Performance on Track; Maintain BUY
Aided by lower input cost and operating leverage, CEAT has reported a strong set of numbers in 1QFY19 with its consolidated revenue ..
The stage is set; More upside to this story
High conviction BUY
* 1QFY19 EPS was 16% ahead of our forecast at 29% of our FY19E. The outperformance was driven ..
Prestige & Above volumes up 13% YoY; miss on adj. EBITDA margin
* UNSP’s standalone net sales increased 12.9% YoY to INR20.1b, with volumes growing 1%..
Demand recovery key; Retain ACCUMLATE
* Kajaria Ceramics reported revenue growth of 4.6% yoy, led by 2.1% yoy growth in Tiles segment and 68.7% yoy growth in San..
Volumes in-line; margins beat led by higher-than-estimated realizations
Realizations higher than estimates:
2QCY18 volumes increased 7.4% YoY to 7.2mt (in-line), ..
Weak LME, Volume weigh on performance
* Revenue came in at Rs53bn (+6% yoy/-15% qoq). Weaker LME (qoq) and lower volume was partial offset by INR depreciation. P..
Loan growth picks up; asset quality under pressure
* SIB’s reported PPoP declined 29% YoY, weighed down by MTM losses and gratuity provisions (INR540m). D..
Growth intact, asset quality pain already behind
* LTFH has adopted IND AS from Q1FY19 and has adjusted its legacy stressed portfolio against net worth resulting..
Operating performance in-line; higher tax restricts adj. PAT
* CEAT’s 1QFY19 consol. revenue grew ~17% YoY (+2% QoQ) to INR17.1b (inline), driven by robus..
Phoenix Mills enters into JV to develop premium retail space in Ahmedabad
* The Phoenix Mills enters into a 50:50 JV with Ahmedabad-based BSafal Group to acquire..
We recently met the management of GHCL to understand the company’s business model and expansion plans. Following are the important highlights:
1. GHCL has 3 impo..
All eyes on the new gaming policy
* 1QFY19 was in line at 25% of our full-year estimates. As expected, DELTA is least impacted from the..
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