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NIACL is India's largest insurer but continues to make high underwriting losses (9MFY20 COR: 115.8%). We also note company's competitive positioning is only weakening and thus we remain concerned of company's ability of write high quality (profitable) business in the near future. We estimate an FY22E adj. RoE of just 7.1%, and can at best assign a valuation of just 0.65x Dec-21E ABV (less 5% discount for expected 10.4% supply). We rate NIACL a SELL with a higher TP of Rs 130. Driven by a 1,230bps improvement in claims ratio, NIACL reported a better than expected adj. COR of 115.7% (-1,150bps YoY). NEP grew 11.7/4.9% YoY/QoQ to Rs 61.8bn. High investment income (Rs 22.3bn, +65.1% YoY) and low tax rate (17.3%) ensured a high APAT of Rs 10.7bn (vs. -1.1bn in 3QFY19). Post tax one-offs on account of provisioning for gratuity and pension dented profits by Rs 5.8bn to an RPAT of Rs 4.9bn. We retain a SELL with a higher TP of Rs 130.
Future Supply Chain (FSCSL) reported yet another weak quarter as standalone Q3FY20 revenue/EBITDA declined 5%/15% YoY (adj. for Ind-AS 116), causing a 59% drop in adj. PAT.
Tata Steel (TATA) reported disappointing set of Q3FY20 earnings with consolidated Adj. EBITDA below our/consensus estimates by 33%/22%. Except better volumes in domestic operations, company missed on rest of all fronts. Adjusted domestic EBITDA/t fell 18% QoQ to Rs9,640 (PLe:11,460) due to sharp fall in realisations. TSE posted EBITDA loss of Rs9.6bn (PLe:+Rs1.7bn) after a gap of 15 quarters. This came as a big disappointment...
MRPL reported a weak set of Q3FY20 numbers on the profitability front. Revenues increased 9.7% QoQ to | 16744.6 crore on account of higher oil throughput. Oil throughput at 4.1 MMT was up 11.4% QoQ. Core GRMs disappointed and were at US$2.7/bbl in the quarter vs. US$3.6/bbl in FY19 and US$6.5/bbl in FY18. EBITDA for the quarter was at | 299.7 crore....
