Natco Pharma’s (NTCP) 3QFY18 revenues spiraled down 17% to Rs 5.6bn, missing EE by a huge margin of 26%; this had a cascading impact on EBITDA/earnings which came i..
Operating performance exceeds expectations led by margins beat
* Revenue performance marginally exceeds expectations: Consol. revenue grew 26% YoY to INR24.0b in 3QFY..
* BASF India Ltd (BASF) Q3FY18 revenue was above our expectation but EBITDA and PAT missed estimates. Revenue grew by 13.9% yoy to Rs12.7bn (vs Emkay Est: Rs12.4bn), driv..
Apollo Tyres’ (APTY) 3QFY18 consolidated numbers were in line with EE, but standalone EBITDA beat EE by 7% driven by strong 16% yoy volume growth (EE 12%) and 225bp..
Bodal Chemicals (BCL) is a leading manufacturer of dyes Intermediates/dyestuff and has diversified into speciality chemicals. Company reported steady ~10% revenue growth ..
A miss on most fronts, but expect back-ended growth in FY18; 2HFY18 to see moderate growth
* Results below expectations: Revenue grew 10.2% YoY to INR5,377m (est. of ..
* PLNG’s Q3FY18 result is lower than our expectation due to higher forex loss. The company has reported a PAT of Rs.5.3 bn up by 33% yoy but down 10% qoq, resulting..
* Star Cement Ltd (Star) is the largest cement manufacturer in the North East with a market share of 23%. It has consistently delivered more than 2x EBITDA/tonne vis-&agr..
Operationally weak; lower interest boosts PAT growth
Roll forward to FY20E; Maintain Sell
JSW Energy’s (JSWE) 3QFY18 EBITDA declined 11% YoY to INR5.8b (bel..
Healthy volume growth; margins impacted by lower realization
* Volume growth led by eastern market: TRCL’s volumes grew 15% YoY to 2.27mt (est. of 2.25mt) in 3Q..
Hero Moto Corp.’s (HMCL) 3Q numbers came in marginally below estimates as higher other expenses hit EBITDA margins, that contracted 156bps qoq and 111bps yoy. Highe..
Sequential improvement in US business; margin improvement will be key
* 3QFY18 revenue fell 11% YoY to INR39.8b (est. of INR40b). Gross margin shrunk 600bp YoY (-240bp..
Debina, Gurmeet to represent India at world summit
Buy M&M Financial Services Ltd For Target Rs.645.00 - ICICI Securities
Google, Facebook face greater scrutiny in Australia
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USDINR is expected to trade with positive bias with buying recommended at lower levels - Religare Sec
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