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Life has come to a standstill in Kerala with flood and landslides leading to unforeseen miseries and chaos. Torrential rains, overflowing rivers and a series of landslides have resulted in death of 97 people in the state. Southern Railways and Kochi Metro have suspended their operations. Over 1.67 lakh people are rehabilitated in 1165 relief camps functioning in the state. This is a catastrophic event and would impact several businesses and agriculture activities within the state. The rub down effect of the same is expected to be felt on few of banks and NBFCs having sizeable exposure in...

ITD Cementation (ITCE) reported revenue of Rs6.5bn, which was above our as well as street estimates of Rs6bn, mainly due to faster execution in its key projects. Operating margin (OPM) stood higher at 13.2%, as some projects were on the verge of completion. ITCE has a strong order book of Rs90.6bn (ex-L1 of Rs9.4bn), where execution is likely to pick up materially and flow into earnings over FY19-20E. ITCE has already received...

Gujarat Industries Power Co.'s (GIPCL) Q1FY19 adjusted earnings declined by 3.8% yoy and was below our estimate due to lower-than-expected sales and higher-than-anticipated employee expenses. Overall generation grew by 9.2% yoy. PLF improved in Surat I unit but was down in Surat II unit due to annual plant overhaul. PAF also declined across both the units....

Shankara Building Products Ltd revenues were much ahead of our estimates but margins came lower than expectations due to sharp decline in enterprise and channel segment margins. Company is looking at higher revenue trajectory and in this process, margins may get impacted to some extent in the interim. However, more clarity would emerge in coming 1-2 quarters on the trade-off between higher revenues and slightly lower than expected margins. Though Q1FY19 was a strong quarter, company has mentioned that...

DBL results for the quarter were ahead of our estimates led by better than expected execution and margins. Better than expected order inflow during FY18 and a robust order book provides healthy visibility of future earnings...

ICICI Securities Ltd | Retail Equity Research Bandhan started as Bandhan Konnagar, a non-governmental organisation (NGO) in 2001 providing microfinance services to socially and economically disadvantaged women in rural West Bengal. On April 9, 2014, RBI granted an in-principle approval to Bandhan Financial Services (BFSL) to set up a scheduled commercial bank. Bandhan Bank has demonstrated stellar advances growth at ~51% CAGR in the last five years despite AP crisis and demonetisation. Continued focus on...

Better gross margins (up 50 bps YoY) and lower other expense as a percentage of sales (down 75 bps YoY) led to EBITDA margin improvement of 20 bps YoY to 10.5%. However, higher employee & processing charges as a percentage of sales (up 62 bps, 40 bps, respectively) stemmed the margin expansion. Subsequently, absolute EBITDA grew 2.7% YoY to | 34 crore Though other income rose 84% YoY to | 7.7 crore, higher interest cost (up 77% to | 11 crore) and increase in depreciation (up 4% YoY...

solutions including a wide range of air compressors. It is the second largest Indian player (~22%) only behind global market leader Atlas Copco. Globally, it is the eighth largest player commanding ~1.3% market share. Its manufacturing facilities are spread across India, Europe & America. Air compressors, automotive equipment contributed 88.1%, 11.9%, respectively in FY18. With a profitable turnaround of foreign subsidiaries like Rotair in Italy, Patton's in US, coupled with signs of growth revival in Indian operations, Elgi is in a sweet spot for solid...

Repco Home Finance's Q1FY19 results have come slightly above our expectations. NII has grown by ~8% YoY led by loan growth of ~12%, but NIM declined by 10bps to 4.6% on the back of higher interest expenses( a shift in the borrowing profile). GNPA remained stable at 3.96% whereas, NNPA declined by 30bps on the back of increased provision coverage ratio on a YoY basis. While the loan growth is modest at 12%, sanctions and disbursements have grown by 22% and 28% respectively. The comparison has been done mostly on a YoY basis due to a shift in the company's accounting system to IND AS with Q1FY18 numbers available accordingly. Given that the company is going...

Sector: Auto Ancillaries /Mid-Cap | Earnings Update 1QFY19 Background: Balkrishna Industries (BIL) is focused solely on 'off-highway' tyres catering to agricultural & industrial segments. A low ~5% share of the global market makes us believe reasonable room exists for several years of growth. While OTR forms ~65% of the global market, for BIL, it only contributes ~33% to its revenue. With the completion of the new 140,000 MT facility at Bhuj, BIL is looking to expand in the OEM, OTR segments. The company has been undertaking vari ous actions like setting up warehouses in markets in North America and Europe to be closer to the customer and have a just in time (JIT) system. The company sales to over 130 countries through Distribution network in Americas, Europe, India and Rest of the world. BIL has also strong partnership with OEMs. Mining tyres accounted for 13% of the company's revenue in FY18....