Bharat Forge Ltd Q2FY20 Results Update – Performance disappointed on all fronts Misses · Net revenue observed a sharp decline of 25% yoy to INR 1259 cr in Q2FY20, which was 7-8% below expectation. Sharp drop of 37% yoy in CV and 29% yoy in industrial business pulled down topline. · Businesses across all geographies […]
Eicher Motors Ltd Q2FY20 Results Update – Beat expectation marginally Hits · Net revenue observed a sharp decline of 9% yoy to INR 2,192 cr in Q2FY20. Despite significant drop in volumes by 21% yoy, increase in realisation by 15% yoy due to favourable product mix was able to offset sharp volume drop by some […]
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. · […]
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 […]
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 […]
HDFC Ltd Q2FY20 Result Update – In-line results, Steady retail growth and asset quality Hits: · Overall AUM growth came in at 13% YoY to INR 4,90,072 cr with individual loans registering 17% YoY growth (76% of the total AUM). During the quarter, company assigned loans to the tune of INR 7,160cr to HDFC Bank […]
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 […]
Aviation – Q2FY20 result preview – Seasonal weakness to take a toll We expect Indigo and Spicejet (SJ) to report losses in Q2FY20 due to seasonal weakness, albeit lower YoY. Key highlights: 1) we expect Indigo (up 25% YoY) and SJ (up 46% YoY) to continue to clock robust RPKM growth versus mid single-digit industry […]
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 […]
We estimate the healthcare sector’s Q2FY20 EBITDA (pre-Ind AS 116) would grow 16% YoY driven by a 17% YoY increase in hospitals and 13% YoY improvement in diagnostics in the wake of heavy monsoon this year. The YoY performance in hospitals is likely to be strong due to improvement in new hospitals’ performance and cost-cutting […]