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Discretionary OOH categories declined 25%, Margins expand 170bps to 7.6% ITC PAT beat has been led by better than expected performance in Cigarettes, Agri and Paperboard business and 44% growth in other income. FMCG story remains intact with 34% sales growth and 170bps margin expansion led by segments like Atta, Biscuits, Noodles, Dairy and Hygiene products. Cigarette business is expected to report improved nos as June exit sale show recovery close to Pre Covid sales. Hotels business is expected to remain under significant pressure in near term with poor chance of being in black for next...
Covid-19 related disturbances notwithstanding (likely to impact Q1FY21), companies from the pharma MNC staple like Abbott continue to generate investor's interest with robust and sustainable business model backed by stable growth, debt-free B/S, favourable market dynamics with doctor prescription stickiness and lower perceived risk factors. We continue to believe in Abbott's strong growth track in power brands and capability of new launches on a fairly consistent basis (+100 launches in the last 10 years). We upgrade the stock from HOLD to BUY and arrive at a target...
Being the leading company, Gillette has always been bringing in a unique and innovative set of products for its consumers. Its products constitute an entire range for Men's grooming including the razors, skin guard, replacement razors, pre & post shave products including shaving creams, gels & foams, skin care etc. And eventually, in the female's category Gillette Venus in the premium segment is gaining traction. Thereby, we believe the unique launches embarks good future ahead for the company. If we Take fundamental triggers into consideration, company has a good balance sheet with sound financial ratios....
We tweak our FY21/22 earnings estimate to factor in lower volumes as well as higher margins; (MGL's five year EBIDTA CAGR at ~20% with margins growing at 14% and volumes at 5% CAGR). MGL remains an enviable...
With operations back on track and strong cash flows generation, the company is expected to fare better than its peers. We continue to remain optimistic on ITC's performance and reiterate our BUY rating on the stock with a TP of Rs. 260 based on SOTP valuation. Drastic demand drop impacts topline Q4FY20 standalone revenue stood at Rs. 11,300cr (-6.3% YoY). FMCG revenue declined 5.0% YoY to Rs. 8,314cr, of which Cigarettes business revenue stood at Rs. 5,131cr (-6.5% YoY). Hotels revenue dropped 8.4% YoY to Rs. 466cr, while from Agri...
Petronet LNG's (PLNG) Q4FY2020 adjusted operating profit of Rs. 907 crore (up 44.5% y-o-y; down 8.2% q-o-q) was lower than our estimate of Rs. 952 crore due to lower margin on spot volumes. We have adjusted operating profit for forex loss of Rs. 178 crore and inventory loss of Rs. 31 crore in Q4FY2020. Dahej re-gas volume at 206 tBtu (up 4% y-o-y; down 7.2% q-o-q) was largely in-line with our estimate of 204 tBtu. Kochi terminal's volume stood at 13 tBtu (up 18.2% q-o-q), leading to higher utilisation rate of 20.4% in Q4FY2020 versus 17.3% in Q3FY2020. Adjusted PAT at Rs. 559...
