We increase our FY21 earnings estimate by 9.8% to factor in higher margins and make other changes. IGL remains an enviable business model with high volume growth due to geographical expansion and addition of new buses and taxis. Also, shift to private vehicle ownership post Covid pandemic to drive CNG volumes. IGL remains a play on rising pollution concerns as ban on...
The overall volumes were 254 TBTU in Q2FY21. Volume at Dahej was higher, due to addition of nameplate capacity of 2.5 MMTPA and shut down of the Dabhol terminal during the monsoons. Given gradual capacity addition and increase in re-gasification margins, PLL is likely to benefit from the gas demand evolution in India. PLL is also poised to benefit from the uptick in gas demand and the setting up of small scale LNG stations which will consume 8-9 MMTPA of LNG. However, Q1FY21 was a low volume quarter, which have now...
On MoM basis, sales improved gradually. The company achieved sales normalization in August and witnessed strong growth in September. Despite GM contraction, better operating efficiency and lower A&P; spends helped EBITDA margins to expand by 310bps. Secondary demand was ahead of primary throughout the quarter, signifying steady increase in sales growth. Going ahead, we believe that the company's focus to increase...
JKCE's revenue was in line and EBITDA, EBITDA/tn and PAT was above estimates. Volumes and realization were in line and cost lower than estimates. This is the highest ever quarterly revenue, EBITDA, EBITDA/tn and PAT for the company. JKCE posted strong set of numbers with 23.6%/ 61.7%/ 105.5% YoY growth in revenue/ EBITDA/ PAT to Rs15.5 bn/ Rs4.1 bn/ Rs2.2 bn in Q2FY21 led by 25.5% YoY growth in blended volume, partially offset by...
Suprajit Engineering(SEL) displayed strong all-round performance in Q2FY21. Revenue grew by 11% YoY Rs. 4.4bn led by strong growth in Phoenix lighting (14% YoY) and Automotive able division (12% YoY). EBITDA grew by 31% YoY to Rs. 735mn. Margin expanded by 258bps YoY to 16.6% led by high aftermarket and export revenue along with various cost control initiatives. Phoenix lighting revenue grew 14% YoY to Rs 922mn and SENA division (non-automotive cable) grew by 7% YoY to Rs 786mn. Management...
We maintain our revenue estimates and slightly increase our EBITDA margin estimates by 213/ 49 bps for FY21E/ FY22E factoring H1FY21 results. Accordingly, we increased our APAT estimates by 17.0%/ 2.4% for FY21E/ FY22E. We introduce FY23E. Labour availability currently...
Going ahead, we expect ramp up in lighting, Gear shifter and sheet metal business, incremental new products (revenue from urea tank, oxygen sensor and 4W plastic molded parts) and increase in aftermarket revenue will aid earnings in near to medium term. Revenue contribution for LATL from 2 & 3W-52%, PV-13%, Aftermarket- 15%, CV- 10% & Others-10%. The company incurred capex Rs 240mn and expects a similar level of...
Order book stands strong at Rs98.7bn (excluding Rs43.6bn MHADA orders) translating an order-book-to-sales ratio of 10.8x TTM revenues. CAPACITE posted a decent set of results with revenues falling 55% YoY due to gradual recovery seen in labour availability in Q2 and overall prolonged...
Results were above estimates on all fronts except realizations were in line. SRCM posted 7.9% YoY growth in revenue to Rs30.2 bn led by 14.1% YoY volume increase to 6.5mt slightly offset by decline in blended realization by 5.5% YoY (-1.9% QoQ) to Rs4,628/tn. EBITDA up...
