Estimates broadly unchanged: We have broadly maintained our estimates for FY18/19. We expect EBITDA to increase 18.3%/15.2% in FY18E/FY19E. Also, our net profit forecasts are higher by 12.3%/16.2% for FY18E/FY19E, respectively. Outlook and valuation: We believe that Exide's focus on technology upgradation to lower costs, improvement in after-sales service and timely price hikes are likely to improve its sales/ margins over FY18-19. We value the core business at a FY19 EBIT multiple of 14x leading to standalone value of Rs222/share. We value the insurance business at 2x B/V (Rs32/share), and value the rest of the subsidiaries at 1.5x B/V...

On the liability side of the balance sheet, around ~39% of Yes Bank's deposits is wholesale funded that is highly sensitive to interest rates Amount unlike steady retail deposits. However, with a gradual CASA build-up to | 78263 crore 36%, the bank has consistently managed its NIM well. Factoring in | 1364 crore positives from incremental CASA and rising proportion of high yielding...

On account of better product mix (higher share of premium brands), gross margins expanded 370 bps YoY to 59.8%. However, increase in processing charges (up 131 bps YoY) and other expenses (up 266 bps YoY) led to decline in EBITDA margins by 30 bps YoY to 10.3%....

ICICI Securities Ltd | Retail Equity Research PVR reported its Q1FY18 numbers with revenues at | 636.6 crore, up 11.6% YoY (vs. Idirect estimates of | 624.6 crore). ATP growth, at 7.5% YoY to | 214, was boosted by strong content slate in Q1FY18 led by Baahubali 2 and decent grosser such as Tubelight, Fate of the Furious and Hindi Medium. Footfalls at 21 million, down 0.3% YoY, were muted as other movies barring Baahubali 2 falied to meet expectations. The consequent net ticketing revenues were up 12.3%...

Our TP of Rs 165 values Orient at 8.5x FY19 earnings (US$84/t). Orient Cement reported strong numbers (EBITDA: Rs 1.17bn, Est: Rs 1.06bn, 3x YoY, 54.7% QoQ), as realisations surprised (Rs 4,064/t, 30.0% YoY, 18.0% QoQ, Est- 8.0% QoQ). Part of this may have been owing to the shift in invoicing to FOR (free on rail) terms, as reflected in the higher freight numbers (Rs 996/t, 43.2%, YoY 12.4% QoQ). Despite this, the improvement in pricing is better than expected, as is evident from ex-freight realisations (Rs 3,068, 26.2% YoY, 20.0% QoQ, Est 2,823/t).

Maintain NEUTRAL with a TP of Rs 510 (2xFY19E ABV of Rs 255). AXSBs net earnings beat estimates led by higher treasury gains and lower-than-expected provisions (reversal of std. asset provisions). However, core performance was weak, with 20bps drop in NIM (despite rise in CD ratio and drop in CoF), slower loan growth vs. peers, higher slippages outside the watchlist and optically contained GNPAs (led by higher W/Os). However, the granularity in the B/S (Retail loans +22% YoY) and PL (retail fees +33%) continues to improve.

Alembic Pharma's (ALPM) Q1FY18 results were below estimates due to 21% YoY decline in India revenue (estimate: 12% YoY decline) on channel destocking ahead of GST rollout. Management expects gradual restocking in the trade channel, and subsequent volume recovery through Q2'18. US sales declined ..

ABB's Q2CY17 order inflow at Rs 23 bn increased 13% YoY, better than our/street estimates. Order inflow growth was driven by strong growth of 13% in base orders, 15% in exports and 20% growth in services. Order backlog at Rs 121 bn was up 56% YoY.

Hindustan Zinc's (HZL) Q1FY18 EBITDA at Rs 24 bn (up 111% YoY) was lower than our and consensus estimates. The YoY improvement in performance was led primarily by (1) substantial ramp-up in production from Rampura Agucha open cast mine as per the mine plan; (2) higher LME prices; and (3) stron..

Kotak Mahindra Bank (KMB) reported a strong Q1FY18 with 23% YoY growth in PAT to Rs 9.1 bn on lower-than-expected other income and provisions. The key highlight of the result was that loan growth at 18% YoY continued to gain momentum. The management continues to guide for a loan growth of 20% and ex..

Watch List In Doubt As Bulk Of Loan Slippage Outside The List Although Axis Bank's loan slippage was lower at 3.7% (Rs35bn) in 1QFY18 against our estimate of Rs43bn, more than two-thirds of corporate slippage was outside the watch list which raises doubts on sanctity of the watch list itself. In FY17, only 15% of corporate slippage was from outside the watch list. Non-corporate slippage was higher at Rs12bn against the earlier run-rate of Rs5bn-Rs8bn and recoveries were miniscule during the quarter. Yet reported gross non-performing assets or GNPAs were flattish sequentially on account of higher write-off of Rs25bn. After accounting for slippage, the watch list is down...

Hero MotoCorp's or HML's 1QFY18 earnings were broadly in line with our expectations but operating margin was 50bps above our estimate because of lower raw material costs. EBITDA margin at 16.3% (down 37bps YoY, up 241bps QoQ) improved sharply QoQ because of price hikes undertaken in 1QFY18. In 4QFY17, the company had given out discounts to customers to clear BS III vehicle inventory which led to lower margins for the quarter. Net sales at Rs79.7bn (up 8% YoY, up 15% QoQ) were in line with estimates. EBITDA at Rs12.9bn was 2% above our estimate because of strong margins, while PAT at Rs9.1bn (up 4% YoY) was 1% above our estimate. The company went for a price hike in May 2017 which has resulted in raw material...

Revenues in Line; Higher Cost Impairs Profitability Asian Paints has reported a mixed set of numbers for 1QFY18. While its consolidated net sales grew by 6.4% YoY to Rs38.2bn in line with our estimates, EBITDA and net profit came in sharply below our estimates. While EBITDA fell by 18.5% YoY to Rs6.7bn vs. our estimate of Rs8.1bn, net profit decreased by 20.4% YoY to Rs4.4bn vs. our estimate of Rs5.7bn. Considering the sharp fall in earnings, we have revised our net profit estimate downwards by 10% for FY18E and 7% for FY19E and now we expect the Company to post revenue and earnings CAGR of 14.2% and 12.6% through FY17-19E. Considering the rich valuations at 43.1x FY19E earnings...

KSB Revenues Flat; Large Orders Under Execution: Revenue (net) for KSB grew YoY by meagre 0.6% to Rs.4157mn in H1CY17 while the same for Q2CY17 grew by 3.6% to Rs.2,102mn. In terms of segmental performance, Pumps segment revenue reached to Rs.3725mn while for the Valves segment grew by 1.7% to Rs.681mn inH1CY17 while revenues for Pumps and Valves grew by 3.1% and 3.8% to Rs.1,890mn and Rs.343mn respectively in Q2CY17.

Gulf Oil Lubricants (GOL) reported its Q1FY18 numbers, which were above our estimates on the profitability front. Revenues declined 1.2% YoY to | 280 crore in Q1FY18 below our estimates of | 307.8 mainly on account of lower than estimated volumes The quarter witnessed core volumes (ex-one-time institutional order in Q1FY17) growth of 7% YoY to 21 million litre, below our estimate of 21.6 million litre. However, EBITDA per litre was at | 23.5 per litre, above our estimate of | 21.2 per litre mainly on account of lowerthan-expected other expenses...

Asian Paints (APL) recorded muted volume growth of ~2% YoY in Q1FY18 due to a sharp decline in primary sales in May 2017 and June 2017. This was on account of de-stocking of inventory at dealer level before implementation of GST. Additionally, the company has taken price hike of ~3% YoY to partly offset the higher raw material cost. Further, industrial paint demand (automotive, powder coating) stayed intact in the auto OEM and industrial liquid paint segment APL recorded ~450 bps decline in gross margin due to an increase in...

Revenues came in at | 4310 crore vs. our estimate of | 4235 crore. The beat was due to voice revenues, which came in at | 1533.4 crore vs. our estimate of | 1437.7 crore, as volumes of 10.8 billion minutes (decline of 3.6% YoY), were higher than estimated 10.2 billion minutes (8.7% YoY decline). Data revenues at | 2776.6 crore (underlying growth of 4.6% YoY) was largely in line with our estimate of | 2797.7 crore. The data business growth would have been higher but for disappointment in payment solutions business (decline of 35.7% YoY),...

The bank's quarterly numbers were a mixed bag. While slippages fell to | 3519 vs. | 4811 crore QoQ, slippages from outside the watch list at ~| 2700 crore were on the higher side. The sectors responsible for higher slippages include steel, infrastructure and power GNPA ratio was steady QoQ at 5.03% (| 22030 crore). Watchlist fell 16% QoQ to | 7941 crore mainly comprising power sector (69%). The RA book declined QoQ to | 5487 crore or 1.4% of loans while SDR, 5-25 amount were at | 2029 crore, | 2504 crore, respectively...

Vedanta reported a subdued set of Q1FY18 numbers wherein EBITDA and PAT were below our estimates Gross income from operations were at | 19342 crore. After adjusting for excise duty, net operating income was at | 18285 crore (up 26.7% YoY, down 18.8% QoQ, our estimate: | 18648 crore) EBITDA came in at | 4874 crore (up 39% YoY, down 33.7% QoQ), lower than our estimate of | 5603 crore. Resultant EBITDA margin came in at 26.7% below our estimate of 30.1% (Q4FY17: 32.5% and...

ICICI Securities Ltd | Retail Equity Research Info Edge reported its Q1FY18 numbers as per Ind-As. Hence, they are not comparable with our IGAAP estimates. Revenues grew 12.6% YoY to | 222.4 crore with broad based growth across segments. Recruitment solutions grew 11% YoY to | 159.8 crore, 99...