Way2Wealth Brokers Pvt. Ltd. (CIN U67120KA2000PTC027628) SEBI Rgn. No. : INH200002739 No. 14, Frontline Granduer, Walton Road, Bangalore-560001; Website: www.way2wealth.com Email: research@way2wealth.com...

Godrej Consumer Products Ltd (GCPL) declared its Q2FY19 results recently. Consolidated net sales grew by 5.8% YOY in Q2FY19 to `2642crs. India business recorded sales growth of 10% YOY in Q2FY19. International business sales grew by 6% YOY in Q2FY19, on a constant currency basis. Strong domestic market performance, focus strategy and new product launches...

Revenue from Operations grew by 12.5% Y-O-Y to `2855crs in Q2FY19. This was on the back of double-digit volume growth primarily due to investment in brands and widening distribution network and northern states. International business grew at healthy rate...

Varun Beverages Ltd. declared its Q3CY18 results recently. Net Revenues grew by 21% YoY to `1166crs. led by robust volume growth of 17.2%. EBITDA for Q3CY18 grew by 13.9% on a YOY basis to `211.3crs. Margins contracted by 110bps to 18.1%. PAT for Q3CY18...

Way2Wealth Brokers Pvt. Ltd. (CIN U67120KA2000PTC027628) SEBI Rgn. No. : INH200002739 No. 14, Frontline Granduer, Walton Road, Bangalore-560001; Website: www.way2wealth.com Email: research@way2wealth.com...

US Business U.S. formulation business reported revenue of `2,226.8 Crs. witnessing a growth of 6.1% YoY and 17.8% on a sequential basis. US business reported healthy growth inspite of high base due to one-off opportunity in Q2FY18. The launch of Ertapenem and shortage of Valsartan helped to report improved volumes in the US. During the quarter, Aurobindo received final approvals for 13 ANDAs including one injectable and filed 25 ANDAs including 8 ANDAs for injectable products. The management has maintained their growth guidance for the injectable business of ~30% growth for FY19and...

Overall realizations grew by 1.8% YoY (Automotive division realization de-grew 0.7% YoY and Tractor division realization grew 6.8% YoY.) Net Sales grew by 6.4% YoY to `127.9bn. EBITDA margins contracted on a YoY basis by 154bps to 14.5%....

Robust demand from domestic and Export market for Steering and Linkages division During the quarter, the Company witnessed strong demand in passenger vehicle segment for its steering and linkages division amidst gain in market share in from manual steering business. Demand for Steering and Linkages division was also strong from International customers. RML introduced new products during the quarter in hydraulic steering and added Escorts and Swaraj Mazda as its customers. The company's hydraulic...

As per the management, the volume growth in Automotive, Motorcycle, Inverter and Industrial batteries have shown good growth during the second quarter. However, currency depreciation and high fuel cost had adverse impact on the margin of the business as a whole. The company is focusing on cost control and technology upgradation strategies to improve bottom-line. Exceptional Item of `1.08bn during the year pertains to profit on sale of property. We believe Exide is likely to be a key beneficiary of GST as it will benefit from shift of...

Domestic tractor volumes in Q2FY19 stood at 20,553 units as against 19,817 units in Q2FY18, an increase of 4% Y-o-Y. Export volumes decreased from 541 units in Q2FY18 to 486 units in Q2FY19. Avg. realization during the quarter stood at...

Revenue Breakup Subros recorded sales of `10.95bn in H1FY19. `8.6bn out of the above was contributed by the car segment, `1.4bn from ECM segment and the rest `0.96bn was contributed by the CV segment. Subros expects double digit growth in the car segment, contribution of `2.8-2.9bn from ECM segment in FY19 and `2bn from CV segment in FY19. The company has mentioned that it is not expecting any slowdown in revenue growth over the next 6 months from Maruti as the models in which it is...

Strategy on entry level (M1) segment BAL took price cuts in the entry level segment in Q1FY19 to expand the lower end of market and also to gain market share. As a result, the company recorded a growth of 50% YoY in Q2FY19 as against 27% growth for the industry. CT sold over ~248,000 volumes, a growth of 40% over Q2FY18 and Platina clocked over ~153,000 units, growth of ~47% over Q2FY18. This resulted in market share improvement from 32% in Q2FY18 to ~38% in Q2FY19. BAL plans to occupy 45-50% of the market share in the M1 segment over the medium term....

1. Jyothy Laboratories (JLL) reported a 7.1% YOY increase in net sales to `427.7 crs with underlying volume growth of 4.4%. The growth was driven by the Dishwashing, Fabric Care and Personal Care categories. Power brands growth was at 6%. 2. EBIDTA increased 13.2% YOY to `73.2crs with margins expanding from 16.1% to...

CCL Products (India) Ltd. (CCL) declared its Q2FY19 results recently. Consolidated net revenues decreased by 1.9% to `291crs due to fall in green coffee prices. Consolidated EBITDA for Q2FY19 grew by 32.5% Y-O-Y basis to `76crs. EBITDA margin came in at...

HUL declared its Q2FY19 results recently. The key highlights were as follows: 1. For the quarter, the company's domestic consumer business grew at 12% strongly supported by 10% volume growth. This was mainly due to gradual recovery in demand and a return to normalcy in trade channel. EBIDTA margin expanded by 160 bps. 2. Growth and margin improvement were mainly achieved through a combination of new launches, enhanced reach, product mix & cost saving measures. 3. The company maintained its strategy to focus on volume driven growth and improvement in operating margin through cost saving initiatives while strengthening its portfolio through...

Way2Wealth Brokers Pvt. Ltd. (CIN U67120KA2000PTC027628) SEBI Rgn. No. : INH200002739 No. 14, Frontline Granduer, Walton Road, Bangalore-560001; Website: www.way2wealth.com Email: research@way2wealth.com...

Gujarat Fluorochemicals Limited (GFL) is part of the INOX Group, a conglomerate business house that holds leadership positions in diversified sectors such as industrial gases, renewable energy, entertainment, speciality chemicals, engineering plastics, refrigerants and cryogenic engineering. The standalone entity at GFL began its journey in 1987 at Ranjitnagar, Gujarat as India's largest producer of CFC and HCFC gases. Post the Montreal Protocol in 2007 that called for the gradual phasing out of CFC and HCFC gases the company forward integrated into Poly Tetra Fluoro Ethylene (PTFE) and...

Grasim Industries Limited (Grasim) is one of India's largest business conglomerates and the flagship of the prestigious Aditya Birla Group. From a humble beginning in 1947 as a textile manufacturer, Grasim grew exponentially to become India's largest Viscose Staple Fibre (VFS) and chlor Alkali producer. Post the merger with Aditya Birla Nuvo in June 2017, Grasim holds a majority stake of 60.21% in Ultratech Cement (India's largest cement producer with an annual capacity of over 90 million tonne) &...

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment. The company manufactures tractors under the brand names of Farmtrac, Powertrac, and Steeltrac. Escorts Construction Equipment manufactures and markets construction and material handling equipment like pick and carry cranes, backhoe loader, vibratory rollers, and forklifts. Railway Equipment Division manufactures and supplies critical railway components such as air brake system, EP brake system, draft gears and couplers, composition brake blocks, dampers and...