For 3QFY2019, Music Broadcast (MBL) posted in-line with expectation results both on top-line and bottom-line fronts. Revenues grew by ~14% yoy to `87cr on the back of price hike. The company's operating margins improved by robust 225bps yoy. On the bottom-line front, MBL reported lower growth of ~38% yoy to `16cr on the back of

For 2QFY2019, Music Broadcast (MBL) posted muted results both on top-line and bottom-line fronts. Revenues grew by ~5% yoy to `80cr on the back of equal contribution of volume and price hike. The companys operating margins improved by robust 120bps yoy. On the bottom-line front, MBL reported lower growth of ~5% yoy to`13cr on the back of..

Revenue grew 6% YoY (6% QoQ; 3% miss) to INR801m primarily due to the festive season shifting to 3QFY19 and on sluggish retail advertiser spends. Both volume and yield improvement contributed equally to the overall growth. Higher contribution from new stations aided healthy 10% YoY growth in overall EBITDA to INR266m (in- 26 October 2018 line). Yet, PAT at INR134m grew by 5% YoY (in-line) at a slower pace than EBITDA growth due to high tax expenses. PAT grew 7%/13%/14% YoY in 1HFY19. Revenue contribution from new stations saw an uptick to 10% (INR80m, +66% YoY). (1) Shifting of festive season to 2H and boost from pre- election spends should drive mid-teens growth in 2HFY19, (2) maintain 12- 14% revenue growth guidance in FY19, outperforming radio industry (8-10%) growth, (3) expect Ministry of Information and Broadcasting (MIB) approval for acquisition of Friends 91.9 FM radio station by 3QFY19.

Music Broadcast Ltd (MBL) reported healthy performance with revenues increasing 14.2% YoY to Rs870mn (PLe of Rs853 mn) due to rising inventory utilization in batch 1 stations (45% in 1QFY19, 50% in 2QFY19 and 53% in 3QFY19) and price hike of 11% taken in top 12 markets during the quarter. EBITDA margin expanded 230 bps YoY to 32.9% due to incremental...

Reiterate BUY with a revised TP of Rs 402 (25x Dec-20E FCFE/sh). Music Broadcast Ltds (MBL) 3QFY19 revenue /EBITDA/PAT grew by 14/22.6/38% YoY on a low base, in-line with our estimates. The growth recovery was driven by 11% rate hike in the legacy markets, festive advertising and contribution from the Govt, E-Com & Auto sectors. Revenue growth guidance of 12-14% remains intact on the back of recovering economy and political spends.

Below par revenue growth; positive surprise on margin; Maintain BUY MBL reports revenue growth of 5.7% YoY led by rate hike in all 12 core stations and improving utilization in Legacy Markets & Phase III markets. EBITDA margin improved 120bps YoY to 33.2% as Yield & inventory improvement translating into operating leverage. In terms of operating efficiencies, margin for MBL continues to report a positive surprise led by traction in the new stations due to improved profitability. We maintain our BUY rating with a revised Sep'19 TP of ` 400 (` 450 earlier) based on 15x...

stations and price hike of 8% taken in the top 12 markets during the previous quarter. EBITDA margin expanded 120 bps YoY to 33.1% due to incremental contribution coming in from batch 1 stations that broke even in 4QFY18 and operating leverage benefits that started kicking in with improving utilization. PAT growth was muted at 8.5% YoY (inclusive of OCI), despite operating margin expansion due to higher tax rate of 39.4% resulting from redemption of long term investments (attracts higher tax) to fund the buy back. Management maintains revenue growth guidance of 12-14% and expects...

Reiterate BUY with TP of Rs 387 (25x Sep-20E FCFE/sh). Music Broadcast Limited (MBL) 2QFY19 results were in-line but weak. Revenue/EBITDA/PAT grew by 5.7/9.7/5.1% YoY. PAT lagged EBITDA owing to higher tax expense (39% of PBT). Hope pinned on sharp revival in 2HFY19 led by festive season and elections. Mgmt reiterates its 12-14% YoY revenue growth guidance (1HFY19 7%).

EBITDA came in at | 28.6 crore (margin of 32.9%, slightly higher than estimates of 32%), up 22.6% YoY, better than our estimate of | 27.6 crore, owing to healthy revenue growth and lower-than-expected employee expenses. EBITDA margins for new stations were at 8%, while that of 28 stations were at 38% The company reported a profit of | 16.4 crore, above our estimate of | 15.4 crore, owing to a healthy performance at the EBITDA level Election related tailwinds to boost FY20E ad growth...

4 November 2018 GUJGA reported significantly lower EBITDA of INR1.6b (-21% YoY, -35% QoQ) compared to our estimate of INR2.4b, primarily due to its inability to pass on increased raw material cost to the consumers. PAT came in at INR411m (our EBITDA/scm declined sharply by 32% YoY (- 38% QoQ) to INR2.6, much below our estimate of INR4.0 due to lower pricing in the industrial segment. We model EBITDA/scm of INR3.3/4.1 for FY19/20. PNG industrial/commercial volumes stood at 4.7mmscmd (+18% YoY, +3% QoQ), while PNG household volumes were at 0.5mmscmd (+17% YoY, +28% QoQ). We have modeled PNG volumes of 4.8/5.3mmscmd for FY19/20.

ICICI Securities Ltd | Retail Equity Research NCLT has approved the demerger of Arvind Fashions and Anup Engineering from Arvind Ltd. The company has reported financials for its continuing business only. However, for the purpose of comparison, the company has provided the consolidated summary Revenues from the textile division (excluding advanced materials) grew 6.4% YoY to | 1488 crore mainly driven by 15%, 14% growth in the garmenting, woven division, respectively. The denim business...

Gujarat Gas reported a disappointing set of numbers in Q2FY19. Revenues increased 41.2% YoY to | 1964.3 crore and came in above our estimates. Total reported volumes increased 16.5% YoY and came in at 6.7 mmscmd vs. our estimate of 6.5 mmscmd on account of higher sales volumes on the industrial PNG front Realisations were higher than our estimate at | 32/scm (our estimate: | 31.6/scm). However, sharp increase in gas costs due to increase in LNG prices and rupee depreciation led to decline in gross margins,...

22 November 2018 Management has brought forward the synergy target (INR140) achievement (INR84b) will be in the form of opex reduction, majority (INR55b) of which will be achieved by minimizing network opex (INR18b already accrued with 66,000 site exits in 2QFY19). Additional 22,000 overlapping site exits and network integration should lead to further ~INR37b rental/energy savings over 30 months. Management explained that it will decisively streamline duplication of network in ~300 districts, wherein it has revenue/EBITDA share of 10%/-41% and market potential too is very low. Further, it will save INR17b/INR12b from G&A;/customer opex synergies (includes streamlining customer acquisition and servicing, and consolidation of A&P; cost of the two brands). Vodafone Idea Being the spectrum leader in the market (spectrum life of nearly 16-18 years), the company has at hand the key task of accelerated deployment of 4G spectrum and network rollout.

ICICI Securities Ltd | Retail Equity Research For Q2FY19, Graphite India reported an outperformance on all fronts. The company reported a consolidated topline of | 2345 crore (up 344% YoY, 19.3% QoQ) higher than our estimate of | 1990 crore Consolidated EBITDA for the quarter was at | 1640 crore (our estimate: | 1249 crore). EBITDA margin was at 69.9% (vs. Q2FY18: 27.3%, Q1FY19: 73.1%, our estimate: 62.8%). On a QoQ basis, raw material cost (as percentage of sales) increased to 18.1% from 14.8%...

Sustainable margins to aid Profitability; Upgrade to BUY KPIT reports a muted Q2FY19 with USD revenue improving by 1.3% QoQ (2.9% QoQ in CC terms) to USD 153mn (DCMe: USD 153mn) led by engineering, technologies and products & platforms business. Rupee revenues improved 6.4% QoQ to ` 10,789mn (DCMe: ` 10,691mn) helped by INR depreciation. EBIT margin improved 73bps QoQ to 10.2% (DCMe: 7.9%) supported by operational efficiencies and FX tailwind which offset the negative impact of wage hike during the quarter. PAT improved 6%...

ICICI Securities Ltd | Retail Equity Research The board of HEG has approved a proposal to buy back up to 13,63,636 equity shares comprising 3.41% of the total paid-up equity share capital for an aggregate amount not exceeding | 750 crore. The buyback price has been fixed at | 5500/share. The buyback would be done through the tender offer route and is subject to approval of the shareholders by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite...

ICICI Securities Ltd | Retail Equity Research HEG again reported a stellar performance in Q2FY19 marked by sustained healthy realisation, lower raw material cost. Capacity utilisation was at ~85%. Revenue from operation was at | 1793.8 crore (up 338% YoY, 13% QoQ), higher than our estimate of | 1589.3 crore The company reported a strong EBITDA of | 1368.8 crore, higher than our estimate of | 1017 crore. Resultant EBITDA margin was at 76.3% (vs. Q2FY18: 46.3%, Q1FY19:74.8% and our estimate of 64%)...

1Q Action Replay: Revenue Below Estimate, Margin Exceeds Estimate KPIT Technologies (KPIT) has delivered a mixed performance in 2QFY19. While its USD revenue grew by 1.3% QoQ to US$152.5mn (1.4% below our estimate), EBITDA margin rose by a robust 147bps QoQ. In CC terms, revenue rose by 2.9% QoQ. While IES (-5.9% QoQ) and SAP (-2.6% QoQ) businesses again pressurised revenue, USD revenue from Product Engineering and Products & Platforms (P&P;) businesses grew by a healthy 5.1% QoQ and 33.7% QoQ, respectively. Notably, P&P; business is lumpy in nature. Beating our estimate by 222bps, EBITDA margin expanded by a robust 147bps QoQ to 13.6% despite wage hike impact of 220bps owing to INR depreciation...