Strong results; margins recovery sustainable
* IPCA’s 3QFY18 revenue grew 13% YoY to INR8.4b (est. of INR8.3b). Gross margin stood at 65.8% (v/s 66.8% in 3QFY17..
Seasonally weak quarter
S Chand and Company (SCL) reported decent set of numbers in which revenue grew by 7.4% yoy driven by higher sales in the higher education segme..
Petronet (PLNG) posted sequentially flat volumes of 223tbtus (+17%/+1% yoy/qoq) in 3QFY18, despite India’s LNG imports growing ~10% qoq. Despite flattish volume, EB..
Bodal chemicals (BCL) reported standalone net sales of Rs3.04 bn (higher than estimates) and PAT of Rs305 mn (in line with estimates). EBITDA during the quarter came in a..
Performance impacted by weak demand from CIL
* Operational performance below expectations: Consol. revenue rose 10% YoY to INR4.6b (est. of INR5.6b) in 3QFY18. EBIDTA ..
* CESC demerger – CESC received its shareholder’s approval for demerger during the quarter as per the order of National Company Law Tribunal (NCLT). The final..
EBITDA below estimate; in-line transmission volumes
Reported revenue rose 31% YoY (+5% QoQ) to INR3.5b, falling short of our estimate of INR3.8b, primarily due to lowe..
Consumer growth story unfolding
* BJE's 3Q consumer revenue increased 12% YoY (adjusted to GST tax). This is after 12 quarters of continuous sales decline (2Q was..
Lower T&D and power sales support earnings
Demerger to unlock value; roll forward to FY20E, Maintain Buy
* CESC’s standalone 3QFY18 PAT grew 1.3% YoY to..
* ACC reported adjusted EBITDA of Rs3.3bn against our estimate of Rs3.5bn, as lower realization affected margins. Key surprise was 27% yoy volume growth even though it wa..
IFB posted a 17% yoy growth in its 3QFY18 revenues to Rs 5.3bn (8% below EE). Home appliances division with net sales of ~Rs 4.36bn grew 14% yoy, whereas the fine blankin..
Strong growth continues with operating margin expansion; Maintain Buy
* PAG posted healthy net sales growth of 17.6% YoY to INR6.2b (est. of INR6.15b), with overall v..
BSNL to offer more data, validity under select prepaid plans
India's IOC buys U.S. Light Louisiana Sweet oil via tender
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PwC to fight SEBI audit ban to limit franchise impact
Infosys signs agreement with U.S. IRS; sees lower tax rate
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