Roller coaster continues; both volume and EBITDA/scm poor
* GUJGA reported EBITDA of INR2.0b (-3% YoY, -25% QoQ), below our estimate of INR2.3b, led by a lower-than-expected margin. PAT came in at INR611m (-12% YoY, -41% QoQ), significantly below our estimate, led by higher-than-expected interest cost and lower-than-expected other income.
Music Broadcast Limited’s (MBL) 2QFY18 revenues grew 10% yoy to Rs 758mn, in line with EE. Revenue growth was mainly driven by higher volumes (new station launches) and better pricing in legacy stations. Normalised EBITDA margins contracted 446bps yoy as other expenses increased with new station launches and higher marketing expenses. Advertising spends picked up in the months of Septembe
We are upgrading TTAN from Accumulate to BUY as we increase FY18 and FY19 EPS estimates by 20‐25%. This follows 68.5% PAT growth in 2Q18 led by 1) 49% grammage growth in jewellery 2) 260bps jewellery margin expansion 3) smart margin recovery in watches despite absorbing higher GST and 2% additional dealer discounts 4) market share gain in Jewellery and 100bps share gain in watches in LFS. We
* Company’s revenues for Q2FY18 reported an improvement of 6% YoY,marginally lower than our estimates. Growth in revenues was mainly led by 7%YoY improvement in cement volumes and 5% YoY jump in cement realizationsbut impacted by sharp fall in power segment sales.
* Operating margins stood strong at 26.2% for the quarter, though impacted byhigher costs such as pet coke and diese
Strong operational performance with asset quality improvement
* INBK reported PAT of INR4.5b (13% beat) v/s INR4.05b in 2QFY17, led by strong revenue growth and controlled operating expenses.
* NII grew 21% YoY to INR15.4b (5% beat), led by 13% YoY loan growth and a 12bp QoQ improvement in the global margin. This, supported by healthy 22% YoY growth i
* Symphony’s (SYML) Q2FY18 operational performance surpassed our expectations. While sales grew by 23% yoy, EBIDTAM increased by 54bps yoy and PAT expanded by 19% yoy.
* SYML had withdrawn introductory discounts on Touch series models from July’17 and increased prices by 15-23% across various models. These price hikes enabled SYML to report strong EBITDAM of ~35%.
Continued thrust in new segments but dependence on this is still too low
* Overall beat led by higher revenue: BSE’s 2QFY18 revenue declined 11.5% YoY to INR1,232m, better than our estimate of INR1.132m (-18.7% YoY). The revenue beat also led to a higher-than-expected EBITDA margin of 31.2% (- 160bp YoY; est. of 16.3%). PAT declined by 4.2
Loss led by muted PPoP growth and high provisions
* UNBK reported a loss of INR15.3b. PPoP growth of -6%/+7% QoQ/YoY was nullified by elevated provisions of INR35.5b (119% YoY). Provisions included INR327m of additional provisions towards standard accounts in telecom and power sector; however, NPA provisions also remained elevated at INR34.6b, owing to
He adwinds wither, albeit slowly
* 2QFY18 PAT declined 3% YoY to INR2.0b. Operating profit rose 20% YoY (3% beat), driven by strong loan growth and controlled opex. However, a sharp increase in credit costs (+71% YoY) weighed on the bottom line.
* Recovery has been slow post demonetization and rollout of GST. In the last four quarters s