Voltamp Transformers reported mix performance during Q1FY21. It has reported 61% YoY fall in revenue at Rs 723 mn, primarily due to weak order execution and Covid impact. Lower operating performance of the Company was offset by sharp jump in other income, resulting into profit growth of 14% YoY/67% QoQ to Rs 193 mn. Other income for the quarter increased by 235% YoY to Rs 224 mn, on account of increase in investment value. EBITDA for the quarter de-grew by 86% YoY to Rs 29 mn while EBITDA margin...
Greaves Cotton (GCL) reported weak set of numbers during Q1FY21, impacted due to Covid related disruption amid auto slowdown. Revenue for the quarter fell by 69% YoY/59% QoQ to Rs 1,471 mn, due to significant decline in sales volumes across the segment. Gross margin of the Company fell by 416 bps YoY/69bps QoQ to 27.8%, primarily, due to high material cost. Sharp decline in revenue and fall in gross margin leading to EBITDA loss during the quarter. Company has reported EBITDA loss of Rs 217 mn vs. EBITDA gain of Rs 613 mn YoY. Loss for the...
City Union Bank (CUB) reported stable operating performance during Q1FY21. NII for the quarter grew by 5% YoY to Rs 437 cr. Operating profit of the bank grew merely by 1% YoY to Rs 356 cr. Provision remained higher due to Covid related contingent provision. CUB has made Covid provision of Rs 100 cr during the quarter, taking the total at Rs 225 cr (Rs 125 cr in Q4FY20). The bank has reported 17% decline in net profit at Rs 154 cr. On a sequential basis, bank has returned back to profitability as it had reported Rs 95 cr loss in Q4FY20, was supported by better margins, strong treasury gain and cost control. Asset quality of the bank...
Ashok Leland (AL) loss for the quarter stood at Rs 3,888 Mn during Q1FY21 due to weak macro-economic factors coupled with the movement restrictions to contain the coronavirus pandemic. Standalone revenue stood at Rs 6,452 Mn for Q1FY21 vs Rs.56,118 Mn for the Q1FY20. Company has reported EBITDA loss of Rs 3,332 Mn, as...
While 1QFY21 PAT was weak at Rs 613mn (-90% YoY), the management highlighted that demand is back to pre-COVID level in 2QFY21. Hero has gained market share in the quarter, led by rising demand in rural/semi-urban markets and ramp-up in production. The OEM's foray into the premium segment has got off to an encouraging start, and it is targeting double-digit market share in it. We reiterate BUY (please see our recent note: 'Xtreme'...
M&M; + MVML Profit for the quarter de-grew by 97% YoY to Rs 678 Mn during Q1FY21.Net sales stood at Rs. 55,894 mn (-56.4% YoY / -37.9% QoQ). Gross margins expanded by 31 bps to 35.2% driven by commodity cost benefits and cost rationalization measures by the company. EBITDA was at Rs. 5,732 mn (-68.0% YoY / -53.3% QoQ) with margin of 10.3% (-38bps YoY / 34bps QoQ). The total volumes (auto + tractors) de-grew by 58.5% YoY to 90,536 units led by subdued demand. The blended realisation has seen an...
TVS Motor loss for the quarter stood at Rs 1,391 Mn during Q1FY21. Standalone revenue stood at Rs 14,317 Mn for Q1FY21 vs Rs.44,686 Mn for the Q1FY20. Lower volumes due to Covid-19 pandemic led to fall in revenue. Company has reported EBITDA loss of Rs 488 Mn, as compared to EBITDA gain of Rs 3,558 Mn in Q1FY20. Total Volume was down by 71.1% YoY to 2,66,933 units. Both production and sales were severely impacted during the quarter. Interest cost increased due to additional borrowings in 1QFY21 to ensure timely payment to suppliers. The...
NIMs climb up significantly, costs of funds come lower: The bank's NIMs increased to 3.24% (up 23 bps YoY/30 bps QoQ) as Cost of Funds also fell to 4.37% (down 48 bps YoY/23 bps QoQ) for Q1FY21 as the bank passed on the benefits of fallen interest rates to the customers by decreasing its MCLR. The bank's CASA increased to 43.83% (43.53% in Q4FY20), as the...
Manappuram Finance (MFL) reported weak performance in terms of asset quality and growth front, led by its non-gold business. However, operating performance of the Company remained healthy. Gold loan business of the Company continued to remain strong. NII for the quarter grew by 19% YoY to Rs 946 cr, led by 26% YoY growth in consolidated AUM. Healthy NII growth and cost optimization bolstered operating profit growth at 41% YoY to Rs 638 cr. Cost to Income ratio came down by 384 bps QoQ to 32.9%. Profit during the quarter increased by 35% YoY to Rs 368 cr, but it has declined by 8% QoQ, due to 19% QoQ increase in provisions at Rs 145...
