Aarti Industry's specialty chemicals volume growth was driven by sales push in non-regular market for its discretionary products. Pharma segment continues to grow its volume with demand being intact resulting in better operating leverage for the company. Overall revenue increased on account of increasing volume and greater traction from customer, based on scale-up of value-added products. Specialty chemical segment EBIT margin contracted 676 bps YoY / (up 172 bps QoQ) to 17.1% due to one-time effort to push higher volume at lower margin, while that of Pharma segment expanded 700 bps / 219 bps QoQ to 25.5%, resulting in overall EBIT margin contraction by 445 bps YoY (up 163 bps QoQ)....
On standalone basis, for Q2FY21, revenue came to be INR 1,305 mn down 13.9% YoY (up 51.1% QoQ) and standalone PAT also declined 49.9% YoY (up 57.2% QoQ) to INR 50 mn. For Q2FY21 on consolidated basis, Revenue declined 8.6% YoY (up 49.9% QoQ) to INR 1,539 mn. EBITDA declined 13.9% YoY (up 11.7% QoQ) to INR 346 mn. EBITDA margin contracted 138 bps YoY / 769 bps QoQ to 22.5%. Operating margin contracted 493 bps YoY / 115 bps QoQ to 6.1% in Q2FY21....
Asian Paints reported revenue growth of 5.9% YoY / 83.1% QoQ to INR 5,350 Cr above our estimate of INR 4,203. Overall, EBITDA margin improved 474 bps YoY to 23.6% ( +708 bps QoQ) on the back of soft raw material prices, better product mix, favorable foreign currency and cost optimization measures undertaken over the period. Net Profit increased by 1.2% YoY to INR 830 Cr (+280.1% QoQ) with NPM of 15.5% (-72 bps YoY) due to the lower total tax. Board has recommended payment of interim dividend of INR 3.35 per equity share of the face value of INR 1 each for FY21; as on...
The business for SBI life improved sequentially and annually, growing 28% YoY/71% QoQ as business across channels improve. The renewal premium grew 28% YoY/123% QoQ as persistency across tenure improved materially. The market share rose to 24.5% from 23.9% in Q1FY21. The growth was also witnessed from new Banca partnerships. Overall Banca partnership from non SBI is likely to have risen 71% YoY in H1FY20 but was lower 25% YoY in the SBI channel and lower by 21% YoY in agency. The agency productivity is...
For Q3CY20, Nestle India reported revenue growth of 10.1% YoY (+16.1% QoQ) to INR 35,417 mn Domestic Sales increased by 10.2% YoY largely driven by volume & mix. Along with this, Export Sales increased by 9.4%. EBITDA margin improved by 158bps YoY to 24.9% (+44bps QoQ) mainly due effective inventory management and other expenses Net Profit declined marginally by 1.4% YoY / (up by 20.7%) to INR 5,871 mn with NPM of 16.6% (down 194bps YoY / up 62bps QoQ);...
New product launches in Equity may hold promise: It plans to launch new investment styles and funds to mitigate the stagnancy of weak performance. It hired 2 fund managers with distinctive investment styles and carved out 2 schemes and is expected to carve another in few quarters. For the fund of its size, it believes it cannot depend on strategies based on market cap alone and need differentiated investment strategies to...
For Q2FY21, Bajaj Auto reported total revenue from operations of INR 7.041 Cr, degrowth of 6.1% YoY (up 138.8% QoQ) Domestic Volumes declined by 9% YoY at 573,586 units whereas Export volume declined by 20% YoY at 479,751 EBITDA margin expanded 93 bps YoY to 18.0% (+539 bps QoQ). Net Profit de-grew by 18.9% YoY to INR 1,138 Cr. (+115.7% QoQ) attributed to reduction in treasury income coupled with one-time gain noted in last year's Net Profit. Net profit margin contracted 255 bps YoY/173 bps QoQ to 16.2% In Q2FY21, the company introduced Pulsar 125 Drum Split Seat and expanded the footprint of Pulsar 125 Disc Split Seat. Further...
Alembic pharma reported yet another outstanding quarterly numbers with 7%/21%/34% higher Revenue/EBITDA/PAT from our estimates. The beat was supported by strong growth in Azithromycin OSD along with the strong market share gain. Lagging therapies of Gastroenterology and Gynecology also reported significant improvement during the quarter. Geography wise, growth in revenue was led by the ROW market which grew by 84.1% YoY (14% of revenue, up 3.3% QoQ) due to continued recovery in the European businesses from supply chain related issues and API business which grew by 28.9% YoY (18% of revenue, flat QoQ). The...
Colgate reported revenue increase of 5.2% YoY / 23.5% QoQ. Domestic net sales for the quarter reported 7.1% YoY growth. EBITDA margin expanded to 31.8% in Q2FY21 (from 26.4% in Q2FY20) primarily benefitting from Change in inventories to the tune of INR 599 Cr. Raw materials stood at 28.5% of sales (vs 28.8% of sales in Q2FY20). Employee cost was also on increase that grew 18.0% YoY. Purchase of stock in trade for the quarter however was higher at 8.1% of revenue (vs 5.1% in Q2FY20). Overall, EBITDA margin expanded sharply by 541 bps YoY / 224 bps QoQ. Consequently, Net Profit grew 12.3% YoY (+38.4% QoQ) due to lower cost of sales as total expenditure declined 2.5% YoY and lower interest expense that declined 24.5% YoY. Net Profit margin for the quarter expanded by 135bps YoY / 229 bps QoQ to 21.3%....
PAT/PPOP and NII did not grow on a sequential basis. AUM fell marginally sequentially and were up 1% YoY as the new loans booked were 3.62 million as against 6.47 million in Q2 FY20. The provisions were almost at the same level as the last quarter at INR 1,700 Cr, higher by 0.9% QoQ despite the unlock and improvement in business activity. The asset quality remained stable with GNPA at ~1.34%, down 30bps QoQ. This is excluding the Supreme Court's (SC) standstill. With the order under consideration, reported GNPA were 1.03% and NNPA at 0.37% with PCR at 64%. However the provisions for stage 1 and stage 2 stood at INR 1,370 Cr, lower by merely 4% QoQ. The AUM grew 1% YoY, with only commercial...
Net profit after tax for the quarter declined by 65% to INR 552 Mn. Profit declined was on account of lower revenue, increase in deprecation cost and decline in operating margins. Order Book remains robust at INR 107050 Mn. The order book consists of 43.9% Telecos, 36.9% Citizen Networks and Enterprises 18.8%. Cloud segment is less than 1% of overall order book. For H1FY21, Revenue from India 51% followed by Europe 30%, China 4% and ROW 15%....
UltraTech's consolidated cement sales volume grew 18.7% YoY (+36.9% QoQ) to 20.1 MT due to strong demand from rural & semi urban regions. Volume growth was recorded in all the regions barring the West region. Trade sales share increased 3.0% YoY while Rural markets penetration increased by ~5% YoY. In Q2FY21, UltraTech's utilization was at 66%. Utilization...
To acquire Australia-based IT firm DWS Limited, expand presence in ANZ region HCL Technologies has announced its intent to acquire Australia-based IT, business and management consulting firm DWS Limited. DWS - listed on the Australian Securities Exchange (ASX) - employed 772 people as of June-end, has offices in Melbourne, Sydney, Adelaide, Brisbane and Canberra and provides a range of IT services including Digital Transformation, Application Development & Support, Program & Project Management and Consulting, mainly in Australia and New Zealand. The acquisition will be done by a process of Scheme of Arrangement to be approved by courts in Australia. It will be subject to the approvals of...
Company reported poor Q1FY21 due to subdued economic activity in the global as well as domestic market. Explosives sales volume declined by 24.0% YoY to 70,287 MT (vs 92,531 MT in Q1FY20) while realization declined by 7.0% YoY to INR 34,238/MT (vs INR 36,969/MT). Exports and overseas revenue contribution in Q1FY21 rose to 42.2% of revenue (vs ~31.5% in Q1FY20) and saw a growth of 6.0% YoY (+19.2% QoQ). Housing and Infra declined by 49.3% YoY (-34.1% QoQ, 22% of revenue), revenue from Coal India declined 10.4% YoY (-7.5% QoQ, 20% of revenue), Institutional revenue declined ~32.2% YoY (-30.7% QoQ, 10% of revenue), defense revenue declined 7.1% YoY (-11.4% QoQ, 5% of...
Plant shut-downs & unavailability of daily wage laborers affects operations Emmbi reported 25% YoY decline in volume in Q1FY21 on account of reduced operating days in the initial period of lockdown and the exodus of laborers to their native places at the end of the quarter. Due to lockdown Emmbi's plants were completely shut for first nine days of lockdown and then gradually started operating at 20%, which improved to 50% (from 24th April) and to 80% by 3rd May. Though performance of exports was better, domestic...
