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We remain negative on the entire diagnostic chain with a belief of 1) premium players losing their market share to unorganized players, 2) B2B (40% of revenue) partners negotiating to partially offset their loss of profit, 3) Inability to hike prices causing lower realization level (Revenue/Patient) and 4) higher fixed costs (60-65% of operating cost for DLPL), new compliance expense and home collection of samples will lead to lower EBITDA margin. However even after increased estimate, we maintain SELL' recommendation but revised TP to Rs1,006 (from Rs895) on PE 40x of FY22E due to challenging...
compensation) down 7.4% while non-Fuel CASK increased by 33.5% due to Covid-19 led disruption with operations being suspended in late March. While market leader Indigo reported 1% yield growth in the same period, SJET reported 10% decline in yields despite industry leading load factors impacted by 1) increased exposure to intensely competitive metro to metro routes and 2) dual class fleet operations. SJET continues to negotiate with Boeing regarding compensation for the grounded Boeing 737 Max, we shall keep a close eye on payment terms and actual flow of compensation....
HDFC Q1 net profit falls 5% to Rs 3,052 crore, beats Street estimates HDFC has recorded 5% decline in the net profit to Rs 3051.52 crore in the quarter ended June 2020 (Q1FY2021), mainly driven bydecline profit on sale of investment and surge in provisions....
and 3) increased employee cost at 16% of sales (v/s 11% YoY and 13% QoQ). EBIT margin for diagnostic segment was 9% v/s 42% YoY. its profitability because of 1) lower gross margin at 53% (v/s 72% YoY) due to We remain negative on entire diagnostic chain due to possible structural...
Background: Vinati Organics Limited (VOL) was established in 1989 to manufacture specialty organic chemicals. It has since grown to become the world's largest manufacturer of IBB & ATBS and India's largest manufacturer of IB & HP MTBE. The company's products are exported to customers in countries across Europe, America, and Asia. Competitive edge in niche specialty chemicals Cost leadership & scale economies in IBB and technological entry barrier in ATBS. The company started with a small capacity of 1,000 TPA and gradually expanded to 26,000 TPA today for its ATBS production, capturing 60% of the market share. The company also commands more than 65% market share in the world for IBB. With consistent...
Total revenues increased by 15.4% year-on-year (YoY) to Rs 23,939 crore during the quarter. EBITDA jumped 25.3% to Rs 10,639 crore in Q1 FY21 from Rs 8,493 crore in Q1 FY20. EBITDA margin stood at 44.4% as on 30 June 2020 as against 41% as on 30 June 2019. With respect to the mobile services-India business, the company said its average revenue per user (ARPU) rose 21.3% to Rs 157 in Q1 FY21 from Rs 129 in Q1 FY20. The company's total...
HDFC Life Insurance gains after Q1 PAT rises 6% to Rs 451 cr, in line with estimates HDFC Life Insurance Company has recorded 6% growth in the net profit to Rs 451.09 crore in the quarter ended June 2020 (Q1FY2021). Despite the expected drop in business volumes, the company delivered a healthy new business margin of 24.3% on the back of a favourable product mix and cost control measures. The impact of covid 19 spread and lockdown is...
Many sectors in domestic market were impacted by pandemic and lockdown along with some disruptions on demand/supply side. Although agricultural sector remained immune during this turbulent phase, predominantly from the highest ever fertiliser sales ahead of Kharif season. This should somewhere bolster the growth outlook for agrochemicals as well. Thus, in this scenario it's prudent to invest in cherry picking stocks like Sumitomo Chemical (SUMITOMO CHEMICAL COMPANY JAPAN holds 78.30% stake currently). SUMICHEM's diversified portfolio, strong parentage, rich product pipeline from...
TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with a market share of 13.9% in FY20. Q1FY20 revenue de-grew by 68%YoY due to sluggish Industry demand and production lock down in April & May month. Sales volume declined by 71%, dragging the firm into operating losses of 50cr, added up by higher material and fixed cost. Despite taking price hike in Q1 and July by 1.1% we believe TVS could not pass the full BS6 cost due to weak demand and...
