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City Union Bank Ltd (CUB), the oldest private sector bank in India, is a mid-sized commercial bank headquartered at Tamil Nadu, having a network of 650 branches and 1,711 ATMs spread across the country and have a loan book size of ~Rs32,000cr. Net Interest Income (NII) grew by 11% and PAT grew by 15% YoY in Q4FY19, with 14% YoY growth in loans and advances. Marginal reduction in Net Interest Margin (NIM) on a YoY as well as sequential basis, and currently stands at 4.11%....
Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment, and light commercial vehicles. The company markets its products with two global brands: Apollo and Vredestein in APMEA (Asia...
for better US prospects as it expects two key approvals of limited competition drugs (one injectable and one CGT drug) as well as turnaround of gMupirocin in the next three quarters of FY20E. With launch of in-licensed SGLT2...
3.2mn (PLe: 3.4mn) t. Realisations rose 1.7% QoQ/Rs740 (6% YoY/Rs3,050) to Rs45,075 above our estimate of Rs44,210. Cost/t rose 3% QoQ/Rs1,325 (flat YoY) at Rs40,745 (PLe:Rs40,630). Impacted by lower scale, EBITDA/t fell 9% QoQ (38% YoY) to Rs4,870 (PLe:Rs4,030). Hence, EBITDA fell 29% QoQ (39% YoY) to Rs15.8bn, ahead of our estimates of Rs13.6bn. Due to better than expected margins, PAT came above our estimate at Rs688mn (PLe: loss...
Shree Cement's (SRCM) 1QFY20 results were below our expectation but in-line with consensus. SRCM reported EBITDA of Rs9.02bn, up 57% YoY, largely driven by sharp uptick in realizations and controlled costs. The company reported sales/PAT of Rs30.4bn/Rs3.63bn, -1%/30% YoY. Volumes at 6.1 mn mt declined sharply by 13.3% YoY. Considering the additional volumes from the Karnataka plant, which were not present in 1QFY19, the decline in volume from its North and East markets must have been ~20% YoY. SRCM had mentioned during the last conference call that the company will focus on pricing and not on volumes. The change in strategy might have resulted in lower volumes but the...
We downgrade to SELL and lower our PE multiple to 12x (14x earlier) to factor in the challenging demand environment. (1) The domestic CV sales cycle is expected to remain weak, with the pre-buy having a limited impact over 2HFY20 (2) While the company's expansion into new markets/segments is expected to contribute towards incremental volumes, the demand outlook in the US is softening as new order intake has been weak over the year. The export volumes will be increasingly at risk over FY21E. In 1QFY20, Ramkrishna Forgings EBITDA margin at 19% (-200bps YoY) fell to multi quarter low. We expect the domestic demand environment to remain weak. Also, the new order intake for Class 8 trucks remains muted in the US. Downgrade to SELL with a revised TP of Rs 380 (at 12x FY21 EPS, 14x earlier). We lower our earnings estimates by 29/20% for FY20/21 to factor in the above.
Led by lower volume, Ramkrishna Forgings (RFL) has delivered a weak performance in 1QFY20 with its revenue declining by 8% YoY and 14% QoQ to Rs3.8bn (vs. our estimate of Rs3.9bn). Its volume declined by 14% YoY and 6% QoQ to 28,558 tonne owing to slower M&HCV; sales in the wake of higher axle load norm, production cut by OEMs and ongoing economic slowdown. While EBITDA dropped by 17% YoY and 19% QoQ to Rs722mn (slipping our estimate by 4%), EBIDTA margin contracted by 204bps YoY and 112bps QoQ to 19% owing to 100bps YoY (-235bps QoQ) rise in RM/sales to 49.8%, despite 25bps YoY reduction in other Expenditure/Sales to 24.8%. However, staff cost/sales increased by 130bps YoY and 75bps QoQ to 6.4% due to negative...
