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Britannia Industries (Britannia) registered resilient performance in Q4FY2020 with a revenue growth of 2.5% and stable OPM of 15.8%. Growth surged during January-February period as compared to a ~6% growth for the first nine months of FY2020 mainly on account of market share gains led by strong expansion in the distribution network. However, the lockdown impacted revenues and PAT by 7-10%. After getting requisite approvals, the company started operations in all facilities to fulfil rising demand. It connected with distributors/retailers and ensured continuous supply. This...
Bharti Airtel recorded topline of Rs. 23,939cr, a rise of 15.4% YoY, on account of higher growth in Mobile services in India and Africa, and Airtel business. India Mobile revenue rose 18.5% YoY to Rs. 12,877cr with rising 4G customers and tariffs. ARPU rose to Rs. 157 (vs. Rs. 129 in Q1FY20) on account of 2G to 4G upgrade and addition of postpaid customers. Africa Mobile services revenue grew 16.4% YoY supported by net addition in customers of 857k (+4.6% YoY) and rising ARPU of USD 2.6 (+1.6% YoY). However, it was partially offset by churn rate of 5.7% (vs. 5.0% in Q1FY20). Airtel business went up 9.2% YoY to Rs. 3,502cr. On the other hand, Tower Infrastructure services fell 4.9%...
HUL Q1FY2021 performance is not strictly comparable on y-o-y basis due to consolidation of GSK Consumer Healthcare's (GSK Consumer) nutrition business. Overall performance was better than our as well street expectation with revenue and adjusted PAT growth of ~4% and ~8%, respectively. The underlying volume decline for the quarter stood at 8%, which was much lesser than our as well as the street's expectation of 11-13% for the quarter. Around 80% of HUL's domestic business (largely includes essential products) registered a growth of 6%, while discretionary products (skincare,...
21st July 2020 Hindustan Unilever (HUVR) reported 5% beat on sales and ~10% beat on EBITDA and PAT v/s our estimates. The outlook is gradually improving, with the discretionary part of the portfolio (15% of sales) gradually seeing recovery. In a period of relative normalcy, HUVR (as has been the case in recent years) is likely to report superior earnings growth, which has led us to margins stood at 51.8% (220bp contraction YoY), while EBITDA margins contracted by 110bp YoY to 25%. sales declined 7% YoY in v/s est. The segmental EBIT margin up by 20bp YoY for F&R;, but down by 140bp/150bp for HC/PC. to the P&L; A/c was approved by its Shareholders in 2016. The Board approved the distribution of the Reserves to its Shareholders by means of a Special Dividend of INR9.50/share.
We believe that post last 4 quarters of decelerating growth HEXW is a strong re-rating candidate but ongoing de-listing process only will drive the stock price in near-medium term. HEXW trades at 15.1X CY21 below peers with renewed growth & margin profile. Due to strong beat on fundamentals, strong deal wins & better commentary We upgrade to Buy from Reduce. We value Hexaware on 17X CY22 earnings to arrive at a changed TP of Rs.476. HEXW's 2QCY20 revenue stood at USD 208mn, declining 0.9% cc QoQ, well above our expectations of 6.1% cc QoQ decline. Supply side issues had an...
Amara Raja's Q1FY21 result was better than our expectation. Its sales/EBITDA were 5.7%/5.4% above our estimate. Its sales fell by 36.6% YoY to Rs 11,512 mn due to the nationwide lockdown amidst weak demand from OEMs/exports. Amara Raja's EBITDA fell 45.5% YoY to Rs 1,522 mn and EBITDA margin contracted 216 bps YoY to 13.2%. Amara Raja's net profit decreased 55.7 % YoY to Rs625 mn. We make minor changes to our FY21-22 forecasts. We value the stock at a PER of 20x...
Background: Supreme Industries (SI) is a plastic product manufacturer and the largest plastic processor in India, processing over 0.37mn MT annually. Company has four business verticals i.e. Plastic Piping (55%), Packaging Products (21%), Industrial Products (16%) and Consumer Products (7%). SI has 22 manufacturing plants situated across India. Company enjoys a significant market share across its business verticals; Plastic Piping (9.48%), Industrial Products (15%) and...
29 July 2020 GSK Pharma (GLXO)s performance for the quarter was deeply impacted by the COVID-19-led disruption. As a result, the company posted the lowest revenue recorded in the past 16 quarters. The severity amplified with reduced operating leverage. The outlook is expected to gradually improve with the easing of the lockdown. We reduce our EPS estimate by 26.3%/11.7% for FY21/FY22 to factor COVID- 19-led weakness in the Prescription and Vaccination segments. We continue to value GLXO at 37x 12M forward earnings (25% discount to its three-year average) to arrive at TP of INR1,355. GSK Pharma revenues were down 17.7% to INR6.5b (v/s est. GM expanded 230bp YoY to 60.
