Despite weak near-term consumer sentiment, the management remains confident of achieving 7-9% SSSG (same-store sales growth) for FY20 due to— Western fast food continuing to grow at robust 14-15% in value terms, while India
Investing for next growth cycle: Expects filing of bevacizumab in the US and the EU by end FY20 and approvals by FY22, Development of Insulin Aspart for EU and US, and developing a basket of biosimilars/NCEs in partnership an
Expect FY20 to also remain flat with 5% topline growth on execution, liquidity challenges and delays in ADs for mainly three HAMs project (pushed to Q4 against Q2 earlier). To aid liquidity for underconstruction HAM projects,
The company remains confident of medium-term margin expansion guidance of 10% (company-level Ebitda). We tweak our Ebitda estimates up by 1-2% (EPS higher by 5-7% due to change in depreciation policy).
Given the continued weakness and uncertainty in demand, management refrained from providing FY20 industry volume growth outlook (vs. expectations of 10-12% previously). Management believes volume growth can turn out to be fla
Q1 Ebitda was 5% below estimate. Ebitda margin at 26% – down 600 bps y-o-y (a 100 bps miss) – was impacted by higher staff cost (lumpy hiring/ increment provisions; expected to taper) and operating deleverage.
Dish TV India’s Q1FY20 Ebitda at Rs 530 crore beat our/consensus estimates on lower license fee outgo (down Rs 50 crore in Q1; FY20E benefit at Rs 200 crore), as DTH players revised revenue reporting to net of content (pass
Strong sales growth in higher margin businesses (biologics) led to gross and Ebitda margin beat. Biocon guided for strong year-on-year (gradual quarter-on-quarter) growth in biosimilar sales — skewed towards H2FY20.