1QFY19 PAT at Rs 46.0 billion (+18% year-on-year, -4% quarter-on-quarter) was 3% below our estimates and 4% below consensus. Margin decline of 10 basis points quarter-on-quarter (to 4.2%) and mark-to-market loss on investment
Edelweiss Financial Services (EDEL) reported earnings of Rs 2.36 bn (+52% y-o-y, +13% q-o-q) were ~10% ahead of our estimates, led by strong credit book growth and continued momentum in the franchise business.
We believe the nascent recovery seen in the last few months has more legs — with our earlier concerns of high pizza prices and product quality getting addressed, we see a sharp turn in consumer footfalls and order growth.
At Rs 72.8 bn, Q4 Ebitda more than doubled y-o-y — higher zinc/silver, ore, ally volumes; better prices, decline in discount to Brent in oil and gas; cost efficiencies in aluminium/power. Use of cash: management focu