Kotak Securities Broker Research reports

declined by 3.8% QoQ. EBIDTA margin at 8.9% were too below our estimates by about 50bps due to lower than expected margins in SNC (-1.6%) and school business (-23%). Corporate Learning Group (CLG). CLG (65% of revenue) has been leading the performance and is expected to continue the momentum...

PLNG's Q1FY19 result is better than our expectation. PAT for Q1FY19 was at Rs.5.87 bn up 12% qoq on account of higher volumes and better efficiency in operations. The Company reported quarterly EPS of Rs.3.91. In Q1FY19, PLNG's Dahej terminal operated higher at 111% of its name plate capacity and processed LNG quantities of 214 TBTUs, 3% qoq and 16% yoy. Similarly, Kochi terminal supplied 6 TBTUs of LNG, marginally better qoq basis, with utilization increasing to 10% in Q1FY19 from 9% in Q4FY18. We expect short-term volumes to increase in the near term led by higher off-take from...

One-off impact: The company has booked a non-operating accounting charge of ~Rs.160 mn (prior-period) in Q1FY19 resulting in lower PAT and lower margins. However, management is optimistic that in 9MFY19 the margins will improve. It has already started a business transformation program encapsulating zero based budgeting, service excellence and...

ITC's EBITDA/ PAT growth was reasonably healthy at +19.2%/+18.2% YoY, well ahead of our and consensus estimates with significant improvement in performance in cigarettes/ other segments in the aggregate. Strong performance was exhibited by Cigarettes, Agri-business and Paper board. Despite strong performance, ITC is trading at a steep discount to other large FMCG players, which trades at 35x-45X FY20E PER (vs. 25X FY20E PER for ITC)....

EBITDA margins in the quarter improved by 259 bps yoy to 17.7% led by premiumization, better realization due to price hike in certain states on yoy and lower raw material cost. The company expects improvement in EBITDA...

EIIL Q1FY19 result was higher than our estimates; company posted operating margin expansion following the immense disappointment in the previous quarter, when the company reported EBITDA loss. Management is able to reassure (during the course of our interaction) that most of the challenges are...

Tata Sponge (TTSP) Q1FY19 reported numbers were in-line with estimates. Higher realisation and improvement in operating leverage led to a 56.1% YoY jump in EBITDA to Rs603 mn (down 2.2% QoQ), with an EBITDA margin of 23.1% (below estimates). TTSP's spread in sponge iron segment continued to...

Hisar unit (JSHL) of Jindal stainless (JSL) has always been a profitable unit even in the turbulent times, despite being located in a landlocked area. Given JSHL's market position and 7.5% demand (improving infrastructure) CAGR for the next decade, we believe the group is well poised to capture higher market share. Besides this, the increase in contribution from VAP to 65% of the overall sales mix, will help the company to sustain its earnings. We continue to remain positive on the company given its sustainable earnings, however...

across segments led by decorative segment. Management commented that raw material price inflation, volatility in crude prices and INR depreciation was more pronounced this quarter which impacted the operating margins....

HIL Q1FY19 PAT was slightly lower than our estimates due to lower margins in the lighting segment. However we are encouraged by the sales and margin growth reported in other segments/Lloyd. We see margin expansion in...