Karvy Broker Research reports

PHNX's revenue grew 49% YoY to Rs. 6150 Mn. The significant growth in revenue was on account of revenue recognition from tower 6 of its residential project One Bangalore West which has received OC in Q1FY20.

Execution Picks UP. Order Inflows to Pick Up from Q2: Revenues surged on T&D; business growth: The revenues had a growth of 14.6% YoY majorly on the strong growth of T&D; business (25%). The non T&D; business just grew by 4% due to decline in civil & solar segment performance and flat growthin cables segment.

Good Set of Numbers: Zensar reported a revenue growth of 18% YoY to Rs. 10661 Mn. In $ terms Zensar reported a revenue of $153.3 Mn up 3% QoQ. Revenues were up 16.4% in Q1FY19.

Steady Performance in Q1, PAT up 8%: Relaxo posted 14% revenue growth to Rs. 6483 Mn and gross margins were steady at ~ 54% (supported by softening raw material prices). We believe the revenue growth was well supported by increase in volumes and a favourable product mix.

Lupin's revenues increased by 15% YoY to Rs 44.2 bn in Q1FY20 lower than our estimates of Rs 46.0 bn on the back of tepid performance in US, India and EMEA markets.

TGBL has reported a steady quarter led by 5.3 percentage growth in consolidated revenue on YoY basis against 5.7 percentage of growth in Q1FY19.

Premiumization and SSSG Growth - The Usual Theme Working Wonders: Bata posted a strong set of numbers in Q1FY20 reporting an increase in its net profit by 22.5% to Rs. 1009.7 Mn in Q1FY20 as against Rs. 824.1 Mn YoY.

During Q1FY20, M&M;'s sales declined by 4.1% YoY to Rs128.1bn (above our estimates Rs124.9 bn). Its EBITDA margins compressed by 179ps to 14% (our estimates were 13.5%).

KRBL Limited has posted robust consolidated operating numbers in Q1FY20 on the back of strong sales and realization in both domestic and export markets. Revenue from operations at Rs. 12177 Mn grew by 63.8% against same period last year and our estimate of Rs. 10686 Mn.

Gujarat Mineral Development Corporation (GMDC) in Q1FY20 has posted 26.2% decline in its sales volume of lignite to 2.293 Mn as against 3.107 Mn in Q1FY19 on YoY basis.