Infosys’s key digital bets — experience, data and cloud — have all benefited from this trend, leading to strong growth in digital revenues even during the pandemic.
Planned launches of 10 mn sq ft in the next three quarters will help maintain the sales momentum even as contractual business is expected to recover fully by March 2022.
Weak realisations. Coal India (CIL) reported weak performance as realisation for raw coal (contributing 80% by volumes) declined to Coal India1,354/tonne (-4% yoy) leading to flat revenues of Rs 217 billion despite 8.7% y-o-y
CIL reported revenues of Rs217 billion (+1% yoy, +11% qoq), ebitda of Rs32 billion (-5% yoy, +38% qoq) and PAT of Rs30.8 billion (-21% yoy, +4% qoq) against our estimates of Rs223.8 billion, Rs32.5 billion and Rs36 billion, r
High growth phase behind us. Muthoot Finance’s 3QFY21 performance was supported by strong gold price rally during 9MCY20, improving funding environment and efficient cost controls at the company.
VNB growth was strong at 27% year on-year (YoY) in 3QFY21 led by 18% YoY growth in APE and 180 bps yoy expansion in VNB margin to 26.5% (up 110 bps QoQ ).
We reduce our cost of equity assumption for Adani Ports to 12.75% from 13.25% and bring monthly volume run-rate for FY2022 to levels reported in December 2020. Retain ‘buy’ with revised FV of Rs 600 (from Rs 535 earlier).
However, elevated margins may not sustain as wage revisions, decline in utilisation and increase in costs start seeping its way through in the coming quarters.
PVR’s 3Q results have limited relevance as cinemas resumed operations gradually with capacity restrictions and occupancy was negligible due to lack of content.
CESC’s consolidated profits increased 23.2% yoy to Rs 3.2 bn led by profits of Rs 280 mn reported at Dhariwal compared to losses of Rs 150 mn in 3QFY20.
We retain ‘sell’ but revise fair value to Rs 155 (from Rs 135 earlier), noting cost-cutting initiatives and roll-over to March 2023E (from December 2022E earlier).
With support from several large orders finalised over the past three years and benefits of share gains for L&T in FY 2021, we note prospects of FY2022 ordering hovering around FY2020 levels.
In this report, we discuss trends on retail payment behaviour across time periods and different geographies, stakeholders' perspectives on credit cards and the earnings model of the credit card business.
The recent increase in crude-linked, as well as spot LNG prices, will augur well for the gas marketing segment, as the respective differential with the US LNG price has reduced considerably in the past few months