Order Book Continues to Remain Robust; Fairly Valued
ABB India’s revenue grew by 11% YoY to Rs27.3bn, led by better performance by Power Grids and Industrial Aut..
Higher costs impact margins
* Ramp up of acquired assets resulted in strong volume growth: Consolidated volumes rose 22% YoY to 3.03mt (our estimate: 3.0mt) due to ra..
* Revenue stood at Rs216bn (+6%/+19% yoy/qoq) below our estimates primarily due to lower than expected realization in FSA. FSA realization came in at Rs 1182/tn (-8%/-3% ..
EBITDA above estimate; CNG/PNG volumes up 7%/8% YoY
* MGL’s reported EBITDA of INR2b (+20% YoY, flat QoQ) was above our estimate of INR1.9b, led by higher volume..
Atul Auto’s Q3FY18 performance was below our expectations. With AAL’s sales volume declining ~10% YoY (down 19% QoQ) to 9.9K units, its revenues de‐grew by ..
* Voltas (VOLT) Q3FY18 operational performance was in line with our expectations. While the revenue increased by 16% yoy the EBITDAM increased by 109bps yoy to 8.6%. APAT..
Operating performance miss led by below-expected margins
* Performance impacted by margin contraction: Sales grew strongly by 24% YoY to INR14.4b in 3QFY18, ahead of ..
* Vision 2022 portrays a 2.5x increase in revenue over FY17-22, led by growth of 2x, 3x, 4x in Agricultural, Construction Equipment (CE) and Railway segments, respectivel..
Weak results; pick-up in US some time away
Net sales fell ~12% YoY (-2% QoQ) to ~INR21.7b (est. of ~INR23.2b). Gross margin shrunk ~1,170bp YoY (primarily on higher pr..
Century Plyboards (India) Ltd (CPIL), promoted by first generation entrepreneurs Mr. Sajjan Bhajanka, Mr. Sanjay Agarwal and Mr. Hari Prasad Agarwa..
Expensive Valuation Limits Further Upside
Sun Pharmaceutical Industries (SUNP) continued to deliver a weak performance in 3QFY18. Missing our estimate by 2.3%, its sa..
Growth remains elusive; strong margins lead to PAT beat
* Muthoot Finance’s (MUTH) 3QFY18 PAT grew 59% YoY to INR4.6b (6% beat), driven by strong margins and con..
BSNL to offer more data, validity under select prepaid plans
India's IOC buys U.S. Light Louisiana Sweet oil via tender
M&S seeks technology savings through Tata tie-up
PwC to fight SEBI audit ban to limit franchise impact
Infosys signs agreement with U.S. IRS; sees lower tax rate
Accenture`s revenue rises 15.2 percent
HDFC Bank ropes in Citi executive to head corporate banking
Mukherjee asks corporate sector to invest more in research
UK retail sales jump in February as inflation slows
Congress to move privilege motion against Swaraj for `misleading` Rajya Sabha
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