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The exit of COO Sudhir Chaturvedi a significant negative In a recent development, NITEC's COO Mr Sudhir Chaturvedi resigned to pursue other interests. Mr Chauturvedi had joined NITEC in August 2013 from Infosys and was chiefly responsible for the company's turnaround over the last three years. After joining, he had laid out a strategy of: (1) cross-selling IMS, (2) expanding the BFSI business in the US, (3) securing a leadership position in the transport vertical, and (4) reducing the low-margin government business. The strategy was executed to perfection; over FY13-16, IMS grew...
chemicals (+42% yoy) and Pigments (+7%). Basic Chemicals (+4% yoy) saw muted growth due to ~22 days production disruption on synchronisation of the new KOH plant with existing utilities. EBITDA margin was 170bps above expectations at 20.8% on better operatingperformanceinPigments(ledbylowerinputcosts),resultingin67%yoygrowthin...
Force Motors Ltd (FML) is a fully integrated company with expertise in design development and manufacture of the full spectrum of automotive components, aggregates and vehicles. It sells vehicles including small commercial vehicles, multi-utility vehicles, light commercial vehicles, sports utility vehicles and agricultural tractors. The company operates its business under three verticals- vehicle manufacturing, component manufacturing and tooling for other OEMs. Vehicle business contributes 70% and the rest contribute 30%. The company exports to various...
Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has 151 branches and 31 satellite centers of which ~87% are located in the southern market. Repco has shown robust growth in its loan book clocking 29% CAGR (FY12-FY16) and stood at INR ~79.5bn at the end 1QFY17. RHFL average loan per unit...
Print ad performance, core business EBITDA below expectations UP elections/festive season to ensure strong 2H, raising FY17/FY18E EPS by 2-6% EBITDA (ex-Radio) and PAT miss estimates: EBITDA grew 15% YoY to INR1.54b against our estimate of INR1.57b. EBITDA (ex-Radio) grew 6% YoY to INR1.37b, 2% below our estimate of INR1.39b, as print advertising missed our estimate of INR3.59b by 2.6%. Opex grew 18% YoY to INR4.03b, ~1% above our estimate of INR3.98b. PAT grew ~17% YoY to INR0.84b, 4% below our estimate of INR0.87b. The PAT miss was largely a function of the operational miss flowing through,...
Strong P&L;: 1QFY17 revenue grew 18% YoY to INR8.7b v/s our estimate of INR6.9b. EBITDA grew 27% YoY to INR3b, translating into EBITDA margin of 34% v/s 26.5% for 4QFY16. PAT grew 29% YoY to INR1.2b. Total annualized revenue (based on current leasing) was INR5.9b. Core operations strong: Presales were INR8.24b against INR6.3b in 4QFY16 and our estimate of INR8b. IBREL posted 3% YoY increase in presales. We estimate presales of INR37.7b in FY17 (unchanged) and any upgrade will be contingent on progress in planned launches of 9.1msf, which have been delayed. IBREL...
1QFY17 characterized by strong volumes and realizations: Birla Corporation's (BCORP) volumes grew strongly by 11% YoY (est. of +8% YoY) to 0.22mt in 1QFY17. Realizations were up 13% QoQ (4.5% YoY) due to strong pricing in north and central regions. Revenues grew 16.6% YoY to INR8.9b (10% beat). Jute revenues were up 11% YoY to INR572m (-45% QoQ). PAT of INR943m (3.7x...
Motilal Oswal values your support in In-line; pressure in Auto business offset by Tractors; Ups guidance on the Asiamoney Brokers Poll 2016 for Tractors; SYMC reports third quarter of profits driven by Tivoli India Research, Sales and Trading team....
Operating performance below expectations: Britannia's (BRIT) 1QFY17 consolidated net sales grew 8.5% YoY (est. of +11% YoY) to INR21.1b (Ind-AS). Volumes increased impressively by 8% YoY (est. of +10% YoY) against the backdrop of flat industry growth (v/s +2% in 4QFY16). Consol. EBITDA was up...
The company reported revenues of Rs.286 cr (Vs estimate of Rs.292 cr; up 21%), EBITDA of Rs.43 cr (Vs estimate of 47 cr; up 20%), and PAT of Rs.14 cr (Vs estimate of Rs.15.5 cr; up 37%) in 1QFY17. This miss versus our estimates was mainly on account of lower off-take in the PVC division due to a few key projects getting post-poned to Q2FY17. However,...
