26-Oct-2020Research Reports

Tech Mahindra (TECHM) posted 2.9% QoQ CC revenue growth and stellar 390bps EBITDA margin expansion, bettering our estimates for Q2FY21.

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JK Tyre (JKI) surprised positively on both revenue and earnings in Q2FY21, led by strong replacement demand and above-expected operating efficiencies.

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Mphasis (MPHL) reported strong Q2FY21 revenue and margins.

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Alembic Pharma (ALPM) reported a 12% EBITDA beat, with strong growth in ROW, API and India while US sales were in line.

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Coforge (erstwhile NIIT Tech) reported a robust Q2FY21 performance, marked by 8.1% QoQ CC revenue growth that was broad-based across verticals.

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Bajaj Auto’s (BJAUT) Q2FY21 operating performance was in line with our estimates, but adj. PAT fell short (–19% YoY to Rs 11.4bn) owing to below-expected other income.

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L&T Infotech’s (LTI) Q2FY21 revenue beat estimates, with 2.3% QoQ CC growth due to an uptick in the manufacturing and BFS verticals.

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Kajaria Ceramics (KJC) posted an above-expected Q2FY21 with stable YoY revenue and volumes, aided by better traction in tier-2 cities and below.

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HDFC Bank reported a commendable Q2FY21 with 18% YoY growth in operating profit and PAT.

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HCL Tech (HCLT) reported 6.4% QoQ USD growth coming from mid-high single digit recovery across verticals.

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Despite robust growth in operating profit (40% YoY), Federal Bank’s (FB) Q2FY21 PAT declined 26% YoY to Rs 3.1bn as the standard asset provision buffer was raised to ~0.5% of loans (vs. ~0.2% in Q1).

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Mindtree (MTCL) reported a strong Q2FY21 operational performance, with dollar revenue up 3.1% QoQ and EBIT margin at a 20-quarter high of 17.3% (+360bps QoQ).

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Infosys’ (INFO) Q2 topline grew ahead of estimates at 4% QoQ CC and it also posted its highest ever TCV of US$ 3.15bn.

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Wipro (WPRO) delivered an upbeat QoQ performance in Q2FY21 with 2% CC revenue growth, ahead of our estimate of 1%.

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TCS’ growth of 7.2% USD outperformed street’s estimates.

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Swaraj Engines (SWE) is the sole supplier of engines for M&M-owned Swaraj tractors which command ~12% market share in the 800,000-unit p.a. tractor industry.

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Key takeaways from our interaction with the management of Cera Sanitaryware (CRS).

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HCL Technologies (HCLT) acquired Australian IT firm DWS for US$115.8mn.

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We hosted investor meetings with the management of Ajanta Pharma (AJP).

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Amid a tumultuous demand climate, Allcargo Logistics (AGLL) reported strong 14% YoY revenue growth in Q1FY21 led by consolidation of the newly acquired Gati (5.4% ex-Gati) and healthy topline growth in the MTO (+9%) and CFS (+8%) segments.

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Dr Reddy's (DRRD) has announced a key settlement of the patent litigation with Celgene for US Revlimid (lenalidomide capsules) used to treat multiple myeloma.

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Key takeaways from our interaction with the management of Greenply Industries (GIL).

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Over the last four decades, Shriram Transport Finance (SHTF) has built a pan-India network in a fragmented used-CV market (~16% CV market share).

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In a washout first quarter with no meaningful revenue, PVR (PVRL) reported operating and net losses of Rs 1.2bn and Rs 2.3bn respectively.

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SpiceJet (SJET) ranks second in the domestic aviation industry with ~17% share.

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HCL Technologies (HCLT) provided a surprising mid-quarter update today, guiding for above-expected revenue growth of at least 3.5% QoQ CC and operating margin in the range of 20.5-21% for Q2FY21.

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Container Corp’s (CCRI) FY20 annual report reveals a mixed year with some hits and some misses.

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Best Agrolife (BAL, Not Rated) is a midsized crop-protection chemical company (FY20 sales Rs 6.1bn), with diversified products across insecticides, fungicides and herbicides, a strong pack-to-pack (P2P) presence and fast-growing brand business.

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Info Edge (INFOE) posted weak Q1FY21 revenues with a 10% YoY decline, weighed down by a 25% slump in 99acres.com revenues.

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Key takeaways from our recent interaction with the V-Mart Retail management (VMART).

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We believe InterGlobe Aviation (IndiGo) is poised for strong growth given its market leadership (over 50% market share), ready capacity, strong balance sheet and the vulnerability of most of its peers in the domestic aviation industry.

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Key takeaways from our recent interaction with the management of Greenpanel Industries (GREENP).

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Key takeaways from our interaction with the management of Finolex Industries (FNXP).

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ONGC’s Q1FY21 earnings at Rs 5bn (–90% YoY) outperformed estimates on lower operating costs.

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RIL’s retail business subsidiary – RRVL - announced ~Rs247 bn investment in Future enterprises (FEL).

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Key takeaways from our recent interaction with the DCB Bank (DCBB) management.

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Indraprastha Gas’ (IGL) Q1FY21 EBITDA was a tad below estimates at Rs 0.8bn (–77% YoY).

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Oil India (OINL) reported a loss of Rs 2.5bn for Q1FY21, impacted by one-off expenses to contain a blowout at one of its oilfields in Assam.

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Muthoot Finance’s (MUTH) Q1FY21 gold AUM increased 15% YoY to Rs 413bn due to higher productivity.

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Petronet LNG’s (PLNG) Q1FY20 EBITDA was in line at Rs 9bn (–11% YoY), with low volumes (–16% YoY) being compensated by higher EBITDA/ mmbtu at Rs 48 (+5.7% YoY).

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Greenply Industries’ (GIL) consolidated Q1FY21 revenue declined 62% YoY as India sales dropped 65% due to the lockdown and Gabon subsidiary revenue fell 43%.

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Lockdown-induced disruptions catalysed a steep 70% YoY decline in VRL Logistics’ (VRLL) Q1FY21 topline to Rs 1.6bn.

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Mayur Uniquoters’ (MUNI) Q1FY21 volumes nosedived 74% YoY as the lockdown hit demand, leading to a standalone revenue decline of 70% and an operating margin loss of Rs 5mn.

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BPCL’s Q1FY21 earnings beat estimates driven by higher GRMs (US$ 1.9/bbl) and a surge in marketing margins.

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Hero MotoCorp (HMCL) delivered a Q1FY21 revenue beat but disappointed on earnings due to lower operating efficiencies.

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Eicher Motors (EIM) reported in-line Q1FY21 revenue but dismal operating margins at 0.2%, primarily due to higher input costs and lower operating efficiencies.

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Century Plyboards’ (CPBI) standalone Q1FY21 revenues contracted 65% YoY, with all major product segments declining by over 60%.

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Notwithstanding strong industry headwinds, Transport Corp (TRPC) reported a sturdy Q1FY21 print, underscoring the strength of its business model.

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GAIL’s Q1FY21 PAT was below estimates at Rs 2.6bn (–80% YoY).

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Ashok Leyland’s (AL) Q1FY21 performance was disappointing despite a strong boost to blended average realisations from BS-VI price upgrades.

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Q1 revenue/EBITDA were in line backed by strong US sales and sustained gross margins.

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eClerx (ECLX) reported a surprising operating margin beat in Q1FY21 backed by aggressive cost cuts.

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Somany Ceramics (SOMC) reported a dull Q1FY21 as consolidated revenue shrank 57% YoY to Rs 1.7bn, with tile volumes down 56% YoY.

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V-Mart Retail (VMART) reported a below-expected Q1FY21 – revenue plunged 83% YoY to Rs 781mn as SSSg dropped 85% in a lockdown-hit quarter.

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We believe VST Tillers Tractors (VSTT) is poised for strong growth given its market leadership in power tillers (~50% market share), ready capacity, focused growth in tractors and debt-free status.

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Container Corp’s (CCRI) Q1FY21 revenue/EBITDA dropped 27%/61% YoY, in line with estimates.

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Mahanagar Gas’s (MAHGL) Q1FY21 PAT underperformed at Rs 0.45bn (–73% YoY).

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Finolex Industries’ (FNXP) Q1 revenue declined 40% YoY, with volumes sliding 42% in both PVC pipe and resin segments amid the lockdown.

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In a surprising development, Persistent System's (PSYS) CEO Christopher O'Connor has resigned after a short stint of 1.5 years.

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DCB Bank’s (DCBB) Q1FY21 PAT at Rs 0.8bn (–2% YoY) was hit by muted NII growth and a 29% QoQ drop in non-interest income.

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Strong execution in Q1 drove a sharp 39% EBITDA beat for Divi’s Labs (DIVI).

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Kajaria Ceramics (KJC) posted a consolidated Q1FY21 revenue decline of 60% YoY – albeit bettering our estimates – as tile volumes fell 61% due to the lockdown.

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M&M’s (MM) Q1FY21 revenues dropped 56% YoY to Rs 56bn, EBITDA declined 68% to Rs 5.7bn and PAT nosedived 96% to Rs 389mn.

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Cipla reported a Q1 EBITDA beat of 42%/30% on our/consensus estimates, led by (1) Albuterol stocking in the US, (2) chronic/trade generic sales in India, and (3) cost control (–27% YoY), partly non-recurring.

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Alkem Labs posted a solid Q1 EBITDA beat led partly by one-offs.

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Lupin’s (LPC) Q1 revenue/EBITDA were 12%/14% below estimates.

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HPCL’s Q1FY21 PAT outperformed at Rs 28bn as marketing margins surged to historical highs – a trend which reaffirms our preference for the OMC business model.

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Pidilite Industries’ (PIDI) consolidated Q1FY21 revenue contracted 57% YoY as the lockdown induced a 59% slump in domestic consumer & bazaar (CBP) segment volumes.

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Greenpanel Industries’ (GREENP) Q1FY21 consolidated revenue dropped 57% YoY due to the Covid-19 lockdown, with the plywood/MDF segments declining by 62%/56% YoY – in line with estimates.

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Canara Bank (CBK) reported PAT of Rs 4bn backed by 21% YoY growth in NII and a 32% increase in operating profit.

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Gujarat State Petronet’s (GUJS) Q1FY20 EBITDA was in line at Rs 3.5bn (–14% YoY).

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Cera Sanitaryware’s (CRS) Q1FY21 consolidated revenue declined 46% YoY, bettering our estimate of a 62% drop.

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PI Industries (PI) reported a strong beat in Q1FY21 with sharp QoQ EBITDA recovery.

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Astral Poly Technik’s (ASTRA) Q1FY21 consolidated revenue declined at a slower pace than expected, posting 33% YoY contraction as the lockdown induced a 31% drop in pipe volumes.

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IOCL’s Q1FY21 EBITDA at Rs 55bn (–34% YoY) was above estimates.

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Gujarat Gas’ (GUJGA) Q1FY21 earnings were well below estimates, plunging 75% YoY to Rs 0.5bn.

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As per a press release on the exchanges, HDFC Bank (HDFCB) has received RBI approval to appoint Sashidhar Jagdishan as Managing Director and CEO for three years.

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UPL’s Q1FY21 EBITDA was an 11% beat despite an 8% sales miss.

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Sun Pharma (SUNP) posted an 11% EBITDA beat but an 8% miss on sales.

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SBIN’s Q1FY21 PAT at Rs 42bn (+81% YoY) was backed by 16% NII growth and gains worth Rs 15bn from the SBI Life stake sale.

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Though Mahindra Logistics’ (MLL) headline numbers were expectedly weak – consolidated revenue fell 54% YoY with EBITDA loss at Rs 22mn – a closer look at the Q1FY21 print reveals several positives.

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Cholamandalam Investment (CIFC) reported 10% YoY growth in AUM to Rs 635bn in Q1FY21, led by low repayment rates.

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Laurus Labs reported a record Q1 beat with no major one-offs.

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Escorts (ESC) is the third largest tractor manufacturer in India, commanding ~11% market share in the ~800,000-unit p.a. tractor industry.

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Key highlights from Reliance Industries’ (RIL) Q1FY21 results: (a) EBITDA below estimates at Rs 169bn (–21% YoY), (b) cyclicals mixed – GRM at US$ 6.3/bbl outperformed estimates while petchem EBITDA at Rs 44bn (–50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn (–47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on better ARPU.

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Ajanta Pharma (AJP) posted Q1 revenue/EBITDA growth of 9%/33% YoY to Rs 6.7bn/Rs 2.2bn.

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Yes Bank (YES) reported Q1FY21 PAT of ~Rs 0.5bn on a 50% QoQ increase in NII and 78% QoQ decline in provisions.

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Dr Reddy’s (DRRD) reported a Q1 EBITDA beat of 21% despite a marginal surprise on sales.

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TVS Motor’s (TVSL) Q1FY21 revenue beat estimates at Rs 14.3bn.

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Manappuram Finance’s (MGFL) gold AUM surged 33% YoY to Rs 177bn in Q1FY21.

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Maruti (MSIL) reported a disappointing Q1FY21.

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IDFC First Bank’s (IDFCFB) Q1FY21 PAT at Rs 0.9bn was aided by 38% YoY growth in NII, stable non-interest income and lower opex QoQ.

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RBL Bank’s (RBK) Q1FY21 PAT at Rs 1.4bn was below our estimate as non-interest income fell 30% YoY due to lower credit offtake, a conservative approach and reduced credit card income.

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NIIT Tech (NITEC) reported a poor Q1FY21 performance marked by a 9.8% QoQ USD revenue decline due to weakness in the travel and transportation vertical.

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IndusInd Bank’s (IIB) Q1FY21 PAT of Rs 5.1bn beat our estimate of Rs 3.8bn on better NII growth, stable NIMs and higher treasury gains.

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Hexaware (HEXW) reported a resilient Q2CY20 with a dollar revenue decline of just 1.4% QoQ.

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Tech Mahindra (TECHM) posted a 6.8% QoQ dollar revenue decline and 10bps EBITDA margin expansion, bettering our estimates for Q1FY21.

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Persistent Systems (PSYS) reported a surprisingly strong set of numbers, with Q1 dollar revenue growth at 3.1% QoQ.

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Nippon Life Asset Management (NAM) reported a Rs 250bn sequential increase in Q1FY21 AUM, largely due to the MTM effect.

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Though TCI Express’s (TCIEXP) topline nosedived 65% YoY in Q1FY21 amidst challenging externalities, it posted a remarkable 715bps YoY expansion in gross margin to 35%, underpinning the strength of its asset-light business model.

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Kotak Bank’s (KMB) PAT at Rs 12.4bn declined 8.5% YoY given a 33% drop in fee income and higher Covid-related provisions worth Rs 6.2bn.

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Supreme Industries (SI) reported above-expected revenue of Rs 10.5bn (–27% YoY) in Q1FY21, with a 19% lockdown-led drop in volumes.

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ICICI Bank’s (ICICIBC) Q1FY21 PAT at Rs 26bn was supported by 20% YoY growth in NII and strong core operating profits (+15% YoY).

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Mphasis (MPHL) reported weak revenue but an operating margin beat in Q1FY21.

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HDFC Asset Management (HDFCAMC) reported a ~Rs 400bn sequential AUM increase in Q1FY21, largely due to the MTM effect.

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Bajaj Auto’s (BJAUT) Q1FY21 EBITDA margin disappointed, coming in at 13.3% vs. ~17% expected, despite better gross margins.

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Alembic Pharma (ALPM) reported another strong quarter with a 36% EBITDA beat.

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Minda Corp (MDA) is a leading manufacturer of auto components with a diverse product slate.

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Bajaj Finance (BAF) reported 7% YoY AUM growth in Q1FY21.

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Axis Bank’s (AXSB) Q1FY21 PAT declined 19% YoY to Rs 11bn owing to weak fee income (–38% YoY/–44% QoQ) and accounting policy changes (~Rs 5bn hit).

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The renewed lockdown in V-Mart Retail’s (VMART) key markets of Bihar and UP (56% of total stores) will retard demand recovery.

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Mahindra & Mahindra Financial Services (MMFS) reported strong 120% YoY growth in Q1FY21 PAT to Rs 1.5bn due to robust opex control and spread expansion.

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HDFC Bank’s (HDFCB) Q1FY21 PAT at ~Rs 67bn was driven by 18% YoY growth in NII and a decline in operating expenses.

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HCL Tech (HCLT) reported a sharp 7.2% QoQ CC topline decline but resilient EBIT margins of 20.5% in Q1FY21.

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L&T Infotech’s (LTI) Q1FY21 revenue was in line with estimates, with a 4.7% QoQ CC decline due to a drop in the manufacturing and energy/utilities verticals.

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Infosys (INFO) posted the strongest set of results yet versus peers in Q1FY21, outperforming our revenue and margin estimates.

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Chairman Mukesh Ambani in his 43rd AGM speech expounded on his vision of expanding lateral offerings across business verticals.

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Federal Bank’s (FB) Q1FY21 PAT at Rs 4bn was driven by 12% YoY growth in NII and lower operating expenses.

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We present key takeaways from our recent interaction with the management of Greenply Industries (GIL).

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Despite a sharp US dollar revenue decline of 7.3% QoQ, Wipro (WPRO) delivered a strong Q1 operational performance with EBIT margins rising 150bps QoQ.

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Mindtree (MTCL) reported an operational beat in Q1FY21 led by above-expected margins.

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Reliance Industries’ (RIL) diversification edge has shone during the pandemic as it grapples with a difficult environment for its cyclical and retail businesses, while enhancing RJio’s earnings outlook (across verticals).

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TCS’s Q1FY21 performance was a mixed bag with a miss on operating performance but healthy deal wins.

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Key takeaways from our recent interaction with the management of Finolex Industries (FNXP): (1) FNXP witnessed healthy demand for agricultural pipes in May and June following easing of the nationwide lockdown.

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eClerx (ECLX) has announced a buyback worth Rs 1.09bn through the tender offer route at a maximum price of Rs 550/sh (16.7% premium over the last closing price before the board meeting intimation) – this translates into 1.99mn shares or ~5.5% of total paid-up equity shares.

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Allcargo Logistics’ (AGLL) Q4FY20 consolidated revenue grew at a steady 8% YoY led by the MTO segment (+10%).

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Axis Bank’s (AXSB) board today approved a proposal to raise funds not exceeding Rs 150bn – this is equivalent to 12.5% of current market capital and 17.6% of Mar’20 net worth.

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Cera Sanitaryware (CRS) reported below-expected Q4FY20 results as the lockdown derailed standalone revenue growth (–29% YoY).

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ONGC posted a surprising Q4 loss of Rs 31bn (Rs 66bn on consolidated basis) owing to impairment charges derived from low oil price expectations.

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Mayur Uniquoters’ (MUNI) Q4FY20 standalone revenue increased 13% YoY, aided by 58% growth in exports.

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Petronet LNG’s (PLNG) Q4FY20 EBITDA underperformed at Rs 7bn (+11% YoY) due to ~Rs 3bn in one-offs and low volumes (219tbtu, +7% YoY).

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Century Plyboards’ (CPBI) standalone Q4FY20 revenue growth disappointed with a 10% YoY drop, marked by 14% declines in the plywood/laminate segments.

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Oil India’s (OINL) Q4FY20 earnings at Rs 9.2bn were boosted by one-off tax writebacks and refunds.

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Greenply Industries’ (GIL) consolidated Q4FY20 revenue declined 12% YoY, with India sales dropping 13.6% (volumes down 14.6%) due to the lockdown, whereas Gabon subsidiary revenue was flat YoY.

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India’s forex reserves declined by US$ 2.1bn to US$ 505.6bn for the week ending 19 Jun 2020.

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We discussed consumptions trends in the wake of Covid-19 with the management of V-Mart Retail (VMART).

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Kajaria Ceramics (KJC) posted a below-expected Q4FY20 with revenue down 20% YoY as tile volumes fell 19%.

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Somany Ceramics (SOMC) reported a dull Q4FY20 as consolidated revenue contracted 31% YoY to Rs 3.6bn, with tile volumes down 28% YoY.

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Container Corp’s (CCRI) Q4 topline plunged 10% YoY as volumes/realisation fell 4%/7%.

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AL’s Q4FY20 performance was lacklustre despite the boost to blended average realisations from BS-VI price upgrades.

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IOCL reported a loss in Q4 due to an inventory hit of Rs 184bn and a Rs 27bn exchange loss.

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GAIL’s Q4FY20 PAT was well above estimates at Rs 29bn (+266% YoY).

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Canara Bank (CBK) reported a Rs 32.6bn loss as the bank consciously made higher wage and NPA-related provisions due to amalgamation.

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Finolex Industries’ (FNXP) Q4 revenue declined 21% YoY, with a 23%/22% drop in PVC pipe/resin volumes due to the lockdown.

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Info Edge (INFOE) posted muted YoY revenue growth of 10% in Q4FY20, the lowest in the last 12 quarters.

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VRL Logistics’ (VRLL) Q4FY20 print was weak.

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Greenpanel Industries’ (GREENP) Q4FY20 consolidated revenue grew 36% YoY aided by a 23%/40% increase in the plywood/MDF segments.

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Pidilite Industries’ (PIDI) consolidated Q4FY20 revenue declined 6% YoY as volumes slipped 3% in the domestic consumer & bazaar (CBP) segment.

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Indraprastha Gas’ (IGL) Q4FY20 EBITDA was in line at Rs 3.8bn (+13.7% YoY).

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Muthoot Finance’s (MUTH) gold AUM increased 22% YoY to Rs 416bn in Q4FY20 due to robust gold loan demand.

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HPCL’s Q4FY20 PAT was battered by Rs 41bn in inventory losses.

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Sun Pharma (SUNP) and Hikma today entered into an exclusive licensing and distribution agreement for Ilumya for the MENA region.

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Eicher Motors (EIM) reported in-line Q4FY20 revenue but disappointing operating margins at 20.8%, the lowest in the last eight quarters.

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Mahanagar Gas’s (MAHGL) Q4FY20 PAT underperformed at Rs 1.7bn (+25% YoY).

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DCB Bank’s (DCBB) board today passed a resolution to raise equity capital of up to Rs 5bn.

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Hero MotoCorp (HMCL) posted an operationally weak Q4FY20 performance led by poor gross margins and one-off dealer support via discounts.

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eClerx’s (ECLX) Q4FY20 dollar revenue declined by a sharp 7.9% QoQ owing to onsite revenue contraction of 15%.

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Gujarat State Petronet’s (GUJS) Q4FY20 EBITDA underperformed estimates at Rs 3.6bn (+8% YoY) due to higher expenses.

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PI Industries’ (PI) Q4FY20 results were disrupted by Covid-19 but we expect gradual recovery.

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Divi’s Labs (DIVI) saw a steep 19% EBITDA miss as high gross margins (+200bps QoQ) were negated by staff/SGA cost, leading to subpar Q4 operating margins.

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IOCL announced that domestic petroleum product demand improved in May as staggered easing of the lockdown stemmed the decline in consumption to 30% YoY (from 46% YoY in April).

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SBIN’s Q4 PAT at Rs 36bn disappointed on weak NII growth and high provisions.

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Alkem Labs reported in-line Q4 EBITDA; margins were a tad miss at 14.8% as the negative gross margin was offset by lower staff cost.

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Gujarat Gas’ (GUJGA) Q4FY20 earnings beat estimates, surging 115% YoY to Rs 2.5bn.

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Transport Corp’s (TRPC) Q4FY20 consolidated revenue/EBITDA declined 10%/ 26% YoY, in line with our estimates.

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Revenue/EBITDA beat estimates by 2%/9% led by strong sales (ex-US) and gross margin expansion.

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Lupin (LPC) and partner Mylan have secured centralised marketing approval for Nepexto (biosimilar Etanercept) for European markets.

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BPCL reported a Q4FY20 EBITDA loss of Rs 6.2bn owing to inventory/forex losses of Rs 49bn/Rs 121bn.

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V-Mart Retail (VMART) reported a below-expected Q4FY20 as revenue declined 3% YoY to Rs3.3bn and SSSg nosedived 18% due to the lockdown.

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Lupin’s (LPC) EBITDA was in line at Rs 5.3bn (+22% QoQ) despite a slight miss on sales.

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TVS Motor’s (TVSL) adj. Q4 EBITDA beat estimates by ~20% led by a healthy jump in ASP and impressive opex control.

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Federal Bank’s (FB) Q4 PAT declined 21% YoY to Rs 3bn given higher credit-, Covid- and wage-related provisions, partly cushioned by treasury gains.

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Sun Pharma (SUNP) posted a 6% EBITDA miss on in-line sales, driven by higher staff cost (+7% QoQ), lower gross margins (–115bps QoQ) and lower R&D cost (6.4% of sales).

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Astral Poly Technik’s (ASTRA) Q4FY20 performance was disappointing, with consolidated revenue dropping 19% YoY and pipe volumes down 13%.

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DCB Bank’s (DCBB) Q4FY20 PAT at Rs 0.7bn declined 29% YoY on slower NII growth (8%) and a spike in provisions.

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IDFC First Bank’s (IDFCFB) Q4FY20 PAT at Rs 715mn was driven by 40% YoY growth in NII.

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UPL’s Q4 EBITDA was below our estimate at Rs 19bn as stronger revenue growth was offset by gross margin pressure and higher forex loss.

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Supreme Industries (SI) reported below-estimated Q4FY20 revenues (–7% YoY) due to a 9% lockdown-led volume decline.

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Mahindra Logistics’ (MLL) Q4FY20 print was weak on account of the national lockdown and auto industry slowdown.

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Bajaj Auto’s (BJAUT) Q4 operating performance was well ahead of estimates.

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L&T Infotech (LTI) reported 4.7% QoQ CC revenue growth in Q4FY20, well ahead of estimates.

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Ajanta Pharma (AJP) posted strong Q4 revenue/EBITDA growth of 32%/31% YoY to Rs 6.8bn/Rs 1.7bn.

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Q4 EBITDA of Rs 9.4bn (–8% QoQ) was a miss despite a strong beat in the US and Europe, cost control, and net forex benefits.

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Cipla reported in-line revenue but a 14% EBITDA miss in Q4.

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Nippon Life Asset Management (NAM) reported a Rs 360bn sequential AUM decline in Q4FY20, largely due to the mark-to-market effect.

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Manappuram Finance’s (MGFL) gold AUM surged 31% YoY to Rs 170bn in Q4FY20.

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Mphasis (MPHL) reported a satisfactory Q4 on the back of (1) 1.5% QoQ/11.1% YoY CC revenue growth, (2) stable 16.3% EBIT margins, and (3) healthy deal wins.

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Maruti’s (MSIL) Q4FY20 operating performance missed estimates due to a sequential dip in ASP and negative operating leverage.

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Kotak Bank’s (KMB) Q4FY20 PAT at Rs 12.7bn (–10% YoY) missed estimates as the bank made Covid-related general provisions of Rs 6.5bn.

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TCI Express (TCIEXP) reported a weak Q4FY20 as the economic lockdown since mid-March disrupted operations.

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HDFC Asset Management (HDFCAMC) reported a ~Rs 500bn sequential AUM decline in Q4FY20, largely due to the mark-to-market effect.

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ICICI Bank’s (ICICIBC) Q4FY20 PAT at Rs 12bn (+26% YoY) missed estimates as the bank made Covid-related provisions of Rs 27bn.

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Dr Reddy's Labs (DRRD) announced that it has received an EIR (establishment inspection report) from the USFDA for its Srikakulam (CTO-VI) API facility.

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Reliance Industries' (RIL) deleveraging initiatives have accelerated in the last three weeks, with ~Rs 610bn raised from a ~13.5% stake sale in RJio.

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HCL Tech (HCLT) ended FY20 on a strong note with 0.8% QoQ CC and 13.4% YoY CC topline growth and five-year-high EBIT margins of 20.9% in Q4FY20.

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RBL Bank’s (RBK) Q4FY20 PAT at Rs 1.1bn (–54% YoY) was ahead of estimates due to an NII beat.

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Persistent Systems (PSYS) reported a weak Q4FY20 as revenue declined 1.8% QoQ to US$ 127mn due to a 24% drop in IP revenue.

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NIIT Tech (NITEC) reported a strong Q4FY20 with 3% QoQ CC revenue growth and resilient operating margins.

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Key highlights from Reliance Industries’ (RIL) Q4FY20 results.

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Tech Mahindra (TECHM) posted a 4.3% QoQ dollar revenue decline and 200bps EBITDA margin contraction to round off a disappointing Q4FY20 performance.

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Laurus Labs reported a strong operational beat of 8%/20%/41% on sales/EBITDA/ PBT in Q4.

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Challenged related to Covid-19 marred Hexaware’s (HEXW) Q1CY20 operating performance (revenue down 1.1% QoQ CC) and are expected to worsen in Q2, making for a gloomy near-term outlook.

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Axis Bank (AXSB) reported a loss of ~Rs 14bn in Q4FY20 as it built added provisions of Rs 35bn towards Covid-19.

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IndusInd Bank’s (IIB) Q4FY20 PAT at Rs 3bn (–16% YoY) was ahead of estimates due to an NII beat.

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Mindtree (MTCL) reported an upbeat Q4 operating performance with 1.9% QoQ CC growth and swift margin recovery.

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Alembic Pharma (ALPM) reported a 31% EBITDA beat in Q4.

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Reliance Industries’ (RIL) deleveraging plans appears back on track with a 9.99% stake sale in RJio to Facebook for US$ 5.8bn (valuing RJio at ~US$ 61bn).

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Kotak Mahindra Bank (KMB) has received board approval to raise ~Rs 75bn in capital which will bolster CAR by ~300bps, reduce promoter stake to 29% and build buffers against contingencies.

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Infosys (INFO) reported a lacklustre Q4FY20 operating performance marked by a miss on both revenue and margins.

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HDFC Bank’s (HDFCB) Q4FY20 PAT at Rs 69bn (+18% YoY) was lower estimates as the bank created Rs 15.5bn Covid-related contingent provisions.

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Covid-19 is likely to have a sharper near-term impact on VRL Logistics (VRLL) vs. logistics peers due to its high operating leverage and focus on the hard-hit trucking space.

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The unprecedented trade slowdown triggered by Covid-19 clouds Container Corp’s (CCRI) near-term prospects and has fuelled a 4% YoY drop in Q4FY20 volumes.

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Despite only a partial impact in the last two weeks of March, Covid-19 fuelled 1.2% QoQ CC revenue contraction at TCS in Q4FY20, missing consensus estimates.

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Wipro (WPRO) reported a subpar Q4FY20 with a miss on both revenue and operating margins.

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Our recent interaction with the Petronet LNG (PLNG) management deepens confidence in our core investment thesis.

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Covid-19 has severely disrupted Transport Corp’s (TRPC) operations across verticals.

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Our recent interaction with the Gujarat Gas (GUJGA) management reinforces our core investment thesis.

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We expect the Covid-19 crisis to disrupt credit growth in FY21 as lenders turn cautious and customers pare discretionary spends.

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We delved into the operating metrics of three large gold financiers – Muthoot Finance (MUTH), Manappuram Finance (MGFL) and Muthoot Fincorp (MFIN) – and found that MUTH has a wider reach and is a better paymaster, aiding higher productivity.

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Aurobindo Pharma (ARBP) announced that the deal to buy Sandoz’s US generic oral solids and dermatology business has been mutually called off.

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Key takeaways from our recent interaction with the ONGC management.

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At Hero MotoCorp’s (HMCL) investor call today, senior management stated that proactive steps have been taken to ensure business continuity.

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IndusInd Bank (IIB) hosted an analyst call to address the implications of Covid-19 on its portfolio.

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The USFDA has classified Sun Pharma's (SUNP) key formulation site Halol under OAI (official action indicated).

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Our recent interaction with the TCI Express (TCIEXP) management indicates severe pressure on near-term operational performance stemming from the Covid-19 outbreak.

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We present key takeaways from our meeting with the management of Cera Sanitaryware (CRS).

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We present key takeaways from our meeting with the Bajaj Finance (BAF) management.

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We explore UPL’s stock potential under three scenarios and find a convincing case for +100%/200% returns in our base/bull case over the next three years.

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We begin coverage on Info Edge (INFOE) with SELL and a Mar’21 TP of Rs 2,080.

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Key takeaways from our recent meeting with the management of Balrampur Chini Mills (BRCM).

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As per a press release on the exchanges, IndusInd Bank (IIB) has received RBI approval to appoint Sumant Kathpalia as MD & CEO for three years beginning 24 March.

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Aurobindo Pharma (ARBP) has received further communication from the USFDA on its Unit IV injectable plant stating that the inspection is still open and under review.

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We visited Hero Moto’s (HMCL) R&D centre and attended its investor meet.

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Key takeaways from our roadshow with the management of Greenply Industries (GIL).

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Aurobindo Pharma (ARBP) has received an establishment inspection report (EIR) from the USFDA for its Unit IV injectable plant, with the observations classified as voluntary action indicated (VAI).

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Key takeaways from our roadshow with the management of Greenpanel Industries (GREENP).

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Ashok Leyland’s (AL) Q3FY20 EBITDA missed estimates by 14% as weak demand and BS-IV inventory de-stocking hurt gross margins.

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Sadbhav Engineering’s (SADE) Q3FY20 standalone revenue plunged 52% YoY as prolonged monsoons and tight liquidity slowed execution.

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KNR Constructions’ (KNRC) Q3FY20 core revenue ex-arbitral awards grew 23% YoY to Rs 5.5bn and core EBITDA margin beat estimates at 22% (+170bps YoY).

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Muthoot Finance’s (MUTH) gold AUM increased 19% YoY to Rs 377bn in Q3FY20 due to better resource mobilisation.

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ONGC’s Q3FY20 earnings underperformed at Rs 41bn (–50% YoY).

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Allcargo Logistics’ (AGLL) Q3FY20 consolidated revenue fell 1% YoY marred by a decline across segments.

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Mayur Uniquoters’ (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).

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BPCL’s Q3FY20 EBITDA at Rs 27bn (up 3.6x YoY) outperformed estimates on higher GRMs (US$ 2.2/bbl ex-inventory).

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Gujarat State Petronet’s (GUJS) Q3FY20 EBITDA underperformed estimates at Rs 3.8bn (+7.6% YoY) due to lower volumes (37mmscmd, –5.7% QoQ).

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Finolex Industries’ (FNXP) revenue declined 8% YoY, with an 11% drop in PVC pipe and resin volumes.

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Astral Poly Technik’s (ASTRA) Q3FY20 consolidated revenue grew 5.4% YoY, aided by pipe segment volume growth of 15% (~6.5% ex-Rex).

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Greenply Industries’ (GIL) consolidated Q3FY20 revenue slipped 1% YoY, coming in below estimates.

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Hampered by the prolonged monsoons and delayed AD in HAM projects, Ashoka Buildcon’s (ASBL) Q3FY20 revenue declined 8% YoY.

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An above-expected furlough impact and challenges at a large secondary-mortgage client marred revenue performance in Q4CY19.

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M&M’s (MM) Q3 EBITDA at Rs 17.9bn (+5% YoY) beat estimates by ~5% on a strong margin uptick led by cost control and a richer auto model mix.

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Petronet LNG’s (PLNG) Q3FY20 EBITDA surged to Rs 11bn (+31% YoY) on account of higher marketing margins on spot LNG.

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Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 2.5% YoY to Rs 4.4bn in Q3FY20, aided by a 4% uptick in tile volumes.

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Oil India’s (OINL) Q3FY20 earnings disappointed at Rs 4bn (–67% YoY).

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Dilip Buildcon’s (DBL) Q3FY20 standalone revenue fell 4% YoY to Rs 23.8bn (Rs 25bn est.) due to the extended monsoon and delayed appointed dates.

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GAIL’s Q3FY20 PAT was in line at Rs 10.2bn (–40% YoY).

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Container Corp’s (CCRI IN) standalone Q3FY20 revenue declined 3% YoY on lower volumes and realisations.

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Kajaria Ceramics (KJC) posted a below-expected Q3FY20 with revenue down 2% YoY due to flat volumes (+0.5% YoY) and lower realisations (–4.1% YoY).

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VRL Logistics’ (VRLL) Q3FY20 revenue grew at a tepid 1% YoY, with the goods/people transport segments growing at +3%/–8% YoY as the macro slowdown continued to take a toll.

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Future Supply Chain (FSCSL) reported yet another weak quarter as standalone Q3FY20 revenue/EBITDA declined 5%/15% YoY (adj. for Ind-AS 116), causing a 59% drop in adj. PAT.

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Mahanagar Gas’s (MAHGL) Q3FY20 PAT was in line at Rs 1.86bn (+25.4% YoY).

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Alkem Labs reported a 24% EBITDA beat in Q3 driven by better gross margins (product mix, soft RM prices).

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Mphasis (MPHL) reported a beat on both revenue and margins in Q3FY20.

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Aurobindo’s (ARBP) operating results were in line, with above-expected US sales of US$ 418mn (volume-led) but subdued gross margins at 56.5% (down 120bps QoQ) due to a higher ARV mix.

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Hero Moto (HMCL) posted an operational beat in Q3FY20 led by healthy gross margins.

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Eicher Motors’ (EIM) consolidated Q3FY20 EBITDA at Rs 5.9bn (–14% YoY) was in line with estimates.

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Sun Pharma (SUNP) reported a 6% EBITDA miss, largely driven by higher other expense (up 8% QoQ) and despite better gross margins (up 110bps QoQ) & lower R&D (6.4% of sales).

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PNC Infratech’s (PNCL) Q3FY20 revenue grew 68% YoY.

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Lupin (LPC) reported a 40% miss on Q3 EBITDA while one-offs dented PAT (incl. US$ 222mn Gavis impairment).

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Greenpanel Industries’ (GREENP) Q3FY20 consolidated revenue grew 46% YoY aided by an 85%/37% increase in the plywood/MDF segments.

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Indraprastha Gas’ (IGL) Q3FY20 EBITDA was in line at Rs 3.9bn (+23% YoY, Rs 6.4/scm).

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V-Mart Retail (VMART) reported below-expected Q3FY20 revenue growth of 21% YoY to Rs 5.6bn, with SSSg of 1%.

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Cera Sanitaryware (CRS) reported a dull Q3FY20 with standalone revenue growth of 1% YoY to Rs 3.2bn, as the sanitaryware segment declined ~11%.

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Gujarat Gas (GUJGA) reported Q3FY20 earnings above estimates at Rs 1.96bn (+26% YoY).

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Divi’s Labs (DIVI) reported a Q3FY20 revenue/EBITDA miss of 8-10% as multiple regulatory inspections restricted full production.

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HPCL’s Q3FY20 PAT was below estimates due to subdued marketing business earnings of Rs 22bn (+12% YoY ex-inventory).

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Mahindra Logistics’ (MLL) Q3FY20 consolidated revenue/EBITDA declined 7%/20% YoY (adj. for Ind-AS 116), marginally below estimates.

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Cipla’s adj. EBITDA missed estimates by 3% due to lower gross margins which saw a 120bps one-off impact.

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TVS Motor’s (TVSL) Q3 EBITDA beat estimates by ~11% led by resilient margins at 8.8% (+70bps YoY, flat QoQ), despite a sharp 17% YoY drop in volumes.

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Century Plyboards’ (CPBI) standalone Q3FY20 revenue growth was in line with estimates at 2.9% YoY, aided by 9.5% growth in the MDF segment.

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Tech Mahindra’s (TECHM) swift ramp-up of the AT&T deal aided a Q3 revenue beat (up 4.3% QoQ CC to US$ 1.4bn vs. 3% estimated).

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State Bank of India’s (SBIN) Q3FY20 PAT at Rs 56bn was driven by strong NII growth and lower provisions, but a one-time DTA charge shaved Rs 13bn off earnings.

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IOCL’s Q3FY20 EBITDA at Rs 66bn (+84% YoY) was well above estimates.

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Laurus Labs reported a consecutive beat with best-ever Q3 EBITDA, led by strong operating leverage in formulations and higher gross margins.

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JLR’s Q3 EBIT margin at 3.3% was below estimates largely due to forex headwinds.

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A mix of favourable yet transient dynamics saw eClerx (ECLX) staging a surprising operational beat in Q3FY20 (revenue up 3% QoQ, EBIT margin up 590bps).

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Bajaj Auto’s (BJAUT) Q3 EBITDA rose 18% YoY led by 17.9% margins (seven-quarter high) and beat estimates by ~10%.

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Pidilite Industries (PIDI) reported below-expected Q3FY20 consolidated revenue growth of 4% YoY – CBP volumes grew just 2% while industrial volumes rose 13% YoY.

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Transport Corp’s (TRPC) consolidated Q3FY20 revenue (–0.6% YoY) was a miss due to lower SCS (–6.8%) and seaways (–1.3%) revenue, while freight grew at a decent clip (+4.5%).

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KMB has received in-principle approval from RBI to cap its promoters' voting rights in the bank from ~30% currently to 20% of paid-up voting equity share capital (PUVESC) until Mar'20, and thereafter reduce this to 15%.

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NIIT Tech’s (NITEC) Q3FY20 performance was mixed with a miss on operating margins (–20bps QoQ to 18.1%) but healthy deal wins.

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Bajaj Finance (BAF) reported healthy 35% YoY growth in AUM in Q3FY20.

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HG Infra’s (HGIEL) Q3FY20 earnings (+18% YoY) were below estimates due to softer revenue and higher interest cost and taxes.

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Manappuram Finance’s (MGFL) gold AUM surged 30% YoY to Rs 162bn in Q3FY20.

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Maruti’s (MSIL) Q3FY20 operating performance missed estimates, largely due to the exaggerated impact of discounts and higher fixed cost appropriation.

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TCI Express (TCIEXP) reported an in-line operating performance in Q3FY20 as solid gross margin expansion (+310bps YoY) compensated for muted topline growth (+2%).

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Strong cost control and operating leverage led to a Q3 EBITDA beat of 5%.

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ICICI Bank’s (ICICIBC) Q3FY20 PAT at Rs 41bn was driven by 24% YoY growth in NII and lower provisions.

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Supreme Industries (SI) reported below-estimated Q3FY20 revenue (–2.6% YoY) owing to flat volumes.

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We initiate coverage on Bajaj Finance (BAF) with BUY and a Mar’21 TP of Rs 5,000.

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Axis Bank’s (AXSB) Q3FY20 PAT at ~Rs 18bn missed estimates due to above-expected provisions.

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Alembic Pharma (ALPM) reported a 15% EBITDA beat in Q3 driven by a sales beat and stable opex despite an additional expense hit from Aleor-Derma unit commercialisation.

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Kotak Mahindra Bank’s (KMB) Q3FY20 PAT at Rs 16bn was below estimates due to weak NII growth and high provisions.

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Key highlights from Reliance Industries’ (RIL) Q3 financials: (a) Cyclicals under-performed on low GRMs (US$9.2/bbl, Vs US$10.7 ests); and tepid petchem margins (US$100/MT EBITDA, -23% QoQ)); (b) higher than expected earnings from retail – Rs27 bn (+62% YoY, 6% margins) and (c) lower than estimates earnings from RJIO – Rs58 bn (+9.6% YoY).

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HDFC Bank’s (HDFCB) Q3FY20 PAT at Rs 74bn (+33% YoY) was ahead of our estimates largely due to strong non-interest income.

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HCL Tech (HCLT) reported an above-expected operating performance in Q3FY20, supported by a modest beat on both revenue and margins.

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TCS reported a mixed Q3FY20 as revenue missed the mark for the third quarter in a row but EBIT margins staged a strong beat.

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Our interactions with dealers and industry participants suggest that demand for MDF remains strong.

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L&T Infotech (LTI) reported 8.3% QoQ CC revenue growth in Q3FY20, well ahead of estimates.

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Wipro (WPRO) reported an in-line operating performance in Q3FY20 with 1.8% QoQ CC revenue growth and 18.4% IT services EBIT margins.

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Mindtree’s (MTCL) Q3FY20 operating performance was buoyed by operating margin beat as revenue fell short on expectations.

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IndusInd Bank’s (IIB) Q3FY20 PAT grew 33% YoY to Rs 13bn, largely due to 34% YoY growth in NII and 5bps QoQ NIM expansion to 4.15%.

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Infosys (INFO)’s Q3FY20 operating performance fell tad short on expectations led by operating margin miss (EBIT margins at 21.9% V/s our est. of 22.4%).

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In this report, we present key highlights from our recent meeting with Reliance Industries (RIL).

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Our interaction with the Gujarat State Petronet (GSPL) management reinforces our core investment thesis.

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At our recent meeting, GUJGA’s management assured robust outlook on volumes driven by (a) implementation of anti-pollution measures by the state government (new CNG state buses), and (b) relatively low LNG prices.

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We visited HG Infra’s (HGIEL) Gurgaon-Sohna NHAI HAM project site and also met CMD Harendra Singh.

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We recently hosted investor meetings with the Cera Sanitaryware (CRS) management.

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We hosted the senior management of Transport Corp of India (TRPC) for investor meetings.

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We attended Tech Mahindra’s (TECHM) recent analyst meet and present the key takeaways.

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Allcargo Logistics (AGLL) recently announced the acquisition of a 45% controlling stake in Gati (GTIC) for ~Rs 4.2bn (13.6x TTM H1FY20 EV/EBITDA).

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L&T Infotech’s (LTI) analyst meet reassured us that its strong sales engine and efficient delivery will continue to drive profitable growth.

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Alembic Pharma (ALPM) has underperformed the midcap and Sensex indices since 2015 due to subdued earnings. This cycle should reverse in the next 3-4 years.

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Kotak Mahindra Bank (KMB) has forged a powerful banking franchise backed by a formidable liability profile.

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We recently hosted the management of Laurus Labs with investors. Overall, we found management's tone confident yet realistic.

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We initiate coverage on VRL Logistics (VRLL) with BUY and a Mar’21 TP of Rs 330, set at 22x FY22E P/E.

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We attended Greenply Industries’ (GIL) analyst meet.

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Sadbhav Engineering’s (SADE) Q2FY20 revenue missed estimates, dropping 18% YoY as the heavy monsoons hindered execution at key EPC projects and as AD award was delayed for newer contracts.

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PNC Infratech’s (PNCL) Q2FY20 core revenue ex-arbitral awards grew 92% YoY.

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KNR Constructions’ (KNRC) Q2FY20 core revenue ex-arbitral awards grew 26% YoY and core EBITDA margin beat estimates at 20.6% (+60bps YoY).

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Ashoka Buildcon’s (ASBL) Q2FY20 execution remained muted due to the extended monsoons, with revenue growth at 7.6% YoY.

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Mphasis’ (MPHL) Q2FY20 revenue at US$ 306mn met estimates, marked by strong traction in the direct channel business.

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Dilip Buildcon’s (DBL) Q2FY20 standalone revenue was in line at Rs 18.1bn (+11% YoY), but PAT (–31% YoY) missed estimates on higher depreciation and taxes.

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ONGC’s Q2FY20 earnings outperformed at Rs 62.6bn (–24% YoY).

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Pidilite Industries (PIDI) reported below-expected consolidated Q2FY20 revenue growth of 2.8% YoY as CBP volumes dipped 0.9%, offsetting industrial volume growth of 12.6%.

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Cera Sanitaryware (CRS) reported tepid Q2FY20 standalone revenue of Rs 3.3bn (–1.1% YoY), with the sanitaryware segment contracting 9% YoY.

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Muthoot Finance’s (MUTH) gold AUM increased 11% YoY to Rs 357bn in Q2FY20, the slowest growth in the last five quarters as the company calibrated LTV to 68%.

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Mayur Uniquoters’ (MUNI) Q2FY20 standalone revenue declined 16% YoY amid a continued slowdown in user industries (footwear, auto) where volumes dropped 20% YoY.

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Finolex Industries (FNXP) reported above-expected Q2FY20 revenue growth of 6.3% YoY, aided by a 6% increase in PVC pipe volumes while PVC resins declined 4.7%.

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Sequential improvement in US sales to US$ 405mn and stable gross margins led to a modest beat overall in Q2.

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Mahanagar Gas’s (MAHGL) Q2FY20 adj. PAT underperformed estimates at Rs 2.1bn (+57% YoY).

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Lupin (LPC) has signed a definitive agreement with financial investor Unison to sell its entire 99.8% stake in Kyowa for an EV of US$ 520mn.

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HG Infra’s (HGIEL) Q2FY20 PAT grew ahead of estimates at 57% YoY, led by gross margin expansion, softer interest cost and a lower tax rate.

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Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 7.9% YoY in Q2FY20 to Rs 4.2bn, aided by a 4.8% uptick in tile volumes.

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Alkem reported an 11% EBITDA beat in Q2 driven by a sales beat and better cost control.

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Allcargo Logistics’ (AGLL) Q2FY20 performance was below our estimates.

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Century Plyboards’ (CPBI) standalone revenue growth for Q2FY20 was in line with estimates at 4.4% YoY, aided by the MDF (+27%) and laminate (+22%) segments.

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Oil India’s (OINL) Q2 FY20 earnings at Rs 6.2bn (-27% YoY) was below estimates.

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Gujarat State Petronet’s (GUJS) Q2FY20 EBITDA outperformed estimates at Rs 4.4bn (–15% YoY), backed by higher margins of Rs 1.2/scm (Rs 1.1/scm estimated).

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GAIL’s Q2FY20 PAT was well below estimates at Rs 10.6bn (–42% YoY).

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Greenply Industries (GIL) reported consolidated Q2FY20 revenue growth of 5% YoY.

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eClerx (ECLX) reported a margin beat for Q2FY20 (EBIT margin at 16.9%), albeit backed largely by marketing cuts, while dollar revenue was a miss (–1.6% QoQ).

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Sun Pharma (SUNP) delivered a 10% EBITDA beat largely driven by lower R&D (6% of sales vs. 8-9% guided).

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Greenpanel Industries (GREENP), the newly demerged entity of Greenply Industries, reported consolidated revenue growth of 44% YoY in Q2FY20 aided by a 53%/40% upswing in the plywood/MDF segments.

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Indraprastha Gas’ (IGL) Q2FY20 EBITDA was above estimates at Rs 3.9bn (+27.5% YoY; Rs 6.5/scm).

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Manappuram Finance’s (MGFL) gold AUM surged 20% YoY to Rs 152bn in Q2FY20, clocking the highest growth rate in the past 11 quarters.

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Core Q2 EBITDA, normalised for licensing income, was a 5% miss at Rs 6bn (flat QoQ).

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Cipla reported a strong quarter with an EBITDA beat of 30%/11% on our/ consensus estimates due to a surprise recovery in India sales (up 29% QoQ), 100bps sequential improvement in core margins, and better growth across EM/ EU/US.

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Transport Corp (TRPC) saw muted consolidated revenue/EBITDA growth of 1%/2% YoY in Q2FY20 as the weak demand climate weighed on segmental performance.

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Tech Mahindra reported better than expected Q2FY20 operating performance led by beat on both revenues and operating margins.

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Mahindra Logistics (MLL) reported below expected performance in Q2FY20, with consolidated revenue/EBITDA (adj. for IND-AS 116) declining 8%/28% YoY.

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Overall Revenue/EBITDA were 13% ahead of our estimates but largely in-line with consensus.

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Gujarat Gas (GUJGA) reported Q2 FY20 earnings below estimates at Rs 2.2bn (Adjusted for Rs 2.9 bn tax write-back; +5.3x YoY).

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TCI Express (TCIEXP) posted in line operating performance in Q2, with revenue/EBITDA growth of 9%13% YoY.

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V-Mart Retail (VMART) reported below-expected revenue growth of 20% YoY to Rs 3.1bn in Q2FY20, with SSSg of 1% (volumes –8%).

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Future Supply Chain’s (FSCSL) Q2FY20 standalone earnings nosedived 64% YoY (ex. Ind-AS 116), dented by lower EBITDA (–13% YoY) and higher depreciation (+61%) & interest costs (+332%).

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Yes Bank (YES) reported a Rs 6bn loss due to a one-time DTA impact of Rs 7.1bn.

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Q2 headline EBITDA of Rs 14bn (Rs 8.5bn est.) had multiple one-time impacts: (1) licensing income of Rs 6.84bn net of cost, (2) sales hit in the US ($10mn-15mn in our view) from Ranitidine recall & logistic issues, and (3) Rs 1bn in SG&A. Adj. EBITDA was a 3% miss.

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Laurus Labs reported its best-ever EBITDA in Q2FY20 with a good topline beat, led by strong operating leverage in the formulation business and gross margin expansion.

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IOCL’s Q2FY20 EBITDA at Rs 36bn (–47% YoY) was well below estimates.

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Container Corp (CCRI) reported an in-line operating performance in Q2FY20.

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Petronet LNG’s (PLNG) Q2FY20 EBITDA surged to Rs 11.6bn (+31% YoY), as volumes rose to 250tbtu (+15% YoY, +11% QoQ).

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Supreme Industries’ (SI) Q2FY20 revenue grew 2.5% YoY (adj. for property sale last year), coming in slightly below estimates despite a healthy 12% YoY rise in volumes.

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Astral Poly Technik’s (ASTRA) consolidated revenue grew 8.5% YoY in Q2FY20, aided by piping segment volume growth of 27% (~17% ex-Rex Poly).

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State Bank of India’s (SBIN) Q2FY20 PAT of Rs 30bn beat consensus estimates due to 17% YoY NII growth.

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HCL Tech (HCLT) reported an above-expected operating performance in Q2FY20 supported by a margin beat (EBIT margin up 290bps QoQ to 20%).

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NIIT Tech (NITEC) reported organic revenue growth of 4.1% QoQ CC and EBITDA margins of 18.3% in Q2FY20, marking a better-than-expected operating performance.

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Hexaware (HEXW) reported in-line dollar revenue growth of 11.7% QoQ and EBIT margins of 13.9% in Q3CY19.

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Kajaria Ceramics (KJC) posted a below-expected Q2FY20 with revenue down 1.5% YoY (volumes +1.1%, realisations –3.5%).

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Reliance Industries’ (RIL) Q2FY20 EBITDA marginally beat estimates at Rs 221bn (+5% YoY, +4% QoQ).

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We hosted a call with Karan Punjabi, Head of Finance at electric scooter manufacturer Ather Energy (Ather).

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L&T Infotech (LTI) did better than expected in Q2FY20, posting 2.4% QoQ CC revenue growth despite client-specific challenges.

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Mindtree’s (MTCL) Q2FY20 operating performance was in line (3.2% QoQ CC revenue growth), with a broad-based uptick across verticals.

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Wipro (WPRO) reported in-line revenue growth of 1.1% QoQ CC, but a surprising beat on operating margins (18.1%, +10bps QoQ vs. –60bps est.) that materialised despite the impact of compensation revision.

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Infosys (INFO) met expectations with 3.3% QoQ CC revenue growth and 21.7% EBIT margins, delivering a better performance than TCS in Q2FY20.

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Cipla has received 12 observation from the USFDA’s inspection of its Goa facility over 16-27 Sep.

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TCS reported a dull Q2FY20 operating performance with both revenues (+1.6% QoQ CC) and EBIT margins (flat at 24%) disappointing for the second straight quarter.

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IndusInd Bank’s (IIB) Q2FY20 PAT grew 52% YoY to Rs 14bn, largely due to 32% YoY growth in NII and 5bps QoQ NIM expansion to 4.1%.

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ARBP’s stock corrected 20% on 7th Oct following 483 details on Unit 7 (oral formulation unit).

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In our recent meeting, Greenply Industries’ (GIL) management outlined the following targets for FY20: (1) India plywood business to grow 8-10% despite a challenging market, (2) India operating margins to expand 100-150bps to 10.5-11%, and (3) Gabon operations to ramp up substantially to ~Rs 2bn in revenues (+60% YoY) with ~18% (+200bps) operating margins.

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We interacted with Mahindra Logistics' (MLL) CEO designate Rampraveen Swaminathan who will assume the role of CEO from Oct 1.

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We hosted an investor call with the Petronet LNG (PLNG) management to discuss its proposed investment in Tellurian Inc's Driftwood LNG project.

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Future Supply Chain (FSCSL) today announced plans to sell a 22% minority stake to Nippon Express, a Japanese logistics company.

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We recently met the management of Cera Sanitaryware (CRS) and present our key key takeaways.

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In a recent meeting, ONGC’s management highlighted (a) its unchanged domestic gas production guidance at ~3mmscmd/year over FY20-FY25, and (b) expectations of sustained long-term growth in OVL production through added stake in the Vankor fields and start-up of the Mozambique project (by 2024-25).

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Our recent meeting with the Petronet LNG (PLNG) management has reinforced our core investment thesis.

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Dilip Buildcon (DBL) has entered into a SPA with Cube Highways (Cube) for 100% stake sale in five under-construction NHAI HAM projects for a pre-tax equity consideration of ~Rs 7bn, against a total equity requirement of Rs 5.7bn.

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We attended a call hosted by the CEO and senior management at Mindtree (MTCL) to discuss the company’s growth strategy post takeover by L&T.

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We recently met the management of Blue Dart Express (BDE) and present the key takeaways in this report.

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KNR Constructions’ (KNRC) Q1FY20 revenue dropped 17% YoY to Rs 4.6bn, >20% under estimates due to deferred AD award.

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Sadbhav Engineering’s (SADE) Q1FY20 revenue underperformed estimates, dropping 8% YoY due to tardy execution of HAM projects and delayed AD award for newer contracts.

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Ashoka Buildcon’s (ASBL) Q1FY20 revenue grew 28% YoY to Rs 8.8bn, below our estimate of Rs 11.8bn due to delayed execution of power T&D/ railways projects.

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Greenply Industries (GIL) reported consolidated Q1FY20 revenue growth of 13%, with India plywood operations growing at 6.2% YoY.

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Indraprastha Gas’ (IGL) Q1FY20 earnings were in line at Rs 2.2bn (+24% YoY).

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PNC Infratech’s (PNCL) Q1FY20 revenue surpassed expectations, scaling a new high of Rs 13.2bn (+86% YoY) fuelled by strong execution.

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Century Plyboards’ (CPBI) standalone revenue growth for Q1FY20 was better than estimates at 6.8% YoY, aided by the MDF (+32%) and laminate (+17%) divisions.

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Container Corp (CCRI) posted a well-rounded performance in FY19.

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ONGC’s Q1FY20 earnings outperformed at Rs 59bn (–4% YoY).

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Q1 EBITDA was in line despite a gross margin miss which was partly set off by low R&D expense (5% of sales vs. 8% guidance).

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HG Infra’s (HGIEL) Q1FY20 revenue grew 17% YoY to Rs 5.3bn but was below estimates due to delayed AD award for the Hapur-Moradabad project.

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Finolex Industries (FNXP) reported above-expected Q1FY20 revenue growth of 14% YoY, aided by 15%/18% higher volumes in PVC resin/PVC pipes.

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BPCL’s Q1FY20 EBITDA at Rs 21.8bn (–44% YoY) outperformed estimates on higher GRMs (US$ 2.8/bbl after US$ 0.8/bbl inventory loss).

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Alkem Labs reported a good Q1FY20 with an 11% EBITDA beat owing to gross margin expansion and better cost control.

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Oil India’s (OINL) Q1 FY20 earnings at Rs 6.3bn (-11% YoY) was above estimates.

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Chairman Mukesh Ambani’s FY19 AGM speech envisages: (a) deleveraging by FY21 through stake sales, (b) enhancing shareholder value, and (c) expanding RJio’s value proposition.

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GAIL’s Q1FY20 PAT/EBITDA surpassed estimates at Rs 13bn/Rs 23bn (+2.2%/flat YoY).

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Mphasis (MPHL), at its analyst meet, highlighted its constant strategic adaption to stay aligned with the changing technology demands of clients.

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Q1FY20 saw a lackluster with a revenue/EBITDA miss of 2%/5% led by continued consumption of high-cost RM and a weak product mix (lower CS contribution at 41%, flat QoQ).

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Mahanagar Gas’s (MAHGL) Q1FY20 PAT was well above estimates at Rs 1.7bn (+20% YoY).

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Allcargo Logistics (AGLL) reported an in-line topline of Rs 18bn, up 12% YoY.

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Tech Mahindra (TECHM) subsidiary Pininfarina (PINF) was a harbinger of growth for the company over the past two years, bringing in 16% of incremental FY19 revenue.

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Hexaware’s (HEXW) operating margins outperformed at 14.6% (+90bps QoQ vs. –30bps est.), taking the Jun’19 quarter ahead of expectations.

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Q1 core EBITDA was in line at Rs 6bn, normalised for a temporary drop in SG&A spends and Ranexa FTF.

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Petronet LNG (PLNG) reported a mixed Q1FY20 due to the new Ind-AS 116 lease standards, which led to higher EBITDA (Rs 10.3bn, +10% YoY) but lower PAT (Rs 5.6bn, –4.5% YoY).

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Q1FY20 revenue/EBITDA beat estimates by 8%/10% spurred by strong US sales at US$ 384mn and 260bps gross margin expansion YoY and QoQ.

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A strong revenue beat (+4.2% QoQ CC vs. +1.8% est.) but below-expected margins rounded off an in-line operating performance from HCL Tech (HCLT) for the Jun’19 quarter.

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HPCL’s Q1FY20 earnings at Rs 8.1bn (–52% YoY) came in below estimates, marred by low GRMs (US$ 0.75/bbl, after US$ 2.6/bbl inventory loss).

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Q1 was subdued and had multiple moving parts: (1) reduction in India GRx business by Rs 2bn, (2) Rs 1.6bn sales deferral in India Rx + EM market, (3) gSensipar sales worth US$40mn, and (4) weak ROW commentary.

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Mayur Uniquoters’ (MUNI) Q1FY20 standalone revenue decreased 9% YoY as a sharp slowdown in footwear and auto sector demand saw volumes drop 9%.

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Pidilite Industries (PIDI) reported in-line consolidated Q1FY20 revenue growth of 10% YoY, aided by a 6% rise in consumer & bazaar (CBP) volumes.

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Dilip Buildcon (DBL) reported below-expected Q1FY20 revenue at Rs 23bn, down 6% YoY, due to execution constraints from delays in award of appointed dates for HAM projects.

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Somany Ceramics (SOMC) reported in-line consolidated revenue growth of 3.9% YoY in Q1FY20 to Rs 3.95bn, as tile volumes grew 8% YoY.

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Q1FY20 operational results were in line despite strong gross margin expansion.

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V-Mart Retail’s (VMART) Q1FY20 revenue growth was in line at 26% YoY, with SSSg of 5.2%.

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eClerx (ECLX) underperformed sharply in the Jun’19 quarter as operating margins continued to sink well below estimates.

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Gujarat State Petronet’s (GUJS) Q1FY20 earnings outperformed estimates at Rs 2.1bn (+43% YoY), bolstered by higher volumes of 38mmscmd (+5% YoY).

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Subdued user industries exacted a heavy toll on Mahindra Logistics’ (MLL) Q1FY20 performance.

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Astral Poly Technik (ASTRA) reported marginally better consolidated revenue growth than expected at 27% YoY in Q1FY20.

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State Bank of India’s (SBIN) Q1FY20 PAT of Rs 23bn was in line with our estimate.

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Cera Sanitaryware (CRS) reported subpar Q1FY20 standalone revenue of Rs 2.7bn, down 4.8% YoY, with the sanitaryware segment declining 12.7%.

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Future Supply Chain (FSCSL) sharply underperformed our Q1FY20 profit estimates.

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ICICI Bank’s (ICICIBC) early delinquency indicators, as disclosed in its 20F filing for FY19, suggest corporate loan stress has been largely dealt with.

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Container Corp (CCRI) reported a healthy operating performance in Q1FY20.

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IOCL’s Q1FY20 EBITDA at Rs 76.6bn (ex-inventory gains) was marginally below estimates.

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The subdued macro climate weighed on TCI Express’ (TCIEXP) Q1FY20 results.

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Tech Mahindra (TECHM) posted a disappointing Q1FY20 as (1) revenue contracted in all verticals except ‘others’, (2) top 5/10/20 client performance flagged, (3) EBIT margins shrank 390bps QoQ, (4) attrition failed to cool off, (5) DSO rose due to high unbilled revenues, and (6) cash generation slumped.

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Axis Bank’s (AXSB) Q1FY20 PAT at Rs 13.7bn fell short of our/consensus estimates on high provisions.

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Gujarat Gas (GUJGA) reported Q1FY20 earnings well above estimates at Rs 2.3bn (+93% YoY, +2x QoQ), backed by strong volumes of 9.15mmscmd (+42% YoY) and expanded EBITDA margins of Rs 5.6/scm (+32% YoY, +29% QoQ).

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We attended Greenlam Industries’ (GRLM) analyst meet and outline management’s outlook on growth across business segments.

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Transport Corp (TRPC) reported a below-estimated operating performance in Q1FY20 amidst challenging macros.

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Q1 reported 18% EBITDA miss impacted by one-offs in gross margins (PSAI & inventory write-offs in US totaling US$20mn, in my view), while adj. EBITDA was in line.

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Supreme Industries (SI) reported below-expected Q1FY20 revenue growth of 6.8% YoY despite a healthy 13.5% rise in volumes.

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Reliance Industries’ (RIL) FY19 Annual Report spells out its vision across its diversified businesses.

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ICICI Bank’s (ICICIBC) Q1FY20 PAT at Rs 19.1bn was above our estimate due to below-expected provisions.

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Mphasis’ (MPHL) Q1FY20 revenue at US$ 297mn met expectations, marked by balanced growth in both direct and DXC/HP channels.

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Persistent Systems (PSYS) reported another quarter of subpar operating performance as both revenue and operating margins missed estimates in Q1FY20.

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We spoke with Y D Murthy, Executive Vice President – Finance, of NCC Ltd (NJCC) for an update on Andhra Pradesh work orders.

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Adjusted for GIS divestment, NIIT Tech (NITEC) reported organic revenue growth of 4% QoQ CC and EBITDA margins of 16.9% in Q1FY20, marking a better-than-expected operating performance.

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Kajaria Ceramics (KJC) posted below-expected Q1FY20 revenue growth of 6.5% YoY, with volumes up 9.6% but realisations down 3.8%.

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Reliance Industries’ (RIL) Q1 FY20 EBITDA marginally beat estimates at Rs 213bn (+3% YoY, +2.3% QoQ)…

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HDFC Bank’s (HDFCB) Q1FY20 PAT at Rs 56bn (+21% YoY) was largely in line with our estimates…

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L&T Infotech (LTI) reported a sedate Q1FY20 with 1% QoQ CC revenue growth and 16% EBIT margins…

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Wipro (WPRO) reported another tepid quarter as a wind-down of large projects in the retail & CPG ver

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Mindtree’s (MTCL) Q1FY20 reported EBIT missed estimates by 46% as both revenue and operating margins

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Yes Bank’s (YES) Q1FY20 PAT at Rs 1.1bn beat our/consensus estimates on higher non-interest income a

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