NIIT Technologies came out with stable set of numbers, mostly in line with our estimates except some one-offs. Consolidated revenue for Q1FY20 came at Rs 9,627mn, broadly in line with our estimate of Rs 9,752mn, registering 16.7% YoY growth, while on QoQ basis in Constant Currency terms, revenue growth excluding GIS business was 4%. Reported EBITDA grew 5.3% YoY to Rs 1,385mn, while EBITDA margin contracted by 155bps YoY to 14.4% against 15.9% YoY due to some one-off expenses. Adjusting for one-offs margin stood at 17.1% against our estimate of 16% for the quarter....
TVS Motor Co (TVSL) reported in-line operating performance in Q1FY20 as net sales stood at Rs 44.7bn (+7.6% YoY / +1.9% QoQ) led by higher realizations which stood at Rs 48k (+8.2% YoY / +0.2% QoQ). Gross margins at 24.9% (+104bps YoY/ +149bps QoQ) was due to higher export mix and softening of commodity prices. The EBITDA margin stood at 8% (+58bps YoY/ +93bps QoQ) vs our est of 7.2% on account of efforts towards cost reduction through value engineering. On the concall, management highlighted that demand will remain weak in Q2 FY20....
Bandhan Bank started financial year FY20 with an impressive set of numbers surpassing our estimates on all fronts. PAT during Q1FY20 grew by 46% yoy to Rs 701 cr vs. our estimate of Rs 591 cr, led by strong credit growth, stable margins and controlled cost. Loans (on book + off book) surged by 39% yoy while micro loans grew by 40%. Non-micro assets growth was at 36% yoy. Liabilities of the bank are gaining more traction with a deposit growth of 42% YoY. CASA ratio increased to 36.1% from 35.5% YoY, retail deposits to total deposits stood at 76.1%. Margins improved further from 10.3% to 10.5% YoY...
Defying current slowdown in consumer demand, Dabur India came out with good set of numbers, beating our estimate on all fronts. Consolidated revenue for the quarter Q1FY20 grew 9.3% YoY to Rs 2273 cr, above our estimate of Rs 2170 cr. Consolidated EBITDA jumped 18.5% YoY to Rs 458 cr beating our estimate of Rs 401 cr, while EBITDA margin expanded +157bps YoY to 20.1% against our estimate of 18.5%. PAT for the quarter witnessed a decent growth of 10.3% YoY to Rs 363 cr above our estimate of Rs 340 cr. Despite subdued consumer sentiment, domestic business of...
ACC reported stellar set of numbers in Q2CY19, beating our estimates on all fronts. Revenue grew 7.8% YoY to Rs 4,150 cr above our estimate of Rs 3,941 cr. EBITDA stood at Rs 783 cr against our estimate of Rs 615 cr. EBITDA margin expanded 530bps YoY to 18.9%, ahead of our estimate of 15.6%. PAT for the quarter jumped 38.6% YoY to Rs 456 cr way ahead of our estimate of Rs 335 cr. EBITDA/ton jumped to 7-year high at Rs 1089/ton, witnessing a robust growth of +26% YoY/+54% QoQ. We maintain our...
DCB Bank started Q1FY20 on a weaker note led by lower loan growth and margin pressure. It has reported 17% YoY profit growth & muted 10% YoY growth in total income. Advances growth moderated to 13% YoY on the back of de-growth in the Corporate Loan book and decline in NIMs. Asset quality saw marginal deterioration while corporate book saw some writeoffs in 1QFY20. Given the management's focus towards increasing share of Retail Deposits, cost of deposits continued to increase further and consequently, NIM was declined by 11bps QoQ and 23 bps YoY. We expect asset quality and growth concern to weigh on the bank's earnings visibility....
TCS came out with mixed set of numbers in Q1FY20, revenue and EBIT margin were slightly below our as well as street estimate; however PAT for the quarter was ahead of our estimate owing to higher other income. Digital business continued to show traction, though BFSI vertical remained on a weak footing. We are positive on the stock from longer term perspective, however in the near term we see limited upside due to expensive valuation and tepid management commentary. We maintain our...
Ashok Leyland (AL) reported muted results as net sales stood at Rs 88.4bn (+1% YoY / +40% QoQ) led by 1% YoY volume growth while the realizations were at Rs 1.49mn (-1% YoY; +3% QoQ). Gross margins at 27.3% (-152bps YoY/ -250bps QoQ) were impacted by negative operating leverage and lower tonnage mix. EBITDA stood at Rs 9.8bn (-12% YoY; +52% QoQ). The EBITDA margin stood at 11.1% (-170bps YoY/+90bps QoQ) and was impacted by increase in material costs (+26% YoY) due to higher steel prices and high staff costs (+25% YoY). On the concall, management highlighted the that demand to remain subdued in H1FY20 and can see a pickup in...
Ramco Cement came out with stable set of results in Q4FY19, ahead of our estimates. Revenue for the quarter grew 22.1% YoY and 26.6% QoQ to Rs 15324 mn against our estimate of Rs 13370 mn. EBITDA for Q4FY19 came at Rs 3251 mn (estimate Rs 2540 mn) a growth of 19.5% YoY and 51.9% QoQ. EBITDA margin expanded 354bps QoQ (-48bps YoY) to 21.2% for the quarter against 21.7% in corresponding quarter last year. EBITDA margin was stable YoY (slight fall of 48bps) despite higher raw material (+24.3% YoY) costs, due to efficiency at the company level. PAT for the quarter stood at Rs 1654 mn which was ahead of our...
City Union Bank (CUB) reported stable set of numbers in Q4FY19 supported by loan growth of 17% YoY. Profit for the quarter grew by 15% to Rs 175 cr vs Rs 152 cr in corresponding quarter of previous fiscal year. Credit growth of the bank remained steady at 17%, leading to 14% jump in NII at Rs 421 cr and stable NIM at 4.4%. Underlying asset quality of the bank remains under control with GNPAs at 2.95% while NNPAs stood at 1.81%. Management has given steady outlook going forward and guided for 18-20% advances growth. We remain positive on CUB's growth outlook and believe it will give sustainable...
