Kotak Securities Broker Research reports

Central Depository Services (CDSL) 1QFY19 operating performance was in line, but lower other income weigh on PAT. Owing to the volatile capital markets, key segments (except data processing) grew at subdued pace. Data...

MTPL Q1FY19 PAT was in-line with estimates, but EBITDA was above estimates, due to higher realisation. Despite the increase in raw materials costs, margin during the quarter remained flat QoQ, backed by higher IML sales and higher realisation. MTPL is on its way of sustainable growth story, backed by capacity addition at Mysuru, Vizag, greenfield plant at Hyderabad...

The company reported volume growth of 14% in Q1FY19 The share of value added products has risen to 19% of the total sales in Q1FY19 as against 17% in the corresponding quarter of previous year....

Multi quarter super performance VIP Industries has reported its strongest quarter in the history of the company. The strength of the performance indicates strong volume growth in a seasonally strong quarter for the company, improvement in realisations with pass through of raw material price...

Multi quarter super performance VIP Industries has reported its strongest quarter in the history of the company. The strength of the performance indicates strong volume growth in a seasonally strong quarter for the company, improvement in realisations with pass through of raw material price...

HMC is making yet another attempt to improve its presence in the scooter segment by launching two products (of existing brands) in the 125cc category. Management highlighted that the 125cc scooter segment is a fast growing segment with 60% volume growth as buyers move up the value chain. HMC do not have presence in the 125cc scooter segment which accounts for 20% of the overall scooter volumes. Company has also renewed its focus back on the premium motorcycle segment. HMC will be targeting this segment with Xtreme 200R. On exports, the company highlighted that the scale-up is taking more time...

Sales (excluding GST) was reported at Rs 7.16 bn (2.2% QoQ and +0.1% YoY) despite complete demerger of its speciality chemical business (effective 1st April 2018) which was contributing almost 10% of the revenues/PAT. Strong volume growth has helped the company report EBIDTA of Rs 725mn with Ebidta margin of 10.1% (+10bps QoQ and +80 bps YoY) despite inflation in raw material cost .Consequently PAT was reported at Rs 435 mn (-5.6% QoQ and +5.3YoY). We interpret the performance as strong, especially when we consider complete sale of the speciality business division....

Consolidated revenue in the quarter grew by 31% YoY to Rs42.9bn. APTY reported revenue growth at both India and European operations. Consolidated EBITDA in the quarter increased by 92% YoY on the back of increased revenues and reduction in raw material cost. In 1QFY18, due to rise in raw material prices, margins and earnings were significantly impacted. Accordingly the high growth is also due to low base. On the back of improved operational performance and low...

MSIL reported revenue of Rs224.6bn, 28% increase over 1QFY18 revenue of Rs175.5bn. Sales volume in the quarter grew by 24% YoY on the back of strong growth witnessed in Baleno and Dzire sales. MSIL reported below expected EBITDA on account of cost pressure from commodity prices and adverse foreign currency. EBITDA margin increased YoY and QoQ to 14.9%. MSIL reported PAT of Rs19.8bn, 27% growth over 1QFY18 PAT of Rs15.6bn. However PAT came in well...

Container Corporation has reported strong YoY increase in volume in Exim at 794,402 TEUs (+11.4% YoY) and similar growth in domestic at 142,559 TEUs (+9.7% YoY). But volumes failed to pick-up sequentially. Even realizations continue to remain under pressure. We believe the current market price...