Operating performance miss led by weak execution
* 2QFY18 operating performance below expectations: On a reported basis, revenue grew 12% YoY to INR32.8b (our estimat..
* LTFH reported healthy PAT growth of ~28.5% yoy (~5.7% qoq) mainly supported by steady loan growth of ~26% yoy, encouraging trend of fee based income (1.9% of AUM) and 3..
Margins impacted by cost push
* Muted volume growth: Volumes grew only 3% YoY to 6.22mt (est. of 6.32mt) due to capacity constraints and the impact from unavailabilit..
* BASF India’s (BASF) Q4FY18 revenue and PAT were in line. Revenue grew by 5.5% yoy to Rs13.43bn (Emkay Est: Rs13.45bn), driven by Agricultural and Chemicals segmen..
Striding toward achieving long-term goals…
…but valuations already capturing operational outperformance
* We attended Cyient’s (CYL) analyst m..
* Apcotex Industries (APCOTEX) has reported a robust performance on all fronts. Revenue jumped by 60% yoy to Rs1,392mn (Emkay Est: Rs1,241mn), driven by higher exports, r..
Unlocking value through demerger
Value of Distribution + Generation > MCap; reiterate Buy
We met the management of CESC for an update on the progress of the dem..
* PVR reported better–than-expected performance, driven by revenue beat: 1) 7% on Ticket sales, 2) 6% on ad revenues and 3) 10% on F&B revenues.
* ATP/SPH gr..
Muted earnings; growth outlook modest
* Dismal revenue growth: Consol. revenue declined 14% YoY (-12% QoQ) to INR2b (16% miss). Ad revenue fell 15% YoY to INR1.5b, pr..
* NIIT Technologies (NITEC) delivered a strong Q4FY18 performance, with revenue growth of 4.3% qoq and OPM gains of 80bps qoq. Revenue and OPM were ahead of our estimates..
Higher other income supports earnings; softer outlook ahead
Muted circulation revenue pulls down overall growth:
Consol. revenue fell 4% YoY to INR5.6b (5% miss), ..
* EDEL reported 46% yoy (+5% qoq) rise in consolidated PAT (post minority interest) to Rs2.48bn, mainly aided by robust AUM growth of 52.2% yoy, superior margins (~7.7% f..
LeadershipSeries: Interview with Business Leader Mr. Deepesh Salgia
Land, as vital as ever
Only NDA has achieved sustained high growth with low inflation: Narendra Modi
Indonesia asks India to cut palm oil tariffs in exchange for sugar imports
China`s Xi urges financial risk prevention while seeking stable growth
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