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..

JMC Projects (JMC) reported its Q1FY19 results; which were lower than expected on account of labour issues in few projects in Karnataka.

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.

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.

As per management, the current low growth is largely due to weak retail/local, real estate and government advertisements, which is witnessing slow recovery post demonetization/GST. Management also reaffirmed that over the next three years, company should grow revenues at 13-15 % CAGR and PAT at 20-25 % led by steep operating leverage coming from 90 % fixed cost.b.)TV players have seen swift recovery from demonetization/GST due to FMCG companies, which contribute less than 10 % to the radio sector v/s over 50 % for the TV industry. However, radio has not lost its sheen in India where listenership remains steady at 54mins for 5.1days/week-radio is viable for advertisers due to its reach and also because it's a cost efficient medium.

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%).

CCAvenues registered a growth of 128% YoY in payment processing to INR 102.45bn. Total number of transactions processed volume stands at 27mn translating into ticket value of INR 3,795/transaction. Adjusting the exception items to the tune of INR 75mn, EBITDA for the qtr remained at INR 45.9mn (-78% QoQ, -69% YoY). Adjusted OPM for the qtr stands at ~5%, which was dropped by 1557bps YoY. The drop is largely attributable to management's strong focus of improving the transaction size resulting into higher payment processing charges along with delay in recovering MDR charges for transactions below INR 2000 had impacted financial performance during the qtr. Adjusting exceptional item to the tune of INR 107mn (INR 32mn impairment on investments, INR 50mn stamp duty impairment, INR 25mn MDR...

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,...

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...

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...

We recently met the management of Arvind Ltd. The company is positive on all major businesses textiles, Apparels and engineering business. The company expects to complete demerger of branded apparel business and engineering business in the near future. The company has maintained FY19...

Sales at INR 785 cr grew by 33% YoY and were ahead of our expectations of a 24% growth YoY.