Volumes at TVS Motors were at 3.2 lakh units up 8.3% MoM. Royal Enfield brand at Eicher Motors reported 5.9% MoM growth at 77,461 units, while market leader Hero MotoCorp reported volume growth of 31.1% MoM at 5.19 lakh units. Bajaj auto volumes grew 6.8% MoM at 3.07 lakh units.
NCC Limited has received new orders aggregating Rs 2088 Crore (Excluding GST) in the month of May'23. Out of which Building Division has signed the agreements for the orders amounting Rs 1668 Crore and Water Division secured order for Rs 420 Crore. NCC Limited had also received 6 new orders aggregating to Rs 3344 Crore (excluding GST) earlier in the month of April 2023.
In a media interaction, the management of Garware Technical Fibres stated that it was witnessing improvement in aquaculture and sports segment demand and the company is confident of reporting EBITDA margin of around 21% in FY24. It aims to double revenues over next 5 years.
According to BS, Open cell panels which makes up for ~60% of the cost of manufacturing LED TV sets, has witnessed price increase of ~10-15% on YTD basis.
For May 2023, Maruti Suzuki (MSIL) sales volume were up 10.7% MoM at 1.75 lakh units. Tata Motors volumes were down 2.4% MoM at 45,984 units, while volumes at M&M de-grew 5.2% MoM at 32,886 units.
Market leader Tata Motors (TML) reported May 2023 CV volumes of 28,989 units up 28.9% MoM. VECV volumes at Eicher Motors were down 4.2% MoM to 6,289 units while Ashok Leyland volume were up 1.2% MoM at 13,134 units.
In the 3-W space, market leader Bajaj Auto volumes were up 9.6% MoM at 47,452 units, while Atul Auto posted 54% MoM growth at 1,101 units (on a very low base). TVS posted a 1.1% MoM de-growth at 11,314 units (largely due to degrowth in domestic market). In the tractor segment, Escorts reported a growth of 8.9% YoY at 9,167 units; M&M reported 4.5% YoY degrowth at 34,126 units.
The USFDA has concluded GMP and PAI inspection of Caplin Steriles Ltds (subsidiary of Caplin Point Lab Ltd) for its Sterile Injectable site at Gummidipoondi with 4 observations.
Indian Railway Catering and Tourism Corporation, popularly known as IRCTC, has been one of the biggest multibagger stocks in recent years, despite its poor performance in the last 6 months.
Among the index of eight core industries, cement production grew at a healthy pace of 11.6% YoY in April, 2023.
In a regulatory exchange filing, Dixon announced that it proposes to partner with Xiaomi India to carry out manufacturing and export of mobile phones of Xiaomi and to also explore enhancing component ecosystem in India through the wholly owned subsidiaries of Dixon. The proposed association will be formalised subject to execution of the definitive agreements.
Mumbai city (BMC area) saw property sale registration of ~9800 units in May 2023, which was flat YoY, and down 15% MoM, as per Business Standard.
Lemon Tree Hotel’s revenues grew 111% YoY to Rs 252.7 crore (up 8% QoQ). It was also up 43% from pre-Covid levels (ie. Q4FY20). The total operating costs were down significantly from 64% of sales in Q4FY20 (pre-Covid) to 45% of sales in Q4FY23. On absolute basis, operating costs remained flattish compared to pre-Covid levels. This led to sharp EBITDA margin expansion of ~1906 bps to 55.4% (vs. our estimate of 54%) from pre-Covid levels. It was up 120 bps sequentially. PAT improved to Rs59 crore in Q4FY23 vs. net loss of Rs 39 crore last year and net loss of Rs 19 crore during Q4FY20.
Adani Ports’ Q4FY23 revenues grew 40% YoY to Rs 5797 crore, mainly due to inclusion of Haifa Port numbers and strong growth in Krishnapatnam (11% growth in overall APSEZ port cargo volumes to 86.3 MMT). Adjusted EBITDA margin contracted 590 bps to 56.4% mainly due to higher employee and other expenses from Haifa port (management expects the costs to continue in the near term), leading to 27% growth in ex-forex EBITDA to Rs 3271 crore. Adjusted PAT, however, grew mere 5% to Rs 1159 crore, due to an exceptional expense of Rs1273 crore (led by a non-cash impairment generated by sale of Myanmar port asset). Adjusted for the exceptional expense, PAT was significantly higher than estimates due to higher other income, lower forex loss and lower taxation.
Revenue increased 48.9% YoY (+14.5% QoQ) to Rs 2078.6 crore led by strong execution. The growth was also better than expectation of ~29% YoY as guided by the company through provisional revenue number for FY23. EBITDA margin improved by 459 bps YoY to 10.1%; better than our estimate of 6.5%. This was primarily on account of lower than expected others cost which declined by 29.4% YoY and was at 9.1% of sales vs 19.3% of sales in Q4FY23. However, the margins contracted by 615 bps on sequential basis. EBITDA increased sharply by 172.3% YoY to Rs 210.6 crore led by strong revenue growth with improvement in margins. PAT increased by 105.1% YoY to Rs 326.2 crore led by strong growth in EBITDA and other income. For FY23, revenue growth was at 36.5% YoY with EBITDA margin at 10.2% vs 7.6% in FY22. PAT is up by 79.4% YoY to Rs 1096.1 crore in FY23.
Revenue for the quarter came in at Rs 312.4 crore (up 22.2% YoY and 24.4% QoQ); better than our estimate of Rs 288.9 crore. FY23 revenue is up 12% YoY to Rs 1057.2 crore. Gross margin was at 60.4% in Q4FY23 (flat YoY but lower by 330 bps QoQ). EBIDTA margin improved 361 bps YoY and 675 bps QoQ to 20.5% (vs. our estimate of 16.6%). For FY23, EBITDA margin was at 16.3% (+80 bps YoY). EBIDTA increased 48.4% YoY (+85.6% QoQ) to Rs 64.0 crore (vs. our estimate of Rs 47.9 crore) led by better margins. FY23 EBITDA was up 17.3% YoY to Rs 171.8 crore. PAT increased 93.2% YoY (+43.9% QoQ) to Rs 33.7 crore. FY23 PAT was at Rs 94.9 crore (+25.5% YoY).
Indo Count Industries reported a healthy improvement in operational performance in Q4FY23. Volume (including GHCL unit) grew 16% YoY to 20.4 MT. Average realisations grew 6% YoY to Rs 387/metre. Subsequently, revenue grew 23% YoY to Rs 807.1 crore. Gross margins expanded significantly by 381 bps YoY to 56%, which came in as a positive surprise. Consequently, EBITDA margin increased 324 bps YoY to 17.9% (higher end of the guidance). Lower other income and higher depreciation curtailed PAT growth. Ensuing PAT grew 11% YoY to Rs 94.7 crore (up 2.5x QoQ).
Revenues grew 16.9% YoY to Rs 2491 crore, mainly driven by growth in India, Germany and Brazil markets. EBITDA increased 29.6% YoY to Rs 727 Crore. EBITDA Margins expanded by 286 bps to 29.2% , due to change in revenue mix, higher revenues across geographies. PAT stood at Rs 287 Crore. India Business grew by 21.6% YoY to Rs 1257 on the back of revenue integration from Curatio deal and performance from top brands. Brazil Business grew by 26.7 % YoY to Rs 318, growth was aided by performance of top brands and market share gain and strong momentum in generic segment. U.S Business de-grew by ~0.7 % YoY Rs 280 crore. Germany Business improved by 16.1% YoY to Rs 253 Crore sequential recovery in Germany was complemented by new tenders and growth of OTC segment.
Revenues grew 0.9% QoQ to Rs 4302 crore, mainly supported by hospitals as well as Pharmacy business. EBITDA declined 3.4% QoQ to Rs 488 Crore. EBITDA Margins declined by 51 bps to 11.3%, due to higher employee expenses. PAT declined 5.9% QoQ to Rs 145 crore. Healthcare services division (Hospitals) was up 1.5% QoQ to Rs 2227.4 on the back of growth from both new as well as existing hospitals .Occupancy in Q4FY23 for existing hospital stood at 65% whereas for new hospitals it was 62%. Top therapies such as Cardiac, Onco, Neuro, Nephro, Gastro and Ortho contributed ~ 60% of the Hospital Revenues. Hospitals EBITDA came at 24% Pharmacy showed a growth of 2.4% QoQ at ₹ 1799.2 crore. Revenue from digital platform came at ₹ 253.9 crore whereas Offline pharmacy reported revenue of ₹1545 crore. AHLL revenues came at ₹ 308.5 crore down 0.9% QoQ.
MSCI has announced few changes and we are likely to witness volatile move ahead of the effective dates of these changes ( 1st June). Hence on Wednesday ( May 31st), large moves are likely to be seen in some of the heavyweights.
In regulatory exchange filing Minda corporation informed exchanges about board meeting to be held on 2nd June, 2023 to discuss raising of funds through issue of equity shares or any other equity based instruments / securities by way of preferential issue, qualified institutions placement or rights issue.
Coal India has approved revision of Non-Coking coal prices w.e.f. 31st May 2023. The Board has approved price increase of 8% over the existing notified prices for high grade coal of grade G2 to G10. This will be applicable to all subsidiaries of Coal India including NEC for regulated and non-regulated sectors.
Net sales of the company increased by 7.7% YoY in Q4FY23 to ~Rs 1140 crore on a higher base. Segment wise ‘Electronics’ (Stabilisers/Digital UPS) segment revenues increased by ~10% YoY to ~Rs 272 crore, 'Consumer Durable’ (Fans/switchgear/kitchen appliances/water heaters) segment including Sunflame revenue increased by ~16% YoY to Rs 343 crore. Sunflame revenue came in at ~Rs 57 crore. 'Electricals' segment (wires/pumps) revenues grew by ~2% YoY to ~Rs 525 crore. Gross margin improved by 212 bps YoY to 31% supported by softening of raw material prices. However, EBITDA margin declined by 192 bps YoY (up 194 bps QoQ) to 8.7% due to weak operating leverage and higher advertisement expenses. PAT declined by ~42% YoY to ~Rs 52.7 crore as a result of lower EBITDA margin and higher interest outgo (up ~6x YoY). The company declared a total dividend of Rs 1.3/share for FY23. (Payout ratio of ~29.5%)
Greenply reported a weak performance. The topline at Rs 469.2 crore, was up by 4.6% YoY led by 3.1% growth in Plywood revenues at Rs 427 crore with volumes being flat YoY at 17 MSM. The EBITDA margins was at 10.1%, was up 20 bps YoY. The reported PAT at Rs 11.1 crore, was down 62% YoY, as the company recorded a loss on disposal of Myanmar assets of Rs 16.6 crore (exited due to political uncertainty). Adjusted PAT at Rs 27.7 crore was down 4.4% YoY.
For Q4FY23, Graphite India’s consolidated capacity utilisation stood at 55% as compared to 76% in Q4FY22 and 42% in Q3FY23, lower than our estimate of 60%. For Q4FY23, Graphite India reported consolidated topline of Rs 815 crore, down 3% YoY, however up 16% QoQ (our estimate of Rs 729 crore). Consolidated EBITDA for the quarter stood at Rs 62 crore, down 30% YoY and 14%. During the quarter, consolidated other income stood at Rs 5 crore, down 93% YoY and 85% QoQ (our estimate of Rs 45 crore). The ensuing consolidated PAT for the quarter stood at Rs 29 crore, down 69% YoY and 45% QoQ.
Total topline for the quarter came in at Rs 652 crore, down 5.3% QoQ. EBITDA came in at Rs 57 crore, up 30% QoQ with margins at 8.7%, up 237 bps QoQ. Consequently, PAT was at Rs 33.6 crore, up 37.7% QoQ. The board also recommended a dividend of Rs 26.5 per share for FY23 ( consequent payout of ~50%). On a full year basis, the company reported 20% topline and bottomline growth.
Sales volume remained healthy at 1.48 mn sq ft (up 10.1% YoY). The sales value at Rs 1463 crore was up 32% YoY during Q4FY23 with average price realisation (increasing to Rs 9868/sq ft, up 19.8% YoY) mainly due to project mix. The company has delivered 15.1% volume growth in FY23 vs. its guidance of 10-15% volume growth in FY23. Sales value growth was 34% at Rs 5198 crore in FY23. On financial front, revenues grew 70% YoY to Rs 1210 crore and PAT at Rs 48.6 crore, up 2.4x YoY.
KNR Constructions' performance was better-than-expected on the topline front, which percolated to the bottomline beat. Standalone revenue improved 16.3% YoY to Rs 1175.6 crore (vs. I-direct estimate of Rs 1020 crore; 1% YoY growth). EBITDA margin was at 18% (down 255 bps) owing to higher proportion of water segment (higher margin) in the base. Effectively, EBITDA at Rs 212 crore, was up 2% YoY. At the net level, reported PAT at Rs 128.6 crore was up 14% YoY.
As per media reports, Wonderla Holidays is planning to make a capital expenditure of Rs 70 crore in FY24 as it continues to build two additional parks, enhance services and products at the parks that already exist, and increase the capacity of its resort, which has 85 rooms at present.
Consolidated sales for the quarter came in at Rs 634 crore, up 7% QoQ, EBITDA came in at Rs 79.5 crore, up 21% QoQ with corresponding margins at 12.5%, up 142 bps QoQ. Consequently, PAT came in at Rs 52.5 crore up 27.7% QoQ. For full year basis, in FY23, topline growth was at 35% YoY with margins at 11.2% (down 200 bps YoY) and PAT at Rs 168 crore (up 20% YoY) with EPS pegged at Rs 4.2/share.
Time Technoplast reported revenue growth of ~15% to Rs 1192.3 crore largely driven by composite products segment. Volume growth came in at 12% YoY. Composite segment revenue grew ~26% YoY to ~Rs 392 crore. Gross margin declined 68 bps YoY (up 46 bps QoQ). However, savings in other operating costs led to increase in EBITDA margin by 84 bps YoY to 14.2%. PAT grew 14.6% YoY to Rs 65.1 crore tracking EBITDA margin improvement and topline growth.
As per media reports, Shoppers Stop will open the first store of its affordable fashion format Intune in Hyderabad on June 2, 2023.
Revenue improved 50.5% YoY to Rs 897.9 crore. Segmental mix during the quarter includes domestic formulations, which was up 19.4% YoY at Rs 91.8 crore while export formulations came at Rs 709.2 crore up 52.5%, API business was at Rs 72.8 crore, up 49.8% and crop protection at Rs 27 crore against Rs 0.6 crore in the same period last year. On the operational front, it turned EBITDA positive YoY at Rs 339.1 crore and margins came at 37.8%. Adjusted PAT came in at Rs 274.7 crore.
Revenues grew 17.3% YoY to Rs 1511.6 crore, mainly on the back of strong YoY growth across segments. It delivered 10.2% growth from domestic formulations at Rs 607.9 crore followed by Export formulations which grew 24.9% to Rs 432.6 crore. In exports, branded business grew 52.3% at Rs 156.4 crore, generics business grew 22.3% to Rs 200.5 crore. Institutional business de-grew 5.3% to Rs 75.8 crore. API sales increased 34.6% to Rs 347 crore. EBITDA declined 17.5% YoY to Rs 181 crore while EBITDA margins declined 504 bps to 12%. The rise in input costs dented margins. PAT declined 41.2% at Rs 76.5 crore.
Hikal’s revenues grew 8.5% YoY to Rs 545.3 crore. On the segmental front pharma segment showed flat growth of 0.3% to Rs 308.8 crore while crop protection segment was up 21.6% at Rs 236.5 crore. EBITDA during the quarter was at Rs 88 crore, up 44.3%. Margins came in at 16.1%, an improvement of 400 bps YoY. PAT was at Rs 36 crore.
TCI Express' revenues grew 9% YoY to Rs 326 crore and PAT grew 7% YoY to Rs 39 crore (QoQ growth of 20%). EBITDA margins contracted 24 bps YoY to 16.6% (Q3FY23: 14.7%) but was higher than I-direct estimate of 16% mainly due to higher gross margins (32.8% vs. estimated 31.5%). Absolute EBITDA grew 8% to Rs 54 crore (QoQ increase of 18%).
Gateway Distriparks' consolidated revenues grew 11% QoQ to Rs 377 crore whereas PAT grew 24% to 69 crore. EBITDA margins, however, contracted 190 bps to 24.8% and thereby resulted in flat EBITDA. The company has net debt of Rs 337 crore and would repay Rs 141 crore in FY24. Rail volumes grew 19% to 0.94 lakh TeUs and CFS de-grew 1% to 0.89 lakh TeUs.
Standalone revenue during Q4FY23 was up ~10.3% YoY to Rs 2,115 crore (vs. I-direct estimate of Rs 2,018 crore; 5% YoY growth). EBITDA margin was at 13.3% (up 157 bps YoY) vs. expectations of 13.2% aided by some benefit arising from softening in commodity prices. PAT was up 33.5% YoY to Rs 184.5 crore (vs. I-direct estimate of Rs 169 crore). PNC’s order book (OB) at the end of FY23 was healthy at Rs 20,600 crore, 2.9x book to bill.
NCC Ltd's performance during Q4FY23 was marked by superior execution, which also led to the beat at the bottomline level. Standalone revenues were up 28.1% YoY to Rs 4016 crore (vs. I-direct estimate of 18% growth) backed by its strong order book position and pick-up in execution. FY23 Revenues grew by 34.5% YoY at Rs 13351 crore. Operating margin was at 10.6% (up 204 bps YoY), driven by operating leverage. At the net level, strong operating performance translated into 64% YoY growth in adjusted PAT (to Rs 177.7 crore). NCC has secured orders aggregating to Rs 25,895 crore during FY23, which has kept its order book at an elevated level of Rs 50,244 crore, 3.8x book to bill.
Standalone revenues for the quarter were at Rs 2,317.6 crore, up 8.2% QoQ amidst 9.3% QoQ growth in volumes at 72,676 tonne. EBITDA in Q4FY23 was at Rs 470.8 crore with corresponding EBITDA margins at 20.3%, up 831 bps QoQ. Consequent PAT for the quarter came in at Rs 255.6 crore, up 156.5% QoQ. The company announced an final dividend of Rs4/ share with total dividend for FY23 pegged at Rs16/share (~30% payout).
Grey cement volumes (consolidated) grew at a healthy pace of 17% YoY to 4.1 MT (I-direct estimate: 4.0 MT) in Q4FY23. The growth was largely driven by recent commissioning of units in Panna & Hamirpur, MP (~4 MT). Grey cement realisations grew 3% QoQ to Rs 5059/t. Standalone revenues (excluding Panna capacity) grew 5% YoY to Rs 2384.4 crore (I-direct estimate: Rs 2351.9 crore). EBITDA/t improved Rs 245/t (QOQ) to Rs 913/t, which was higher than our expectation of Rs 843/t (Q4FY22: Rs 973/t). The major delta in profitability was driven by higher realisations. Absolute EBITDA grew 38% QoQ (down 5% YoY) to Rs 361.7 crore (I-direct estimate: Rs 335.1 crore.
Revenues grew 15.7% YoY to Rs 10931 crore driven by continued traction of global specialty business with market share gain in India and growth in Emerging Markets. US formulations grew 20.8% YoY to Rs 3534 crore and growth driven by specialty portfolio amid demand uptick for Cequa, Ilumya and Winlevi among others. US ex-Taro generics also did well, up 26.2% YoY. Global Specialty sales (ex-milestone) came in at US$244 million. India Formulations witnessed YoY growth of 8.7% to Rs 3364 crore driven by new product launches and increased market share. Emerging markets witnessed YoY growth of 17.6% to Rs 1820.3 crore. RoW markets witnessed growth of 17.4% YoY to Rs 1574 crore. APIs witnessed YoY de-growth of 9.5% to Rs 432.3 crore. Gross margins increased ~650 bps over the previous year to 79.4%. EBITDA margins expanded 111 bps YoY to 25.9%. Adjusted PAT increased 36.9% YoY to Rs 2166 crore.
Revenues grew 14.8% YoY to Rs 389 crore propelled by LatAm 10.1% YoY growth and US grew 54.7% YoY. EBITDA grew 24% YoY to Rs 123.9 crore, EBITDA margins improved 238 bps YoY to 31.8%. Adjusted PAT grew 27.9% YoY to Rs 101.1 crore.
Info Edge’s revenue in Q4 increased 1.6% QoQ to Rs 564 crore. Naukri revenues were up 0.2% QoQ, 27.1% YoY to Rs 437.6 crore while revenue for 99 acres increased 3.6% QoQ (up 23.3% YoY) to Rs 75.5 crore. Other verticals grew 11.6% QoQ to Rs50.8 crore led by Jeevansaathi & Shiksha. Jeevansaathi reported 5% QoQ revenue growth to Rs18.8 crore. Billing for recruitment business was up 13.7% YoY while that of 99 acres was up 30.8% YoY. Billing for Jeevansaathi was up 19.9% at Rs 21 crore on a favourable base. EBITDA margins were flat QoQ at 39.1% while absolute EBITDA was up 1.6% QoQ due to lower marketing expenses. EBITDA margins for recruitment business were down 120 bps QoQ to 60.3% while EBITDA losses in 99 acres and Jeevansaathi business have narrowed further. InfoEdge reported net profit of Rs178.9 crore (adjusted PAT in Q4 was Rs197.7 crore) vs reported net loss of Rs84.3 crore in Q3 (in Q3, adjusted PAT was Rs 191.7 crore since it took write down of its investment in 4B network). In Q4, the company impaired Rs 12 crore as ICD given to 4B network. The company at the consolidated level for FY23 reported revenue of Rs2,158.6 crore, up 38.2% with EBITDA margin coming at 36.3%, up 590 bps. The company for FY23 reported PAT of Rs411.2 crore. The company declared a final dividend of Rs 9 per share.
Deep Industries reported its Q4FY23 results. Revenue was up 5.5% QoQ to Rs103.5 crore. EBITDA came in at Rs 41.9 crore, up 5.6% QoQ. PAT at Rs72.3 crore was up 1.9x QoQ due to an exceptional gain of Rs 44.7 crore.
As per latest exchange filing, the board of ICICI Bank has approved raising its stake in ICICI Lombard by 4% in multiple tranches, of which ~2.5% stake will be acquired by September 9, 2024. Currently, the bank holds ~48% stake in ICICI Lombard. Earlier the bank wanted to lower its stake to less than 30% and had applied to RBI seeking more time to dilute the stake, which was granted.
According to media sources, Berger Paints is expecting revenues to double to about Rs 20,000 crore in the next five years, led by an overall growth in its paints business. The company has also envisaged a capex of ~Rs 400 crore for FY24. According to Abhijit Roy, MD & CEO of the company, the growth will be driven by decorative business followed by protective coatings & general industries categories and construction chemicals & waterproofing segment.
As per media reports, Reliance Consumer Products (RCPL), the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures has entered into a partnership with General Mills to foray in the western snack category. Through the partnership, Reliance will launch global corn chips brand Alan’s Bugles in India owned by General Mills.
Revenues grew 11.4% YoY to Rs 6473 crore due to a strong performance in the US & Europe. EBITDA grew 2.9% YoY to Rs 1002 crore while EBITDA margins were impacted by 129 bps to 15.5%. Adjusted PAT declined 30.3% YoY to Rs 512 crore. US revenues grew 11.6% YoY to Rs 3045 crore with RoW growing a massive 51.3% YoY to Rs 592 crore. Europe was up YoY at Rs 1660 crore.Revenues grew 11.4% YoY to Rs 6473 crore due to a strong performance in the US & Europe. EBITDA grew 2.9% YoY to Rs 1002 crore while EBITDA margins were impacted by 129 bps to 15.5%. Adjusted PAT declined 30.3% YoY to Rs 512 crore. US revenues grew 11.6% YoY to Rs 3045 crore with RoW growing a massive 51.3% YoY to Rs 592 crore. Europe was up YoY at Rs 1660 crore.
Sun Pharma has proposed to acquire 100% stake in Taro Pharma in the form of a reverse merger. Post this deal Taro will become a wholly owned subsidiary of Sun Pharma. Sun Pharma has offered the shareholders the price of US$38.
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