We met Navin Agarwal – chairman, Vedanta and HZL team led by Sunil Duggal – CEO & MD. The interaction addressed the core operational issues of a) volume growth and b) cost of production (CoP).
PGCIL reported an adjusted net profit of Rs 2,200 crore, adjusted for provisions for employee wage revision. Employee cost revision is a pass-through under CERC norms and hence we do not find it to be a cause of concern.
Havells reported 3QFY18 result broadly in line with expectations. Havells’ base revenue was up 14% y-o-y (adjusted for GST impact) led by Consumer Durables (+33%, especially Water Heaters), Lighting (+21%) and switch gears (+11% y-o-y, led by switches), though partially offset.
S Chand is a leading education content and services provider across the education lifecycle, with a commanding share in the CBSE/ICSE K-12 segment.
CDSL’s stable revenue base driven by repeat business in multiple offerings across DP’s, corporates, capital market intermediaries, insurance companies and others has enabled the company to clock 18%+ CAGR top-line growth over FY14-FY17.
Sobha reported fresh sales at Rs 6.1 billion, +3/64% q-o-q/y-o-y respectively, as sales witnessed improvement across regions with 14% sales contributed by 3QFY18 launches.
On January 3, 2018, media sources got access to the Establishment Inspection Report (EIR) issued to Dr Reddy’s Duvvada injectables facility in November 2017.
While a return of stability at Infosys should comfort investors, we believe a meaningful re-rating for the stock would await a formal articulation of priorities by the new CEO that we expect only with the 4QFY18 results.
TeamLease Services (TEAM), India’s largest organised flexi-staffer, is at the cusp of redefining its long-term growth trajectory with several favourable factors likely to play out over the next decade.
Coal India (CIL) reported 10% production growth and 15% off take growth y-o-y in September 17 due to the low base in FY17 as well as restocking of coal at power plants.
Asian Paints reported another impressive quarter with domestic volume growth of c13%, as per our workings.
We have reduced our medium-term forecasts, based on likely slower pick up in subscription revenue growth (slow progress in Phase-III digitization).