Tag: Research

09 Nov
Concern

Bharat Forge Ltd Q2FY20 Results Update – Performance disappointed on all fronts

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 […]

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 […]