Thomas Cook India’s (TCIL) Q1FY2017 results are not comparable on a Year-on-Year (YoY) basis due to integration of acquisitions (including the takeover of Kuoni’s India and Hong Kong operations) done in the past few quarters. Also, the company has changed the accounting standards, resulting in change in financial presentation.
Natco pharma revenues were lower than expected led by lower API sales as well as lower export formulations revenues. EBIDTA margins however, were ahead of estimates (due to lower contribution from low margin segment - API). PAT though came in lower than expected due to miss on revenues. Natco has been our preferred pick in the mid cap pharma space due to its R&D capabilities and robust grow
Book profit with gain of 19%:
Since our view point initiation, the share price of Take Solution has gained ~19%, leaving limited scope for further upside post the recent run-up. We had highlighted key positives, like growth potential in Life Sciences vertical, margin expansion, and likely imp
* PVR continued strong show with 9% EBITDA beat, once again strong execution in good content times is clearly visible. Revenue beat was on account of ticket sales and movie distribution income. Underlying KPI growth remain strong with upbeat on content quality
* Footfalls grew 9% yoy, while for comparable properties, it was up merely 1% yoy, impacted by high base. ATP improved 7% yoy
Garware Wall Ropes (GWRL)’ 1QFY2017 results outperformed our estimates on the bottom-line front while the top-line disappointed as it de-grew by ~6% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported strong growth on account of a favorable operating performance.
Siemens (SIEM) reported PAT at Rs1.3bn, down 22.7% YoY, which was below ours and street estimates due to lower‐than‐expected margins. Order inflow was strong, up 43% YoY, led by Railways and T&D segment. SIEM highlighted that the macro indicators are positive and moving in the right direction. Public capex continues to dominate ordering, while private capex recovery is muted. SIEM will