Tag: Fundamental Analysis

26 Apr

Axis Bank Q4FY19 Results Update

Axis Bank Q4FY19 Results Update: Robust domestic loan growth coupled with operational efficiencies drive bottom-line growth  Key Financial Highlights Axis Bank’s Net interest income (NII) grew by 21% YoY to INR 5706 cr, driven by ~18% YoY growth in domestic loans and advances. Overall loans and advances grew by 13% YoY for the quarter NIMs […]

26 Apr

Biocon Q4FY19 Good show

Biocon’s Q4FY19 numbers were broadly in line with expectations. 30%+ top line growth, 600+ bps EBITDA margin expansion (to 26%, unknown fx/other items possible), Adj. PAT growth of 64% YoY driven by 73% YoY EBITDA growth. For FY19, Sales/EBITDA/Adj. PAT increased by 36%/64%/99%.  The company continues to report strong growth primarily driven by the biologics […]

25 Apr

Ultratech Cement- Q4FY19 result Analysis

Ultratech Cement- Q4FY19 result Analysis:- A strong beat on all counts (CMP: INR 4,432, Mcap: INR 1,22,000 cr) Standalone Financial Performance analysis (Q4FY19): Revenue grew by 17% YoY and 19% QoQ to INR 10,500 cr on back healthy growth in cement sales volumes across regions and also marginal improvement in realisation. EBITDA grew by 30% […]

23 Apr

AU Small Finance Bank (AU) registered healthy growth

 AU Small Finance Bank (AU) registered healthy growth in PAT aided by robust growth in AUM and higher operating efficiencies  Key Financial Highlights AU’s Net Interest Income (NII) grew by 35% YoY to INR 387 cr on back of 51% growth in AUM. NII grew at slower pace due to contraction in net interest margin […]

18 Apr

RBL Bank Q4FY19 update: Stellar performance continues

RBL Bank Q4FY19 update: Stellar performance continues  Key Financial Highlights Net interest income (NII) grew 48% on back of strong growth in loans & advances and marginal improvement in net interest margin (NIM) (up 25 bps to 4.23%) Loan & advances grew by 35% YoY to INR 543bn, primarily driven by non-wholesale loans Net revenue […]

17 Apr

Economic Spotlight: Trade Deficit Inches Up

Trade Deficit came in at USD 10.9 billion in March, making the FY19 trade deficit at USD 176.4 billion up from USD 162 billion in FY18.The March trade deficit is down -19% Y-o-Y, however, has seen a sequential rise from USD 9.5 billion in February 2019. Key Highlights March 2019 exports grew by 11.02% Y-o-Y […]

16 Apr

Telecom – Daylight Again

Reliance Jio’s (RJIO) launch in FY17 had unleashed one of the most brutal price wars in India’s telecom market. Consequently, industry ARPU plunged ~38%, leading to total industry size shrinking to INR1.4tn from INR1.8tn. However, finally, there’s light at the end of the tunnel as we perceive potent catalysts on the horizon: 1) mobile broadband […]

16 Apr

Reliance Industries (RIL IN, INR 1,343, Buy)

Reliance Industries (RIL IN, INR 1,343, Buy) We are revising up Reliance Industries’ (RIL) target price by 14% to INR1,636 as: (1) we envisage it to be significant beneficiary of higher distillate cracks with one of the highest distillate yields in the country. We revise up FY21E gross refining margin (GRM) from USD 13.1/bbl to […]