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estimates. The company has posted revenue of INR4,711mn with 21.6% YoY growth which was 12.2% above our estimate of INR 4,198mn. Revenue beat was mainly driven by optimum utilization of PA4 and a sharp increase in the MA realization. Despite increased contribution from high margin product (MA), gross margin witnessed 449bps contraction on QoQ basis, and 167 bps decline on YoY basis due to contraction in PAN/OX spread. EBITDA surged by 133% YoY to INR 975mn (est INR...
Maruti Suzuki India Limited (MSIL) is an automobile manufacturer with a 56.2% ownership in Japanese car and motorcycle manufacturer Suzuki Motor Corporation. It is one of the largest passenger car companies and...
Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity...
MRPL reported lower than estimated EBITDA and PAT. Refinery throughput was in line with our estimate at 3.2mmt (+27% YoY), implying a utilization rate of 86%. Continued concerns over utilization rates keeps margin under pressure, with higher OPEX (USD2.8/bbl in 2QFY22), impacting profitability. Reported GRM stood at USD2.22/bbl, with core GRM at USD1.69/bbl (est. of USD1.5/bbl and negative core GRM in FY21 and 1QFY22). Consolidated/standalone net debt stood at INR244b/INR187b at the end of 1HFY22 (up from INR238b/INR182b at the end of FY21.)...
loan NPAs at 2.2% stood down 4bps QoQ, developer NPAs at ~24% stood stagnant with negligible resolutions during the quarter. Going forward, while a decent growth story remains intact for LICHF, asset...
Havells India Ltd (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures and consumer appliances. Q2FY22 Revenue grew by 31% YoY supported by broad based growth across products categories and higher realisation. Gross margin declined by 600bps YoY due to higher RM cost. Lower ad-spends and tight cost control measures, limited the fall in EBITDA margin to 340bps YoY to 13.8%....
changes (DHFL bonds, sell downs in real estate account), (2) tepid growth traction (AUMs declined 12%/2% YoY/QoQ), (3) lower provisions (PCR down 13bps QoQ to 52%), (4) no improvement in asset quality (5.74% vs 5.75%: Q1FY22; housing NPAs jumped 458bps QoQ led by Rs13bn RE account that...
Navin Fluorine International’s (NFIL) Q2FY22 EBITDA dip of 10.6% YoY shows it was walking a tight rope on revenue growth with limited capacity in specialty chemicals, and volatile CRAMS revenue. NFIL is also catching up with peers and is accelerating investment in capabilities by adding a technology team and expanding R&D. Company is in a sweet spot to monetise fluorination opportunities, but the evolution would be gradual compared to impatient market expectations.
region. EBITDA/t grew at CAGR of 17.8% while volumes grew mere 0.2% due to capacity constraints and focus on nearby markets. Strong prices in the region has attracted meaningful surge in volumes from other regions. Increased supplies due to inflow from other regions and upcoming new capacities would keep margins under check. HEIM expanded capacity by 20% to 6.3mnt through debottlenecking. However, we believe that contraction in margins would considerably neutralize the volume growth. Hence, we expect EBITDA to grow at a CAGR of 3% over FY20-FY23e. Given the tepid outlook...
