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We retain our BUY stance with a revised TP of Rs 103, based on a EV/EBITDAR target multiple of 8x on a Dec 20E EBITDAR. SpiceJet printed 3QFY19 revenue of Rs 24.9bn (+19.4% YoY/32.2% QoQ). Spicejets yield improved to Rs 4.07, +1.8% YoY (Indigos at Rs 3.86, +4.5% YoY) while load factors declined 220bps YoY to 91.6%. EBITDAR at Rs 4.6bn was above our estimate of Rs 3.0bn mainly as a result of reversal of expenses of ~Rs 250mn (on account of forex movement) and higher operating income at Rs 1bn. Other operating income was higher on account of a one-time (amount not disclosed) equipment selection incentive.
Given that the distribution agreement is mutually beneficial for both Axis and MAXL, we suspect that MAXL may become an attractive takeover candidate for Axis Bank This holds optional upside value beyond our TP of Rs 595 (FY21 EV + 13.6x FY21E adj. VNB). MAXL reported a stable 3QFY19 as total APE printed Rs 8.7bn (+11.3% YoY/+1.0% QoQ). Share of protection in the mix rising to 12% (+400bps YoY), higher interest rates and better operating performance pulled 9MFY19 VNB margins (post overrun) higher to 20.4% (+240bps YoY, flat QoQ). On the back of expected 4QFY19 seasonal uptick, management is confident on closing FY19E at VNB margins of ~20.5-21.0%.
Steady Performance Across Malls; Capex Activity on Track: PHNX's revenue grew 6%/5% YoY/QoQ to Rs. 4404 Mn in-line with our estimates. EBITDA margins expanded by 90 bps YoY to 50.5% vs our estimates of 49%.
Consistent Product Diversification Leads to Higher Kit Value: Minda Industries posted revenue of Rs. 14701 Mn up by 39.2% YoY driven by the switches segment which grew at 71.3% YoY during Q3FY19.
Entry into Moderating Growth Era: Eicher Motors (EICHER) Q3FY19 results were better than our expectations. TheCompany has been witnessing volume growth slowdown in the recent past on account of moderate saturation in the premium bike market in India coupled with high base effect
New Products & Railways Opportunity: Q3FY19 results came in line with our estimates. YoY revenue grew by 9.6% aided by growth in industrial vertical (20%), mainly from construction equipment segment which was slightly negated by subdued performance from automotive segment.
Strong Performance Across Segments: Q3FY19 revenues of Kalpataru power Transmission Ltd (KPTL) grew by 21.7% YoY to Rs. 17,247 Mn driven by healthy order execution.
Strong Revenue Growth but Margins Impacted: Apar's revenues have shown a growth of 41% with strong growth across segments. The conductors segment grew the most at 65% and is currently having the highest order book of Rs.32260 Mn.
Torrent reported a strong 39% YoY growth in revenue in Q3FY19 led by robust formulation sales growth across India, US and Germany. While, India business reported stellar performance with 42.5% YoY revenue growth led by acquisition of Unichem portfolio, US sales rose by 84% YoY led by volume growth, new launches and market share gains....
On a standalone basis, the company's debt increased sequentially by about Rs5bn to Rs21.6bn, led by increase in working capital requirements. We have revised our revenue/PAT estimates by 10%/19% and 5%/11% for FY19 and...
KNR Construction's (KNRC) sales rose 3.6% yoy to Rs4.5bn in Q3FY19 (our est. Rs4.6bn), mainly due to execution of irrigation and key road projects. EBITDAM at 20% was better than executed mainly due to execution of high margin irrigation projects. KNRC has entered into a SPA with Cube Investments to sell three HAM projects. The deal optically values the investment at about P/B 1.8x; however, factoring in the opportunity...
Hindalco delivered a strong set of results amid challenging times both domestically as well as internationally. Globally, aluminium prices at the LME remained depressed, while dumping of aluminium by China as well as FTA countries continued unabated. Revenue at Rs119.38 bn was higher by 8% on a yoy basis and 10% sequentially, driven by higher copper price and volumes. Aluminium was down 4.4% sequentially to $1968/t. Standalone EBITDA (incl. Utkal Alumina) of Rs19.26bn was higher by 4% yoy and 2% qoq, powered by higher EBITDA from the copper division. Reported PAT (Standalone incl. Utkal Alumina) was Rs7.13 bn (higher on a yoy basis by...
We believe that on a long-term basis, continued restriction on evacuation will limit the overall potential of the company. However, given the strong cash flows, we expect the company to declare strong dividends going forward. At the CMP of Rs 223, we build in 10% dividend yield and believe that the stock is...
Refer to important disclosures at the end of this report Going in right direction; maintain Buy Camlin Fine Sciences' (CFIN) Q3FY19 consolidated performance was above estimates on revenue and PAT front. Revenue up 17% yoy to Rs2.41bn (est. Rs2.29bn); EBITDA up 232% yoy to Rs154mn (est. Rs160mn); with net loss at Rs20mn (est. Rs36mn loss). CFIN's performance is headed in the right direction and well in line with our expectations. The key loss-making subsidiaries in Brazil and China are reaching a breakeven. Further,...
Following this, the company incurred a loss of Rs 1385crore at PBT before forex/EO level vis a vis a profit of Rs 1907 crore in previous corresponding quarter. Following a forex gain of Rs 170 crore vis a vis a gain of Rs 120crore, the company registered a loss of Rs 1214 crore at PBT before EO level vis a vis gain of Rs 2034 crore profit in previous year. The company incurred Rs 28014as EO expense this year vis a vis Rs 4.73 crore in previous year. Following this, at PBT after EO level, loss stood at Rs 1214 crore vis a vis gain of Rs 2033crore in previous year. Following Rs 2405 crore tax credit vis a vis Rs 1067 crore tax provision in previous year, and adjusting for share of profits in JVs, loss stood at Rs 26960 crore vis a vis gain of Rs...
Tata Steel Q3 profit jumps 76% YoY to Rs 2284 crore, misses Street estimates Tata steel consolidated net sales rose 23% to Rs 41219.91 crore in Q3FY19 compared to Q3FY18. The company operating margins fell 70 bps to 16.3%. %. As a result operating profits increased 18% to Rs 6723.33 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) increased 240 bps to 33%. Purchase of stock in trade was down 60...
610 bps to 41.6%, other expenditure decreased 150 bps to 4.5%, staff cost fell 20 bps to 1.1% and purchase of stock in trade decreased 20 bps to 51.8%. Other income rose 36% to Rs 967.19 crore. Interest cost rose by 69% to Rs 336.9 crore. Depreciation rose 15% to Rs 778.14 crore. PBT was down 81% to Rs 589.51 crore. Effective...
