NII grew 18% yoy to Rs 13.5bn led by 23% AUM growth and 60bps yoy expansion in NIMs to 7.35%, which in turn was led by lower borrowing costs. AUM growth (Ex Equipment Subsidiary) remained stable at 21% led by HCV (26%yoy), passenger segment(31%),andtractors(24%),evenasM&LCV;declined6%. 9 Disbursementgrewby15%yoyledby62%growthinnewvehiclesand11%growthin...
Key highlights: Results were marginally ahead of estimates as subsidiaries posted strong performance, but domestic business remained sombre. While there has been a delayed pickup in MACA's earnings power, the company is on the right track with: (1) increasing automationofIndiaplantsboostingefficienciesandimprovingmargins,(2)costsavingsdue to Jeco closure becoming visible from Q3CY16, recouping additional costs that it had to...
9 Sales and other operating income stood at Rs 117bn, +2% vs. our estimate. Higher exportshareandbetterthanexpectedrealisationboostedtherevenues. 9 Consolidatedoperatingprofitwas29%higherthanestimatesatRs32.7bn.Betterthan estimatedperformanceforstandalonebusiness(+28%vs.estimate)andcoateddivision (+58%vs.estimate)aidedtheprofitability. 8 Increase in working capital & decline in acceptances increased the Net debt to Rs 453.5bn(Rs26.7bnimpactofIndAS). Keyhighlights:Higherrealisationsindomestic&strongexportsarbitrageresultedinrobust..;.
to nonrecurring pretax gain of Rs 9.2bn on 22.9% stake sale in general insurance subsidiary.ThecapitalgaintaxpaidonthesaleamountedtoRs2bn.AdjustedPATgrew 4%yoytoRs14.2bn(adjustingforcapitalgain,tax&contingentprovision;). 8 Netinterestspread(2.26%)declined5bpsyoyand3bpsqoq,primarilyduetodeclining spreadsinIndividualloans.NIM(at3.8%)wasstableyoy(10bpsqoq).Onacalculated basisNIMforQ1FY17declinedby4bpsto2.13%. 8 GrossNPAratiodeterioratedby6bpsyoyto0.75%,(primarilydueto5bpsincreasein...
Key highlights: Domestic revenue growth disappointed because Home and Personal Care reported sluggish numbers. Only oral care reported robust growth of 12% yoy in the segment. In Health Care, supplements grew by 7% while digestives and OTC ethicals...
fell 20bps qoq due to higher employee and rental expenses. Lowerthanexpected energy spreadledtoanegativesurpriseonEBITDAandloweroperatingmargins.Tenancyaddition of1,366waslowestinthelastthreeyearsandwasimpactedbytheexitofVideoconina couple of circles. However, tenancy from incumbents continues at a steady rate, implying thatdatarolloutishappeningatanacceleratedpace.Themanagementhasindicatedthat the capital expenditure forthe telecom sector is risingdue to aggressive 3G/4G rollouts ...
Sales growth (value/volume), while in double digits, was slightly below our/consensus' expectations; but better than that reported by other FMCG companies in Q1FY17 Decorative Coatings grew in double digits, Automotive Coatings/Industrial Liquid Paints saw good growth; Home Improvement growth was better In international business, Nepal, UAE, Fiji, and Ethiopia registered strong growth...
Ad?revenue growth of ~19% yoy was ahead of our and consensus estimates. Industry? leading ad?revenue growth was driven by market share gain in regional markets 9 Subscription growth of 14% yoy was ahead of our estimates 9 Sports business reported EBITDA of Rs 171mn (we saw an EBITDA loss of Rs 200mn) 9 EBITDA margin was higher than estimated because of higher ad and other sales revenue 8 PAT growth was lower than EBITDA growth due to routing of MTM loss on investments and change in price of preference shares through P&L account (because of migration to Ind?AS accounting norms).Phillip Capital maintain BUY rating with a TP of Rs 540 (vs. earlier Rs 475) due to robust ad revenue continuing in FY17.
Trendlyne has 10 reports on ZEEL updated in the last year from 4 brokers with an average target of Rs 519.8. Brokers have a rating for ZEEL with 1 upgrade,4 price upgrades in past 6 months and 6 price upgrades in past 1 Year.
Revenue up 11%, but marginally below expected, as realisations missed estimates by 1% 8 Gross margins fell 1.9% qoq led by adverse currency and higher RM prices • EBITDA margin at 14.8% was down 50bps qoq; in line with estimates 9 PAT at Rs 14.8bn was 33% ahead of estimates on higher other?income recognition changes under the new Ind?AS accounting norms Key highlights: Largely in line quarter with the company facing margin pressures due to adverse currency and lower production volumes. The stock has seen a stupendous run of 38% since its lows in March 2016. Relooking at our estimates, we believe it lacks near?term triggers – constrained capacity would mean volume growth of 10% in FY17. With little scope of surprise Phillip Capital downgrade their stance to NEUTRAL from BUY. They marginally tweak our estimates (FY18 EPS up 3%) and revise our target price to Rs 4,600 (Rs 4,500 earlier).
Trendlyne has 26 reports on MARUTI updated in the last year from 8 brokers with an average target of Rs 4863.1. Brokers have a rating for MARUTI with 2 downgrades,7 price downgrades,1 upgrade,4 price upgrades in past 6 months and 11 price upgrades in past 1 Year.
