L&T; Technology Services' (LTTS) Q4FY20 earnings were mixed beating our revenue estimates but EBITDA and PAT came below our estimates. Consolidated revenue for Q4FY20 stood at Rs 14,466mn registering +7.7% YoY/+1.7% QoQ, EBITDA increased 7.7% YoY/declined 6.3% QoQ to Rs 2,683mn and PAT increased 7.2% YoY/0.2% QoQ to Rs 2,063mn. Constant currency Revenue (USD) stood at $194 million, up by 1.6% YoY/down 2.5% QoQ, due to COVID-19 outbreak as the company faced supply side constraints and demand side challenges resulting in loss of productivity and work from home for employees. EBIT stood at Rs...
Manappuram Finance (MFL) delivered another strong performance (better than estimates) during Q4FY20. NII for the quarter grew by 33% YoY to Rs 1,025 cr, led by strong 30% YoY growth in AUM and 33 bps QoQ expansion in NIM. Strong NII growth and sharp improvement in Cost to Income ratio bolstered operating profit growth at 55% YoY/ 11% QoQ at Rs 657 cr (our estimate: Rs 531 cr). Cost to Income ratio improved by ~200 bps QoQ to 36.7%, largely due to rationalization of security cost. Profit during the quarter increased by 43% YoY to Rs 395 cr vs. our estimates of Rs 352 cr....
ICICI Bank maintains a stable performance amid all the chaos of advance provisioning by major banks, well beyond RBI mandated 5% provisioning for Covid-19. NII increased by 17.1% YoY/4.5% QoQ, PPOP increased by 18.6% YoY/down 2.1% QoQ and Net Income increased to Rs 1,221 Cr, up by 26.0% YoY / down 70.5% QoQ. The decline in the bottomline could be attributed to the advance provisioning as per RBI guidelines for Covid-19 of Rs 2,725 Cr. Apart from the Corona crisis hit, the pre corona macroeconomic lull and slowing economy had an impact on the bank's...
Voltamp Transformers reported good set of numbers in Q2FY20, mostly in line with our estimate except a miss on revenue front. Revenue for the quarter stood at Rs 1,949 mn, below our estimate of Rs 2,130 mn, registering +3.1% YoY/4.0% QoQ growth. Despite higher employee costs and other expenses, Voltamp was able to expand its margin by 74bps YoY to 10.8%, which is commendable. We are positive on Voltamp from longer term perspective owing to its debt free status, free cash flow generation...
IndusInd Bank reported muted operating performance during Q2FY20 on a sequential basis (YoY numbers are not comparable due to Bharat Financial merger). Weak PPoP growth and higher provisions leading to sequential decline of 2% in consolidated (IIB + Bharat Financial) net profit to Rs 1,433 cr. NII of the bank grew marginally by 2% QoQ to Rs 2,844 cr vs. our estimate of Rs 2,952 cr. Soft growth in NII and other income leading to lower PPOP growth of 1% sequentially. Due to accelerated provisioning of Rs 355 cr, PCR of the bank jumped to 50% vs. 43% QoQ...
PNB Housing Finance (PNBHFL) reported muted performance during Q1FY20. Profit for the quarter grew by 11% YoY to Rs 284 cr, impacted due to lower disbursements and higher credit cost. NII for the quarter grew by 45% YoY/2.6% QOQ to Rs 625 cr while margins compressed by 4bps QoQ. Disbursements during the quarter declined by 22% YoY to Rs 7634 cr, primarily due to company's cautious approach towards wholesale loan book which resulted into corporate disbursement de-growth of 81% YoY. PNB housing finance maintained excess liquidity of Rs 5000 cr in form of cash and liquid investments...
book. Retail loans continued to deliver strong growth on the back of growth in unsecured lending. During the quarter retail loan growth was 22% YoY. Share of retail loans to total loans increased from 48% to 52% YoY. Corporate loan growth was muted at 3% YoY. was moderated during the quarter to 41% from 47% YoY. Asset quality of the bank remained stable with GNPA at 5.3% and NNPA at 2% QoQ. However, Fresh slippages were higher at Rs 4798 cr vs. Rs 3012 cr QoQ. Increase in slippages was on acoount of corporate slippages...
Persistent Systems came out with muted set of numbers in Q1FY20, which were a tad below our estimate. Revenue was flat (-0.3% YoY) at Rs 8321 mn against our estimate of Rs 8460 mn. EBITDA stood at Rs 1202 mn against our estimate of Rs 1360 mn. PAT for the quarter stood at Rs 825 mn, slightly below our estimate of Rs 865 mn. Due to management transition and client specific (IBM) issues, we already toned down our estimate post last quarter result. As expected, this quarter was lacklustre for Persistent and Q1FY20 numbers mostly matched our estimate. We are...
Oberoi Realty (ORL) came out with weak set of numbers which were below our estimates. Q1FY20 results also look weak due to high base of last year, though on QoQ basis numbers were mostly flat. Revenue for the quarter fell 32.1% YoY to Rs 6033 mn against our estimate of Rs 6833 mn, EBITDA fell 49.1% YoY to Rs 2352 mn, below our estimate of Rs 2870 mn, while PAT declined 50.9% YoY to Rs 1521 mn, below our estimate of Rs 2187 mn. EBITDA margin stood at 39% against our estimate of 42%, a decline of 1300bps YoY mainly due to subdued margin of residential segment as...
