JBCPL reported a strong Q1, led by 8.6% YoY growth in domestic formulations (11% QoQ despite a high base) vs IPM de-growth of 5%. The sharp growth was driven by cardiac portfolio (up 24%) Cilacar and Nicardia as acute declined 1% YoY. Exports (both formulations and API) grew 28% YoY led by higher stocking. Improved product mix coupled with lower opex led EBITDA margins surge to 34% (up 980 bps YoY). Management expects to outperform IPM growth and sustenance in export growth in FY21E. Further, it remains confident of its growth in the...
SML Isuzu reported a dismal performance in Q1FY20. Revenue stood at Rs 287mn (-94% YoY) attributed to sharp 95% fall in volume (202 units) offset by increase in net ASP because of better spare parts revenue. Bus to Truck volume mix was in ratio of 44:56 with market share of 7.8% in the bus segment. EBITDA loss stood at Rs 357mn attributable to high RM costs and negative operating leverage. The company reported net loss of Rs...
Government of Gujarat has always played a pro-active role in the development of the energy value chain. Gujarat is first state to plan and execute a State-wide Gas Grid on an Open Access Principle and the pipeline grid has been designed as per the highest international standards with inbuilt flexibility to cater to varying loads. GSPL has CrossCountry Natural Gas Transmission pipelines being implemented. GSPL owns and operates the largest Gas Transmission network in Gujarat...
On the cusp of recovery; Rising debt is a concern Ramkrishna Forgings (RMKF) Q1FY21 performance was dismal. A sharp decline in domestic M&HCV; sales due to lockdown adversely affected its domestic revenue (-82% YoY). Export revenue also plunged 46%...
Historically the Natural Gas usage in India has seen a slowdown with power sector shifting back to coal from Natural Gas due to lower availability of cheap domestic gas and increased dependency on costly R-LNG. However, with R-LNG prices expected to be low, some of the power producers may shift back to Natural Gas. Growth of India's share in the global energy market is expected to increase in the coming years. India has been mainly dependent on high polluting fuels viz. coal, Furnace Oil to meet its ever growing energy needs. GOI; realizing the importance of protecting the...
The ARA talks about the strategies and opportunities foreseen in medium to long term, future capex and expansion of geographical reach to neighboring countries. It is also eyeing new segments like warehousing, ecommerce, 3PL/ 4PL, distribution logistics, coastal shipping. Commencement of DFC will bring cost advantage, improved turnaround time along with rise in volumes and utilization through more double stack trains. However, the last one year has been tough with SEIS income provisioning, shocker on land license fees, and a 20% volume de-growth...
As the impact of the virus subsides and activities slowly resume towards normalcy, strong order flow under the aegis of the National Infrastructure Pipeline, focus on infrastructure, and lower execution impediments should help in revival of the sector. The infrastructure industry is likely to normalize by Q3FY21, subject to the containment of the spread. Due to the COVID-19 led disruption, revenue impact for the infrastructure sector for FY21 is estimated at 15-20%, with H1FY21 revenue being severely impacted. The order inflow which impacted in H1FY21, is expected to pace...
