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For MSIL, share of UVs in total domestic volumes was at 18.2% in H1FY21 vs. 16.6% in FY20. Despite improvement in category mix, however, the company's UV market share has reduced from 24.9% as of FY20 to 22.9% as of H1FY21. Its chief offerings in the category i.e. Brezza, Ertiga, XL6 are witnessing intense competition from the likes of Venue, Nexon, Seltos, Creta and Hector (Exhibit 7). MSIL's commentary suggests that demand for PC category is higher vis--vis UV (i.e. downtrading) post Covid. This could lead...
NIM was sequentially higher by 30 bps to 2.86% due to lower slippages at 2% (including standstill NPAs) and improved spreads. Without standstill on NPAs, gross NPAs would be at 9.33% against...
V guard saw flat sales at Rs6.2bn, while EBIDTA was down 5% YoY at Rs739mn with EBIDTA margins were down 54bps YoY at 12%. PAT was down 13% at Rs500m. Cash generated from operations was strong at in 1HFY21 at Rs3.2bn vs Rs1.5bn YoY, as working capital has improved...
Q2 was a gradual improvement over Q1 with revenues down 28% YoY, driven by a dip of 16% in the unitary cooling business at Rs3bn. The project business was down 31%, impacted due to sites with sites operating at 65-70% levels in Q2 as they open up. While revenues came in line, EBIDTA and PAT were better than estimates (Exhibit 1) Both the businesses are expected to show improvement as the economy opens up, with company expecting better H2 margins. The AC business is expected to normalize by Q4FY21, which is the next big...
Outlook: With most regional reservoirs consistently clocking healthy water level (> 10year average) and the healthy monsoon that we have witnessed; we stick to our view of low rural water woes for at least two years. The MSP hike for FY2021 has continued with key crops' price being raised by an average of ~4%. Thus, favourable tractor drivers bolster our existing conviction in SEL's cash-rich and debt-free business. Valuation & Risks: We continue to value SEL using the DCF methodology to arrive at a fair value of Rs 1,305 and maintain REDUCE. We have slightly revised our earnings estimates accounting for the current high capacity utilisation. While SEL's business and industry fundamentals are intact, we feel that COVID-19 related uncertainty still...
Amara Raja demonstrated strong operating performance in Q2FY21. Revenue was Rs 19.36bn (+14.2% YoY), led by recovery in demand from the automotive (both OEM and Replacement) and the industrial...
