Q4FY19 top-line grew by 9% YoY supported by significant rise in real estate revenue to Rs224cr while PMC growth was subdued (3.6% YoY). EBITDA margin declined by 79bpsYoY to 7.5% due to rise in material cost and absence of high margin re-development revenue....

Siemens India, a flagship company of Siemens AG (Germany), is an integrated technology provider and a leading powerhouse in electronics and...

KNR Constructions Ltd (KNR) is a leading EPC player largely focusing on national and state highway projects. KNR has successfully executed ~6,000 lane km road projects across 12 states in India. Q4FY19 revenue grew by 15% YoY (above estimate) due pick up in road EPC & irrigation projects. EBITDA margin improved by 80bps YoY to 20.1% due to high margin from irrigation projects and reduction in sub-contracting expenses. Out of six HAM projects, KNR achieved Financial Closure for two HAM...

EBITDA margins came at 11.7% for Q4FY19 contracted 146ps YoY due to hike in commodity prices. PAT fell 20%(YoY) impacted by provision for impairment of certain investments. Company was able to improve market share in the SCV space and SUV space with better product mix. Margins to improve based on better product mix and softening of commodity prices in the upcoming quarter ....

Ujjivan Small Finance Bank serves over 46 lakh asset customers through 524 branches and 14,752 employees spread across 221 districts of 24 states in India with gross loan book of Rs11,049cr. Also,...

Bata India Ltd (BIL) is the largest retailer and leading manufacturer of footwear in India with ~1300 retail stores as on March 2019. Q4FY19 revenue growth was moderate at 7%YoY impacted by weak performance of E-com channel due to legislation change and one-off institutional order in YoY quarter. EBITDA margin improved by 90bps YoY largely due to expansion in gross margin (120bps YoY) on account of increasing mix of premium products. PAT growth was strong at 69%YoY. Rent expense as % of sales moderately increased by 10bps YoY....

After the formation of new state government in Andhra Pradesh, the government has announced cancellation of some infra projects sanctioned by previous government prior to April 1, 2019. As per government, It is noted that a number of engineering works were...

EBITDA grew by 106% YoY and margin improved by 480bps YoY to 10.6% led by prices hikes and cost rationalisation. Focus on Non-South market, new product launches and expanding retail chains will drive growth. To invest Rs130cr for capacity expansion in cables & water heaters. We expect earnings growth momentum to continue led by new product launches and deeper retail penetration. We upgrade our EPS estimates by 3% & 6% for FY20 & FY21E and...

EBITDA was down by 56% while the margin down by 1400bps on account of lower realisation in the US and inventory write-offs. Weak filing momentum as categorized by ~5 filings in FY19 with the major one being Imbruvica ($2.97 billion sale in FY19) Key drivers of revenue in FY20 will be India, Brazil and Canada which together is expected to see high growth in FY20-21E. We revise downward our revenue estimates by 14%/11% for FY20/21E while the PAT estimate by 13% in FY20 and 6% in FY21...

We lower our earning estimates by 11% & 8% for FY20E & FY21E to factor in near impact on earnings. Despite this, we expect earnings to grow by 23% CAGR over FY19-21E. We roll forward to FY21E and value HAVL at 36x (historical average) given its high brand recall, strong retail presence and strong balance...

Q4FY19 revenue grew by 9%YoY at Rs7,395cr on a sequential basis the revenue has been mostly flat. EBITDA margins came at 15.7% for Q4FY19 contracted 388bps YoY due to a) increase in marketing spends b) higher commodity...

Apex Frozen Foods Ltd (Apex) is an integrated producer and exporter of processed shrimps in Andhra Pradesh. Revenue de-grew by 19%YoY (below expectation) due to 13%YoY decline in volumes and 7% decline in realization. Deficit in supply of required size of shrimps and high base impacted volumes....

Q4FY19 revenue grew by 18% YoY driven by higher sales in CRAMS(~25%YoY) segment and Specialty chemicals (~16%YoY). EBITDA &PAT; registered a 15%/9% growth YoY while margin declined by 200bps in Q4FY19 and by 348bps in FY19. Molecule SUVN-502 will be presented at Alzheimer's Association International Conference at Los Angeles on 17th July 2019, which can fetch more than Rs +400cr if successful. We expect EBITDA margin to remain around 33% range for FY1921E considering lower growth momentum and maintain our...

Q4FY19 revenue grew by 42% YoY to Rs1,076cr led by strong execution of big ticket order book. While FY19 revenue growth remain strong at 67% YoY to Rs3,097cr. The strong execution is likely to continue as PNC has already received appointed date for six HAM projects while Challakare to Hariyur project appointed date is awaited. The unexecuted potion of the HAM projects constitute 48% of the total order book. Total equity requirement for all HAM projects is Rs832cr of which PNC has already infused Rs232cr and balance will invest over the next two to three years. Additionally, Nagpur Mumbai...

EBITDA margins came at 15.82% for Q4FY19 contracted 94 bps YoY and PAT fell by 4.24% (QoQ). Relationship with HP is expected to be a large opportunity for...

Given its market leadership position, aggressive capacity addition and strong balance sheet, we maintain our positive view. We value Indigo at a P/E multiple of 23x (20x earlier) on FY21E given...

Solid execution in road, building and electrical division led to a top -line growth of 42% YoY in Q4FY19. Order book remain robust at Rs39,216cr (3.2x TTM revenue) supported by 272% YoY growth in order bookings in Q4FY19. Despite, increase in execution EBITDA margin remains flat at 11.7% due to increase in sub-contracting and other expenses....

JKLC reported a strong growth in revenue at 30.7%YoY aided by robust volume growth at 31.7%YoY but realisation was muted. Out of total 9.66MT volumes in FY19, 0.96MT was from clinker sales. JKLC expects conversion of these clinker sales into own cement volumes in FY20 which will lead to better realization. EBITDA per ton declined by 1.6%YoY to Rs446 impacted by higher input cost (+31%YoY) partially off-set by savings in fuel (-11% YoY), freight (-12%YoY) and staff expenses (-18%YoY). Commissioning of 20MW thermal power plant (in 1QFY19) and...

Ashok Leyland (AL) is the second largest Commercial Vehicle (CV) manufacturer in India. It has a strong presence in the M&HCV; (Heavy Commercial Vehicle) segment with a market share of 33% as on FY18. Q4FY19 revenue de-grew by 1% as volume declined by 6% on...

We value the stock at a P/E of 50x on CY20E EPS and maintain Hold rating with a revised target price of Rs 11,400. However, higher advertisement spends are expected to keep margins under pressure in the interim. Moreover, a below normal monsoon this year could further dampen demand scenario. Domestic sales driven by higher volumes Revenue for Q1CY19 grew by 9%YoY to Rs3,003cr led by growth of 10% YoY in the domestic business. Domestic sales increased 10%YoY to Rs2,822cr on the...