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Further, better product mix has aided the company in avoiding a steep decline in its gross margin/liter, which stood at INR86.8/liter (-14% YoY). Owing to the lower tax rate of 26.1% (v/s 35.6% in 1HCY19), PAT stood at INR1.9b (-48% YoY). Factoring in the same along with further imposition of the extended lockdowns in various states, we have revised down our volume estimate for CY20/CY21 to 143m/186m liter (from 153m/191m liter), resulting in EPS CSTRL has entered into a strategic alliance with Jio-BP fuel retail JV to exclusively sell its products at its 1,400 outlets (which should expand to 5,500 outlets over the next five years). However, 2W segment accounts for 30% of CSTRL total volumes, which may be hugely impacted by EVs. We expect high dividend payouts to continue. Oil drain intervals are expected to rise in the commercial segment for BSVI engines.
Bharti Airtel Ltd, is Asia's leading integrated telecom services provider with operations in India, Africa and Sri Lanka. Bharti Airtel has been at the forefront of the telecom revolution and has transformed the sector...
FY21 order intake likely to be ~| 700-750 crore.. During FY21, the management expects order intake to the tune of ~| 700750 crore. In the current fiscal year, majority of order intake would be from the defence segment. Of the cumulative order intake of ~ | 700-750 crore in FY21, ~70% is likely from the defence segment (including the aerospace). During FY20, Midhani booked orders (order intake) to the tune of | 786 crore. Of the orders booked during FY20, ~| 506 crore was from the space segment, | 229 crore was from the defence segment, | 28 crore was from...
With strong growth in broadband connections and postpaid customers, we reiterate our BUY rating on the stock with a revised target price of Rs. 693 based on SOTP methodology. Postpaid customers support topline growth In Q4FY20, Bharti Airtel posted 15.1% YoY growth in revenue of Rs. 23,723cr, majorly driven by Mobile services in India and Africa, along with Airtel business. India Mobile revenue grew 21.8% YoY to Rs. 12,953cr with rising 4G customers and tariffs. ARPU rose to Rs. 154 (vs. Rs. 123 in Q4FY19), owing to additions of postpaid customers and...
Maintain NTPC's reported S/A PAT (including the impact of a rebate) was down 5% YoY to INR24.7b (v/s our est. PLF of coal-based plants fell to 58.2%, v/s 73.9% in the previous year, weighed by lower power demand. Interest cost at S/A was also impacted by INR2.1b on account of the The co.s numbers also included an INR2.2b CSR contribution in the current quarter related to COVID-19 care packages NTPC plans to reach ~130GW capacity by 2032. NTPC expects its capitalization run-rate to be at 56GW p.a. for the next three to four years. The balance is to be paid only when DISCOMs withdraw their NTPC has discussed the possibility of a buyback in its previous board meetings Outstanding overdues have reduced to INR145b (currently) from INR164b at June-end. This provides strong With the pickup in capitalization, which was partly hampered due to coal availability issues, we expect a regulated equity CAGR of ~11% over FY2023.
SBI Macquarie stake sale deal continues to be an overhang on the stock, negotiations to likely restart with prospective buyers. ASBL reported resilient operational performance in a tough scenario with revenues falling 34% YoY due to Covid-19 pandemic, impacting construction...
The first tranche of the Rs20tn package' mentioned by the Prime minister was announced today, comprising measures worth Rs6tn. This tranche included a Rs900bn loan to state discoms by govt-owned PFC and REC to pay off the genco dues. The loan will be provided against the Rs940bn receivables of the discoms. The loans will be secured against receivables, and additionally guaranteed by respective state govts. The liquidity will be infused within a couple of days by offering concessional loans to state electricity discoms, which would be 150 bps lower than the usual lending rates by the PFC and REC. while the loan rate would be concessional, it will vary from utility-to-utility depending...
Weak gas prices to drive margins, given MGL's pricing power; we model EBITDA margin of Rs. 9.8/Rs. 10.7 per scm for FY21E/FY22E. Mahanagar Gas Limited's (MGL), a dominant city gas distribution (CGD) player in and around Mumbai, is expected to benefit from weak domestic gas prices, (that are likely to fall further over H2FY2021E-H1FY2022E after a sharp 53% reduction since 2015 to $2.4/mmBtu), which would drive MGL's margins given its strong pricing power in compressed natural gas (CNG) and domestic PNG business (86% of overall gas sales volumes of 3 mmscmd in FY2020). Notwithstanding near-term concerns of a fall in...
PLNG has received positive responses for its LT commitment of gas off-take (~1mmtpa) linked to spot prices; the companys board is deliberating on this, and a decision is expected within the next five to six months. PLNG is considering to set up an LNG terminal in Gopalpur (Odisha), connected to the JagdishpurHaldiaBokaroDhamra Pipeline (JHBDPL ~100km away); this would be the biggest beneficiary of new-age CGD gas demand in eastern India. This LNG project would strategically place PLNG (providing access to the westernsouthern eastern coasts), aiding the benefit of gas swapping as the CGD network expands in the country. The feasibility study for the project is complete, and the company is currently in the process of determining whether to set up a land-based terminal or floating (FSRU) terminal; the decision is expected in another three to four months.
Petronet LNG's (PLNG) Q1FY20 EBITDA was in line at Rs 9bn (11% YoY), with low volumes (16% YoY) being compensated by higher EBITDA/ mmbtu at Rs 48 (+5.7% YoY).
