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%...
Dabur India came out with stable set of numbers, which were mostly in line with our estimate. Consolidated revenue for the quarter Q4FY19 grew 4.7% YoY to Rs 2128 cr, slightly below our estimate of Rs 2229 cr, while EBITDA came at Rs 457 cr exactly in line with our estimate of Rs 456 cr. EBITDA margins came in at 21.5% which was impacted by higher staff costs (+34% YoY). PAT for the quarter stood at Rs 370 cr against our estimate of Rs 404 cr(-6.5% YoY) mainly on account of Rs 75 cr of exceptional loss on account of impairment of goodwill in one of its wholly owned subsidiary M/s Hobi...
Ambuja Cements reported mixed set of Q1CY19 numbers which were below our estimates. Revenue increased 2.3% YoY to Rs 2928cr below our estimate of Rs 2945cr, EBITDA declined 8.6% YoY to Rs 463cr against our estimate Rs 515cr, while PAT jumped 57.1% YoY to Rs 427cr ahead of our estimate of Rs 362cr, mainly due to Rs 132cr as dividend from ACC (included in other income). We are bullish on Cement Sector from medium term perspective, however due to expensive valuations, we...
Persistent Systems came out with weak set of numbers in Q4FY19. The company missed our estimates on all fronts as Revenue, EBITDA and PAT all came below our estimate. Revenue in rupee terms grew 10.5% YoY to Rs 8319 mn against our estimate of Rs 8590 mn. EBITDA stood at Rs 1266 mn against our estimate of Rs 1470 mn. PAT for the quarter stood at Rs 845 mn below our estimate of Rs 930 mn. Management in its concall acknowledged the fact that poor performance was owing to company specific issues rather than industry headwinds. We are cautious on the stock from near term perspective,...
Yes Bank's result for Q4FY19 under the leadership of new CEO was a reflection of management's shift towards conservative approach and re-building the credibility of the bank. It has reported a loss of Rs 1507 cr, largely due to higher provisioning made during the quarter. The bank has made contingent provision of Rs 2100 cr towards a loan book of Rs ~10000 cr (BB & below rated) which was identified as stressed. These assets come under the corporate segment and include 5-6 accounts from real estate, infra and media & telecom sector....
Axis Bank reported healthy performance during Q4FY19. Profit for the quarter came in at Rs 1505 cr against a loss of Rs 2189 cr in Q4FY18, largely due to sharp fall in provisions. Advances for the quarter grew 12.5% YoY leading to robust NII growth of 21% on YoY basis to Rs 5706 cr. Retail loan growth was 19% YoY which forms 50% of the total advances. Core operating profit growth was robust at 36% YoY to Rs 5014 cr, led by growth in NII and other income (27% YoY), while opex moderated to +10% YoY from +18% earlier. Fee-income for the quarter grew by 23% and contributed 86% in...
We recently met the management of Sunteck Realty Ltd. (SRL) to understand the current demand environment prevailing in the real estate market in the wake of election related uncertainty and also to get some grip on the future strategy and growth plans of the company. We have also visited the Naigaon Site of the company to get some on ground information on the current execution pace and schedule of the Sunteck West World Project of the company. Post our management meeting and site visit we reiterate our positive stance on the company and revise our...
DCB bank delivered strong numbers during the quarter with 50% jump in net profit of Rs 96 cr (in-line with our estimate), driven by moderating operating expenses and lower provisioning. PPoP grew by 31% to Rs 185 cr, due to high other income and controlled OPEX. Loan growth of the bank lowered in FY19 due to de-growth in corporate book. Loan book for the year FY19 grew by 16% YoY to Rs 23,568 cr. NII for the quarter grew by 14% YoY to Rs 301 cr (our estimate: Rs 295 cr). OPEX grew by 4% YoY while it was flat on QoQ basis to Rs 215 cr, due to slower branch addition and improving productivity leading to...
Mindtree came out with good set of numbers in Q4FY19, PAT was ahead of our estimate though revenue & EBITDA were below our estimate. Revenue grew 25.6% YoY to Rs 18,394mn against our estimate of Rs 18,870mn. EBITDA stood at Rs 2803mn against our estimate of Rs 3270mn. PAT for the quarter stood at Rs 1984mn ahead of our estimate of Rs 1820mn. We are positive on the stock from longer term perspective, however due to ongoing news flow regarding stake sale/open offer activities, not much clarity is there for continuity of current management. To factor in this uncertainty...
Infosys came out with good set of numbers in Q4FY19, ahead of our estimate though topline was slightly below our estimate and EBIT margin faced some pressure. Revenue was flat sequentially at Rs 21,539cr against our estimate of Rs 22,109cr. PAT for the quarter stood at Rs 4074cr ahead of our estimate of Rs 3860cr. We are positive on the stock from longer term perspective, however due to cut in FY20E guidance by management, the stock might remain under pressure for few sessions. We maintain our...
