Polycab registered another strong quarter with revenues at 3,037 crs growing by 43% YoY and 9% QoQ with growth across business segments and improving share of B2C business. The company has met its guidance of delivering a much better second half with a strong growth. Even when the commodity market is on the rise resulting in higher raw material prices, Polycab has...
slippages of 450bn. Furthermore, the collection efficiencies of domestic loans stood at 96% v/s 93% declared earlier. Its reported GNPA (8.87% v/s 9.63% in 3QFY21) and NNPA (3.09% v/s 3.36% in 3QFY21) declined substantially along with higher PCR of 81.8%. The bank has witnessed stable net advances (2.3% YoY, 1.1% QoQ) and deposit growth (2.2% YoY, 1.3% QoQ) with better liquidity position (LCR of 140% +). Moreover BOB has reported net loss of 10.5bn on the back of DTA adjustments (Tax: 37.3bn v/s 5.7bn in 3QFY21). Factoring the difference between the reported NNPA and pro-forma NNPA, we believe the covid provision (32bn) could absorb half of the existing stress. Remaining half can be managed with internal accruals. The profitability may...
City Union Bank (CUB) reported 4QFY21 earnings in line with our expectations and the key pointers are a) relatively healthy business growth with net advance and deposit growth of 0.7% QoQ and 2.9% QoQ respectively, b) sequentially higher C/I ratio of 50.1% v/s 38.9% in 4QFY21...
M&M;'s Q4 FY21 numbers came in line at the topline at 135 bn, a growth of 48% yoy as volumes grew 33% in the same period. This growth was also led by a 15% growth in realizations. Q3 FY21. Tractor division revenues increased by 60% yoy led by (a) 58% yoy increase in volumes and (b) 2% yoy increase in ASPs in Q4 FY21. Automotive EBIT margin dropped 330 bps qoq to 3.1%, (+20 bps yoy). It dropped sequentially due to negative operating leverage and higher input costs. Tractor EBIT margins came in at 22% (+540 bps yoy, -140 bps qoq). Overall EBITDA margin came in at 13.2% (+80 bps yoy, - 280 bps qoq). This was however, lower than our expectations...
LT Foods Ltd (LTF) witnessed a muted quarter with decline in revenues by 6% mainly due to stocking up in March last year with onset of Pandemic. Operating margins also contracted marginally due to investments made in strengthening its international operations. EBIDTA margins was marginally lower by 26bps with increase in gross margins led by improving product mix. For the full year FY21, the company registered a revenue growth of 12% led by growth in the US, Europe and Organic business. Increase in gross profits and savings in interest cost led to expansion in...
Federal Bank has reported 4QFY21 earnings in line with our expectations led by a) Stable NII growth (16.8% YoY) with NIMs at 3.23%, b) relatively healthy business growth with net advance and deposit growth of 7.9% YoY and 13.4% YoY respectively, c) sequentially higher C/I ratio of...
DCB bank's 3QFY20 earnings demonstrated sequentially lower provisioning expenses (1.0bn v/s 1.47n in 3QFY21) and net profit of 779mn; down by 19% sequentially. The headline PCR decreased sequentially to 6.4% as fresh slippages remained high. Pursuant to the Supreme...
Hero reported strong set of numbers in Q4. Volumes grew by 18.5% yoy while fell by 15% qoq to 1.57 mn units, while topline grew by 39.2% yoy to 86.86 bn as realizations witnessed a fantastic expansion of 12% yoy mainly on price hikes taken in Q4, model mix tilting towards big ticket models and low base of last year when BS 6 was playing as a dampener. The demand in Q4 remained strong even after the best quarter of Q3. Input costs to sales remained flattish sequentially at 70.4% despite commodity prices moving up by 5%. This was a big surprise for the street as other auto players were unable to arrest this surge. Due to this impact, EBITDA margins surged to 13.9%, while rising from 10.6% yoy and slightly falling qoq. The company managed the...
the previous quarter. The up-gradation & recoveries stood 7.8bn against 0.8bn in 3QFY21. Reported GNPA/NNPA/PCR: 4.34%/2.12%/72.2% against 1.84%/0.71%/86.4% in the previous quarter. The bank's NPA ratios down from Pro-forma GNPA/NNPA of 4.57%/2.37% in the prior quarter. The restructured asset grew 51bps to 1.41% of loan book. The BB + and below book stood at 5.7% of the total book. The BB & below pool (calculated) stood at ~4.9% of the net advances. Moreover, the A- and above book stood 77.6%. In 4QFY21, the bank's provisioning expenses increased 25.7% sequentially to 7.6bn v/s 6.1bn in the previous quarter. The total...
Kotak Mahindra Bank (KMB) reported tepid 4QFY21 results with the key pointers being: a) profitability (PAT declined 9.2% sequentially) dragged down because of higher provisioning b) GNPA/NNPA ratio of 3.25%/1.21% marginally higher than expected c) sequential credit growth...
Indusind Bank has reported better than expected numbers in 4QFY21, as its GNPA/NNPA ratio declined to 2.67%/0.69% from pro-forma NPA ratio of 2.93%/0.7% in the previous quarter. As a result of resumption in asset classification, the gross slippages inched up to 63.3bn v/s...
Bajaj Auto's topline expanded by 27.3% yoy, in a quarter which remained buoyant even after the end of festive season. Sequentially the top line declined by just 3.4%, while it expanded by 27.3% yoy. Volumes in the quarter moved up by 17.9% yoy after falling by 64% yoy in Q1 and 10% in Q2...
4QFY21 marks the manifestation of sequentially lower provisioning expenses (32.9bn v/s 46.0bn in the previous quarter) and surge in net profit to 26.8bn against 11.1bn in the previous quarter. As the asset classification resumes, the bank's reported slippages number remains low (52.9bn v/s 79.9bn pro-forma slippages in 3QFY21) with GNPA and NNPA ratio declined to 3.70% and 1.05% respectively against the Pro-forma GNPA and NNPA ratio of 4.55% and 1.19% in the previous quarter. The bank's PCR (including TWO) has seen further improvement to 88% v/s 87% in the previous quarter. Moreover the resolution rate (98%) stood better than pre-COVID level. Furthermore, the BB & below book inched down sequentially by 28bps to 1.09% of customer...
Margins disappoint, Q1 to be impacted by lockdown, revival from Q2 Q4 margins below expectations on the back of high RM costs MSIL's Q4 FY21 revenues grew by 32% yoy and 2.4% qoq to 240 bn on the back of strong volumes and a lower base which was impacted by the pandemic. Realizations grew by 4% both yoy and qoq. EBITDA margins reduced to 8.3%, a fall of 70 bps yoy on firming up of input costs, as steel...
Earnings in 4QFY21 re-acknowledge our conviction that ICICI Bank is preparing for sustainable, prudent and cautious growth despite some exceptional glitches owing to COVID second wave. The bank has reported its 4QFY21 results with the key pointers being: 1) NII growth of 16.9% YoY, with headline NIMs (Domestic: 3.94% & Overall: 3.84%) growth of 17bps sequentially despite higher liquidity available (LCR: 146%). The bank has excluded 1.75bn from interest income as an estimated impact of interest on interest wavier, 2) PPoP growth of 15.6% YoY and de-growth of 3.2% sequentially because of lower fee income, 3) Reported slippages (118.2bn) higher because of resumption of asset classification. The gross slippages includes 82.8bn of pro-forma...
HDFC Bank reported a stable trend on assets quality and healthy operating performance in 4QFY21. The resumption of NPA recognition has resulted in the reported GNPA ratio of 1.32% (against 1.38% under IRAC norms in the previous quarter). The reported GNPA is in line with...
as higher R&D; cost, stringent regulations, long gestation period for product approval making this an oligopolistic industry with select few players globally. With growing awareness about the use of green additives, the demand for oleochemical-based additives is set to surge going forward....
INDIAN ENERGY EXCHANGE (IEX) | Power Exchange IEX has surpassed its previous highs with a stellar volume growth of 92% in the month of March 21. The company has traded 8,249 MUs of power in this month as compared to 4,291 MUs in same period last year. The growth was mainly led by higher volumes in the Day ahead market (DAM) registering a growth of ~65% yoy followed by incremental volumes from Real time Market (RTM). IEX has ended the year with the highest ever yearly electricity volume of 73,941 MUs achieving 37% YoY growth despite the lockdowns in the first two quarters of this fiscal affecting the power demand. During the year, IEX has introduced several new products to better serve its customers...
MSME segment to propel growth; salaried class to keep asset quality in control DCB Bank's 9MFY21 performance demonstrated higher provisioning expenses (3445mn v/s 1429mn in 9MFY20) and net profit of 2579mn; down by 4.2% YoY. The lower profitability has resulted in PCR improvement to 84.3% v/s 72% a year ago. In 9MFY21, the bank's total slippages remains low (187mn v/s 5131mn in 9MFY20), moderate write-offs (743mn v/s 1202mn in 9MFY20) and standstill asset classification have resulted in GNPA ratio reduction (1.96% v/s 2.15% in the year ago) and decline in NNPA ratio (0.59% v/s 1.03%). On the business front, the bank reported marginal growth in net advances (1.7% YoY) and lackluster deposit traction of -2.9% YoY....
