The Power Ministry has said that the coal based thermal power capacity plan requires Rs 6.67 lakh crore investment to meet estimated electricity demand by the year 2031-32. As per the study results, the required coal & lignite based installed capacity would be 283 GW to meet the country’s demand. Currently the capacity is 217.5 GW. Considering this, Government of India proposes to set up an additional minimum 80 GW coal-based capacity by 2031-32.
Vesuvius India reported decent Q2CY24 results. The revenues grew by 14.1% YoY and 2% QoQ at Rs 463 crore. EBIDTA margins expanded 300 bps YoY at 20% but same declined by 100 bps QoQ. Consequently PAT came in at Rs 67 crore up 28.9% YoY but flat QoQ. The company has Rs 423 crore as of H1CY24.
HG Infra has been declared as L-1 bidder by the Ministry of Road Transport and Highways (MORTH) for a HAM project worth ₹ 763 Crore in UP. The Length of the Project is 63.84 KM and the construction period is 2 years. The company in Q1FY25 had won two EPC orders worth ₹ 4142 crore.
Total operating income for the quarter came in at ₹415 crore (up 1% YoY, down 6% QoQ) with metal sales volume at 50,298 tonnes (up 6% YoY, down 3% QoQ). EBITDA in Q1FY25 came in at ₹42.4 crore with corresponding EBITDA margins at 10.2% (down 90 bps QoQ). EBITDA/tonne for the quarter stood at ₹8,425 vs. ₹6,162 in Q1FY24 and ₹9,378 in Q4FY24. Resultant PAT for the quarter stood at ₹26.1 crore (up 40% YoY, down 21% QoQ).
Standalone operating income for Q1FY25 came in at ₹ 8,598 crore, up 5% YoY amid 6% growth in volumes to 43,893 units. EBITDA for the quarter came in at ₹ 911 crore with margins at 10.6%, down 350 bps QoQ. Consequent PAT in Q1FY25 came in at ₹ 526 crore (down 9% YoY, due to lower tax incidence in base quarter). Share of M&HCV in total volume mix for the quarter stood at 63.5% vs. 66% in Q4FY24.
Tech M in Q1FY25 reported revenue of US$ 1,559 mn, up 0.7% QoQ both in US$ and CC terms while it was down 2.6% YoY in US$ terms/ 1.2% in CC terms. In rupee terms the revenue came at ₹13,005 crore, up 1% QoQ / down 1.2% YoY. Geography wise America (52.4% of mix) grew 3.9% QoQ while Europe (23.4% of mix) and ROW (24.2% of mix) declined by 2.6% and 2.5% QoQ respectively. Segment wise on a QoQ basis Healthcare & Lifesciences (7.7% of mix), Retail transport & logistics (7.7% of mix), Manufacturing (18.3% of mix), BFSI (15.7% of mix) and Hi-tech & Media (13.8% of mix) which grew by 7.9%, 5.2%, 2.4%, 0.7% and 0.5% respectively while Others (3.7% of mix) and its largest vertical Communications (33.1% of mix) declined by 5.2% & 1.9% QoQ respectively. EBIT margin of the company increased by 110 bps QoQ to 8.5%. The company during the quarter won TCV of US$ 534 mn, up 6.8% QoQ/48.7% YoY. The company now has 25,000+ talent enabled on AI led pair programming vs 15,000 last quarter.
Mphasis in Q1FY25 reported revenue of US$ 416.5 mn, up 2% QoQ/4.6& YoY (down 0.1% QoQ in CC terms) while in rupee terms revenue grew by 0.2% QoQ/4.6% YoY to ₹3,421 crore. Direct revenue (95.8% of mix) grew 0.6% QoQ (0.3% QoQ/0.1% YoY in CC terms). Geography wise India (5.3% of mix), EMEA (11.1% of mix) and US (80.9% of mix) grew by 1.2%, 0.5% & 0.1% QoQ respectively while ROW (2.7% of mix) was flat QoQ. Vertical wise Insurance (11.3% of mix), BFS (47.7% of mix), Technology (16% of mix%) and Logistics (13.7% of mix) grew by 2.7%, 1.4%, 0.8% & 0.3% QoQ respectively while Others (11.3% of mix) declined by 7.8% QoQ. The company's EBIT margin expanded by ~10 bps QoQ to 15% while absolute EBIT came at ₹513.6 crore. The company reported PAT of ₹ 404.5 crore (up 2.9% QoQ) with PAT margin of 11.8% (up 30 bps QoQ). The company during the quarter won TCV of US$ 319 mn, up 80.2% QoQ / down 55% YoY.
Sales were flat at ₹ 1195 crore as 11% growth in the APIs to ₹ 664 crore was neutralised by ~4% de-growth in formulations (FDF) to ₹ 274 crore and ~14% de-growth in CDMO to ₹ 214 crore. EBITDA grew mere ~3% YoY to ₹ 171 crore and margins stood at 14.3% despite solid GPM growth of 448 bps to 55% mainly on account of higher employee and other expenses. PAT declined 57% to ₹ 12 crore.
Revenues grew 5%/11% on YoY/QoQ basis to ₹ 578 crore driven by non-Glenmark API sales which grew 10%/7% on YoY/QoQ basis to ₹ 339 crore. API sales to Glenmark Pharma on the other hand were flat on YoY basis but grew ~18% QoQ to ₹ 196 crore. CDMO sales de-grew 5% YoY but grew ~20% QoQ to ₹ 42.5 crore on expected lines as the major deal traction is expected in H2. EBITDA de-grew ~18% YoY but grew ~13% QoQ to ₹ 160 crore. PAT de-grew 18% YoY but grew 14% QoQ to 112 ₹ crore.
As per media sources, the Supreme Court has ruled that state governments have the authority to levy taxes on land containing minerals. Additionally, the court also opined that the royalties’ that miners pay are considered contractual payments rather than taxes.
Cyient at group level reported revenue of US$ 200.9 mn, down 10.3% QoQ & 2.1% YoY (down 1.5% YoY in CC terms). In DET business reported revenue of US$ 169.6 mn, down 5.4% QoQ/ 4.2% YoY (down 5% QoQ / 3.6% YoY in CC terms). Geography wise Americas (47% of mix) grew by 1.7% QoQ while EMEA (32.8% of mix) & APAC (20.1% of mix) declined by 14.3% & 5.4% respectively. Segment wise in CC terms all business units de-grew with Transportation, Connectivity, Sustainability and New Growth reporting de-growth by 7%, 7.6%, 2.8% and 1.6% respectively. The company in DET business reported EBIT margin of 13.5% (down ~250 bps QoQ) while at Group level EBIT margin came at 11.9% (down 250 bps QoQ). The PAT stood at ₹141 crore with a PAT margin of 10% in DET business. The company in Q1 reported order intake of US$ 182.7 mn, down 19.8% QoQ & 5.4% YoY.
In lieu to strengthen banks liquidity in case of stress, RBI, in draft proposal on Liquidity Coverage Ratio (LCR) has proposed that banks assign additional 5% run-off factor for retail deposit enabled with mobile and internet banking (IMB) i.e IMB enabled stable retail deposit to have run-off factor of 10 and less stable deposits to have run-off factor of 15%. Additionally, unsecured wholesale funding from non-financial small business should be categorised as retail for calculation of LCR.
Revenue decreased by 6.8% YoY (-21.8% QoQ) to Rs 2093.6 crores led by volume growth of 1.3% YoY (-20.6% QoQ) to 4.4 million tonnes. However, realizations dipped by -8.1% YoY (-1.5% QoQ) to Rs 4804/tonne. Lower sales realisation limited the revenue growth. EBITDA stands at Rs 320.2 crores (-6.8% YoY, -23.6% QoQ). EBITDA/ton decreased by 8% YoY (-3.7% QoQ) to Rs 735/ton dragged by lower realization which also negated the positive impact of lower P&F. PAT decreased by 51% YoY (-71.4% QoQ) to Rs 36.6 crores, led by higher interest & depreciation expense (due to commissioning of Odisha line-II & Jayanthipuram).
Mahindra Lifespace Developers reported pre-sales of ₹1019 crore, up 195% YoY and down 6% QoQ, in the residential business, driven by launches in March ’24 and launch of new tower in Tathawade. Collections in the residential business stood at ₹540 crore, up 95.7% YoY. The company also achieved Industrial land leasing of 18.8 acres in the IC& IC business for ₹ 76.1 crore vs. ₹ 14 crore in Q1FY24 and ₹ 99 crore in Q4. On financial front, Revenues stood at ₹ 188.1 crore, up 91.9% YoY. It reported a PAT of ₹12.7 crore as against loss of ₹ 4.3 crore in Q1 FY24. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was ~₹ 26 crore, while residential segment had reported a loss of ~₹ 13 crore.
L&T reported strong operational performance for Q1FY25 across all parameters. Given a seasonally weak quarter coupled with general election, the company managed to report Rs 71000 crore order inflows, up 8% YoY mainly led by international markets. The current backlog stands at Rs 490900 crore, up 19% YoY. Strong execution in the infrastructure segment (revenues up 22% YoY) and hydrocarbons (up 27% YoY) space led to consolidated revenue growing by 15% YoY at Rs 55100 crore. Consolidated EBIDTA margins came in at 10.2% flat YoY. Positive surprise also came in from the expansion of 40 bps margins in the core Project & manufacturing segment at 7.8%. In terms of business prospects, for 9MFY25E, the company has a bid pipeline of Rs 9.1 trillion which has declined 10% YoY on account of project deferrals/cancellation in the international hydrocarbon space. Despite this, the company is quite confident of meeting its 10% YoY inflow growth guidance. The company also retained its revenue growth and margin guidance for FY25E. The NWC ratio stood at 13.9% vs. 17% YoY and 12% QoQ. Consequently, PAT grew by 12% YoY despite 20% YoY decline in other income in Q1FY25.
Union Minister for Ports, Shipping & Waterways has said that a new shipbuilding policy will be unveiled soon, giving a push to India’s ambitious plan to be part of the top five shipbuilding nations by 2047. Currently, India stands at 22nd position in the world in terms of ship-building and aims to be among the top 10 by 2030. As per the media reports, to boost indigenous shipbuilding, the policy is expected to have a few measures like custom duty relaxations (for components and consumables for manufacturing of vessels), mandatory make in India clause for manufacturing coastal vessels by 2030, shipbreaking credit note scheme (under which issue of credit note amounting to 40% of the scrap value of ship undergoing breakage at Indian shipbreaking shipyard would be issued, with the credit note being reimbursable for construction of a new commercial ship) etc
Federal Bank reported healthy performance across parameters. Advance growth came at 20.3% YoY, whole deposits grew at 19.6%. NII came at ₹2292 crore, up 19.5% YoY & 4.4% QoQ, while other income up 25% YoY at ₹915 crore, mainly driven by higher fee income and recoveries. PAT was at ₹1009.5 crore, up 18% YoY on the back of steady opex and provisioning. GNPA came at 2.11% vs 2.13% and NNPA remained flat at 0.6%.
On back of strong volume growth in Q1FY25 on back of robust power demand, IEX reported robust operational performance. The company reported consolidated revenue growth of 18.8% YoY at Rs 123.6 crore. IEX reports 30.4 Bus volumes in Q1FY25, 21.1% growth YoY. EBITDA came in at Rs 99 crore, up 21.8%. Other income stood at Rs 30 crore vs. Rs 23.3 crore in Q1FY24. Consequently, PAT came in at Rs. 96.4 crore up 27.2% YoY.
On Consolidated basis, sales for Q1FY25 stood at ₹1,005 crores (up 13% YoY, down 2% QoQ). Adjusted EBITDA for the quarter came in at ₹225 crores with margins at 22.4% up 110 bps QoQ. Consequently, PAT stood at ₹81 crores, up 3%YoY. Sales volume for the quarter came in at 38.5k tonne (flat YoY) with corresponding Adjusted EBITDA/tonne at ~₹58k/t beating our FY25E estimates. The company also made a small acquisition in Mexico at the behest of a North American customer for ~₹ 4 crore.
SBI Life Insurance delivered a strong performance in Q1FY25, marked by healthy growth across key metrics. New Business Premium stood at ₹7030 crore, capturing a 21.8% market share. APE grew by 20% YoY to ₹3650 crore, driven by growth in unit linked and non-par segment. Significant improvement of 150 bps and 229 bps seen in 13M and 61M persistency. VNB increased 12% to ₹970 crore, while VNB margin stood at 26.8%.
Axis bank reported weak performance in Q1FY25 results. Moderation was seen in credit growth at 14% YoY to ₹9.8 lakh crore, with corporate segment driving growth in Q1FY25. Deposit accretion remained slower with focus on term deposits. Operationally, core operating profit increased 16% YoY to ₹9,637 crore, driven by a 12% YoY increase in Net Interest Income (NII) and a 16% YoY growth in fee income. However, higher provision kept PAT growth at 4% YoY to ₹6,035 crore. Slippages remained higher with sequential increase witnessed in GNPA.
Sales de-grew ~2% YoY to ₹ 790 crore as Discovery services segment (~30% of the sales) continued to face challenges in the US biotech space due to difficult funding environment. Dedicated Centres (~30% of sales) and Development & Manufacturing segment (~40% of the sales) on the other hand did relatively better. EBITDA declined ~20% to ₹ 170 crore while margins dropped ~472 bps to 21.5% impacted by GPM drop of ~456 bps to 70.4% and 4% increase in total expenditure.
In Union Budget 2024-25, the government has proposed exempting basic custom duty on ferro nickel and ferrous scrap. Additionally, it has extended the zero-custom duty on certain specified raw materials used in making CRGO steel until 31ST March’26.
Revenues grew ~10% YoY to ₹ 2859 crore, mainly driven by growth in India, Other emerging markets and Germany which neutralised slow growth and de-growth in Brazil and the US, respectively. EBITDA grew ~14% YoY to ₹ 904 crore driven by GPM improvement (~81 bps to 75.7%). EBITDA margins expanded by ~109 bps to 31.6%. PAT grew ~21% to ₹ 457crore. India Business grew by 15% YoY to ₹ 1635 crore on the back of 8.5% price hike, 4% from new launches and 2.5% volume growth. Brazil Business grew mere 3% YoY to ₹ 196 crore impacted by floods in some parts of the country. Germany Business improved by 10% YoY to ₹ 284 crore complemented by new tenders and 8 new launches. U.S Business de-grew by ~12 % YoY to ₹ 259 crore as there were no new launches.
In Union Budget 2024-25, the government will be launching a critical mineral mission to boost domestic production, recycling, and overseas acquisition of critical mineral assets. Additionally, it will commence the auction of the first tranche of offshore blocks for mining.
Government has proposed to fully exempt customs duties on 25 critical minerals (including rare earth metals) and reduce basic custom duty (BCD) on two of them. Zero duty has been proposed for the following critical minerals include Copper, Gallium, Germanium, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, Potash, REE, Rhenium, Strontium, Tantalum, Tellurium, Tin, Tungsten, Vanadium, Zirconium, Selenium, Cadmium, Silicon other than Quartz & Silicon Dioxide. Currently, the customs duty for these 25 minerals varies between 5-7.5%.
In Union Budget 2024-25, the government has proposed fully exempt custom duties on 25 critical minerals, including lithium, copper, cobalt and rare earth elements. It also proposed reducing basic customs duty on two such minerals. Government has also proposed reducing basic custom duty on graphite from 7.5%/5% to 2.5%.
Power projects, including new 2400 MW (3x800MW) coal fired thermal power plant at Pirpainti, to be taken up at a cost of ₹21,400 crore. NHPC, Bihar state power generation company and Pirpainti Bijlee company had earlier (in February 2014) signed an MoU for 1320 (2x660 MW) proposed thermal power plant.
The Union Budget has proposed a slew of measures to support MSMEs including proposal to introduce a credit guarantee scheme for facilitating term loans for purchase of machinery and equipment without collateral or third-party guarantee and a guarantee from a government-promoted fund to provide credit support during stress period. Further, limit under Mudra loans has been doubled to ₹20 lakh. Public sector banks have been asked to formulate new mechanism to assess credit worthiness of MSMEs.
The total capital expenditure has remained the same as was in interim budget at ₹11.11 lakh crore. The capex is same as was in interim budget for railways, defence, highways, roads and others.
Custom duty has been exempted on capital goods used for production of solar cells and panels from 7.5% earlier to ‘Nil’ rate, and on certain additional goods for use in petroleum exploration operations from as rates were applicable to ‘Nil’ rate.
On standalone basis, for Q1FY25, Net sales came in at ₹1,025 crore (down 2% YoY). EBITDA for the quarter stood at ₹114 crore with corresponding margins at 11.1% (up 70 bps QoQ). PAT for Q1FY25 came in at ₹46.2 crore (down 3% YoY).
Defence capital outlay stands at Rs 172000 crore for FY25E (9.4% higher as compared to FY24BE). For FY25E, capital outlay for aircrafts & aero-engines is allocated at Rs 40,278 crore (+67% YoY) while allocation for naval fleets is at Rs 23,800 crore (-2.6% YoY). For Naval dockyards and HMVs (Heavy & Medium Vehicles), capital outlay stands at Rs 6830 crore (+27.9% YoY) and Rs 4637 crore (+70.8% YoY). Defence R&D (research & development) outlay is at Rs 13208 crore (vs 12943 crore in FY24RE). For space sector, budgeted capex stands at Rs 5567 crore (+25% YoY).
Kajaria report muted set of numbers. Overall topline at ₹ 1114 crore, were up 4.6% YoY. Tiles sales volumes were up ~7.8% YoY at 27 MSM. Tiles revenues were up 3.4% YoY at ₹ 990 crore, with pricing decline of ~3.6% YoY. Muted topline growth (largely owing to lower realisation) impacted margins which declined by 90 bps YoY to 15%, despite benign power costs. Given the muted topline and lower margins, the PAT declined by ~16.5% YoY to ₹ 89.8 crore.
Bajaj Finance's reported mixed performance in Q1FY25 with continued growth in balance sheet, though asset quality witnessed some hiccups. AUM came healthy at 31% YoY to ₹3,54,192 crore, driven by ~1.1 crore new loans, reflecting a 10% YoY increase. Customer base expanded by 44.7 lakhs, taking total to 8.8 crore. While NII increased by 25% to ₹8,365 crore, despite 23 bps decline in margins (13 bps impact due to increase in CoF and 10 bps led by change in AUM mix). Higher credit cost at ₹1790 crore, kept PAT growth slower at 14% YoY to ₹3,912 crore. GNPA and NNPA ratios stood steady at 0.86% and 0.38%, respectively.
M&M Financial reported mixed numbers in Q1FY25. AUM grew 23% YoY at ₹106339 crore, while disbursement growth remained slower at 5% YoY. NII growth came at 15.9% YoY, led by marginal contraction in margins. Operating profit growth came in at 13.5% YoY, while lower provision led to 45.5% YoY growth in earnings at ₹ 353 crore. GNPA was up 16 bps QoQ at 3.16%.
Revenues grew ~2% YoY to ₹ 424 crore driven by domestic formulations which grew 7% to ₹ 227 crore tracking strong growth Gastrointestinal and Anti-infectives. On the other hand, export formulations declined 2% to ₹ 157 crore tracking 6% and 10% de-growth in the US and Europe respectively. On the operational front EBITDA de-grew ~22% YoY to ₹ 48 crore due lower GPM (down 262 bps to 67.2%) and higher total expenses. Margins stood at 11% (down 327 bps).
Revenues grew 3% YoY to ₹ 3402 crore driven by 22% growth in Packaging films (39% of sales) to ₹ 1336 crore and 15% growth in Technical textiles (15% of sales) to ₹ 525 crore. The flagship Chemicals business (43% of sales), however de-grew 11% to ₹ 1482 crore, due to weakness in both Specialty chemicals and Fluorochemicals. EBITDA declined 13% YoY to ₹ 603 crore and margins stood at 17.4% (230 bps decline) as there was significant drop in the EBIT of chemicals business which overshadowed EBIT improvement in packaging films and technical textiles businesses. PAT declined 30% YoY to ₹ 252 crore.
In an exchange filing, Federal Bank has informed approval received from RBI for appointment of Mr Krishnan Venkat Subramanian, as MD & CEO of the bank effective from 23 September 2024 for a period of 3 years.
ZF Commercial Vehicle Control System (erstwhile Wabco) reported stable performance in Q1FY25. On standalone basis, total operating income for the quarter came in at ₹938 crore, down 2.3% YoY. EBITDA in Q1FY25 stood at ₹138 crore with corresponding EBITDA margins at 14.7% (flat YoY, down 70 bps QoQ). PAT in Q1FY25 came in at ₹99 crore (flattish QoQ & YoY).
Zensar Technologies reported strong Q1FY25 revenue numbers of US$ 154.4 mn, up 4.3% QoQ/3.4% YoY (in CC terms up 4.3% QoQ/3.3% YoY) while in rupee terms it reported revenue of ₹1,288.1 crore, up 4.7% QoQ/5% YoY. Vertical wise Healthcare (9.8% of mix), BFSI (39.7% of mix), Manufacturing (25.8% of mix) and Hitech (24.7% of mix) reported growth by 6.9%, 6.8%, 2.7% & 1.2% QoQ in CC terms respectively. Geography wise on a QoQ basis in CC terms, growth was led by the US region (68.7% of mix) which grew by 6.6% while Europe (19.8% of mix) & Africa (11.5% of mix) region declined by 0.1% & 0.9% respectively. The company’s EBITDA margin declined by 130 bps QoQ to 15.2% due to headwinds of increased operational cost -150 bps, increased SG&A expenses (on account of provision created for doubtful debts for one of its customers who has filed bankruptcy) -110 bps mitigated by the tailwinds of better volume & utilization +40 bps, R&D tax credit +70 bps & exchange impact +20 bps. The PAT margin stood at 12.3%, down 180 bps QoQ. The revenue from Top 5/top 10 & top 20 clients increased by 4.3%/7.6% & 7% QoQ respectively. The company’s order book during the quarter declined by 15.2% QoQ to US$ 154 mn. The company’s net employees during the quarter increased by 47 to 10,396 while attrition declined by 30 bps QoQ to 10.6%.
Coforge in Q1FY25 reported revenue of US$ 291.4 mn, up 1.6% QoQ & 7.2% YoY (in CC terms up 1.6% QoQ/7.8% YoY) while in rupee terms it reported a revenue of ₹2,400.8 crore, up 1.8% QoQ & 8.1% YoY. Vertical wise Others (21% of mix), Insurance ( 21.4% of mix), Government (7.6% of mix) and Transportation (18.1% of mix) grew by 9.4%, 4.5%, 4.3% & 0.7% respectively while Insurance Banking & Financial Services (31.8% of mix) de-grew by 4.1% QoQ. in CC terms. Geography wise America (49.9% of mix) grew by 6.3% QoQ while Europe (38.7% of mix) & RoW (11.4% of mix) de-grew by 1.9% & 8.4% QoQ. EBITDA margin declined by ~100 bps QoQ to 17% impacted by acquisition led costs. Also, the PAT margin declined by ~390 bps QoQ to 5.5%. The company’s fresh order intake de-grew by 59.4% QoQ & 40.9% YoY to US$ 314 mn & executable order book over 12 months grew by 19.3% YoY to US$ 1070 mn. The company’s net employees increased by 1,886 (highest ever) to 26,612 while LTM attrition declined by ~10 bps QoQ to 11.4%. The company declared interim dividend of Rs. 19 per share.
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