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We maintain NEUTRAL. BPCLs 3QFY19 EBITDA came in at Rs 7.37bn, down 76.9% YoY and 69.5% QoQ, primarily due to Rs. 33.33bn of inventory losses, partially offset by Rs. 6.59bn of forex gains. Adjusting for inventory losses and forex gains, core EBITDA was Rs 34.11bn up 140% YoY and 78.2% QoQ. Operationally, it was a strong quarter with core GRM (excluding inventory losses of USD 3.27/bbl) at USD 6/bbl vs USD 5.73/bbl in 3QFY18.
PSP Projects Ltd (PSP), an efficient and organised constructor in the medium ticket size institutional and industrial construction segment, reported strong set of numbers in Q3FY19.
M&M; stock at 8.1xFY20 earnings: M&M;'s Q3FY19 results were better than our estimates primarily supported by higher other income and lower tax rate. Going forward, the company expects tractor industry to grow by 10% in FY19.
as well as Advertising revenues grew strongly at 24% and 13% yoy respectively. Management highlighted that despite dip in market share in Q3, there has been a good revival in January. Cable TV revenues grew 24.3% on new tariff regime implementation, while DTH revenues grew by 24.1% pulling up the overall domestic Subscription revenues by 24.2% yoy. Also the continued process of...
Revival in loan growth (CAGR of 16%) in next two years led by renewed focus in retail and SME segments, which is expected to grow at a CAGR of 29% and 17% respectively over FY18-20E. Strategy and roadmap in place to improve CASA over a long term, which eventually helps to reduce the cost of funds....
Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns, lights & others, having a leadership position in switch business with a market share of 67%. MIL displayed a stupendous sales growth of 39%YoY for Q3FY19. This...
Net interest income (NII) grew at a robust pace of 54% YoY mainly on the back of 101 bps YoY improvement in net interest margin (NIM) to 5.1%. An increase in the proportion of high-yield business (rural business) and cost increases passed on to customers in wholesale and housing businesses helped to improve NIM. LTFH continued to improve its operating efficiency as cost to income (C/I) ratio declined by 234 bps YoY to 27.8%. Provisions declined by 9% YoY. Notably, LTFH has set aside Rs85cr as macroprudential provisions in Q3FY19, taking overall macroprudential provisions to Rs269cr for unforeseen risks in future. Net profit increased by 78% YoY. We expect net profit to grow at a CAGR of 37% over FY17-21E supported by robust growth in...
Bharat Electronics Ltd (BEL) is a Navaratna enterprise having 37% market share in Indian Defence Electronics. BEL's core capabilities are in radar & weapons systems, defence communication & electronic warfare....
