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Result Update:Apollo HospitalsResult Update:Apollo Hospitals
23 Feb 2017Apollo Hospitals’ Q3FY17 profitability was impacted due to (1) initial set up cost associated with commissioning of its mega facility in Navi Mumbai, (2) demonetization impact (~50% of revenue is in cash), and (3) 25-30 beds non-operational due to security reasons at Chennai Main (flagship hospita..See Full Description
Daily Fundamental View:23 February 2017Daily Fundamental View:23 February 2017
23 Feb 2017
Stocks covered (10)Aurobindo Pharma, Bata India, EID Parry, Equitas Holdings, Federal Bank, Gulf Oil Lubric., Hero Motocorp, J Kumar Infra, Maruti Suzuki, Petronet LNG
Result Update:VedantaResult Update:Vedanta
23 Feb 2017EBITDA at Rs 60 bn (up 110% YoY) was broadly in line with our and Bloomberg consensus estimates. The increase was mainly due to (a) higher Zinc LME price of USD 2,520 (up 55% YoY) and higher zinc volume at Hindustan Zinc at 276 kt (up 21% YoY), (b) aluminum production of 319 kt (up 36% YoY) and 14% ..See Full Description
Result Update:Tata MotorsResult Update:Tata Motors
23 Feb 2017JLR’s EBITDA was a 20% miss. Margin was 10% vs. estimate of 14%. While some cost pressures were higher than expected (Discovery run-down), the heartbreak stemmed from the unfavorable hedge book in the wake of positive currency (GBP depreciation vs. the USD).
Result Update:Sun Pharma.Inds.Result Update:Sun Pharma.Inds.
23 Feb 2017Q3FY17 EBITDA was 4% lower while PAT was 12% below our estimate due to higher tax (17.7%). Gross margin was lower at 71.6% (down 409 bps YoY/ 612 bps QoQ) led by 1) lower gross margin at Taro, 2) Olmesartan AG^ and 3) pricing pressure in US generics (US ex-Taro declined 12% QoQ, in our view).
Result Update:Rural Elec.Corp.Result Update:Rural Elec.Corp.
23 Feb 2017REC’s PAT (Rs 17.5 bn, up 28% YoY) beat expectations on lower provisions (~Rs 1.8 bn of provision reversal from upgrade of a large thermal exposure). Management stated that a few more such upgrades are in the pipeline. GNPA ratio improved ~13 bps QoQ (at 2.3% on 180 dpd) and mgmt. expects it to re..See Full Description
Result Update:Petronet LNGResult Update:Petronet LNG
23 Feb 2017PLNG stated that Gorgon LNG volumes of 1.44 mntpa (currently being received at Dahej terminal) is over-and-above the already fully leased-out volume of 15.75 mntpa. This indicates that utilization of Dahej terminal will be 100%+ even on expanded capacity of 15 mntpa. Higher/de-risked volumes and man..See Full Description
Result Update:Glaxosmit PharmaResult Update:Glaxosmit Pharma
23 Feb 2017Despite a low base, net sales declined 12% with HFD volumes declining 17%. Consumer off-take declined 7% while inventory in trade channel was down 5% YoY. Gross margin declined 110 bps YoY due to RM cost inflation. Cost saving initiatives and 26% lower A&P spend led to 40 bps increase in OPM. PAT de..See Full Description
Result Update:Fortis Health.Result Update:Fortis Health.
23 Feb 2017Q3FY17 consolidated revenue at Rs 11 bn (up 10% YoY) driven by 9% YoY growth in hospital business at Rs 9.2 bn and 11% YoY growth in diagnostics business (SRL) at Rs 2 bn. EBITDA increased to Rs 1.1 bn mainly due to lower service fee (consolidation of FHTL). Consolidated PBT before forex and excepti..See Full Description