Quick Finance Updates

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  • IDBI Bank Q3FY19 net loss widens – 4th Feb 2019
    Net Interest Income down 18.5% to Rs. 1,368.8 crore.
    Net loss at Rs. 4,185 crore versus net loss of Rs. 1,524.3 crore.
    Provisions at Rs. 5,074.8 crore versus Rs. 3,637.9 crore (Rs. 5,481 crore QoQ).
    GNPA at 29.67% versus 31.78% (QoQ).
    NNPA at 14.01% versus 17.3% (QoQ).
  • L&T Construction bags govt of odisha from project – 4th Feb 2019
    L&T Construction has secured projects from the Rural Water Supply and Sanitation Department, Government of Odisha.
    The Engineering, Procurement and Construction orders have been secured for the execution of Individual rural water supply projects in the Keonjhar and Mayurbhanj districts of Odisha.
    The aggregate scope of work includes design, engineering, supply and erection of 5,828 Km of transmission and distribution pipelines, construction of 3 Intake structures of aggregate capacity of 82 MLD, 3 water treatment plants of aggregate capacity of 78 MLD, pumping stations and water storage structures.
    The project involves automation including measurement of input and output water quantity and quality at each level through suitable SCADA and other instrumentation works. This will cater drinking water for 919 villages in Keonjhar and Mayurbhanj districts of Odisha.
    The business has also secured add-on orders from some of its existing projects.
    At 11.15 am, L&T was trading at Rs. 1313.90, up by 0.81%, with a volume of 0.36 lakh shares on the BSE.
  • Bajaj Auto sales rises by 15% y-o-y – 4th Feb 2019
    Bajaj Auto overall sales grew strongly 15% yoy to 4.07 lakh units. The sales were ahead of our estimates of 3.81 lakhs. Domestic sales grew 15% yoy. Domestic motorcycle sales grew robust 25% led by continued market share gains in the entry motorcycle segment. Domestic CV volumes dropped 28% yoy due to high base of the corresponding month. Export sales also grew strongly 16% yoy driven by strong outlook of the key markets and entry into new markets. Motorcycle exports grew strongly 17% yoy. CV exports grew 14% yoy.
  • RCom shares declined by 48% as it approches NCLT – 4th Feb 2019
    Reliance Communication declined by 48% to Rs. 6, after the telco sought debt resolution plan through the National Company Law Tribunal (NCLT).
    At 10.44 am, RCom was trading at Rs. 7, fell by 39.66%, with a volume of 196.80 lakh shares on the BSE.
  • Laurus Labs gets USFDA nod for HIV drug – 4th Feb 2019
    Laurus Labs received tentative approval from United States Food and Drug Administration (USFDA) under PEPFAR for Tenofovir/Lamivudine/Dolutegravir (TLD) 300/300/SOmg fixed dose combination (FDC). The company has received an Establishment Inspection Report (EIR) from USFDA for its Unit 6 on February 2, 2019. The manufacturing unit 6 was inspected by the regulatory agency in the month of November 2018 and is located at APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh. At 12.39 pm, Laurus Labs was trading at Rs. 359, up by 1.86%, with a volume of 3914 lakh shares on the BSE.
  • Ramkrishna Forgings reports strong Q3FY19 numbers – 4th Feb 2019
    Ramkrishna Forgings reported a strong set of results for the quarter with the numbers coming ahead of our as well as consensus estimates.
    The revenues at Rs. 491.5 crore grew 23% YoY driven by a strong 13% Volume growth coupled with a 9% realizations growth on account of price hikes taken by the company. Domestic volumes grew 9% yoy despite the MHCV industry declining in double digits and led to outperformance. Export volumes were up strongly 26%.
    The operating margins at 21.5% were up 220 bps YoY and were ahead of estimated 19.6%. The margins expansion is on the back of operating leverage on account of a strong double digit volume growth.
    EBITDA at Rs. 106 crore is up 38% YoY and is ahead of our estimates of Rs. 82 crore
    The depreciation and interest cost for the quarter was up by 61% and 42% respectively on a YoY basis. This slightly pulled down the PAT growth to 22% YoY. The PAT at Rs. 34 cr is ahead of our estimates of Rs. 21 crore.
    We currently have a Neutral view on the stock.
  • Insecticides Q3 net profit rises by 75.2% y-o-y – 4th Feb 2019
    Net profit rose by 75.2% to Rs. 16.9 crore from Rs. 9.6 crore.
    Revenue surged by 22.6% to Rs. 215.7 crore from Rs. 175.9 crore.
    EBITDA advanced by 39.2% to Rs. 31.9 crore from Rs. 22.9 crore.
  • GSK Pharma Q3 net profit surges by 26% y-o-y – 4th Feb 2019
    Net profit rose by 26% y-o-y to Rs. 113 crore from Rs. 89.7 crore.
    Revenue rose by 17.3% y-o-y to Rs. 825.3 crore from Rs. 703.9 crore.
    EBITDA fell by 3.2% to Rs. 137.3 crore from Rs. 141.8 crore.
  • Lumax Industries Q3FY19 net profit at Rs. 49 crore – 4th Feb 2019
    Revenue up 16% to Rs. 431 crore.
    Net profit up 172% to Rs. 49 crore.
    Ebitda up 25% to Rs. 41.2 crore.
    Margin at 9.6% versus 8.9%.
  • Welspun India Q3FY19 net profit down 37% y-o-y – 4th Feb 2019
    Net profit fell by 37% y-o-y to Rs. 50 crore from Rs. 79.5 crore.
    Revenue gained 17.3% to Rs. 1,640.3 crore from Rs. 1,398 crore.
    EBITDA rose by 6.8% to Rs. 250.6 crore from Rs. 268.7 crore.
  • Exide Q3FY19 net profit at Rs. 155 crore – 4th Feb 2019
    Net profit rose by 0.5% to Rs. 155 crore from Rs. 154.3 crore.
    Revenue up by 9.6% to Rs. 2497 crore from Rs. 2,278 crore.
  • Whirlpool Q3FY19 net profit rises by 14% results – 4th Feb 2019
    Net Profit rose by 14% to Rs. 60.6 crore from Rs. 53 crore.
    Revenue up by 27.5% to Rs. 1,211.5 crore from Rs. 950 crore.
    EBITDA increased by 20.3% to Rs. 97.6 crore from Rs. 81 crore.
  • Aditya Birla Fashion reports Q3FY19 results – 4th Feb 2019
    Net profit at Rs. 70.2 crore versus Rs. 34.8 crore (yoy)
    Revenue rose by 23% y-o-y to Rs. 2,282 crore versus Rs. 1855 crore.
    EBITDA surged by 25% y-o-y to Rs. 173 crore versus Rs. 138 crore.
  • Future Lifestyle Fashion reports strong Q3FY19 performance – 4th Feb 2019
    Future Lifestyle Fashion (FLF) revenues grew by 36% driven by 11.3% and 20.8% same store sales growth.
    The gross margins declined by 197BPS, which we believe is mainly on account higher discounts.
    The OPM improved by 40BPS to 9.2%. The operating profit grew by 42.1%yoy to Rs148.3crore.
    The PAT grew by 46.3% yoy to Rs. 55.1 crore.
  • IRB Infrastructure Q3 net profit down 37.15% y-o-y – 4th Feb 2019
    Net profit slipped by 37.15% y-o-y to Rs. 47.42 crore from Rs. 75.45 crore.
    Net revenue rose by 6.81% y-o-y to Rs. 815.07 crore from Rs. 763.13 crore.
    Other Income fell by 9.16% y-o-y to Rs. 35.90 from Rs. 39.52 crore.
  • Deepak Nitrite reports strong Q3 earnings – 4th Feb 2019
    The company reported strong set of Q3 results with Revenue/EBITDA/PAT registering a growth of 21.9%/26.9% and 51.2% YoY respectively.
    Revenue growth was driven by growth in all the segment wherein Basic Chemicals, Fine & Speciality Chemcials and Performance Products segment registered a growth of 13.5%/21.2% and 47.8% YoY respectively largely on account of improved realisation due to favourable demand environment.
    Ease in input cost pressures coupled with product mix change helped the gross margin to expand by 325 bps to 44.3%, however higher other expense 20.5% of sales as against 17.7% in 3QFY18 restricted the margin expansion at EBITDA to just 58 bps at 14.6%.
    Domestic revenues grew by 29.0% YoY to Rs. 293 crore whereas exports grew by 10.0% YoY to Rs. 154 crore
    The company commissioned Phenol & Acetone plant in its wholly owned subsidiary Deepak Phenolics on Nov 1st, 2018 and achieved 80% utilisation contributing additional turnover of Rs. 321 crore to the group.
    We currently have a positive view on the stock.

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