Bajaj Auto (BJAUT) reported strong set of numbers in subdued environment as Net sales stood at Rs 74.5bn (+9% YoY / -0.7% QoQ). Realizations were at Rs 62.5k (-4.5% YoY and +4.8% QoQ) on superior product mix led by strong export sales. Gross margins at 28.4% (-300bps YoY/ +20bps QoQ) were impacted by continued pricing disruption in entry level motorcycles (CT100 and platina). The exports volumes continued to grow stronger led by Africa, Indonesia (+13% YoY) which boosted the realizations on QoQ basis. The adjusted EBITDA margin stood at 16.5% (-380bps YoY/+31bps QoQ) and were impacted by higher staff costs (+17%...
Oberoi Realty (ORL) came out with good set of numbers which were mostly in line with our estimates except minor miss on the topline. Revenue grew 66% YoY to Rs 5735 mn below our estimate of Rs 6040 mn, EBITDA grew 14% YoY to Rs 2097 mn slightly above our estimate of Rs 1940 mn, while PAT stood at Rs 1.6 bn mostly in line with our estimate of Rs 1.5 bn, a growth of 9% YoY. With city-centric operations well spread out across the Mumbai region, ORL has a project portfolio of ~34 msf spread across 24 projects. With a strong brand name and a dominant position in each of its...
Shakti Pumps came out with good set of results in Q4FY19, ahead of our estimates. Consolidated revenue for the quarter grew 22.1% YoY and 4.9% QoQ to Rs 1596 mn against our estimate of Rs 1580 mn. EBITDA for Q4FY19 came at Rs 279 mn (estimate Rs 340 mn) a growth of 17.1% YoY and 2.7% QoQ. However EBITDA margin fell 74bps YoY to 17.5% for the quarter against 18.2% in corresponding quarter last year. The fall in margin was due to higher raw material (+29% YoY) and staff costs (+28.4% YoY). PAT for the quarter stood at Rs 165 mn which was ahead of our estimate of Rs...
PNB Housing Finance (PNBHFL) came out with good set of numbers, ahead of our estimates. Profit for the quarter grew by 51% YoY to Rs 380 cr, driven by lower provisions and better than expected margins. NII for the quarter grew by 13% YoY to Rs 610 cr, led by strong advances growth of 30% YoY. NIM fell by 12 bps QoQ to 3.18% due to decline in yields. Disbursements during Q4FY19 declined by 8% QoQ/2% YoY to Rs 8562 cr. PNB housing finance maintained excess liquidity of Rs 7000 cr in form of cash and liquid investments as on 31st Mar 2019. At the same time, PNBHFL did not face any issues in raising fund...
NIIT Technologies came out with good set of numbers, ahead of our estimates. PAT for the quarter grew 22.5% YoY to Rs 1055 mn against our estimate of Rs 960 mn, revenue stood at Rs 9722 mn (+23.3% YoY) slightly below our estimate of Rs 1025 mn, while EBITDA came at Rs 1715 mn (+18.3% YoY) ahead of our estimate of Rs 1620 mn. We are positive on the...
Slippages declined by 40% QoQ to Rs 256 cr, driven by meaningful decline in SME slippages and NIL slippages in corporate segment. SME slippages fell from Rs 192 cr to Rs 97 cr QoQ. GNPAs/NNPAs declined both in absolute and percentage terms to...
Marico came out with good set of numbers in Q4FY19. Consolidated results were mostly in line with our estimate. Consolidated revenue for the quarter grew 8.7% YoY to Rs 16090 mn against our estimate of Rs 16490 mn. EBITDA for Q4FY19 came at Rs 2830 mn (estimate Rs 2940 mn) a growth of 12.3% YoY. EBITDA margin increased 56 bps YoY to 17.6% for the quarter against 17% in Q4FY18. Adjusted PAT (adjusted for one time tax write back of Rs 1880 mn) for the quarter stood at Rs 2130 mn ahead of our estimate of Rs 2010 mn, a growth of 18% YoY. We like Marico over other FMCG...
Greaves Cotton came out with good set of numbers, revenue surpassed our estimate, however EBITDA and PAT were slightly below our estimate. Standalone revenue for Q4FY19 grew 8.6% YoY to Rs 5281 mn, ahead of our estimate of Rs 4740 mn, while EBITDA came at Rs 700 mn slightly below our estimate of Rs 760 mn. EBITDA margin contracted by 112bps YoY to 13.3% from 14.4% in Q4FY18, mainly due to high commodity prices and slower after market growth. Adjusted PAT (adjustment for exceptional item comprising of Rs 155mn provision for IL&FS; exposure) for the quarter stood...
Bandhan Bank has delivered a stellar set of numbers in 4QFY19, ahead of our expectation. It has reported strong numbers on all fronts asset quality, AUM growth, profitability and margin. PAT jumped substantially by 68% YoY to Rs 651 cr, supported by strong topline growth. Strong AUM growth of 33% YoY, led to 46% YoY growth in NII resulting into sharp uptick in NIM. Robust growth in other income and higher margin with normal credit costs enabled Bandhan to deliver +5% RoA during the quarter. Asset quality trend continued to improve as GNPAs declined by 37bps QoQ to 2% (Ex-IL&FS; 1%), and PCR was...
Sunteck Realty Ltd (SRL) reported strong set of numbers. Standalone results were robust, however consolidated results were below our estimate. Consolidated revenue for the quarter grew 30% YoY and 38% QoQ to Rs 2697mn against our estimate of Rs 3620mn. EBITDA for Q4FY19 came at Rs 888mn (estimate Rs 1270mn) a growth of 4% QoQ and degrowth of 17% YoY. EBITDA margin fell to 33% for the quarter against 44% in QoQ and 52% YoY, mainly due to revenue recognition from Naigaon Project which carries lower margin. PAT for the quarter stood at Rs 634mn which was below our estimate of Rs 830mn, a growth of 3% YoY and 29%...
