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657/657 Reports

  • Result Update:Apollo Hospitals
    Result Update:Apollo Hospitals

    23 Feb 2017

    Apollo 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..
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  • Result Update:Vedanta
    Result Update:Vedanta

    23 Feb 2017

    EBITDA 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% ..
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  • Result Update:Tata Motors
    Result Update:Tata Motors

    23 Feb 2017

    JLR’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 2017

    Q3FY17 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 2017

    REC’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..
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  • Result Update:Petronet LNG
    Result Update:Petronet LNG

    23 Feb 2017

    PLNG 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..
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  • Result Update:Glaxosmit Pharma
    Result Update:Glaxosmit Pharma

    23 Feb 2017

    Despite 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..
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  • Result Update:Fortis Health.
    Result Update:Fortis Health.

    23 Feb 2017

    Q3FY17 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..
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