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Background: TVS Motor Company Limited (TVSM), the third-largest two-wheeler manufacturer in India, is a part of TVS Group; it manufactures motorcycles, scooters, mopeds and three-wheelers in India. TVS Motors is credited with many innovations in the Indian automobile industry, notable among them being the introduction of India's first two-seater moped, the TVS 50cc. The company has presence in all the three sub-segments of two wheelers, i.e.,...
UNSP's Q4FY20 was in-line but weak at operating level with volume decline of 13% YoY (P&A; 20%). Adjusted for one-off bulk sales, Revenue/ EBITDA/APAT were -14.8/-10.6/-28.2% YoY. Reported revenue/EBITDA/PAT were -11.4/-12.4/-14.6% YoY. Yet, UNSP's earnings print is impressive in backdrop of weak volume growth and decline in Gross margin of 433/220bps YoY/QoQ. Persistent cost controls in line-items below GP is enticing for second consecutive quarter. For perspective, below GP costs declined from...
Outlook & Valuation: We downgrade our revenue estimates by 7.5% for FY21E to Rs 169.6 bn on account of downgrade across regions while we introduce FY22E revenue estimates at Rs 186 bn.
GMM Pfaudler Ltd (GMM), for Q4FY20, reported a decent set of numbers. Revenue de-grew by 5.3% YoY to INR 1318mn (est INR 1593mn) mainly due to a revenue loss of INR 300mn led by the nationwide lockdown. EBITDA showed growth of 13.4% YoY to INR225mn (est INR323mn) with 280ps YoY improvement in margin from 14.2% in Q4FY19 to 17.1% in Q4FY20, due to favourable product mix mainly led by Glass-lined business, where EBIT margin improved by 463bps on YoY basis with 63% contribution in consolidated revenue. However, the Heavy engineering business has dragged growth momentum with 59.5% de-growth in revenue and -18.6% EBIT margin (vs 2.1%YoY) in Q4FY20. The loss came up as GMM couldn't ship the order to their Middle East client due to lockdown followed by higher fixed overheads. As per the management, heavy engineering can add strong growth on the...
Wonderla Holidays reported a subdued set of Q4FY20 numbers. Revenues declined 30% YoY to | 42.4 crore led by a 31% drop in overall footfalls. Park wise, the Bengaluru park witnessed a 38% drop in footfalls to 1.37 lakh, Kochi Park saw a decline of 31% YoY to 1.33 lakh footfalls and Hyderabad park saw footfalls decline 22% YoY to 1.35 lakh during the quarter. Kochi park was closed from March 11 while the Bengaluru Park (along with the resort) and Hyderabad Park were shut from March 14 and March 15, respectively. Average revenues per footfall increased marginally by 1.2%...
