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Jubilant Foodworks (JUBI) has reported below than expected revenue for Q1FY21 while net loss came-in lower than our estimates. National lock-down and local restrictions have fueled overall decline in revenue. However, with gradual opening of stores, overall business recovered to 53% compared to last year during 1QFY21. Delivery part of business recovered faster (at 77%) compared to takeaways (at 55%) and dine-in (at 3%). Positively, the month of Jul'20 and Aug'20 witnessed strong growth in all three channels; takeaways grew faster than delivery and dine-in. Overall business at the exit of Aug'20 stood at 89% of last year supported by brilliant execution. JUBI...
Orient Paper and Industries Ltd (OPIL) reported another weak quarterly result, marred by subdued demand due to nationwide lockdown amid Covid-19. The company reported net sales of Rs806mn, down by 46.2% YoY. Negative operating leverage weighed on EBITDA at negative Rs161mn, while net loss stood at Rs174mn. Our interaction with the management suggests that writing and printing paper demand is still subdued in Q2 and there is no improvement in net sales realization as well. On a positive note, OPIL has forayed into copier paper, which should partially support sales volume going forward. The company has taken stringent cost cutting measures across the cost verticals, which would aid OPIL to tide...
In its Annual report FY20, Jubilant Foods (JFL) continues to emphasize its 5-pillar growth strategy 1) fortress Domino's in India, 2) elevate customer experience 3) sustained technology investments 4) build portfolio of brands 5) focus on international. With a robust business model, efficient supply chain, large network, strong reputation for quality, hygiene and...
We are initiating coverage on TVS Motors Company Ltd (TVSL) with a SELL recommendation and a Target Price of Rs 400, which implies ~13% dowside from the current levels.
Minda Industries Ltd (MIL) Q1FY21 result was above our and below consensus estimates. Revenue stood at Rs4.17bn vs our estimates of Rs3.34bn due to lower revenue fall in lighting/acoustics business. EBITDA loss stood at Rs715mn vs our estimates loss of Rs1.47bn on account of lower RM and operating cost. We expect 4W/2W industry to decline in double digit in FY21 and demand for lower end cars to impact MIL business. However with focus adding more value to the existing components and systems, next-gen products like controllers/sensors, 2W alloy wheel business and Harita acquisition would help MIL to arrest the current slowdown. We...
Background Greaves Cotton (GCL) is one of the largest manufacturers (primarily) single cylinder (diesel, gasoline engines) and dual cylinder engines, which find application in running 3-W vehicles and 4-W small commercial vehicles (SCVs). The company offers products and solutions across business units- Engines, power, farm equipment, mobility and aftermarket. In FY19 Greaves Cotton augmented its Clean Technology...
