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ICICI Securities Ltd | Retail Equity Research Talwalkars had made an announcement of a de-merger on November 24, 2016. The ratio was one share of Talwalkar Lifestyles (TL) for every share of Talwalkar Better Value Fitness (TBVF). The stock has turned ex-date today while the record date for the same is March 28, 2018. Consequently, Talwalkar's share price, as per yesterday's closing price, has dropped to | 198/share from | 242/share. Hence, now our target price also stands revised to | 215/share for Talwalkar Better Value Fitness....
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
Adlabs Entertainment Ltd. (AEL) reported mixed set of numbers with higher than expected footfalls in Theme Park and Water Park which was partly offset by fall in ARPU. EBITDA margin in the quarter improved on the back of various cost cutting measures. The company's plan to monetize excess land and selling of Novotel business is on track, we expect the...
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 (AGIL) reported subdued set of Q3FY18 result, as Net Revenue increased by 6.4%, while Net profit declined by 9.9%. The volume growth in tile business was 25% yoy, quartz division was up 37%; however, its marble segment reported degrowth of 37% yoy. Nonetheless, the reduction of GST rate on tiles and marble from 28% to 18% is positive for the entire ceramic industry.
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....
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...
Navkar Corporation Ltd. (Navkar) continued to deliver a decent performance in 3QFY18. Panvel revenue improved ~0.8% YoY while consolidated revenue increased 16.2%. Vapi volumes grew ~20.9% QoQ to 10,571 TEUs led by volumes handled at Hazira due to partial shift in marble volumes from JNPT. Realisation at Panvel were flat while the same in Vapi grew 11% YoY to INR 19,013/TEU. Consolidated EBITDA increased by 13.9% YoY to INR 376 mn. Direct-To-Port Delivery (DPD) led impact was stable QoQ, we expect limited impact from DPD going ahead. Management expects final clearance for Vapi's rail siding shortly. Ramp-up at Vapi facility is expected to start meaningfully contributing to NCL's overall sales in subsequent quarters. Hence, we maintain our BUY recommendation with a TP of INR 310, 25x FY19E EPS of INR 12.4 on expected...
Jindal stainless (Hisar)(JSHL) reported healthy growth of 35.2% in net revenues to reach INR 2439cr as company's volumes grew at 8.3% on yoy basis while sales per ton increased by 24.8% over Q3FY17.
JSHL's Q4FY18 standalone numbers were below our estimates, due to lower than expected realisation. The volume during the quarter continues to remain strong. FY18 consolidated PAT doubled to Rs5.91 bn, supported by strong performance in standalone operations and improved performance from Jindal Stainless Steelway (JSSL) and Jindal Lifestyle (JLL)....
Maintain BUY with a TP of Rs 1,090 (18x Dec-19E+ Rs 100/sh for Solara + Rs 30/sh for biopharma). Our visit to Strides Shasuns (STR) Australian operations has re-enforced our confidence that the business is on strong footing in the region and has every ingredient in place to make it a sustainable cash generating business in the long run. From a robust pipeline and deep market access to now developing manufacturing capabilities, STR has put into place all the requisite business drivers. Our note describes dynamics of the Australian pharma market (APM) and STRs position within.
Indian Metals & Ferro Alloys Ltd (IMFA) is the largest ferrochrome producer in India; it has capacity of 275,000 tpa in Odisha with a captive chrome ore mine...
Asian Granito (AGIL) reported mixed performance for Q4FY18. Net revenue growth stood healthy at 17.7% YoY, led by strong volume growth of 29%. However, EBITDA grew marginally by 5.3% YoY, while EBITDA margins declined by 109bps YoY to 9.3%, impacted by higher staff cost.
mainly due to favorable PAN/OX spread. During Q1FY19, production of PAN volume has shown 8.1% growth on the sequential basis from 37,000 in Q4FY18 to 40,000 in Q1.On a sequential basis EBITDA margin shown solid improvement (20.4% in Q4FY18) due to the higher gross margin of 35.5% com- Sector Outlook...
Carbon Products EBITDA/tonne at Rs8,426 (+125.6% YoY, +11.8% QoQ) was ahead of our forecast. Segment EBTIDA grew to Rs6.4 bn (+104.1% YoY, +1.2% QoQ) despite fall in volumes to 0.7 mn tonne (-9.2% YoY, -10.0% QoQ). In light of better than expected Carbon Products profitability and anticipated higher spreads for CPC/ CTP, we raise our CY18 margin estimates. We maintain BUY rating with a revised target price of Rs522 (earlier Rs418)....
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...
