Symphony's Q4FY20 revenues were in line with estimates. During the quarter Jan-Feb witnessed strong sales in anticipation of strong summer season; however the sales were impacted in second half of March due to lockdown.

Affle Ltd (Affle) reported tepid results in Q4 FY20. Revenue stood at Rs. 80.02 crs up 33.8% YoY. Operating profit showed a growth of 26.3% YoY at Rs. 20crs while operating margin declined sequentially by 30bps and stood at 25%due to higher data and inventory cost than expected.

Print ad revenue was down 24.3% YoY on account of economic slowdown coupled with the lockdown in the last week of March. Circulation was also affected due to supply chain disturbance. It witnessed a decline of 9.6% YoY. The ad spend from corporates has further declined in the current quarter (Q1FY21E-TD) and is minimal at 20% of pre-Covid level. Circulation is slowly regaining lost readership and is currently at 80% of normal levels. We believe the ad scenario will remain challenging in the near term and will only grow slowly if economic sentiments improve. We expect print ad revenues...

Strong margin of UCP segment drives bottomline While the EMPS segment margin was down ~311 bps YoY at 1.4%, the UCP profitability surged 423 bps YoY to 14.6% in Q4FY20. While the management refrained from giving any future margin guidance, we believe FY21E margin is likely to get impacted by lower operating leverage. However, we also believe ~| 800 crore of liquid asset on the book would...

Revenue growth (33% YoY) was strong despite the fizzling out of volumes over the last week of Mar20 on news of reduction in the number of trading hours. Management indicated that crude volumes remain dented as the sentiment of participants was impacted due to (a) negative price settlement issue, and (b) increase in margin requirement. As volatility reverts to manageable level, company is optimistic about the reduction in margin requirement and Company has hinted at lockdown impact on its warehouse operations. During May, while traded value across Gold (+69% YoY), Silver (+121% YoY) and Nickel (+62% YoY) recovered, Crude (-78% YoY) and base metals continued to drag the overall We upgrade our EPS estimates over FY21-22E by 3-6% as we adjust our EBITDA margin trajectory. As the volatility reverts to manageable level, the company is optimistic of reduction in margin requirement and improvement The company has hinted at lockdown impact on its warehouse operations.

Voltas (VOLT) 4QFY20 earnings were 37% ahead of expectation led by the UCP segments outperformance. However, the cut in our TP is limited as the EMP business commands lower Revenue was flat YoY at INR20.9b, (in line with est). Due to lockdowns, secondary sales could not materialize and as such, dealer level inventory stood as high as 60 days at end-Mar20. As primary sales were also impacted, company level inventory stood at 90 Inverter ACs now form 64% of the total Split AC business and 50% of the overall Room AC business. However, VOLT is looking to focus on cash flow rather than just top line growth in the EMP segment. Market share in Frost-free refrigerators and Washing machines We expect the system level inventory to normalize by Nov-Dec20, and hence, FY22E should turn out to be a normal year. Total order book stood strong at INR78b (+57% YoY).

EBITDA loss stood at INR118m in 4QFY20 v/s loss of INR59m in Kaveri Seeds (KSCL) closed FY20 on a strong note, with 15%/20%/20% revenue/EBITDA/PAT growth. We have increased our earnings estimates by 25%/31% in FY21/FY22 on the 1015% volume growth guidance in the Cotton Seed segment and 2025% growth in the Non-Cotton segment. However, we have assumed 7m packet (in FY21) sales of cotton seeds (lower by 3% YoY) on lower cotton price due to subdued domestic as well as export demand. 12% revenue growth in FY20 in cotton seeds was driven by 17% volume growth (to 7.23m packets). Additionally, the contribution of new products rose from 15% to 23% of the total volume. Hybrid paddy reported 66% revenue growth in FY20 on 60% volume growth; growth was driven by the launch of the new Hybrid Paddy KPH 468. The contribution of new products rose from 26% to 51% of volumes.

Led by a demand slump in Andhra Pradesh from H2FY20, Sagar Cements faced challenges in FY20. While signs of a recovery were seen from January 2020, the virus outbreak led to weakness in demand and a nationwide lockdown. While operations have resumed gradually, the management said that its business is 50% below previous year's volumes and also cannot be confident whether this demand will sustain in coming months. Thus, the management expects FY21 to be a challenging year with volumes seeing a double digit decline, owing to utilisation levels remaining sub-par. We model...

Key highlight of the quarter was go live of IBM MetLife deal. The IBM MetLife deal is currently live for smaller markets. However, eventual progression will be to go live at national and then global level. We believe this will drive its cloud subscription revenues. Also, we believe this will lead to higher larger deals with other Tier-I insurers. Further, Majesco has also entered into a partnership with Capgemini, PwC, Deloitte, Microsoft Azure, which is expected to drive cloud deals. In addition, the company has seen healthy growth in order book that is up 24% YoY in rupee terms (of which 55% is...

Revenues (especially international revenues) in Q4FY20 were impacted by the Covid-19 pandemic. In Q1FY21E, we expect revenues to decline 9.0% YoY led by lockdown related challenges. However, we expect revenues to improve in coming quarters with easing of lockdown and improvement in ecommerce revenues. Also, in the longer run, we expect the company to be a key beneficiary of increased spend in mobile advertising (to increase at a CAGR of ~35% in 2019-25). Further, in a post-Covid world, we expect a significant shift among consumers to adopt digital technology globally, which will drive long term revenues. In addition, we expect Affle to continue...

Pharmaceuticals business segment growth likely to be healthy Recent long term contracts in the radiopharma business as well as Rubyfill traction in the US coupled with Europe launch later this year are expected to strengthen the speciality sub-segment growth, which is likely to grow at 14.7% CAGR in FY20-22E to | 3969 crore on the back of strong growth in the radiopharma business and consolidation of pharmacy business. The CDMO business was impacted in Q4FY20 due to Covid related challenges delaying API dispatches. However, going ahead, we expect this segment to...

from E-commerce went up significantly during the quarter thus benefitting the bigger brands in gaining...

the expert clinical support to customer need. Company derives 63% revenue from brands and 37% from Insulin. Company's top 10 brands...

Amber reported decent Q4FY20 result, however slightly below expectations

Security and Intelligence Services (India) Ltd (SIS), is a leading security services company in India and Australia with leadership positions in cash logistics and facility management services. The SIS group has expanded its footprint not just across 29 Indian states

KEC International reported a strong set of numbers despite widespread expectations of disruption in execution due to lockdown from mid of Mar.'20. KEC reported Revenues/EBITDA/PAT for Q4FY20 at Rs. 3671cr/371cr/193cr lower by 4%/7%/3% on YoY basis.

Dilip Buildcon Ltd (DBL) has reported marginally better than expected results for 4QFY20 with 2.8% YoY decline in revenue and 8.2% YoY decline in EBITDA. Revenue and EBITDA are in-line with consensus estimates, whereas PAT at Rs1.15bn (down 48% YoY) is 8% ahead of expectations. The management has withdrawn its guidance for FY21 and will review it after couple of quarters once more clarity emerges on working conditions and availability of resources. For FY20, DBL reported revenue of Rs89.8bn, down 1.7% and EBITDA of Rs15.7bn, down 3.3%. EBITDA margin at 17.5% was down marginally by 30bps. PAT at Rs4.25bn declined by 44% owing to higher interest, depreciation and tax....

KEC International (KEC) reported consolidated revenue of Rs36.7bn, down 4% YoY and 8% above our estimate. Railways/SAE towers sales grew 36%/39% YoY to Rs8.6bn/Rs4.4bn. T&D;/Cables sales fell 17%/38% YoY to Rs20.2bn/Rs2.2bn. EBITDA fell 7% YoY to Rs3.7bn, leading to EBITDA margin of 10.1% (down 30bps YoY), exactly in line with our/consensus estimate. Aided by lower tax rate at 28.3% (versus 34.2% YoY), decline in PAT was restricted to 3% YoY to Rs1.9bn, 12%/3% above our/consensus estimate. FY20 order inflow was at Rs113bn, down 20% YoY while order book was flat YoY at Rs205bn. FY20 revenue grew 9% YoY to Rs120bn, while the COVID-19 lockdown led to sales disruption of Rs5bn-Rs6bn in March 2020. Lockdown challenges have...

Lupin's 4QFY20 revenue at Rs38,457mn is up 2% QoQ and down 12.7% YoY. The top line is higher than our/consensus estimates by 2.2%/1.6%. Net profit for the quarter stood at Rs3,896mn. The net profit was driven by higher other income (net forex benefit of Rs1260mn), exceptional income of Rs830mn (net gains from business divestment) and lower amortization charge (lower by Rs390mn QoQ). The effective tax rate was lower at 25% vs guidance of 40%. EBITDA stood at Rs5,253mn, down almost 40% YoY. EBITDA margin (excl. other income) stood at 14% - higher by 300bps QoQ and lower by 614bps YoY. The QoQ improvement was partially...

Jubilant Life Sciences or JLS reported 4QFY20 revenue of Rs23,914mn, which was above our estimate by 4.2% and above consensus estimate by 1.4%. Net profit for the quarter stood at Rs2,605mn (Rs16.4 per share) and was 27.6%/8.9% above our/consensus estimates, respectively. Revenue growth was 3.3% QoQ but was flat YoY. Drug Discovery Solution business clocked Rs851mn in sales during the quarter and was up 25.5% YoY. The business is showing good momentum and with capacity set to double in 2-3 years. Net profit margin at 10.9% was up 211bps QoQ. EBITDA margin expanded by 52bps QoQ as the LSI business showed some improvement in EBITDA margin QoQ. Pharma sales...