Strong capitalisation will continue to drive growth ahead; Reiterate a BUY
* Capitalization came in at Rs150.3bn (above our estimate of Rs140.3bn) driven by strong commissioning of transmission lines during the quarter. Capitalisation in FY17 totaled to Rs310bn including Rs20bn capitalization of Tariff Based Competitive bidding project (TBCB)
* Result came operationally inline with EBITDA came at Rs2.12bn, decline of 14% qoq due to a one-off of Rs300mn in other expenditure. While PAT came in at Rs1.34bn (-7.4% qoq).
* EBITDA/scm came in at Rs5.36/scm (-52bps qoq), while gross margin/scm was flat qoq at Rs10.3/scm. IGL’s volume grew 3.95% qoq to 4.66mmscm
Improved prospects - stratagic sale expected
Shrinking global shipping order book, bottoming asset prices, lower crude prices (lower bunker) and stable shipping freight rates bodes well for shipping companies including SCI. From the above, we can infer that the freight rates to improve from here and operating cost to remain low with lower bunker cost
Much-awaited SEBI guidelines on options finally out
Expect trading to commence – in gold to start with – from Aug/Sep 2017
* The Securities and Exchange Board of India (SEBI) on 13 June 2017 released a circular to stipulate the necessary guidelines with respect to the product design and risk management framework
* Consolidated print advertisement registered growth of 5.5% yoy, which was better than DB Corp and HMVL. Management did not highlight the growth from U.P. while stated that Bihar, Jharkhand and Punjab contributed to the growth.
* Mid-Day surprised positively with 13% yoy growth. Other operating revenues registered strong growt
Long-term story intact; downgraded due to limited upside potential
* Sterling Tools (STL) reported below expectation performance in Mar-17 quarter. Muted top-line show led to below estimate EBITDA and PAT performance. However, on full year basis PAT was exactly in-line with our estimates.
* Disappointment on top-line front was primarily due t
A ctive Digital-oriented transformation
Synchronizing demand, offerings, delivery and sales
We attended the RPG Group analyst meet. Key highlights of the meeting with Zensar Technologies (ZENT):
* Duality in the business…: 80% of the incremental dollars are being spent on D
* Revenue came in at Rs 117.5 bn (+27%/+19% YoY/QoQ) backed by higher contribution from aluminium and copper segments. Aluminum revenue rose by 17%/ 13% on YoY/QoQ to Rs 55.5 bn; copper revenue rose 58%/24% on YoY/QoQ to Rs 62 bn
* EBITDA stood at Rs 13.5 bn (+14% each YoY/QoQ). Aluminium and Copper segment EBITDA stood at
Execution pickup key in H2FY18
* PNCL’s revenue and EBITDA were 30% below estimate as continued land acquisition delays in FY16-17 order wins led to weak execution.
* PNCL has an order book of Rs90bn (including recent HAM orders worth Rs36bn) which is 5x FY17 EPC revenue. However, of the balance Rs54bn of order book, ~Rs29bn of EPC proj
The Mandhana Retail Ventures Ltd (MRVL) is exclusive brand partner for Being Human brand owned by The Salman Khan Foundation. The company got listed last year (14th December 2016) after the demerger from Mandhana Industries 84% of its revenue is contributed by domestic market and balance 16% is exports. MRVL, through Being Human brand has positioned itself as a premium aspirational brand with p
JLR May-17 volumes below est. at 47,131 units (+2% YoY)
LR volumes up 2%; Jaguar volumes too up ~2% driven by F-Pace and XF
* JLR May-17 wholesale volumes grew ~2% YoY (+12% MoM) to 47,131 units, below our estimate of 49,200 units.
* Jaguar volumes grew ~2% YoY to 12,652 units (est. of 14,200 units), driven by F-P
Weak quarter, execution to pick up in H2FY18
* J.Kumar Infraprojects’ (JKIL) reported a weak set of numbers with on account of delayed execution in JNPT road and Metro Line 2A/Line 7 projects. Overall, FY17 has been a muted year with marginal revenue growth of 2% and EBITDA/APAT remaining flat YoY.
* We expect many of the delayed projects such as JNPT and all 3 lines o
* Revenue rose 88% YoY and 15% QoQ to Rs 28.7 bn, higher than expectations primarily based on strong realizations of Rs 2895/ tonne, up 66% YoY and 18% QoQ. Sales volume stood at 9.78 mt
* EBITDA rose by 123% YoY however, fell 9% QoQ to Rs 9.3 bn. This was lower than our expectations of Rs 12.1 bn. EBITDA/ tonne rose by 94%
Tractor division will continue to drive M&M's growth in FY18, while auto performance will likely remain subdued in the near term. M&M's Utility Vehicle (UV) sales, which has been weak in recent years, will likely improve over the medium term. M&M will launch two new products in the UV segments and that coupled with refreshes of few existing products will drive growth in the