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Organic revenues are expected to be impacted by a ramp down by customers in UK private retail & financial services and pricing pressure in US retail partly offset by higher growth from UK government business. However, vendor consolidation opportunity in US retail and integrated offering of Evosys & Mastek is expected to boost the topline. There is a significant shift of enterprise towards cloud migration and Evosys expertise in Oracle cloud migration is gaining traction. This coupled with Mastek's capability to cross-sell data analytics, application support and digital...
Bharti Airtel delivered in-line revenue and margin performance despite strict nationwide lockdown mandates, while net loss widened owing to incremental provision for the AGR dues. Further, the company positively surprised by reporting improvement in ARPU despite slower 4G subscriber additions, nil revenue from international segment, SIM consolidation at the bottom of the pyramid and increase in worker migration. Consolidated revenues increased by 0.9% q-o-q (up 15.4% y-o-y) to Rs. 23,939 crore, in-line with our estimates. India wireless/Africa businesses revenue declined 0.6% each on q-o-q basis, but they grew 18.5%/16.4%...
HDFC Limited's results were mixed with better-than-expected operational results (benefitted by stake sale proceeds) and sequentially improved asset quality performance but the pace of loan growth slowed (understandably due to the lockdown) and moratorium book stood at 22.4% for overall loans; (from 26% earlier), the decline was lesser compared to other peers. Net interest income (NII, Calculated) came at Rs. 3,518.8 crore, up 5% y-o-y and came better than expectations, even though assets under management (AUM) growth slowed. PAT came at Rs. 3,052 crore (up 36.7% q-o-q but was down 4.7% y-o-y, as...
Max Life's overall APE de-grew 4% YoY supported by decent growth in single & regular premiums. Protection segment remains the key focus with shift of Product mix to NPar savings and Protection as Par share is reduced. Margins disappointed and fell to 17% for 1Q21 despite of favorable product mix on account of lower interest rates and higher cost overruns. Approvals with respect to Axis/Max/MSI deal should not get into hurdle post queries from IRDAI/RBI but should take time. We retain HOLD with revised TP of Rs545...
We raise our PT on RIL to factor higher valuation in Jio and retail business on rollover to FY23E vs earlier Sept 22 to factor in higher multiple. We value the hydrocarbon business in Sept 22 valuation at EV/E of 8.5x vs 8x earlier....
Did not avail any moratorium concession due to stable liquidity position. CEAT's consolidated performance was better led by higher than expected volumes in the replacement side while pricing remained stable. We expect operating performance to be healthy in near to med term led by better mix...
July sales up 5-6%, no trade inventory build-up, MT/CSD under pressure. We are increasing FY21/22/23 EPS estimates of Dabur India by 8%/5.7%/4.3% following sales PAT beat in 1Q mainly led by Rs1.4bn incremental sales from new launches in Sanitizers and Healthcare products. Dabur is currently riding on rising consumer demand for immunity boosters and hygiene products...
Domestic laminate revenues degrew by 65.7% y/y while international laminate revenues marginally declined by 12.9% y/y. Further on y/y comparison, domestic veneer/wood flooring/doors witnessed sharp decline in sales of 75.4%/70.9%/27.4% respectively. Accordingly, totalnetsalescameinatRs1,604mn(44.6%y/y). AlthoughGRLMmanagedtoreduceoperatingcostsby37% y/y,theverynatureoflaminateindustryremainsfixedcost...
Volume degrowth of SGC at 32% y/y was inline with industrydemanddegrowth.Consolidatedvolumesforthe quarterwas0.56MT.AccordinglynetsalesofRs2,641mn witnessed a decline of 23.3% y/y. Green shoots were particularly visible in rural segment demand and Government orders in Andhra during Q1 both are expectedtosustaingoingaheadaswell. EBITDA/te for Q1FY21 stood at Rs 1,568 (+64%...
performance on all fronts during 2QFY20. The reported profit jumped by 21% YoY to Rs2,550mn levels and could be considered as a one-off. The management claims demand recovery, but looks on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better unsustainable as discretionary spends majorly depend on how Covid situation evolves, which...
