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Reported provisions continue to lag our conservative forecasts prompting us to tweak FY21 earnings estimates higher by 58%. Subsequently, our FY22-23 estimates stand slightly higher by 5-10%. While Q2FY21 NPA at 7.5% stood optically better, higher write-offs and couple of granular asset details continue to throw negative surprises, viz, (a)8% (Rs50bn) critical assets (b)17% of overall customer base not paying even a single installment, o/w 6% could be restructured (c)Rs60bn book potential restructured book; Rs40bn...
In 2QFY21, Torrent reported muted performance in its key export markets US (20% YoY decline), Brazil (17% YoY decline, primarily due to currency depreciation) while India (7% YoY growth) aided in flattish revenues for the quarter, in-line with our estimates. However, EBITDA margin at 31.5% were marginally better than expectation led by...
6%/25% on the back of better than expected earnings in domestic ops. While overseas ops continued to drag earnings. Stock rallied sharply in last three months on the back of sharp uptick in steel...
Rallis' 2QFY21 earnings print was below our estimates by 7.1% on sales and 21.2% on EBITDA. Sales/EBITDA/PAT stood at Rs 7.25bn/1.17bn/830mn down by 3.2/1.6/3.3% YoY. We had anticipated fall in sales of international business, however the reported fall was even steeper (down 29% YoY to Rs 1.54bn) than our expectations. Domestic business did report a decent growth by...
continued disbursements momentum which should cushion earnings ahead, we remain circumspect on asset quality. Status-quo on SC order is masking the true asset quality picture; we maintain 6.6%-6.7% NPA forecasts over FY21-22 with credit costs uptick to 240bps for FY21. As return profile for FY22-23 stands weak at ~10% RoE/ 1.2% RoA, we reiterate SELL, valuing...
Bajaj Auto's (BJAUT) Q2FY21 operating performance was in line with our estimates, but adj. PAT fell short (19% YoY to Rs 11.4bn) owing to below-expected other income.
