subdued set of Q3FY19 numbers wherein numbers were below our estimates across all our parameters Revenues for the quarter grew marginally by 2.1% YoY to | 283.0 crore (I-direct estimate: | 302.3 crore). Oban Fashion's [which licensees Fruit of the Loom (FOL) and FCUK brands] reported revenues worth ~| 14 crore in Q3FY19 Gross margins improved 108 bps YoY to 33.3%. However, owing to...
ICICI Securities Ltd | Retail Equity Research Gujarat Gas reported a good set of numbers on the profitability front in Q3FY19. Revenues increased 34.8% YoY to | 2117.4 crore. Total reported volumes increased 4.1% YoY and came in at 6.6 mmscmd vs. our estimate of 6.9 mmscmd. Volumes were below our estimates on account of lower sales volumes QoQ on the industrial PNG front Realisation were higher than our estimates at | 35.1/scm (our estimate: | 34.4/scm). Also, a lower-than-expected increase in gas...
Balkrishna Industries (BIL) posted muted Q3FY19 results Revenues came in at | 1,206 crore (up 9.0% YoY, down 9.0% QoQ). The company disappointed on the volume front (46,780 tonne; down 5.6% YoY). However, it said ASPs were up 9.0% YoY EBITDA inched up 3.8% YoY to | 301 crore, with margins at 25.0% (down 125 bps YoY & 14 bps QoQ). This was mainly due to higher...
ICICI Securities Ltd | Retail Equity Research JK Lakshmi Cement reported a mixed set of Q3FY19 numbers. Net sales increased 11.7% YoY to | 935 crore (vs. I-direct estimate of | 895 crore), driven by 9% volume growth to ~ 2.3 MT (vs. I-direct estimate of 2.2 MT). Realisations were at | 4056/t (marginally lower than I-direct estimate of | 4083/t) On the margin front, EBITDA margins fell 78 bps YoY to 10.5% (below I-direct estimate of 13.1%) due to higher freight and power &...
For Q3FY19, consolidated order inflows came in flat at | 1480 crore (vs. | 1413 crore in Q3FY18) owing to muted capex in several sectors. Order inflows comprise energy segment (| 1153 crore), environment segment (| 212 crore) and chemicals segment (| 114 crore). The order book was at | 6475 crore, up 16.5% YoY. We estimate order inflows of | 5764 crore and | 6548 crore for FY19E and FY20E, respectively. We expect the order backlog at | 6331 crore at the end of FY20E. Going ahead, Thermax expects enquiries and order intakes in cement...
