Category: MarketBuzz

06 Nov
UP

Voltas Ltd. Q2FY20 Results Update -In-line results; Improved UCP performance offset weakness in project division

Voltas Ltd. Q2FY20 Results Update -In-line results; Improved UCP performance offset weakness in project division Hits ·       Result was broadly in-line with our estimates (Revenue/EBIDTA/PAT: 2.6%/-3.8%/17.7%) as improvement performance of UCP segment offset the impact of weakness in project division (EMPS). Sharp beat on PAT estimates was mainly on account of higher-than-expected non-operating income. ·       […]

06 Nov
Gold

Manappuram Finance Ltd Q2FY20 Result Update – Strong overall results in terms of AUM growth, operating efficiencies and PAT

Manappuram Finance Ltd Q2FY20 Result Update – Strong overall results in terms of AUM growth, operating efficiencies and PAT Hits:­­ Manappuram reported strong set of result with AUM growth at 32% YoY, one of the highest in last 10 quarters to INR 22,677cr. The company reported significant growth in its overall book with gold loan […]

05 Nov
Concern

Punjab National Bank Ltd Q2FY20 Result – Non-Interest income growth led to in-line Net revenue; Higher than expected deterioration in asset quality

Punjab National Bank Ltd Q2FY20 Result – Non-Interest income growth led to in-line Net revenue; Higher than expected deterioration in asset quality Hits: ·    Net Interest Income growth of 7% YoY was led by 7bps YoY improvement in NIMs and flat YoY growth in Advances. ·    Non-interest income grew by 33% YoY to INR 2,265cr […]

12 Oct
Worried

IIP – Broad-based slowdown

IIP – Broad-based slowdown IIP for August contracted 1.1% YoY vis-a-vis 4.3% YoY growth last month and expectation of 2% YoY growth. Given the volatility in monthly numbers, we prefer to analyse it on a trend basis (3MMA). On this basis, IIP decelerated to 1.7% YoY (from 3.6% YoY last month) with a broad-based slowdown […]

09 Oct
Industry

Cement – Q2FY20 result preview – Demand pangs; recovery in H2FY20 key

Cement – Q2FY20 result preview – Demand pangs; recovery in H2FY20 key The muted cement demand trend seen in Q1FY20 (owing to general elections) persisted through Q2FY20 amid ongoing economic slowdown and furious rains. While government data indicate flat volumes for H1FY20, industry participants estimate a dip of about 3%. Cement prices succumbed to volume […]

07 Oct
Oil

Oil and Gas – Q2FY20 result preview – GRM at multi-quarter highs

We expect OMCs to report stellar Q2FY20 earnings led by benchmark GRM almost doubling to USD6.6/bbl QoQ. Key highlights: 1) OMCs: We expect EBITDA to surge 30-70% QoQ driven by higher GRM & abatement of inventory losses; 2) RIL: We estimate EBITDA growth of 7.6% QoQ with refining strength offsetting petchem weakness; 3) CGD: While […]

07 Oct
Industry

Metals and Mining – Q2FY20 result preview-Slip, slide and tumble

Metals and Mining – Q2FY20 result preview-Slip, slide and tumble We expect companies under our coverage, particularly ferrous, to report tepid earnings in the wake of lower prices and weak demand. Key highlights: 1) Ferrous companies might suffer EBITDA compression of INR2,500–3,000/t. 2) Volumes are expected to decline for all major ferrous players, except JSPL. […]