In its Annual report FY20, Jubilant Foods (JFL) continues to emphasize its 5-pillar growth strategy 1) fortress Domino's in India, 2) elevate customer experience 3) sustained technology investments 4) build portfolio of brands 5) focus on international. With a robust business model, efficient supply chain, large network, strong reputation for quality, hygiene and...
Plan to set up new manufacturing plant at Bhiwadi To cater to the growing demand, the company has commenced commercial production at its new plant at Bhiwadi (Rajasthan) for manufacturing flip flops (Hawaii range). It has proposed to add capacity of 100K pairs/day in Bhiwadi plant with total investment of Rs 900mn which will be funded through internal accruals. The capacity will be added within three years and is likely to take Relaxo's total capacity to 800K pairs/day...
IGL volume at 2.71 MMSCMD (down 56.6% YoY) with realizations of Rs 25.6 per SCM (down 7.1% YoY) was below our estimates. Volumes in CNG segment took a bigger hit followed by de-growth in...
Higher volumes were clocked in FY20, due to higher efficiency in operations and expansion of nameplate capacity at Dahej. Last few days of March '20, was affected due to nationwide lockdown, however normal volumes have bounced back and the Dahej terminal is running at a capacity utilization of close to 100% with industries starting up and higher usage of gas from Power and other industries as spot LNG prices are low. Capacity Utilization at Kochi is low and is expected to improve after the completion of the KochiMangalore pipeline by end of August'20. The capacity utilization of Kochi terminal after completion will reach around 30-35%, which will further boost...
Surpajit Engineering reported decent numbers amid tough market conditions. Revenue for Q1FY21 de-grew by 51% YoY to Rs. 1.77bn due to production cuts taken by various OEMs owing to lockdown. EBITDA turned negative to Rs. 48mn (vs estimated loss Rs 100mn). Phoenix lighting revenue de-grew 49% YoY to Rs 337.3mn while SENA division (non-automotive cable) numbers beat estimates, benefited from temporary supply disruption of its one of competitors. Revenue de-grew 24% YoY to Rs 632.9mn while the company was able to...
We reduce our revenue estimates by 11.8% and increase our EBITDA margins by 278 bps to 12.1% for FY21E factoring Q1FY21 results. Accordingly, we increase our PAT estimates by 125.0% for FY21E. We broadly maintain our FY22E estimates. JKIL's muted revenue growth (4.9% CAGR over FY20-22E) and EBITDA margin of 12.1%/ 14.0% in FY21E/ FY22E will lead to muted CAGR of -4.5% in its bottom line over FY20-22E. We, therefore, expect the RoCE and RoE to dip to 9.9%/ 8.6% in FY22E from 11.4%/ 10.5% in FY20....
The theme of resilience resounds across the KEI Industries Annual Report. It boasts of powering resilience through its strengths of having a large & diversified product portfolio, strong prequalification credentials, wide customer base, established relationships with institutions customers, robust distribution network, technology edge, strong balance sheet and experienced management. The company is also one of the few manufacturers of EHV (Extra High Voltage) cables and has strategically...
We broadly maintain our revenue estimates however, we increase our EBITDA margin estimates by 48/ 50 bps for FY21E/ FY22E factoring Q1FY21 results. We have sizably lowered our depreciation estimates and increase our tax rate and accordingly increased our PAT estimates by 10.9%/ 10.4% for FY21E/ FY22E. Labour availability currently stands...
Sun TV's (SUTV) Q1FY21 was healthy led by 18/11% YoY/QoQ growth in subscription revenue. Outlook remains upbeat with guidance for double-digit subscription revenue growth in FY21/FY22. This is in spite of potential negative impact if any from NTO 2.0. We remain conservative in our estimates. Acceleration of investments in digital business from future-proofing perspective was key highlight. But, there had been disconnect and delays in intent and execution. Thus delivery would be crucial. Management expect to maintain FY20 PAT...
Given the leadership in the Automotive lighting business, strong relationships with OEMs (MSIL, HMSI & HML) LIL is a good bet to play on recovery in PV & 2W. Although Q1FY21 was a complete washed out, recovery from July onwards is encouraging with production levels having reached 80% of normal levels. Further the company is focused on cost rationalization and preserving cash to help the company tide over the disruption caused by COVID-19. We continue to believe that the long term story for Lumax is intact,...
