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In our Exide IC note, we had indicated that EXIDE had taken several initiatives on the automotive side and the corrective actions over the past 2-3 years have yielded strong results and has further enhanced its position in the automotive replacement market. As a follow up series, we have now done our exhaustive channel checks with more than 50+ inverter/UPS battery dealers across all the brands and understand that similar to the automotive segment, the company has taken significant efforts to fill up the gaps and has deployed several corrective actions on the inverter/industrial side. Our interactions further suggest that these corrective...
We maintain our Buy rating on FIEM Industries with TP of Rs1,150. We expect FIEM's growth to continue aided by strong growth prospects of its two biggest clients namely Honda Motorcycle and Scooter India (HMSI) and TVS Motor, along with richer product mix. 1QFY19 top-line performance was in-line with estimates, as auto segment posted strong growth. However, pain in the LED business continues. Had it not been for issues in the LED business, performance would have looked much stronger at profit levels. We remain convinced of FIEM's medium-to-long-term growth opportunity as the company continues to remain a strong 2W auto ancillary company. Many 2W OEMs are expected to shift towards LED...
ff US FDA: Alkem is yet to receive The US FDA clearance for St. Louis facility. However, it has already received EIR for Daman unit (inspected in Mar'18), while the US FDA inspected its Baddi plant between 6-10th Aug-18 with zero observations....
In-line Performance; Earnings Likely to Witness Sharp Improvement Consolidated reported PAT of Coal India (CIL) increased by 61% YoY to Rs37.8bn while net revenue grew by 26.6% YoY to Rs242.6bn owing to higher FSA realisation (+9.3% YoY to Rs1,313/tonne) led by improved e-auction realisation (+51% YoY to Rs2,399/tonne), healthy volume growth (+10.9% YoY to 153.4mt) and price hike benefit. Looking ahead, we expect CIL's profitability to witness sharp improvement backed by price hike benefit, while all operational negatives have already been factored in. Further, its RoE is expected to improve on the back of higher realisation, improved margin and optimum utilisation of assets. We maintain our BUY recommendation...
Net sales for the quarter rose 7.3% to | 385.7 crore (I-direct estimate | 408.4 crore) on account of strong volume growth, partly offset by 23.7% YoY decline in milk prices. The company posted 36% volume growth during the quarter, largely driven by increased sale of pouch milk, ghee, cheese, curd and paneer Gross margins improved 194 bps as milk prices declined substantially during the quarter mainly due to lower global skimmed milk powder (SMP) prices. However, an increase in overhead...
ICICI Securities Ltd | Retail Equity Research MRPL reported its Q1FY19 numbers, which were below our estimates on the profitability front. Revenues declined 11.6% QoQ to | 16582.7 crore and came in below our estimate of | 19465.2 crore. Crude throughput was at 3.9 MMT in Q1FY19 vs. 4.3 MMT in Q4Y18 and came in slightly above our estimate of 3.7 MMT Reported GRMs during the quarter came in at US$8.3/bbl below our estimate of US$8.8/bbl. Reported GRMs include inventory gains of...
Standalone revenues grew 13.4% YoY to | 1910.4 crore (I-direct estimate: | 1921.6 crore) on the back of 16.7% YoY growth in the pharmacy business to | 892.1 crore (I-direct estimate: | 908.7 crore) and 10.7% YoY growth in the healthcare business to | 1019 crore (Idirect estimate: | 1013.2 crore) EBITDA margins improved 156 bps YoY to 11.9% (I-direct estimate: 11.5%) mainly due to lower other expenditure. EBITDA grew 30.5% YoY at | 226.7 crore (I-direct estimate: | 220.3 crore) Net profit grew 70.9% to | 60.2 crore (I-direct estimate: | 71.9 crore)...
On a standalone basis, Rupa reported soft revenue growth of 12.2% YoY to | 183.5 crore (I-direct estimate: | 192.4 crore) despite Q1FY18 being a low base quarter. However, its wholly-owned subsidiary, Oban Fashion's [which licensees Fruit of the Loom (FOL) and FCUK brands] reported revenues worth | 16 crore in Q1FY19 vs. | 3 crore in Q1FY18. Hence, at a consolidated level, Rupa reported 20% revenue growth of | 198.1 crore Despite gross margins expanding 280 bps YoY to 40.2%, higher...
ICICI Securities Ltd | Retail Equity Research Balkrishna Industries' (BIL) revenues came in at | 1,362 crore (up 34.5% YoY) vs. our estimate of | 1,285 crore. This was mainly due to volumes growing 23% YoY to 56,754 metric tonnes (MT) (above our expectation of 54,203 MT for the quarter) EBITDA margins came in at 26.2% (up 490 bps YoY, 225 bps QoQ) above our estimate of 26.1%. On a QoQ basis, raw material cost increased, resulting in gross margin contraction of 27 bps QoQ....
ICICI Securities Ltd | Retail Equity Research India Cements (ICL) reported mixed Q1FY19 results. Revenues increased 5.5% YoY to | 1,360.7 crore (vs. I-direct estimate: | 1,377 crore). Growth was mainly driven by sales volumes, which were up 15.8% YoY to 3.08MT. ICL achieved capacity utilisation of ~80%, which is far better given the south region has excess capacity However, the pricing environment remained weak due to low demand from retail and non-institutional segment. Also, costs like power (up...
