JMC Projects (JMC), a formidable contractor in building construction and structural works, reported its Q4FY18 results.

Maintain BUY with a SOTP of Rs 844/sh. JMCP reported in line 1QFY19 revenue at Rs 6.9bn (+3.3% YoY, -4.7% QoQ). Growth was muted in 1QFY19 on account of labour availability issues due to festive season and West Bengal panchayat elections. EBITDA margins of 10.3% (+20bps higher than expected) and an effective tax rate of 23.4% led to a higher PAT of Rs 266mn (+13.9% than estimate).

We maintain BUY with SOTP value Rs 844/sh. JMCP 4QFY18 net revenue came in at Rs 7.2bn (+4.7% YoY, +2.3% QoQ) and was 5% below estimates. FY18 revenue came in at Rs 27.6bn vs our expectation of Rs 27.9bn. FY18 APAT came in at Rs 1.1bn (+82.2% YoY) with EBITDA margins of 10.3% (+126bps YoY). Management is confident of sustaining the double digit margins in future.

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

Deepening Distribution Parle Products tie up a kicker, MANBs Growing Market Share, Robust Financial Growth to continue over FY17-20E, MANB sweetly positioned in the Non-Carbonates/ Juice Drinks segment which is growing at 2x of Carbonates

Deepening Distribution Parle Products tie up a kicker, MANBs Growing Market Share, Robust Financial Growth to continue over FY17-20E, MANB sweetly positioned in the Non-Carbonates/ Juice Drinks segment which is growing at 2x of Carbonates

Unicommerce is an e-commerce enabler and provides a range of cloud-based solutions for managing the supply chain process: Multichannel Order & Inventory Management, Omnichannel Retailing and Warehouse & Logistics Management. The company is running a SaaS (Software-as-a-Service) model to deliver software solutions across the large merchant base (10,000+) which includes leading brands such as Amazon, Myntra, Jabong and Flipkart. The acquisition would strengthen the Infibeam's ecosystem to deliver software solution right from building up unique e-marketplace (BaB) to...

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...

We re-initiate coverage on Byke Hospitality (Byke) with a BUY recommendation and a Price Objective of ?351 (target Adj P/E multiple of 20x) implying an upside potential of ~109%. At the CMP of ?168, the stock is trading at a PE of 9.6x FY21E EPS and this compares favorably with peers of a similar size.

Asian Granito India Ltd. (AGL) has reported Q4FY18 revenues at INR 392cr (up 17.7% YoY), 10% above our estimates.

IntraSoft Technologies Ltd. (ITL) a multi-channel e-commerce retailer, reported a mixed set of numbers for Q4 FY18. Top-line stood at Rs. 2,844.5mn as against to our expectation of Rs. 2,655mn. The results disappointed on the operational...

at standalone as per Ind AS 111 primarily from Delhi metro project. EBITDA margin up 89bps YoY to 16.2% (95bps below estimate) led by lower employee costs and other expenses which was partially offset by rise in raw material cost. PAT grew sharply 55.7% YoY to `402mn driven by better...

NR Agarwal (NR) continues to report robust topline growth on back of 13.0% volume and 5.6% value growth. Revenues at Rs 3,325m were up 20.2% YoY but declined 3.7% QoQ. Q4 is seasonally the strongest quarter, hence sequential comparisons would be misleading. Gross margins expanded by ~230bps both YoY and QoQ on back of higher realizations (up by 5.6% YoY and 2.4% QoQ) and lower raw material costs (lower by 1020%) which resulted in EBITDAM of 15.5% (up by ~360bps YoY and ~82bps QoQ). PAT increased by 35.6% YoY and 19.0% QoQ, to Rs 290m and EPS of Rs 17.1. Newsprint (NP) prices shot up by 37.1% YoY and 13.0% QoQ to Rs 44,124/ton. Newsprint prices are witnessing life time highs on back of lower newsprint production in China due...

Skipper has delivered a weak performance in 4QFY18 with its reported revenue declining by 2.9% YoY to Rs5.9bn, which however, adjusting for Excise Duty of 4QFY17, grew by 5.0% YoY led by lower execution in Engineering Products business and slower growth in Polymer division. Its EBITDA (+7.5% YoY) and PAT (-15.1 % YoY) stood at Rs1086mn and Rs493mn, respectively. Looking ahead, we continue to believe that a sizeable order book, huge imminent opportunity and diversification into PVC business firmly place Skipper on a higher growth trajectory. Following sharp correction by 30% in last 3 months, the stock is available at attractive level now. We maintain our BUY recommendation on the stock with a revised Target Price of Rs315....

CMI Ltd reported net revenues growth of 19% to reach INR 160cr exactly in line with our estimate of INR 161cr.

CMI, a New Delhi-based company, is poised to benefit from demand boom in the cables industry, spearheaded...

SIB earnings were below estimates with PAT of Rs1.14bn (PLe: Rs1.24bn) on weaker operating performance. Bank's slippages were higher at Rs6.14bn than expectedduetoimplementationofRBIsrulesontreatmentofrestructuredassets. Theseweremajorlyfromcorporateand50%fromtherestructuredbook,butasset quality deterioration was contained on sale of NPA to ARC. Management has guidedmuchlowerslippagesandcreditcostgoingforward,whilecontinuetobe positiveondeliveringstrongloangrowth&steadyNIMs.LowerPCRof;~41%can be of risk to higher provisions but some recoveries & lower slippages can help...

Americas revenue grew by 6.5% in CC terms in Q4FY18 supported by strong performance of USA (up 8.4%) and Mexico (up 17.2%). EBITDA margin contracted by ~107 bps YoY to 18.5% as strong 240 bps YoY expansion in EBITDA margin in Americas region was marred by 60 bps decline in EBITDA margin in EAP and weak operating performance in Europe. We lower our revenue and adj.PAT estimates for FY19E/20E by 5%/6% and 11%/14% to factor in weak India sales and delay in rebound of European performance. However, we remain positive on the stock on the back of expected recovery in India...

JLR's wholesale volumes grew 8% YoY (declined 40.6% MoM) to 45.3k units(including China JV's 7.7k units) in April 2018. Jaguar volumes grew 18% YoY to 14.9k units, beating our estimate of13k units. Land Rover volumes were 30.4k units, lower than our estimate of 32k units. JLR's retail volumes grew 11.9% YoY (declined 46% MoM) to 45.2k units, as Jaguar retails grew 8% YoY (declined 45.3% MoM) to 13.3k units while LR retails increased 13.6% YoY (declined 46.3% MoM) to 31.2k units.

Asian Granito India (AGIL) has reported a mixed performance in 4QFY18. While its revenue grew by ~18% YoY and ~49% QoQ to Rs3.9bn led by 29% YoY volume growth, its reported EBITDA grew by just 5.4% YoY and 0.4% QoQ to Rs363mn led by higher employee cost owing to addition of new workforce especially in GVT division and revision in gratuity guidelines. Thus, the resultant EBITDA margin declined by 109bps YoY and 445bps QoQ to 9.3%. Despite 15% YoY reduction in interest cost, its net profit remained broadly flat on YoY comparison (+34% QoQ) at Rs172mn. Notably, receivable substantially jumped to Rs4bn (132 days vs. 110 days) mainly led by higher sales in Mar'18, which is to be settled in current quarter. Despite strong volume in FY18, AGIL...