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On a segment wise, piping segment was hit hard (sales down ~37% YoY) due to lower capex into infra related projects by government. Further, revenue from composite cylinder, IBCs fell sharply by 22%, 17% YoY, respectively, as volume offtake by key clients was impacted by Covid-19 related lockdown. These segments contribute ~25% of total revenue. We...

In the 2-W pack, market leader Hero MotoCorp outperformed with 27% YoY decline for the month to 4.5 lakh units while Bajaj Auto and Royal Enfield volumes fell 27.4% and 34.8%, respectively. On the PV side, bellwether MSIL posted 54% YoY decline in total volumes to 57,428 units (UV down 45%). M&M;'s UV portfolio declined 55% while Tata Motors' domestic PV volumes fell 60.6% YoY to 14,571 units for the quarter, helping it to outperform both companies. M&HCV; segment remained an underperformer, reporting dismal >90%...

s India tries to unshackle its economy and move towards Unlock 2.0, there is optimism if one has to gauge from commentaries by managements which have stated that capacity utilization levels have been slowly gaining grounds and the manufacturing sector have started to cope with labour scarcity and started to hire more local labours and hence being less dependent on migrant workers. Similarly, the...

Order Inflow came in at ~Rs6.6bn in the quarter, down 33% YoY. Order book stood at Rs59bn providing revenue visibility for the next 1.5 years. GE T&D; (GETD) reported weak set of numbers for the quarter with a revenue de-growth of 26% YoY leading to loss at bottom-line. Sales during the quarter got impacted by Rs2bn owing to declining HVDC (~Rs400mn), lockdown impact, global supply chain issues and delay in projects by customers. Order...

While in FY19, the company's flight catering business faced a setback with the grounding of Jet Airways, FY21 has brought in new challenges to operate in the pandemic environment. During the first full quarter of lockdown, most of EIH's property remained closed with 85-88% dip in the business during April-May. With almost 60-70% of cost being fixed in nature, we expect a sharp fall in EBITDA for FY21E. To cope with these challenges, EIH has entered the food delivery segment, with salary cuts being taken by top executives and directors. The company has launched The Oberoi...

Fleet utilzation in June'20 increased to ~40-45% (v/s 25-30% in May'20). for the month of June largely led by i) pent up demand (~45%) ii) marriage season demand (~35%), iii) robust Rabi crop output and iv) increased preference for personal mobility to drive shift towards entry level products. Cancellation rates for the booking happened during April-May remained low (~15%). However, urban demand continued to remain subdued due to i) unstable...

ACN management indicated demand for IT services in digital & overall transformation programs. The key point to note is that the company did not face significant cancellations or pricing pressure. WFH transition was smooth...

Trump administration in the US issued a presidential proclamation to block entry of foreign workers for the next 6 months ending December 2020. This order came into effect from June 24 2020.