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ICICI Securities Ltd | Retail Equity Research Revenues for Q1FY19 grew 7% YoY to | 456 crore (I-direct estimate: | 440 crore). Express distribution & supply chain (EDSC) grew 5% to | 366 crore. Growth was further accelerated by 17% and 12% YoY growth in fuel and other sales, respectively Lower operating expenses to sales ratio (56.7% in Q1FY19 vs. 58.1% in Q1FY18) improved EBITDA margins by 53 bps to 4.8%....
During Q1FY19, revenue growth of 26% YoY to | 89 crore was led by ~35% YoY volume increase. According to the management, while volume growth was lower-than-expected owing to labour shortage and power issues, lower realisation was due to a change in product mix and delay in passing on higher raw material prices. As a result, gross margins declined ~60 bps YoY whereas EBITDA margin declined ~155 bps YoY mainly due to a sharp increase in employee and other cost by 40% and 36% YoY, respectively. The management further guided that power and...
YoY to INR5.6b, exceeding our estimate of INR4.9b, supported by smooth execution of projects in hand. Key projects contributing to revenue were KP Sagar Irrigation Project (INR1.7b; 30% of revenue), Yedula (INR500m), Madurai (INR540m) and Pollachi (INR450m). Operating profit of INR1.1b 14 August 2018 (+30% YoY), too, was above our estimate of INR0.74b, supported by better- than-expected execution. Operating margin expanded 210bp YoY to 19.7%, ahead of our estimate of 15.2%. PAT grew 10% YoY to INR740m, exceeding our estimate of INR417m. Tax rate stood at 12.3% v/s our estimate of 10%. 2018, order backlog stood at INR59.
EBIDTA margins up 40bps despite headwinds in Easyday and HyperCity We are cutting FY19 and FY20 EPS estimates of FRL by 6%-9% following lower than expected profits in 1Q due to 1) lower sales due to impact of GST, Ezone and Hometown in base and Hypercity renovation 2) Pressure on small...
Aurobindo Pharma consolidated revenue from operation grew 15.5% on a YoY basis to `4250.27 Crs. in Q1. Growth has been aided by API segment, US, and Europe formulation business segments. However, the ARV business contracted 36% on YoY basis due to weak...
Our SOTP target reduce to Rs 228 (5.0x Jun-20E EV/e for standalone refining, pipeline, marketing and petchem, and Rs 46/sh from investments). Maintain BUY. IOCs 1QFY19 EBITDA came in at Rs 125.76bn, up 142% YoY and 14% QoQ. This has been attributed to 136% YoY and 12% QoQ jump in reported GRM at USD 10.2/bbl. The blended gross marketing margin was up 63% YoY and down 24% QoQ to Rs 3.77/ltr. Marketing volume was down 3.2% YoY and up 1.3% QoQ to 21.7mmt.
We maintain BUY with increased TP of Rs 174/sh. NCC Ltd. (NCC) delivered robust 1QFY19 financial performance with net profit beat of 34.6% largely driven by EBIDTA margins expansion of 285bps YoY to 11.3%. NCC is realizing margin gains largely driven by gross margins expansion and has guided for sustaining it around 11.5% mark.
We value the stock at Rs 217(18xFY20E EPS). Maintain Buy NRB posted strong numbers in 1QFY19. Revenue came in at Rs 2.34bn (+31% YoY), fuelled by strong growth across OEMs segments (2W, CV and tractor segment) and export. EBITDA rose 69% YoY to Rs 444mn with stellar margin at 19% (+369bps YoY) driven by operating leverage and richer product mix (higher revenue from CVs). APAT at Rs. 243mn (+92% YoY) led by higher operating margin and fall in interest cost
We expect KCL to record strong revenue growth over FY19 and FY20, aided by execution of ongoing and planned projects, and a growing Nashik real estate market. The company is currently in the process of executing 11 projects while 3 further projects are planned. The project pipeline provides strong revenue and cash flow visibility. We expect margins to improve from FY18 levels, driven by increased operating efficiency as well as lower finance cost as a percentage of revenues. Consequently we expect healthy EPS growth in spite of the dilutive impact of equity capital infusion via the IPO....
