The recent demonetisation move is expected to impact on Q3FY17 performance. We estimate our media universe to report tepid revenue growth of 2.2% y-o-y (15.0% in Q2FY17) and subdued 0.9% y-o-y Ebitda growth (24.1% in Q2FY17).
BHFC has taken several steps to strengthen its US exposure like focusing on increasing content per vehicle and higher penetration in oil and gas (now also covers refining) which will ensure higher growth versus earlier cycles
Focus of consumer goods companies has shifted back on expanding direct reach after a lull of the past 12-18 months wherein they had concentrated on increasing throughput per store rather than overall reach.
We recently hosted Torrent’s Pharma (TRP) management. TRP continues to maintain focus on branded business mix from India and Brazil, which bodes well for sustainable growth in a challenging global environment for pharma sec
Recent termination of Crompton Greaves’ (CRG) share purchase agreement (SPA) for overseas power equipment plants implies sustained losses till piecemeal sale is concluded and hence will remain a key overhang.
Sadbhav Engineering’s (SEL) Q2FY17 revenues, at R6.2 billion, declined 17% y-o-y due to heavy monsoons/project specific issues. Interest cost spurted 33% y-o-y as revenue recognition threshold on certain projects was not ac
Gujarat State Petronet (GSPL) delivered subdued Q2FY17 with EBITDA at R2,262 million (down 3% q-o-q, flat y-o-y), 3% below estimate. Earnings miss was on account of 5% lower than expected volumes at 24.6mmscmd, while tariff w
Bharat Petroleum (BPCL) reported subdued Q2FY17 performance with PAT of R13 billion (down 50% q-o-q, up 26% y-o-y). EBITDA at R14 billion was 50% below estimate; however higher than expected other income (3x) implied only a 2
Britannia’s 11.3% y-o-y revenue growth was in line, while EBITDA and PAT surge of 4.5% and 5.8% y-o-y, respectively, came slightly below estimates. Overall volumes grew 7% y-o-y, dragged by dip in bread and international bu
GSK Consumer’s (GSK) Q2FY17 revenue, EBITDA and adjusted PAT came in line with our estimates—revenue dipped 1.7% y-o-y (~1.3% y-o-y fall due to one-off accounting adjustment impact) and EBITDA & adjusted PAT jumped 3.0% a
Jubilant FoodWorks’ (JFL) Q2FY17 revenue came in line, while PAT came below estimate due to lower gross margin. Though SSG came at 4.2% (in line with our 4% estimate), it had the benefit of shift of Ramadan dates.
LIC Housing Finance’s (LICHF) Q2FY17 PAT, at Rs 4.95 billion (up 20% y-o-y), was better than our estimates on improved NIMs (up 7bps q-o-q). While overall disbursements were below trend (up <10% y-o-y), the quarter saw c