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Our higher multiple (Bharti India mobile valued at 12x EV/EBITDA) captures the digital revenue opportunity, expected gains from any potential tariff hikes, growing market share and possible rationalization of tax levies for the sector, which are not built into our Reliance Retails revenue declined 17% YoY to INR316b. to improve supply chain to handle home delivery and has already converted some Reliance market stores, partly Reliance Retail is leveraging the AJio platform to drive remained shut and 29% were operating partially. Also, China is likely to export more with an increase in its refinery throughput, deepening the supply glut and enhancing the pressure on product Counter measures by RIL includes focus on its deep petrochemical integration and to expand its fuel marketing business (currently, MS/HSD demand recovery in India is ~90% of Jan levels).
PML remains a quasi play on India's consumption story, notwithstanding a steep impact on retail & hospitality portfolio in FY21, given the quality of assets, healthy balance sheet & strategic expansion plans. With only five to six major retail mall developers currently in India, and given PML's USP of operating large format properties efficiently, it is likely to emerge as a superior player in the medium to long term. Recommencement of key malls of Mumbai and Pune are likely to provide some relief in cash flows. We...
Domestic formulations - Focus on new launches, few therapies Domestic formulations comprise 30% of FY20 revenues. The main distinguishing factor is the uncanny knack of launching maximum number of first time launches with focus on new drug delivery system (NDDS). Out of 270+ actively marketed brands, ~60% were first time launches. However, a slowdown in dermatology segment due to increased competition in existing products and slow offtake in new launches are some near term challenges. We expect domestic formulations to grow at ~11% CAGR in...
India growth steady; acquisitions to enhance coverage Domestic branded formulations including CRAMs comprise 50% of sales. Acquisition of Elder Pharma's branded portfolio has added new therapies like neutraceuticals, gynaecology and helped fill up portfolio gaps. The Unichem acquisition has added branded portfolio comprising some power brands besides achievement of long term synergy benefits. Despite a YoY decline in IPM in Q1FY21 (-6% as per AIOCD), Torrent's portfolio has shown resilience (up 1% as per AIOCD) due to higher chronic contribution. We...
Sagar Cements reported a robust performance with EBITDA, PAT growth of 10%, 22%, respectively, in a challenging Q1FY21. The results were ahead of our estimates mainly on account of a sharp increase in cement prices in AP,...
Q1FY20 was an interim break in the company's India wireless revenues growth as the bottom of pyramid customers resorted to Sim consolidation amid lockdown, leading to exit of 3.8 million (mn) revenue paying customers. Key highlight for the quarter was ARPU growth of ~1.8% at | 157, in a challenging quarter coupled with continued expansion in India wireless margins. Another highlight was India PBT turning positive coupled with ~US$ 400 mn of consol. FCF generation during Q1. The company, notwithstanding the recent tariff hike, roots for near term ARPU of | 200 and...
The sanitisers & disinfectants space generated | 90 crore of sales in Q1 with several new products being launched. We believe the opportunity in immunity boosting products is more structural & leadership position in Chyawanprash & Honey is advantage for DIL. It gained market share in both segments by 600 bps & 300 bps, respectively, in Q1. Though growth rates in hygiene category may taper down in few quarters, the category is here to...
