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Dismal Performance with No Improvement in GRM; Maintain REDUCE Bharat Petroleum Corporation Ltd. (BPCL) has delivered a disappointing performance in 3QFY20. It reported GRM of US$3.23/bbl below ours/consensus estimates of US$4.1/bbl. Petrol/diesel sales volume grew by 5.9%/(1.6%) YoY lower than the industry growth rate of 7.1%/0.2%. It clearly implies that BPCL has lost market share to private retailers during the quarter. EBITDA increased by 248% YoY and 14% QoQ to Rs 27bn (6% below the consensus estimate/8% higher than our estimate) mainly due to 12% YoY growth in crude throughput of refineries, comparative higher YoY GRM and improved net marketing margin on diesel. Net profit grew by 155% YoY (down 26%...
We cut our CY20 and CY21 EPS by 5.4% and 4.7% and maintain Reduce rating on Nestle given that it represents a classic confluence of life time high PE multiples and EBIDTA margins in a scenario of rising input costs with an estimated 10% PAT CAGR over CY19-21. Although NESTLE has been able to report a strong 10% domestic sales growth in a tepid demand scenario, it has...
The weak performance in Q3FY20 was largely the result of extended monsoons, which led to the disruption in mining and infrastructure activities. This impacted the sale of packaged explosives in the eastern, central and northern regions. Demand for packaged explosives is expected to remain weak in the near term. On the other hand, Coal India's production was hindered by flooded mines. However, December and January saw an uptick in mining activities giving some respite for Q4FY20. Decline in prices of ammonium nitrate by ~8% coupled with a change in product mix (17% YoY...
Industrial Automation facing headwinds due to higher exposure to slowing Automotive sector and limited capex from private sector. ABB India reported flat revenue growth YoY driven by Robotics & Motion and Electrification business. Industrial Automation business was impacted due...
Mahindra & Mahindra Limited operates in nine segments. The automotive segment includes sales of automobiles, spare parts and related services. Farm equipment segment includes sales of tractors, spare parts and related services; information technology (IT) services, which consists of services rendered for IT and telecom; financial services includes services relating to financing, leasing and hire purchase of automobiles and tractors; steel trading and processing includes trading and processing of steel; infrastructure includes...
Background: Berger Paints is the second largest decorative paint company in India. The Company operates seven manufacturing facilities spread across India, and four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts for 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating...
Net Borrowings stands at Rs3.3bn as on 3QFY20 compared to Rs4.3bn in 2QFY20 due to better collections and turnaround of inventory. GE T&D; reported weak set of numbers for 3QFY20 on the back of lower opening order backlog (HVDC nearing completion), weak fresh order inflows,...
Evosys is focused on Oracle cloud implementation and consultancy. It provides a gamut of solution offerings like Oracle HCM Cloud, Oracle ERP Cloud, Oracle SCM Cloud, Oracle CX, Oracle EPM Cloud, PaaS solutions (including custom-built solutions), AI, IoT and machine learning. The company generates 60% of revenues from Oracle cloud implementation, 32% from support services and rest from licence revenues. Geography wise, the company generates 44% of revenues from Middle East, 17% from North America, 30% from the US, UK and the rest from APAC region. Further, the...
The order backlog of the company remains at | 10,826 crore excluding framework contracts against TTM revenues of | 2451 crore, representing TTM book-bill of 4.4x. The management believes the company would achieve its annual revenue guidance of | 3000 crore (9M revenues of | 1772 crore) but we expect the company to be able to execute contracts worth | 800-900 crore in the last quarter given that old receivables are already stuck at present and any large growth could distort balance sheet, going ahead. Further, delay in proceeds from old receivables such as TSGENCO, Tecpro...
