Company Reports

For 3QFY2019, Ashok Leyland Ltd (ALL) posted results, which disappointed on both top-line as well as bottom-line fronts. Revenue de-grew by 12% yoy to `6,325cr. However, operating margin improved by 225bps. On the bottom-line front, ALL reported PAT de-growth of 21.5% yoy to `381cr on the back of lower sales. Outlook and Valuation: We …

For 3QFY2019, Safari Industries (SIL) posted Strong Result top-line growth, though it disappointed on bottom-line front. Revenue grew ~39% yoy to `144cr. On the margin front, the company reported operating margin contracted by 444bps yoy. On the bottom-line front, SIL reported de-growth of ~27% yoy to ~`5cr due to cost pressures and higher taxes. Outlook …

For 3QFY2019, Amber Enterprises Ltd (Amber) posted a decent set of numbers given muted demand environment and significant cost pressures. Revenue grew by 14.9% yoy to `338.8cr. On the bottom-line front, Amber reported PAT of `3.9cr against `0.1cr despite cost pressures. Outlook and Valuation: We expect Amber Ltd. to report net profit (reported) CAGR …

ICICI Bank reported net profit of `1,605cr in Q3FY2019, lower than estimates owing to higher provisions (up 19% yoy). Higher provisions due to aging of bad assets, this Led to PCR increasing sharply by 900pbs qoq to 68.5% (considering Technical/prudential write-offs it stood at 76%) Outlook & Valuation: At the current market price, the …

For 3QFY2019, Maruti Suzuki India (MSIL) posted below expectation results both on top-line and bottom-line fronts. MSIL reported ~2% yoy top-line growth to `19,668cr on the back of price hike (up ~2% yoy). The company’s operating margins contracted by 594bps yoy. On the bottom-line front, MSIL reported degrowth of ~17% yoy to `1,489cr on the …

For 3QFY2019, revenues grew by ~13% yoy to `13,070cr. Operating margin declined by 190 bps. On the bottom-line front, M&M reported growth of ~24% yoy to `1,144cr on the back of lower taxes. Outlook and Valuation: We expect M&M to report net revenue CAGR of ~12% to ~`60,634cr over FY2018-20E mainly due to healthy …

For 3QFY2019, Blue Star posted results below our expectations on the bottom-line front. The company reported ~18% yoy top-line growth, whereas PAT was down ~70% yoy due to losses in JV and higher interest cost. Outlook & Valuation: We forecast Blue Star to report top-line CAGR of ~12% to `5,871cr over FY2018-20E on the …

For Q3FY2019, Axis Bank reported PAT of 1,681 Cr, which is the highest in past 11 quarters. This was supported by steady NII growth (18.4% yoy), and recovery of `998cr from written off accounts. Outlook & Valuation: Axis Bank currently trades at 2.1x its FY2021E price to book value (after adjusting value of subsidiaries). We …

For 3QFY2019, TV Today Network Ltd (TTNL) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by 6.3% yoy to `199cr due to subdued ad revenue growth. On the operating front, margins contracted by 127bps yoy, which resulted in flat PAT on yoy basis. Outlook and Valuation: Going …

For 3QFY2019, Bata India (BIL) posted strong set of numbers, exceeding our expectations on bottom-line front. Revenue grew by ~16% yoy (in-line with our estimate). The company’s operating margins improved by robust 455bps yoy. On the bottom-line front, BIL reported growth of ~52% yoy to `104cr on the back of strong operating performance. Outlook …

During the quarter under review, Inox Wind Ltd’s (IWL) revenue de-grew by 11% on qoq basis due to lack of availability of substation for SEC-I & II orders, however situation has improved since February, and management expects to increase the commissioning activities, once substation is ready. On the margin front, EBIDTA margin improved to 15.7% …

In Q3FY2019, on standalone basis, revenue of Automotive Axles Ltd. (AAL) was up 19% yoy at `486cr despite the slowdown in commercial vehicles during the quarter. However, on qoq basis, revenue was lower by 3%. OPM improved by 63bps yoy to 11.45% on account of better utilization, EBIDTA was higher 26% yoy to `56cr as …