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China JLR turned EBIT positive at 0.4% (post 8 quarters of EBIT loss). TTMT's 1QFY21 consolidated EBITDA exceeded expectations beating JLR performance led by cost savings and better realizations. JLR margins came in at 3.5% (PLe -13%). With China stabilizing post COVID and improvement in other global markets, JLR can see gradual volume recovery. Consistent delivery on cost savings (Project charge savings of GBP4.7bn till date and...
UPLL's results were significantly ahead of our estimates driven by (1) focus on improving product mix for higher margin and differentiated products (2) higher than anticipated shift in geographical mix headed towards more profitable regions like India and Europe. LATAM revenue declined 16% YoY due to order postponement (close to the season) and some delays in supply...
Net loss of Rs16.5bn due to Taro DOJ settlement and provision SUNP 1QFY21 revenue were lower than our estimate because of US specialty and Taro sales while adj. EBITDA margin positively surprised at 23.1% (PLe :20.4%) due to 1) lower R&D; spend (5.6% of sales v/s 6.4% QoQ) and 2) lower SGA costs led by travel restriction on employees and lower marketing...
Retail growth sees slowdown: As the lockdown impact continues, retail grew by 10.5% YoY having falling from 12.1% in Apr'20 which was at the start of the lockdown. Housing growth rate came off to 12.5% YoY from growth trends of...
Retail growth sees slowdown: As the lockdown impact continues, retail grew by 10.5% YoY having falling from 12.1% in Apr'20 which was at the start of the lockdown. Housing growth rate came off to 12.5% YoY from growth trends of...
Banks are not focusing on aggressive loan book growth in FY21. However, overall credit offtake has improved for the retail segment from June and July, post partial re-opening of economy
TeamLease reported revenue/EBIT/PAT growth of -9%/-4%/-9% YoY v/s our General Staffing headcount decline (10% QoQ) in 1QFY21 came in lower than initially expected (1620% QoQ). Even as the management is cautiously optimistic on prospects of growth recovery, we expect a good rebound in General Staffing headcount over the next two quarters. Our DCF-based TP of INR2,700 implies 32x FY22E Overall revenue was below our estimates as decline in Other HR Services In General Staffing, headcount declined just 10% QoQ (v/s ~15% for Quess) and revenue ~14% QoQ (v/s 22% for Quess). Across segments, margin expansion during the quarter was Realizations in General Staffing remained stable despite the markup pressure in the industry. Over the medium term, as both the central and state governments look forward to liberalizing and formalizing the labor markets, TeamLease should be among Stable realizations and aggressive cost rationalization should enable the company to report robust margin expansion in FY21E.
Relaxo Footwears has a strong portfolio of brands (Sparx', Flite', Bahamas') that mainly cater to the mass segment (ASP ~| 139). Around two-third of revenues are derived from slippers/open sandals (non-discretionary in nature) while rest are through premium affordable sports shoes. Hence, it has seen better traction in revenue recovery. The company is likely to enhance its focus on value products rather than premium products in the next two quarters. Relaxo has, over the years, established a healthy distribution network, with 800+ distributors catering to ~50000 retailers....
Tata Communication reported a better-than-expected performance on the operating front led by superior revenues and margins in the data segment. The topline was at | 4403 crore, up 5.6% YoY, 0.1% QoQ, led by superior data revenues (forming ~82% of revenues) that grew 9.9% YoY. EBITDA came in at | 1042 crore, up 26.2% YoY, with margins at 23.7% (up 385 bps YoY) driven by strong data margins of 27.1% (up 450 bps YoY), aided by structural cost efficiency (likely to remain) of ~| 100 crore (including moving of employee base in India) and Covid-19 led benefits (savings in travel costs,...
Revenues de-grew 9.4% YoY to | 7585 crore (I-direct estimate: | 7948 crore) mainly due to 27.5% YoY decline in US formulations to | 2136 crore due to high base and continued pressure on dermatology segment (Taro included). India business grew 3.2% YoY to | 2388 crore whereas Emerging Markets business de-grew 2.4% YoY to | 1316 crore. RoW markets business also degrew 11.1% YoY to | 1030 crore. EBITDA margins expanded 47 bps YoY, 765 bps QoQ to 24.3% (I-direct estimate: 17.0%) despite higher employee expenses mainly due to lower other expenditure and better gross margins. EBITDA de-grew 7.6% YoY to | 1844 crore (I-direct estimate: | 1351 crore)....
is the largest manufacturer of oleochemical-based additives (chemicals derived from natural oils and fats of plant origins) in India, with a strong global presence .Having started off as a manufacturer of 2 products in 1973, the company has gradually scaled it up to 400+ products currently. Company is a strong global competitor in oleochemical based additives and...
furloughs in payment provider segment led to revenue declines (-2.9% YoY/-2.1% CC). CBU (-3.7% YoY/-2.5% CC) and Technology (-2.2% YoY/1.4% CC) underperformed as well....
wise manner, but still now lot of manufacturing plants he world has confronted an unprecedented are far away from reaching its pre-covid level utilization incident when COVID-19 spread over 180+ rate. The 52 days lockdown across the country has put countries and on early March WHO declared the economic growth momentum on the back burner and it as a pandemic. The outbreak of COVID-19...
Ujjivan Small Finance Bank (USFB) reported in-line set of operating numbers, however, net profitability was lower driven by higher than expected provisions for Covid-19.
1 August 2020 In 1QFY21, gross margin expansion and synergy benefits aided EBITDA disruption in Latin America, North America, and Europe, (ii) the postponement of sales in Brazil from 1Q to 2Q due to fluctuation in the Brazilian real, and (iii) pre-buying in North America at the end of 4QFY20 impacting growth in the region in 1QFY21. In 1QFY21, UPLL reported strong revenue growth of 27% YoY in India v/s 15% industry growth. Revenue from the LATAM region declined 16% YoY on forex volatility in Brazil, which led to the postponement of orders to later quarters. Revenue from North America declined 14% YoY on pre-buying due to COVID-19 in 4QFY20. According to management, for 1QFY21, cost synergy realized from the Arysta acquisition stood at INR830m (USD11m) and revenue synergies at INR530m (USD7m). Gross debt was INR325b as of Jun20 v/s. Net debt was INR220b as of June20 (similar to March levels).
1 August 2020 TTMTs had its toughest quarter ever with net consol losses of INR84b as both JLR and India business were badly hurt by Covid-19 related lockdowns. (auto) FCF being negative at ~INR182b. However, it expects positive FCF in both businesses 2QFY21 onwards. Recovery in both businesses is critical for net debt reduction (INR678b, increase of INR196b QoQ). We expect losses to gradually reduce in coming quarters and turn profitable only from 4QFY21. We have lowered our FY21E loss estimates by 8% to factor in faster JLR volume recovery and cost cutting initiatives. adverse mix and higher fixed cost led to the fourth consecutive quarter of EBITDA loss (~INR7b v/s est. The beat was led by 10% YoY increase in realizations (due to higher spare contribution) and cost savings of INR5.4b. JLR Project Charge delivered total savings of GBP1.2b (cost savings of GBP0.
(%) Margins (%) FY20 was a challenging year with high gold prices affecting 1QFY20 and the COVID-19 crisis disrupting 4QFY20. Amid this tough operating environment, however, overall topline and earnings growth for Titan Company (TTAN) remained healthy at 6.4% and 8.9%, respectively. This continues a strong trend witnessed in recent years as a result of which sales and PAT CAGRs over FY1720 were also impressive at 17% and 24%, respectively, . Response to the COVID-19 crisis has also been heartening, with clear communication on safety and the addition of two new growth engines digital thrust and lower price point products. Barring high-value jewellery sales, we note that all of these growth engines are at play in FY21 as well. Gains from unorganized and other organized players continued unabated in FY20 and remain promising going forward as well. At less than 10% of the overall jewellery market, TTAN remains well-placed to capture further market share.
Growth segment Revenue grew 8% to INR9.2b, led by new deals while EBITDA jumped 16% to INR1.2b. TCOMs order book is equally growing in India/international markets and stake in the data center partnership important and has no immediate plans to monetize the land parcel. Voice segment revenue was flat QoQ at INR8b while EBITDA grew 46% QoQ to Payments solution segment revenue was down 37% QoQ to INR520m and EBITDA loss stood at INR40m (v/s profit of INR220m in 4QFY20), affected by the lockdown as average transactions declined to 56 in 1QFY21 (v/s 84 in 4QFY20). Despite some impact of COVID-19 on deal conversions, TCOM witnessed healthy addition in its order book, which is equally growing in India/international markets and across business verticals. It saw marginal QoQ revenue growth due to one-time gain in 4QFY20 and benefit of increase in traffic from customers, which was offset by lower revenue from other part of the Increased bandwidth usage led growth in this business.
