9 Kick starts the regulatory filing of its first biosimilar Pegfilgrastim with EU regulators and expects to file with USFDA subsequently. More so, it reiterates for regulatory submissionofotherbiosimilars(Trastuzumab,Adalimumab,InsulinGlargine)intheUS aswellasEuropeinFY17.Thesefourhasaddressablemarketof>US$30bn. Keyhighlights:INDASsalessaw21%growthledbystrongperformanceacrossallsegment Biopharma(includesSmallmoleculesandBiologics)up19%yoydrivenbyhealthysalesof biosimilarsinemergingmarkets.Brandedformulationsandresearchserviceswereup41% and 18% yoy, respectively. EBITDA was 14% better than our estimates, as the margins at...
8 Asset quality deteriorates sequentially as GNPA/NNPA increased 86bps/33bps to 2.54%/1.08%.SlippagesamountedtoRs36.4bn(outsidewatchlistRs10bn). Managementcomments/concalltakeaways 8 Maintains 60% of original watch list of Rs 226bn to slip over eight quarters (including Q1FY17).FreshrestructuringwasRs9.3bnforoneprojectduetochangeinDCCO. 9 Noncorporate slippages of Rs 10bn is seasonal in nature and will moderate going...
Key highlights: Revenue was better than our expectations due to the excise duty of Rs 394mn asperINDAS; excluding this, saleswere in line. EBITDA marginwas in line and so wasEBITDA.Lowerotherincomeandhigherdepreciation(+45%yoy),resultedinaPBTofRs 950mn (5% below estimates). However, significantly lower tax of 15% (vs. normal tax of 31%) boosted PAT to Rs 805mn (+32% yoy), but on normalised taxes, adjusted PAT stood...
Key highlights: Strong quarter, as better mix helped prop up margins. While we maintain our BUY rating, nearterm outlook remains sluggish as replacement demand cools off. Channelcheckssuggestneartermvolumegrowthwillbesubdued,asreplacementdemand coolsoff.However,thisdemandislikelytopickuppacefromQ4FY17,asprebuyingkicksin due to regulatory changes. We reduce our estimates by 5%/7% for FY17/18 on nearterm...
Revenue declined 3.5% qoq in USD marginally better than our estimates (-4.2% qoq). Verticals: Manufacturing grew 3.3% qoq. E&U; and Auto declined -13.5% and -4.8% qoq. Geographies: ROW grew 4.4% qoq; America and Europe declined -5.5% and -1.6% qoq. Services: SAP grew 3.0% qoq (after 12.5% decline in last quarter). Enterprise Solutions grew 1.8% qoq. Engineering Services and IES declined by 5.6%/2.6% qoq. EBITDA margins contracted 507bps to 10.7% marginally lower than our expectation of 11%. The margins were impacted by salary hike (-250bps). Net profit at Rs 551mn, was down 41.2% qoq marginally higher than our expectation...
up 16% to Rs 2.6bn and EPC division (15%) up 34% up to Rs 840mn (after adjusting intersegmentrevenue).EHVrevenue(6%)wasdown47%yoytoRs170mn. Gross margins increased 192bps, but higher manpower and SG&A; expenses capped OPMat10%(76bpsbelowourestimates)....
9 Substantial savings delivered in power and fuel costs driven by start of wasteheat recoverysystems.Powerandfuelcostspertonneweredown14%yoy,16%qoq 9 Ourpricetargetismet;butwecontinuetoseevalue,givenattractivevaluations.With...
higher employee costs. Segment margins for Electrification Products (+330bps yoy), benefited from higherlocalizationwhilemarginsforthePowerGridsegment(+260bpsyoy)werepositivelyimpacted byhigherexportandservicerevenues.However,marginsforDiscreteAutomation&Motiondeclined; 230bpsyoybecauseofimpactofforeignexchangedepreciation,asthissegmentreliesonhighimport content. ABB's focus on cash over revenue led to an improvement in net working capital to 11% of...
