* SBINs 3QFY18 Rs268bn slippages were >2x our expectation and mostly contributed for by the divergence. SBIN had reported nil divergence in FY17 and given the accelera..
EBITDA significantly below estimate; core GRM at USD6.5/bbl
* BPCL reported core EBITDA of INR15.9b (est. of INR25.9b; -21% YoY, -44% QoQ). This was lower than our es..
* Standalone (including MVML) EBITDA margin expanded by 120bps yoy to 14.7% (Emkay Est: 15.4%), led by higher scale and GST-related adjustments in Farm division. Farm and..
Getting more aggressive on volume growth
Expect special dividend again; maintain Neutral
We met the management of Hindustan Zinc (HZ). Key highlights:
* Hexaware reported in line result with a topline growth of 1.4% qoq. Slight beat on earnings was negated by lower operating margin (down 150bps qoq versus estimate of 80..
GSPL’s 31% EBITDA growth in 3QFY18 was driven by a 28% yoy increase in transmission volumes to 33.6mmscmd. Despite sharp increase in spot LNG price during quarter, ..
Sales Figure for February 2018:
Bajaj Auto posted a strong growth of 31 % YoY for the month of February 2018.
• Company sold a total of 357,883 units in the mo..
In-line; e-auction offset drag of power sector priority
Earnings CAGR of 30%; valuations attractive; reiterate BUY
* Coal India’s (COAL) 3QFY18 revenue grew..
FIEM reported strong 3QFY18 results. Company’s revenue grew by 22% YoY to Rs2,859mn. Auto segment growth came in robust, due to high volume growth by FIEM’s t..
EBITDA below estimate; gas production up 4% YoY
* ONGC’s reported revenue of INR230b (+15% YoY, +21% QoQ) came in below our estimate of INR243b due to lower pro..
* TCOM reported better-than-expected operating performance after a lag of few quarters and the same was driven by healthy EBITDA growth in the Data segment. Cost control ..
Asset quality disappoints; expect gradual recovery over FY19E
* SBIN reported a weak quarter, with slippages spiking up to INR267.8b (adversely impacted by divergence..
BSNL to offer more data, validity under select prepaid plans
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