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4 August 2020 volumes increased 7% YoY to 2.57mt on improving demand from steel plants as domestic demand improves. This, coupled with higher international iron ore prices, has enabled NMDC to raise prices this month by INR200/t (~9%) to INR2,360/2,650 per ton for fines/lumps. We believe NMDCs iron ore prices should sustain in 2HFY21 due to rising steel prices (up ~INR2,000/t MoM), higher pellet prices (up 20% MoM to INR7,200/t), and reduced iron ore supply from Odisha mines. Volume growth of 7% YoY reported by NMDC (to 2.57mt) in July20 has surprised and is three months ahead of our expectation of positive volume print in 2HFY21. While iron ore production from several auctioned mines in Odisha has commenced in the current quarter, we believe production from these mines would be lower by >30% YoY in FY21, supporting NMDCs volumes in the near term.
Lower than expected results: IOCL reported lower than expected Q1 results with standalone EBITDA of Rs55.1bn (PLe 150 bn) and PAT of Rs19.1bn (PLe Rs83.1bn). Lower operating profit was due to 1) inventory losses of Rs31.9bn (PLe +Rs17.7bn) and 2) lower than expected GRMs. Q1 EBIDTA adjusted for inventory and forex loss was at Rs86.3bn. For Q1 IOC followed accounting norms to value crude at cost or net realizable value whichever is lower- crude valued at Q1 end was t USD32.6/bbl vs Q4 end price of USD36/bbl. With crude...
Bharat Electronics Ltd (BEL) is a Navaratna enterprise having 37% market share in Indian Defence Electronics. BEL's core capabilities are in radar & weapons systems, defence communication & electronic warfare....
BEL continues to maintain healthy cash balance of Rs10bn (vs Rs15bn in Mar'20); reduced largely towards deferred payment of LRSAM project. Bharat Electronics (BEL) reported a strong quarter higher than our and street estimates. Revenues came in at Rs16.9bn led by strong execution in Ventilators, part supply of Long Range Surface to Air Missile System, Spares & Services, Smart City, Intelligence gathering system, Thermal Imaging Cameras and Radars repairs. Gross margins expanded by 100bps led by...
Decent order inflows but sustained execution key to growth... For Q1FY21, BEL received bagged decent orders to the tune of ~| 3420 crore, which included ~| 1200 crore order for ventilators, ~| 700 crore order on account of naval forces and smart city projects. BEL continues to have a strong order book and order inflows. Order book as on Q1FY21 was robust at | 53752 crore (vs. | 51970 crore in Q4FY20). However, overall order inflows in FY21E may get impacted by deferral in some projects amid economic challenges. Orders expected in FY21E include avionics package...
Maintain Revenues stood at INR16.7b, down 21% YoY and expect the revenue shortfall to be recouped in the next quarter as the company accomplished balanced ventilator order delivery as well as start ramping up the LRSAM and IACCS orders. Adj. PAT was down 74% YoY to BHEs order book stood at INR538b at end-1QFY21. BHE has secured orders worth INR34.2b in 1QFY21 (up 72% YoY), on the back of large orders acquired for Ventilators (INR12bn), Advanced Torpedo Defense systems and Smart City projects. We have increased our TP from INR108 to INR116 (14x FY22E EPS, below its long-term trading multiple BHE is well positioned to benefit from rising defense expenditure, supported by (a) strong manufacturing base and execution track record, (b) its relationship with defense and government agencies, (c) strategic collaboration with foreign technology partners for new product development, (d) in-house R&D; capabilities (R&D; spend at > 9.0% of revenues), and (e) an increased focus on exports to friendly countries.
IRCTC's performance was marred by COVID-19 during 4QFY20 (impact was evident from the month of Jan itself), with revenue/EBITDA miss of 4%/8% respectively. Since convenience fee on e-ticketing was absent in the base quarter (levied from 01st Sep 2019), optically growth appears to be higher. However, on a QoQ basis revenue/EBITDA declined 18%/24% respectively....
BEL reported earnings were 12% better than our expectations as margins excelled offsetting the lackluster results in the previous nine months. Revenues grew by 49.5%/155% yoy/qoq to 58 bn, margin LRSAM project. This resulted in a 650 bps contraction in gross margins. But in line with...
ONGC reported 7% decrease in its topline to Rs 104488.95 crore in Q4FY20 compared to corresponding previous year period. OPM fell to 3.5% from 15.6% leading to 79% fall in operating profit to Rs 3638.66 crore. Other income of the company rose 39% to Rs 3525.37 crore. Interest cost rose 52% to Rs 2191.34 crore. Depreciation (includes Depletion, Amortization and impairment losses) cost increased 8% to Rs 6771.78 crore. PBT before EO reported loss of Rs 1799.09 crore compared to profit of Rs 12370.11 crore. The...
ONGC's Q4FY20 result was impacted negatively by higher impairment losses (Rs 49bn), higher forex loss (Rs11.1 bn) and higher dry-well write off (Rs26.4 bn). Revenue was down 20% YoY to Rs 214.6bn on the back of 20% YoY lower crude oil realization at US$50.5/bbl. Oil sales volume declined by 7.3% YoY to 5.4mmt whereas gas sales volume declined 10.6% YoY to 4.7bcm. Further, standalone EBITDA declined by 37% YoY to Rs5 bn due to higher forex losses of Rs11.1bn. The company reported net loss of Rs31 bn while adjusted PAT declined 83% YoY to Rs7.1 bn. We forecast oil price of US$40/50/bbl for FY21/FY22 while oil and gas production decline of 2% for FY21 and 1% growth in FY22. We resume our coverage...
