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by 33% YoY to INR54.5b (in-line) in 3QFY19. However, the company continued facing margin pressure (gross margin down 170bp YoY to 14.7% 13 January 2018 off a high base), mainly due to its focus on price competitiveness. Consequently, EBITDA increased by a modest 7.5% YoY to INR4.5b (5% miss), with the margin contracting 200bp YoY to 8.3%. PAT, too, grew by a marginal 2.1% YoY (8% miss) to INR2.6b due to lower other income (-37% YoY) and higher depreciation/finance cost (+33%/36% YoY). DMART added nine new stores in 9MFY19, (four in 3QFY19), taking its store count to 164. The store addition trend appears similar to last year 10 new stores added in 9MFY18. We, however, note that DMART tends to accelerate store addition toward the fiscal-end (14 new stores added in 4QFY18). In 4QFY19, too, it is likely to add 13-14 new stores.
Maintain BUY with TP of Rs 800, 18x Dec-20E-EPS. Infosys (INFY) posted strong revenue performance, robust large deal bookings and increased its FY19E rev guidance. However, operating performance was soft impacted by accelerated hiring, lower utilisation (seasonality impact) and higher onsite-mix (large deal transition). Revenue came at USD 2,987mn, 2.7/10.1% QoQ/YoY in CC terms.
Maintain BUY with TP of Rs 2,430, at 24x Dec-20E EPS, supported by leading organic growth within tier-1 IT and >60% RoIC, >4% FCF yield & >3.5% dividend yield. TCS posted acceleration in revenue (in-line) supported by strong digital traction (53% YoY) and continued revival in BFSI. However, margins were lower on increased hiring and higher sub-contracting expense (both indicative of buoyant demand). Rev came at USD 5,250mn, 1.8/12.1% QoQ/YoY CC with digital at 30.1% of rev (USD 6.3bn rev annualised).
Change in rating, Top Picks: No Change in Rating. Minor TP changes to factor in Dec-20E valuation roll over. Top Picks: Oberoi realty & Prestige estates. Over last 1-Yr, Nifty Realty index has corrected 36%. Large part of this fall has been on back of tepid real estate demand, weak pricing power and higher interest rate. The fall was further accentuated by NBFC liquidity issues and its impact on overall lending to real estate sector.
Absolute GNPA surged more than doubling to | 8310 crore, led by prudent recognition of entire | 388 crore of exposure to IL&FS; group. Accordingly, GNPA ratio increased ~112 bps QoQ to 2.41% Bank has made full provision of ~| 385 crore. This has kept overall credit cost higher, which has impacted growth in profitability. Therefore, PAT came in at | 331 crore, up 10% YoY. It had reversal of MTM provision of ~| 96 crore in Q3FY19. Customer acquisition remained robust with 9.22 lakh customers...
The I-direct healthcare universe is expected to register 10.8% YoY revenue growth to | 44082 crore on the back of acquisitions and a recovery of the US base business besides currency tailwinds. However, on a case by case basis, growth numbers may be varied as the quarter is likely to see a positive rub-off for some players and at the same time structural limiting factors for others. Domestic growth can be muted for some companies on the back of a weaker acute season impact. This is also likely to impact their EBITDA margins. US revenues (select pack) are expected to grow 12.5%...
There was disappointment at the margin level as EBIT margins declined 90 bps QoQ to 25.6% (vs. our 27% estimate). The margin decline was mainly on account of net cross currency headwind and increase in employee and sub-contractor cost (negative 60 bps) Macro uncertainty clogs visibility of double digit growth beyond FY19E TCS had a weak show in the quarter with a miss at revenue growth mainly on account of 2.1% QoQ decline in traditional business. Growth was a miss due to de-growth in BFSI (0.6% QoQ) and flat growth in retail...
TCS reported an in-line revenue performance in Q3FY19 with 1.8% QoQ CC (+12.1% YoY) revenue growth. Subcontracting costs increased 60bps QoQ amid onsite supply constraints, putting pressure on EBIT margins (90bps QoQ to 25.6% vs. +20bps expected). Management's double-digit revenue growth guidance for FY19 remains intact. TCS continues to be our preferred pick amongst IT large-caps we reiterate BUY and roll over to a Dec'19...
Refer to important disclosures at the end of this report Agri Digest domestic players on a soft patch, exporters better placed Low precipitation, coupled with the decline in acreages, should result in lower output,...
Infosys reported 2.7% qoq revenue growth in CC terms in Q3 (2.4% on an organic basis), ahead of our estimate of 1.5% CC growth, and raised the upper end of its 6-8% CC growth guidance (provided at the start of the year) by 50-100bps to 8.5-9.0% for FY19. Adjusted operating margins stood at 22.9%, down 80bps qoq (reported OPM down 110bps qoq), largely on account of attrition-led compensation increases (-30bps), drop in utilization...
11 January 2019 YoY CC five quarter ago. Investments, however, continued to take a toll, with the INFOs EBIT margin has shrank by 210bp over the last eight quarters, during which the INR has depreciated by ~6%. Adj. PAT grew 8% YoY to INR39.9b (1% beat) in 3QFY19. INFO announced (a) buyback of INR82.6b under the open market route at a maximum price of INR800/share and (b) special dividend of INR4/share, in line with its announcement of USD2b payout to shareholders. INFO won 14 large deals in the quarter with a TCV of USD1.57b, taking the 9MFY18 deal value to USD4.7b (+2.2x YoY). INFO raised its full-year revenue guidance to 8.5-9.0% QoQ CC, which implies a 4Q ask-rate of 0.3-1.
We largely maintain our FY19E/20E revenue (in US$) and tweak EPS forecast by -1.0%/1.7% (FX of Rs70 for Q4FY19 and FY20). We maintain ACCUMULATE with new TP of Rs2,084 (vs. Rs2,121 earlier) based on 22x FY20E. Q3FY19 CC revenue growth of 1.8%/12.1% QoQ/YoY despite seasonal weakness Both QoQ CC growth and US$ growth of 0.7% was in-line with our forecast. While smaller verticals like Life Sciences & Healthcare (7.6% of revenue; +15.7% YoY in CC) and Energy & utilities (4.7% of revenue; +18.1% YoY) grew faster, larger verticals like Retail & CPG (16.5% of revenue; +10.5% YoY) also saw good growth. Importantly, BFSI (30.8% of revenue) saw improvement in growth to +8.6% YoY....
JLR's wholesale volumes declined 17% YoY (-8% MoM) to 45.5k units (our estimate: 50k), including China JV volumes of 5k units (-51% YoY), in Dec'18. Jaguar volumes were down 16% YoY to 14.1k units (our estimate: 15k), while Land Rover volumes declined 17.9% YoY to 31.4k units (our estimate: 35k).
Asian markets are trading tracking positive cues from Wall Street overnight. Nikkei is trading higher by 0.71%, Shanghai is trading higher by 0.08% and Hangseng is trading higher by 0.14%. Indian indices are expected to open in the green and focus will be on quarterly earnings releases. Sgx Nifty is
The GNPA/NNPA ratios are increased marginally to 1.13%/0.59% on YoY basis due to higher slippages from corporate and an additional contingent provisioning for IL&FS; exposure. We value the bank at 2.7x BV of FY21 and maintain our Hold rating with a...
Robust TCV Growth Signals Strong Biz Momentum; Margin Disappoints Tata Consultancy Services (TCS) has reported a decent CC revenue growth of 1.8% QoQ in 3QFY19, while USD revenue came in softer-than-expected at US$5,250mn (+0.7% QoQ, below our estimate by 0.8%) owing to a higher-than-expected adverse cross-currency impact. Its TCV order bookings grew by a robust >20% QoQ to US$5.9bn (vs. US$4.9bn in 2QFY19), with bookto-bill rising strongly to 1.12x (vs. 0.94x in 2QFY19), which signals a strong traction in underlying business growth. On the flip side, its EBIT margin declined by 90bps QoQ to 25.6% (missing our estimate by 73bps) owing to higher wage cost and SG&A; expenses. Net profit rose by 2.6%...
