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We attended Mphasis analyst meet wherein the company outlined its future growth strategies: 1) focus on expanding non-BFS verticals, 2) continuing strategy of proactive large deal wins, and 3) increasing the number of clients with high revenue potential (USD 100mn+ annually).
Garden Reach Shipbuilders’ (GRSE) Q1FY24 performance was boosted by P-17A frigates project entering the peak revenue booking phase. Key points: 1) revenue was up 30.4% YoY while EBITDA rose 37.6% YoY; 2) orderbook as at Jun’23-end was at INR 245.5bn, implying orderbook/revenue at 8.96x; 3) an order worth INR 2.5bn for Naval guns from Indian Navy was received; and 4) company subcontracted part of its orderbook to L&T for speedy execution.
Traction in Ryaltris across EU and RoW markets drove a robust 22.5% YoY growth in Glenmark’s revenue in Q1FY24. Divestment of Razel and other derma brands took a toll on India growth (up 2.8% YoY).
Mazagon Dock Shipbuilders (MDL) has reported Q1FY24 EBITDA of INR 1.7bn (down 1.1% YoY and 18.5% QoQ). Key points: 1) Execution in Q1FY24 comprised mainly of P15B destroyers and P17A stealth frigates; 2) EBITDA margin has improved marginally to 7.9% (vs 7.8% in Q1FY23); and 3) orderbook as of Jun’23 end was marginally up QoQ at INR 39.1bn as the company received one MRLC order of INS Shankush at INR 27.3bn.
Biocon’s Q1FY24 performance was dragged by the biologics biz. Profitability of the segment was under pressure owing higher rebates in Fulphila (USD 15mn). Segmental PBT dropped 600bps QoQ to 1.6% in Q1FY24. US market share of Fulphila and Ogivri expanded by 200bps and 100bps QoQ to 16% and 11%, and stable at 12% for bGlargine.
