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Downgrade the stock to Neutral (even after the steep fall). Revise TP to Rs 77 (1.4x Dec-20E ABV of Rs 55.4). Apparently, KVB reported yet another disappointing qtr with sequentially stagnant business momentum. Slippages jumped to ~Rs 9.1bn led by corp (~Rs 6.9bn, incl. IL&FS; of Rs 3.1bn). SME slippages, too, remained worryingly elevated at ~Rs 1.58bn. Recoveries were higher with two sales to ARCs for cash. Margins, surprisingly, were sequentially stable at ~3.6%.
EBITDA margin was down by 1200bps on account of lower margin realisation from Oseltamivir sales in the US (treatment for flu). Initiated work on green-field manufacturing facilities for producing niche agrichemicals with focus on formulation products. Launched Valsartan-Sacubitril tablet in India and filed ANDA for generic version of Ibrutinib tablets in the US . We revise downward our Revenue/PAT estimates by 4%/3% for FY20 to factor lower sales from the US....
14 February 2018 Domestic sales grew by 12% YoY, driven by higher volumes. Export sales were flat YoY at INR1.9b due to lower exports to Bangladesh and the UAE. EBITDA however, shrank 360bp YoY to 21.2% due to a sharp increase in other expenses, largely on account of step-up in demand-generating activities, including on new products. PAT were up 12.8%, 23% and 27.5% YoY, respectively. Reported domestic sales grew 10.9% YoY, while exports increased 6.9% YoY. Gross margin expanded 260bp YoY to 59.4%, while the EBITDA margin improved 200bp YoY to 24.2%.
14 February 2019 volume growth of ~12% YoY. In our view and like we also mentioned in our 3QFY19 preview report the company is likely to have benefited from the INR1.53b), while adj. PAT increased 22.2% YoY to INR1b (in-line). EBITDA margin expanded 160bp YoY to 22.4%, led by lower employee costs (-30bp YoY to 15.8% of sales), partly offset by higher other expenses (+20bp YoY to 18.9%). PAT grew 15.5%, 26.1% and 26%, respectively. Overall volumes grew ~7% on a YTD basis.
Bata India's (BIL) YoY 3QFY19 performance positively surprised on the margin front with EBITDA margin expanding 450bps (YoY) while we were anticipating only a 90bps expansion. Revenues Sector: Retail were in line. There was a 350bps gross margin expansion which has been explained by: (1) Volume discount from both raw material and finished goods suppliers as BIL entered into six- CMP: Rs1,272 monthly contracts against three-monthly contracts earlier. 200bps-250bps gains accrued from this move. (2) The revenue mix shift towards retail - 85%-88% of revenues - which grew 18% YoY Target Price: Rs1,479 in 3QFY19 and accelerated from the low-teen growth witnessed since the past several quarters (like-to-like growth). To our surprise, the wholesale part showed a decline of 2%-3% whereas we Upside: 16%...
Natco Pharma's (NPL) revenues in 3QFY19 at Rs5,567mn were 4.5% above our estimate and 7% below consensus estimate. Net earnings at Rs1,593mn declined 12% QoQ and were below our estimate/consensus estimate by 10%/15%, respectively. Net earnings were down QoQ, despite revenues being up 2.5% as interest income was lower (a decrease of Rs170mn QoQ), while other expenses rose 11% QoQ. Other expenses were impacted by higher R&D; spending during the quarter, while other income was lower because of liquidity requirement for executing the ongoing share buyback programme....
Nestl's 4QCY18 nos show 4.8% decline in EBIDTA and 4.3% decline in PAT Change in Estimates | Target | Reco due to higher adspends on brand building and peaked out gross margins, we...
Coal India reported a healthy set of Q3FY19 numbers albeit lower eauction volumes acted as a dampener. E-auction volumes were at 14.7 million tonnes (MT), down 44% YoY, 17% QoQ. E-auction realisations came in at | 2847/tonne, up 42% YoY, 10% QoQ Sales volumes were at 154 MT, up 1% YoY. FSA volumes during the quarter were at 135.8 MT, up 11% YoY. FSA realisations were at | 1334/tonne (up 13% YoY, 2% QoQ vs. our estimate: | 1315/tonne) Topline came in at | 25045.8 crore, up 15% YoY, 14% QoQ, higher than our estimate of | 24545.7 crore. Reported EBITDA came in at...
ICICI Securities Ltd | Retail Equity Research Q3FY19 results were higher than I-direct estimates on all fronts. Revenues de-grew 1% YoY to | 556.7 crore (I-direct estimate: | 534.7 crore) on the back of high base of Oseltamivir (flu) in the US EBITDA margins were at 37.4% against 51.0% in Q3FY18 (I-direct estimate: 35.4%) mainly due to high base of gOseltamivir (flu) in the...
Bosch reported mixed Q3FY19 results. Revenues came in at | 3,096 crore (up 0.8% YoY). Gross revenues from the automotive segment (~80% of revenue) were flat YoY at | 2,537 crore, with the Powertrain Solutions business declining 2.7% YoY and the aftermarket division growing 5.8% YoY Gross revenue from the Non-automotive segment increased 4.8%...
Astral's consolidated revenue growth of ~24% YoY in Q3FY19 was led by consolidation of Rex Polyextrusion (Rex) in the topline. Piping and adhesive segment recorded revenue growth of ~14% and ~15%, respectively. Piping segment volume growth at ~4% YoY was impacted by liquidity issue and systemic corrections (like channel financing and installation of billing software). On the adhesive segment, Resinova (domestic business) recorded slow revenue growth of 7% YoY on account of a high base...
Q3FY19 results were a beat vis-a-vis I-direct estimates on the profitability front mainly due to forex gain, lower R&D; and tax rate Revenues grew 16.3% YoY to | 7740 crore (I-direct estimate: | 7609 crore) on the back of 22.7% YoY growth in the US to | 2606 crore (Idirect estimate: | 2609.5 crore). Taro's sales grew 26.3% YoY to | 1271crore (I-direct estimate: | 1178.5 crore) EBITDA margins improved 597 bps to 27.8% (I-direct estimate of 22.5%), mainly on higher gross margins, lower R&D; and forex gains. Excluding forex gain, EBITDA margin was 24%. EBITDA grew 48.1%...
ICICI Securities Ltd | Retail Equity Research Bata reported one of its best quarterly performances with a strong beat across all parameters. It reported robust revenue growth of 15.5% YoY | 778.7 crore (I-direct estimate: | 722.9 crore). This is the second consecutive quarter wherein Bata reported double digit revenue growth after 10 quarters. Sustained enhancement of product mix drove realisations (up ~13% YoY) with volume growth of 3%. Furthermore, SSSG grew 12% for the quarter...
Amara Raja Batteries (ARBL) reported steady results for Q3FY19 Revenues came in at | 1,695 crore (up 9.1% YoY, down 3.3% QoQ) According to the management, the automotive segment displayed strong volumes during the quarter, especially in the aftermarket space. Industrial segment growth was steady in comparison EBITDA rose 4.6% YoY to | 253 crore. The EBITDA margin contracted 64 bps YoY but expanded 142 bps QoQ to 14.9%. On a YoY basis, margins were impacted due to higher raw material cost...
ICICI Securities Ltd | Retail Equity Research Motherson Sumi (MSL) reported a steady set of Q3FY19 numbers Consolidated revenues in Q3FY19 came in at | 16,473 crore (up 14.4% YoY). Net sales from the standalone business were down 4.0% YoY to | 1,722 crore. Further, among its subsidiaries, SMR revenue grew 1.5% YoY to 398 million (~| 3,270 crore) while SMP revenue increased 10.7% YoY to 993 million (~| 8,160 crore) Revenue from PKC operations grew 8% YoY to 292 million...
Maharashtra Seamless reported a good set of operational numbers for Q3FY19 wherein topline and EBITDA came in higher than our expectations. However, reported PAT came in lower than our estimate on the back of muted other income...
Royal Enfield's (RE) Q3FY19 revenue were above our and consensus estimates mainly on account of higher realization led by ABS implementation. EBITDA margin for the quarter stood at 29% vs our and consensus estimates of 29.8% and 30% respectively. We maintain our caution view on success of 650 twins in coming time and factor in CV cycle decline in our FY21 estimates. We cut our multiple for RE biz to 18x (earlier 21x) over slower growth in coming years and 10x for VECV business (earlier 15x) on account CV cycle downturn. We revise our TP to Rs19,860 (earlier Rs23,300) and change our...
We are lowering our target PE Multiple to 17x and are revising our rating to Neutral with a TP of Rs 216 (17xDec-18). Suprajit Engineering reported marginally higher revenue growth (+10%) as compared to our estimates, but margins at 14.9% (-90bp YoY) continue to be impacted by the other business segments i.e. Phoenix Lamps and non automotive cable business. Management has given a muted outlook for the near term, driven by 1) moderation in the OEMs segment (especially 2Ws) and 2) sustained margin pressure in Phoenix and non automotive business both.
Torrent reported a strong 39% YoY growth in revenue in Q3FY19 led by robust formulation sales growth across India, US and Germany. While, India business reported stellar performance with 42.5% YoY revenue growth led by acquisition of Unichem portfolio, US sales rose by 84% YoY led by volume growth, new launches and market share gains....
