*Reliance Industries Ltd.* | *CMP* Rs. 2105 | *M Cap* Rs. 1334453 Cr | *52 W H/L* 2375/1746
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 139949 Cr (-6.4% QoQ, 58.6% YoY) vs expectation of Rs. 146946.8 Cr, QoQ Rs. 149575 Cr, YoY Rs. 88253 Cr
EBIDTA came at Rs. 23368 Cr (0.1% QoQ, 38.5% YoY) vs expectation of Rs. 23549.3 Cr, QoQ Rs. 23351 Cr, YoY Rs. 16875 Cr
EBITDA Margin came at 16.7% vs expectation of 16%, QoQ 15.6%, YoY 19.1%
Adj. PAT came at Rs. 13806 Cr vs expectation of Rs. 13040.2 Cr, QoQ Rs. 12430 Cr, YoY Rs. 8267 Cr
Quarter EPS is Rs. 21.8
Share is trading at P/E of 23.7x FY22E EPS
*O2C* EBITDA came at Rs 12231cr vs qoq Rs 11407cr yoy Rs 8166cr
*Retail* Sales grew by 21.9% yoy and *EBITDA Margin* came at 5.8% vs qoq 8.8% yoy 3.8%
*Digital*
*Digital Consol Revenue* came at Rs. 23403 Cr (9.8% YoY, 3.4% QoQ)
*Jio*
*Jio Revenue* came at Rs. 18952 Cr (9.8% YoY, 3.7% QoQ)
*Jio EBITDA* came at Rs. 8892 Cr (21.3% YoY, 3.7% QoQ)
*EBITDA Margins* were 46.9%, YoY 46.9%, QoQ 42.5%
*Jio* ARPU came at Rs. 138.4 vs QoQ Rs138.2, up 0.1% QoQ
*Subscriber Base* increased by 3.4% QoQ
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 139949 Cr (-6.4% QoQ, 58.6% YoY) vs expectation of Rs. 146946.8 Cr, QoQ Rs. 149575 Cr, YoY Rs. 88253 Cr
EBIDTA came at Rs. 23368 Cr (0.1% QoQ, 38.5% YoY) vs expectation of Rs. 23549.3 Cr, QoQ Rs. 23351 Cr, YoY Rs. 16875 Cr
EBITDA Margin came at 16.7% vs expectation of 16%, QoQ 15.6%, YoY 19.1%
Adj. PAT came at Rs. 13806 Cr vs expectation of Rs. 13040.2 Cr, QoQ Rs. 12430 Cr, YoY Rs. 8267 Cr
Quarter EPS is Rs. 21.8
Share is trading at P/E of 23.7x FY22E EPS
*O2C* EBITDA came at Rs 12231cr vs qoq Rs 11407cr yoy Rs 8166cr
*Retail* Sales grew by 21.9% yoy and *EBITDA Margin* came at 5.8% vs qoq 8.8% yoy 3.8%
*Digital*
*Digital Consol Revenue* came at Rs. 23403 Cr (9.8% YoY, 3.4% QoQ)
*Jio*
*Jio Revenue* came at Rs. 18952 Cr (9.8% YoY, 3.7% QoQ)
*Jio EBITDA* came at Rs. 8892 Cr (21.3% YoY, 3.7% QoQ)
*EBITDA Margins* were 46.9%, YoY 46.9%, QoQ 42.5%
*Jio* ARPU came at Rs. 138.4 vs QoQ Rs138.2, up 0.1% QoQ
*Subscriber Base* increased by 3.4% QoQ
*Jubilant Pharmova Ltd.* | *CMP* Rs. 697 | *M Cap* Rs. 11096 Cr | *52 W H/L* 697/0
(Nirmal Bang Retail Research)
*Result is inline with expectations*
Revenue from Operations came at Rs. 1634.7 Cr (3.5% QoQ, 41.4% YoY) vs expectation of Rs. 1715.2 Cr, QoQ Rs. 1579.8 Cr, YoY Rs. 1156.1 Cr
EBIDTA came at Rs. 375.2 Cr (0.2% QoQ, 109.3% YoY) vs expectation of Rs. 381.7 Cr, QoQ Rs. 374.6 Cr, YoY Rs. 179.3 Cr
EBITDA Margin came at 23% vs expectation of 22.3%, QoQ 23.7%, YoY 15.5%
Adj. PAT came at Rs. 160.5 Cr vs expectation of Rs. 227.5 Cr, QoQ Rs. 183 Cr, YoY Rs. 35.4 Cr
Quarter EPS is Rs. 10.1
Share is trading at P/E of 12.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result is inline with expectations*
Revenue from Operations came at Rs. 1634.7 Cr (3.5% QoQ, 41.4% YoY) vs expectation of Rs. 1715.2 Cr, QoQ Rs. 1579.8 Cr, YoY Rs. 1156.1 Cr
EBIDTA came at Rs. 375.2 Cr (0.2% QoQ, 109.3% YoY) vs expectation of Rs. 381.7 Cr, QoQ Rs. 374.6 Cr, YoY Rs. 179.3 Cr
EBITDA Margin came at 23% vs expectation of 22.3%, QoQ 23.7%, YoY 15.5%
Adj. PAT came at Rs. 160.5 Cr vs expectation of Rs. 227.5 Cr, QoQ Rs. 183 Cr, YoY Rs. 35.4 Cr
Quarter EPS is Rs. 10.1
Share is trading at P/E of 12.8x FY22E EPS
*Ambuja Cements Ltd. - S* | *CMP* Rs. 402 | *M Cap* Rs. 79873 Cr | *52 W H/L* 410/197
(Nirmal Bang Retail Research)
*Result is above expectation*
Revenue from Operations came at Rs. 3371.2 Cr (-6.9% QoQ, 54.9% YoY) vs expectation of Rs. 3099.2 Cr, QoQ Rs. 3621.4 Cr, YoY Rs. 2176.8 Cr
Volume came at 6.42 mnt down by 10% QoQ but up by 53% YoY
Realisation/T grew by 4% QoQ and flattish YoY at Rs 5251 Cr.
EBIDTA came at Rs. 959.7 Cr (-1.8% QoQ, 61.2% YoY) vs expectation of Rs. 778.1 Cr, QoQ Rs. 976.8 Cr, YoY Rs. 595.2 Cr
EBITDA Margin came at 28.5% vs expectation of 25.1%, QoQ 27%, YoY 27.3%
EBITDA/T came at Rs 1495 Cr up by 10% QoQ and 5% YoY.
Adj. PAT came at Rs. 723.1 Cr vs expectation of Rs. 567.2 Cr, QoQ Rs. 664.6 Cr, YoY Rs. 453.4 Cr
Quarter EPS is Rs. 3.6
Share is trading at EV/EBITDA of 19.82x FY23E EBITDA
(Nirmal Bang Retail Research)
*Result is above expectation*
Revenue from Operations came at Rs. 3371.2 Cr (-6.9% QoQ, 54.9% YoY) vs expectation of Rs. 3099.2 Cr, QoQ Rs. 3621.4 Cr, YoY Rs. 2176.8 Cr
Volume came at 6.42 mnt down by 10% QoQ but up by 53% YoY
Realisation/T grew by 4% QoQ and flattish YoY at Rs 5251 Cr.
EBIDTA came at Rs. 959.7 Cr (-1.8% QoQ, 61.2% YoY) vs expectation of Rs. 778.1 Cr, QoQ Rs. 976.8 Cr, YoY Rs. 595.2 Cr
EBITDA Margin came at 28.5% vs expectation of 25.1%, QoQ 27%, YoY 27.3%
EBITDA/T came at Rs 1495 Cr up by 10% QoQ and 5% YoY.
Adj. PAT came at Rs. 723.1 Cr vs expectation of Rs. 567.2 Cr, QoQ Rs. 664.6 Cr, YoY Rs. 453.4 Cr
Quarter EPS is Rs. 3.6
Share is trading at EV/EBITDA of 19.82x FY23E EBITDA
*United Spirits Ltd.* | *CMP* Rs. 683 | *M Cap* Rs. 49629 Cr | *52 W H/L* 684/494
(Nirmal Bang Retail Research)
Volumes came at 61% vs expectation of 53.2%, QoQ 0.6%, YoY -20%
*Result Inline with Expectation*
Revenue from Operations came at Rs. 1615.1 Cr (-27.4% QoQ, 56.8% YoY) vs expectation of Rs. 1642.5 Cr, QoQ Rs. 2224.4 Cr, YoY Rs. 1030.2 Cr
EBIDTA came at Rs. 167.7 Cr (-59.3% QoQ, -316.1% YoY) vs expectation of Rs. 162.5 Cr, QoQ Rs. 411.8 Cr, YoY Rs. -77.6 Cr
EBITDA Margin came at 10.4% vs expectation of 9.9%, QoQ 18.5%, YoY -7.5%
Adj. PAT came at Rs. 105.5 Cr vs expectation of Rs. 62.9 Cr, QoQ Rs. 243.7 Cr, YoY Rs. -140.3 Cr
Quarter EPS is Rs. 1.5
Share is trading at P/E of 56.4x FY22E EPS
(Nirmal Bang Retail Research)
Volumes came at 61% vs expectation of 53.2%, QoQ 0.6%, YoY -20%
*Result Inline with Expectation*
Revenue from Operations came at Rs. 1615.1 Cr (-27.4% QoQ, 56.8% YoY) vs expectation of Rs. 1642.5 Cr, QoQ Rs. 2224.4 Cr, YoY Rs. 1030.2 Cr
EBIDTA came at Rs. 167.7 Cr (-59.3% QoQ, -316.1% YoY) vs expectation of Rs. 162.5 Cr, QoQ Rs. 411.8 Cr, YoY Rs. -77.6 Cr
EBITDA Margin came at 10.4% vs expectation of 9.9%, QoQ 18.5%, YoY -7.5%
Adj. PAT came at Rs. 105.5 Cr vs expectation of Rs. 62.9 Cr, QoQ Rs. 243.7 Cr, YoY Rs. -140.3 Cr
Quarter EPS is Rs. 1.5
Share is trading at P/E of 56.4x FY22E EPS
Bulk Deal as on 23-07-21
Apollo Pipes Ltd
+ 1.60 Lk @ 1001.1 SDM Enterprises
- 2.73 Lk @ 1001.89 Ashish Ramchandra Kacholia
Indo National
- 20 K @ 1088.12 Hdfc Bank Ltd
Infibeam Avenues
- 71.76 Lk @ 45.96 Ravi Omprakash Agrawal
Apollo Pipes Ltd
+ 1.60 Lk @ 1001.1 SDM Enterprises
- 2.73 Lk @ 1001.89 Ashish Ramchandra Kacholia
Indo National
- 20 K @ 1088.12 Hdfc Bank Ltd
Infibeam Avenues
- 71.76 Lk @ 45.96 Ravi Omprakash Agrawal
*Reliance Industries Ltd.* | *CMP* Rs. 2105 | *M Cap* Rs. 1334453 Cr | *52 W H/L* 2375/1746
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 139949 Cr (-6.4% QoQ, 58.6% YoY) vs expectation of Rs. 146946.8 Cr, QoQ Rs. 149575 Cr, YoY Rs. 88253 Cr
EBIDTA came at Rs. 23368 Cr (0.1% QoQ, 38.5% YoY) vs expectation of Rs. 23549.3 Cr, QoQ Rs. 23351 Cr, YoY Rs. 16875 Cr
EBITDA Margin came at 16.7% vs expectation of 16%, QoQ 15.6%, YoY 19.1%
Adj. PAT came at Rs. 13806 Cr vs expectation of Rs. 13040.2 Cr, QoQ Rs. 12430 Cr, YoY Rs. 8267 Cr
Quarter EPS is Rs. 21.8
Share is trading at P/E of 23.7x FY22E EPS
*O2C* EBITDA came at Rs 12231cr vs qoq Rs 11407cr yoy Rs 8166cr
*Retail* Sales grew by 21.9% yoy and *EBITDA Margin* came at 5.8% vs qoq 8.8% yoy 3.8%
*Digital*
*Digital Consol Revenue* came at Rs. 23403 Cr (9.8% YoY, 3.4% QoQ)
*Jio*
*Jio Revenue* came at Rs. 18952 Cr (9.8% YoY, 3.7% QoQ)
*Jio EBITDA* came at Rs. 8892 Cr (21.3% YoY, 3.7% QoQ)
*EBITDA Margins* were 46.9%, YoY 46.9%, QoQ 42.5%
*Jio* ARPU came at Rs. 138.4 vs QoQ Rs138.2, up 0.1% QoQ
*Subscriber Base* increased by 3.4% QoQ
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 139949 Cr (-6.4% QoQ, 58.6% YoY) vs expectation of Rs. 146946.8 Cr, QoQ Rs. 149575 Cr, YoY Rs. 88253 Cr
EBIDTA came at Rs. 23368 Cr (0.1% QoQ, 38.5% YoY) vs expectation of Rs. 23549.3 Cr, QoQ Rs. 23351 Cr, YoY Rs. 16875 Cr
EBITDA Margin came at 16.7% vs expectation of 16%, QoQ 15.6%, YoY 19.1%
Adj. PAT came at Rs. 13806 Cr vs expectation of Rs. 13040.2 Cr, QoQ Rs. 12430 Cr, YoY Rs. 8267 Cr
Quarter EPS is Rs. 21.8
Share is trading at P/E of 23.7x FY22E EPS
*O2C* EBITDA came at Rs 12231cr vs qoq Rs 11407cr yoy Rs 8166cr
*Retail* Sales grew by 21.9% yoy and *EBITDA Margin* came at 5.8% vs qoq 8.8% yoy 3.8%
*Digital*
*Digital Consol Revenue* came at Rs. 23403 Cr (9.8% YoY, 3.4% QoQ)
*Jio*
*Jio Revenue* came at Rs. 18952 Cr (9.8% YoY, 3.7% QoQ)
*Jio EBITDA* came at Rs. 8892 Cr (21.3% YoY, 3.7% QoQ)
*EBITDA Margins* were 46.9%, YoY 46.9%, QoQ 42.5%
*Jio* ARPU came at Rs. 138.4 vs QoQ Rs138.2, up 0.1% QoQ
*Subscriber Base* increased by 3.4% QoQ
*Jubilant Pharmova – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive for long term*
The stock is trading at 12.8x FY22E consensus earnings
• Demerged API undertaking of Jubilant Generics and vesting of the same with Jubilant Pharmova - Revenue having Rs 600 cr
• Roorkee facility place under import alert with exemptions to few products – the impact of this is less than 3% of revenues
o 98 ANADs are filed - 61 are approved and 37 are pending – looking to site transfer
• Net Debt (constant currency) reduced by Rs 277 Crore in Q1’FY22
• Expect to incur capex of Rs 700-800 Crore in FY22 that includes expansion at Spokane site and of the CRDS capacity
• Did have sales of remdesivir in Q1 due to second wave of covid; the sales is likely to continue in Q2 as well however at lower levels
*_Specialty Pharmaceuticals_*
• Radiopharma continued to be affected due to Covid, sequential improvement was seen in other areas – Allergy, Specialty Pharma
• Radiopharma – has came to pre covid levels with pick up in nuclear medicine procedures and turnaround plan is on track
o continue to maintain majority market share and have long term contracts in place
o Ruby-Fill installs are picking up and we expect to gain momentum in the US, if the COVID-19 situation continues to improve. Ruby-Fill commercially launched in Europe in Q3’FY21. Expanding distribution network for Ruby-Fill in EU
• Allergy Immunotherapy volumes have normalized to preCOVID levels in Q1'FY22 with COVID related restrictions easing
*_CDMO_*
• CMO business revenue grew YoY based on strong demand from customers as well as COVID related deals
• API business continued to witness higher demand including for remdesivir though saw QoQ decline due to pricing pressure in Sartans
• As guided earlier, the company has received Rs 200 cr revenues for covid portfolio for US region
• business will continue to grow especially with the commissioning of additional capacity
*_Generics_*
• Growth was led by higher volumes including remdesivir though the business witnessed higher pricing erosion in the US
*_Proprietary_*
• plan to take one drug candidate to Phase I clinical trials in H2’FY22
*Outlook – Positive for long term*
The stock is trading at 12.8x FY22E consensus earnings
• Demerged API undertaking of Jubilant Generics and vesting of the same with Jubilant Pharmova - Revenue having Rs 600 cr
• Roorkee facility place under import alert with exemptions to few products – the impact of this is less than 3% of revenues
o 98 ANADs are filed - 61 are approved and 37 are pending – looking to site transfer
• Net Debt (constant currency) reduced by Rs 277 Crore in Q1’FY22
• Expect to incur capex of Rs 700-800 Crore in FY22 that includes expansion at Spokane site and of the CRDS capacity
• Did have sales of remdesivir in Q1 due to second wave of covid; the sales is likely to continue in Q2 as well however at lower levels
*_Specialty Pharmaceuticals_*
• Radiopharma continued to be affected due to Covid, sequential improvement was seen in other areas – Allergy, Specialty Pharma
• Radiopharma – has came to pre covid levels with pick up in nuclear medicine procedures and turnaround plan is on track
o continue to maintain majority market share and have long term contracts in place
o Ruby-Fill installs are picking up and we expect to gain momentum in the US, if the COVID-19 situation continues to improve. Ruby-Fill commercially launched in Europe in Q3’FY21. Expanding distribution network for Ruby-Fill in EU
• Allergy Immunotherapy volumes have normalized to preCOVID levels in Q1'FY22 with COVID related restrictions easing
*_CDMO_*
• CMO business revenue grew YoY based on strong demand from customers as well as COVID related deals
• API business continued to witness higher demand including for remdesivir though saw QoQ decline due to pricing pressure in Sartans
• As guided earlier, the company has received Rs 200 cr revenues for covid portfolio for US region
• business will continue to grow especially with the commissioning of additional capacity
*_Generics_*
• Growth was led by higher volumes including remdesivir though the business witnessed higher pricing erosion in the US
*_Proprietary_*
• plan to take one drug candidate to Phase I clinical trials in H2’FY22
*Biocon – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Neutral*
The stock is trading at 48.7x FY22E consensus earnings
• Mounting ‘on-site’ infections coupled with lockdown posed significant operational challenges
• Ramped up production of Itolizumab
• Generics
o Launched Labetalol tablets and Esomeprazole caps in US
o Rev witnessed de-growth due to Covid related disruptions in API manufacturing; expected to normalise in the coming quarter
o Gradual ramp up of Tacrolimus in US while statin’s market share was resilient
o Entered Labetalol and Esomeprazole in the US with estimated market share of $63 mn and $230mn, respectively
o Delay in site inspections, consequently launches, due to travel restrictions
o On track to commission greenfield immunosuppressant API facility in Visakhapatnam in FY22
o Impact of second wave on supplies was ~Rs 75 cr in addition there was no new approvals
o Don’t expect significant growth on Formulations till USFDA approval for facility comes along which is lined up in Q3CY21
• Biologics
o Expanded biosimilars global footprint with the launch of key products in seven new countries in Q1FY22
o Continued improvement in market share for commercial products in the US
o Received marketing authorization approval for bBevacizumab from TGA Australia and MHRA, UK
o Q1FY22 Looks flat yoy after adjusting Covid portfolio – coz Q1FY21 had a spill over from Q4FY20
o *Pre-approval inspection of Malaysia facility scheduled in Q3CY21 for bApsart*
o Additional growth in US expected by launch of bBevacizumab and bApsart and gGlargine interchangeability
o Near term growth in EUto be driven by entry in new markets and product launches (bBevacizumab)
• Forex gain of Rs 17 cr in q1FY22 vs Rs 4 cr of forex loss in Q1FY21
• Gross R&D Rs 136 cr (Rs 120 cr in P&L, rest in B&S) vs Rs 142 cr in Q1FY21
• Generics’s subdued performance impacted overall results
• USFDA would come for in person inspection by end of this quarter
• Bikara – from earlier subsidiary has moved to being an associate (P&L impact in 1-2 qtrs)- $15 mn investments till now – it is looking to raise external funds in US – timing of which is dependent on rad outs which is expected to be by end of FY22
• Capex - $200mn every year for next 2-3 yrs
*Outlook – Neutral*
The stock is trading at 48.7x FY22E consensus earnings
• Mounting ‘on-site’ infections coupled with lockdown posed significant operational challenges
• Ramped up production of Itolizumab
• Generics
o Launched Labetalol tablets and Esomeprazole caps in US
o Rev witnessed de-growth due to Covid related disruptions in API manufacturing; expected to normalise in the coming quarter
o Gradual ramp up of Tacrolimus in US while statin’s market share was resilient
o Entered Labetalol and Esomeprazole in the US with estimated market share of $63 mn and $230mn, respectively
o Delay in site inspections, consequently launches, due to travel restrictions
o On track to commission greenfield immunosuppressant API facility in Visakhapatnam in FY22
o Impact of second wave on supplies was ~Rs 75 cr in addition there was no new approvals
o Don’t expect significant growth on Formulations till USFDA approval for facility comes along which is lined up in Q3CY21
• Biologics
o Expanded biosimilars global footprint with the launch of key products in seven new countries in Q1FY22
o Continued improvement in market share for commercial products in the US
o Received marketing authorization approval for bBevacizumab from TGA Australia and MHRA, UK
o Q1FY22 Looks flat yoy after adjusting Covid portfolio – coz Q1FY21 had a spill over from Q4FY20
o *Pre-approval inspection of Malaysia facility scheduled in Q3CY21 for bApsart*
o Additional growth in US expected by launch of bBevacizumab and bApsart and gGlargine interchangeability
o Near term growth in EUto be driven by entry in new markets and product launches (bBevacizumab)
• Forex gain of Rs 17 cr in q1FY22 vs Rs 4 cr of forex loss in Q1FY21
• Gross R&D Rs 136 cr (Rs 120 cr in P&L, rest in B&S) vs Rs 142 cr in Q1FY21
• Generics’s subdued performance impacted overall results
• USFDA would come for in person inspection by end of this quarter
• Bikara – from earlier subsidiary has moved to being an associate (P&L impact in 1-2 qtrs)- $15 mn investments till now – it is looking to raise external funds in US – timing of which is dependent on rad outs which is expected to be by end of FY22
• Capex - $200mn every year for next 2-3 yrs
*Cigniti Technologies Ltd.* | *CMP* Rs. 602 | *M Cap* Rs. 1687 Cr | *52 W H/L* 678/250
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 264.4 Cr (13.4% QoQ, 21% YoY) vs QoQ Rs. 233 Cr, YoY Rs. 218.4 Cr
EBIDTA came at Rs. 24.3 Cr (-26.9% QoQ, -28.1% YoY) vs QoQ Rs. 33.3 Cr, YoY Rs. 33.8 Cr
EBITDA Margin came at 9.2% vs QoQ 14.3%, YoY 15.5%
Adj. PAT came at Rs. 20.4 Cr vs QoQ Rs. 24.7 Cr, YoY Rs. 29.1 Cr
Quarter EPS is Rs. 7.3
Share is trading at P/E of 17.5x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 264.4 Cr (13.4% QoQ, 21% YoY) vs QoQ Rs. 233 Cr, YoY Rs. 218.4 Cr
EBIDTA came at Rs. 24.3 Cr (-26.9% QoQ, -28.1% YoY) vs QoQ Rs. 33.3 Cr, YoY Rs. 33.8 Cr
EBITDA Margin came at 9.2% vs QoQ 14.3%, YoY 15.5%
Adj. PAT came at Rs. 20.4 Cr vs QoQ Rs. 24.7 Cr, YoY Rs. 29.1 Cr
Quarter EPS is Rs. 7.3
Share is trading at P/E of 17.5x TTM EPS
*SBI Cards Q1FY22 Concall Update*
(Nirmal Bang Securities)
_*Asset quality improves*_
*Outlook: Positive*
*Stacking up the stressed book & likely credit cost*
• GNPA declined to 3.9% vs QoQ 5.0%. NNPA also declined to 0.9% vs QoQ 1.15%. Pre-covid NNPA rate was at ~0.85%; thus SBI has managed to reach that level.
• RBI RE (Gross Restructured) book reduced to Rs. 1376 Cr (5.6%) against Rs. 1908 Cr (7.6%) owing to a combination of repayment and writte/offs. Of this book, Rs. 333 Cr is already classified as GNPA, on which the co has made 100% PCR. The 30-90 DPD book stands at Rs. 232 Cr on which 65% PCR is done. Thus pending stress in 30-90 DPD book remains at Rs. 81 Cr. Within the balance restructured book of < 30 DPD being at Rs. 811 Cr (1376 – 333 – 232), we assume half of it to slip into GNPA in future i.e. Rs. 406 Cr. *Thus total net stress from the restructured book where provisioning remains to be made stands at Rs. 487 Cr (81 + 406) as per our estimate.*
• Restructuring requests have come down in July compared to May and June.
• *Aggregate covid provisions now stands at Rs. 258 Cr (1.1%)* vs QoQ Rs. 300 Cr.
• *Thus the pending credit cost comes to ~Rs. 229 Cr (487 – 258) which we believe could mark the end of elevated credit cost regime in the next qtr i.e. Q2FY22. Post Q2FY22, we expect the credit cost to normalize to 6-7% levels (~Rs. 400 Cr per qtr) from current levels of 10-11%.
*Operating metrics on the mend*
• Card spends were Rs. 33,260 Cr; although they were down 7% QoQ they were higher than Q1FY21 spends of Rs. 19,085 Cr as well as Q2FY21 spends of Rs. 29,590 Cr.
• Cards in force increased by 14% YoY & 2% QoQ to 1.20 Cr. (pre-covid QoQ growth run-rate was 6-7%).
• Market share increased for cards in force (19.2% vs 18.5% YoY) while for spends it declined (18.9% vs 19.9% YoY).
• June month witnessed good momentum which has sustained in July.
• Yields declined YoY as the revolver book (having high yields) ran off from 45% in Q1FY21 to 29% in Q1FY22 and correspondingly the EMI and transactors book went up where rate is lower at 18%. Thus the NIMs for the qtr were at 14.9% vs QoQ 13.2% & YoY 19.2%. Once the spends picks up, the share of revolvers will again increase and expand the yields/NIMs.
• Co aims to have a mix of one third each between transactors, EMI and revolvers in the long term.
• Tenure of revolver book is around 3-4 months.
• Advances continues to remain ranged in the 24-25k Cr zone since last 7 qtrs (stood at 24,438 Cr, +5% YoY, -3%QoQ)
Stock is trading at P/E of 36x FY23
(Nirmal Bang Securities)
_*Asset quality improves*_
*Outlook: Positive*
*Stacking up the stressed book & likely credit cost*
• GNPA declined to 3.9% vs QoQ 5.0%. NNPA also declined to 0.9% vs QoQ 1.15%. Pre-covid NNPA rate was at ~0.85%; thus SBI has managed to reach that level.
• RBI RE (Gross Restructured) book reduced to Rs. 1376 Cr (5.6%) against Rs. 1908 Cr (7.6%) owing to a combination of repayment and writte/offs. Of this book, Rs. 333 Cr is already classified as GNPA, on which the co has made 100% PCR. The 30-90 DPD book stands at Rs. 232 Cr on which 65% PCR is done. Thus pending stress in 30-90 DPD book remains at Rs. 81 Cr. Within the balance restructured book of < 30 DPD being at Rs. 811 Cr (1376 – 333 – 232), we assume half of it to slip into GNPA in future i.e. Rs. 406 Cr. *Thus total net stress from the restructured book where provisioning remains to be made stands at Rs. 487 Cr (81 + 406) as per our estimate.*
• Restructuring requests have come down in July compared to May and June.
• *Aggregate covid provisions now stands at Rs. 258 Cr (1.1%)* vs QoQ Rs. 300 Cr.
• *Thus the pending credit cost comes to ~Rs. 229 Cr (487 – 258) which we believe could mark the end of elevated credit cost regime in the next qtr i.e. Q2FY22. Post Q2FY22, we expect the credit cost to normalize to 6-7% levels (~Rs. 400 Cr per qtr) from current levels of 10-11%.
*Operating metrics on the mend*
• Card spends were Rs. 33,260 Cr; although they were down 7% QoQ they were higher than Q1FY21 spends of Rs. 19,085 Cr as well as Q2FY21 spends of Rs. 29,590 Cr.
• Cards in force increased by 14% YoY & 2% QoQ to 1.20 Cr. (pre-covid QoQ growth run-rate was 6-7%).
• Market share increased for cards in force (19.2% vs 18.5% YoY) while for spends it declined (18.9% vs 19.9% YoY).
• June month witnessed good momentum which has sustained in July.
• Yields declined YoY as the revolver book (having high yields) ran off from 45% in Q1FY21 to 29% in Q1FY22 and correspondingly the EMI and transactors book went up where rate is lower at 18%. Thus the NIMs for the qtr were at 14.9% vs QoQ 13.2% & YoY 19.2%. Once the spends picks up, the share of revolvers will again increase and expand the yields/NIMs.
• Co aims to have a mix of one third each between transactors, EMI and revolvers in the long term.
• Tenure of revolver book is around 3-4 months.
• Advances continues to remain ranged in the 24-25k Cr zone since last 7 qtrs (stood at 24,438 Cr, +5% YoY, -3%QoQ)
Stock is trading at P/E of 36x FY23
*GNA Axles Ltd.* | *CMP* Rs. 521 | *M Cap* Rs. 1118 Cr | *52 W H/L* 521/170
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 329 Cr (6.1% QoQ, 304.5% YoY) vs QoQ Rs. 310.1 Cr, YoY Rs. 81.3 Cr
EBIDTA came at Rs. 54.5 Cr (12.6% QoQ, 865.8% YoY) vs QoQ Rs. 48.4 Cr, YoY Rs. 5.6 Cr
EBITDA Margin came at 16.6% vs QoQ 15.6%, YoY 6.9%
Adj. PAT came at Rs. 29.5 Cr vs QoQ Rs. 27.6 Cr, YoY Rs. -6.6 Cr
Quarter EPS is Rs. 13.7
Share is trading at P/E of 13.9x FY22E EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 329 Cr (6.1% QoQ, 304.5% YoY) vs QoQ Rs. 310.1 Cr, YoY Rs. 81.3 Cr
EBIDTA came at Rs. 54.5 Cr (12.6% QoQ, 865.8% YoY) vs QoQ Rs. 48.4 Cr, YoY Rs. 5.6 Cr
EBITDA Margin came at 16.6% vs QoQ 15.6%, YoY 6.9%
Adj. PAT came at Rs. 29.5 Cr vs QoQ Rs. 27.6 Cr, YoY Rs. -6.6 Cr
Quarter EPS is Rs. 13.7
Share is trading at P/E of 13.9x FY22E EPS
*Indian Metals & Ferro Alloys Ltd.* | CMP Rs. 731 | M Cap Rs. 1972 Cr | 52 W H/L 737/160
(Nirmal Bang Retail Research)
*Result has improved*
Volume Came at 59506T Vs QoQ 72265T YoY 59743
Revenue from Operations came at Rs. 537.9 Cr (-6.6% QoQ, 32.8% YoY) vs QoQ Rs. 576.1 Cr, YoY Rs. 405.1 Cr
Realisation Came at Rs.90387/T vs QoQ Rs.79722/t YoY Rs.67804/t
EBIDTA came at Rs. 173.5 Cr (34.5% QoQ, 186.7% YoY) vs QoQ Rs. 129 Cr, YoY Rs. 60.5 Cr
*EBITDA/T came at Rs.29162/t vs QoQ 17854/t yoy Rs.10132*
EBITDA Margin came at 32.3% vs QoQ 22.4%, YoY 14.9%
Adj. PAT came at Rs. 98.6 Cr vs QoQ Rs. 65.1 Cr, YoY Rs. 24 Cr
Quarter EPS is Rs. 36.5
Share is trading at EV/EBITDA of 3.26x Q1FY22 annualized EBITDA
(Nirmal Bang Retail Research)
*Result has improved*
Volume Came at 59506T Vs QoQ 72265T YoY 59743
Revenue from Operations came at Rs. 537.9 Cr (-6.6% QoQ, 32.8% YoY) vs QoQ Rs. 576.1 Cr, YoY Rs. 405.1 Cr
Realisation Came at Rs.90387/T vs QoQ Rs.79722/t YoY Rs.67804/t
EBIDTA came at Rs. 173.5 Cr (34.5% QoQ, 186.7% YoY) vs QoQ Rs. 129 Cr, YoY Rs. 60.5 Cr
*EBITDA/T came at Rs.29162/t vs QoQ 17854/t yoy Rs.10132*
EBITDA Margin came at 32.3% vs QoQ 22.4%, YoY 14.9%
Adj. PAT came at Rs. 98.6 Cr vs QoQ Rs. 65.1 Cr, YoY Rs. 24 Cr
Quarter EPS is Rs. 36.5
Share is trading at EV/EBITDA of 3.26x Q1FY22 annualized EBITDA
*ICICI Bank Ltd.* | *CMP* Rs. 677 | *M Cap* Rs. 468818 Cr | *52 W H/L* 680/334
(Nirmal Bang Retail Research)
*Result is marginally below expectations* - Asset quality performance is below expectations while loan growth is encouraging
Net Interest Income came at Rs. 10936 Cr vs expectation of Rs. 10600 Cr, YoY Rs. 9280 Cr, QoQ Rs. 10431 Cr
Non Interest Income came at Rs. 3996 Cr vs expectation of Rs. 4015 Cr, YoY Rs. 6143 Cr, QoQ Rs. 4111 Cr
PBP came at Rs. 8894 Cr vs expectation of Rs. 8883 Cr, YoY Rs. 10776 Cr, QoQ Rs. 8540 Cr
Provisions came at Rs. 2852 Cr vs expectation of Rs. 2602 Cr, YoY Rs. 7594 Cr, QoQ Rs. 2883 Cr
Adj. PAT came at Rs. 4616 Cr vs expectation of Rs. 4362 Cr, YoY Rs. 2599 Cr, QoQ Rs. 4403 Cr
Gross NPA came at Rs. 43148 Cr vs QoQ Rs. 41373 Cr at 5.15% vs QoQ 4.96%
Net NPA came at Rs. 9306 Cr vs QoQ Rs. 9180 Cr at 1.16% vs QoQ 1.14%
Slippages came at Rs. 7231 Cr vs QoQ Rs. 5523 Cr with slippage ratio of 3.92% vs QoQ 3.01%
BB & Below book came at Rs. 13975 Cr vs QoQ Rs. 13098 Cr with slippage ratio of 1.89% vs QoQ 1.79%
Bank held Covid-19 related provision of Rs. 6,425 Cr (87 bps) at June 30, 2021.
Total advances increased to Rs. 7.39 Lac Cr (+1% QoQ & +17% YoY). Domestic loan portfolio grew by 20% YoY. YoY growth is highest in last many years and indicates bank is gaining market share during this tough macro phase.
Quarter EPS is Rs. 6.7
Share is trading at P/E of 14.9x FY23E EPS & 2.6x trailing P/Adj. BV (adj for subdiaries)
(Nirmal Bang Retail Research)
*Result is marginally below expectations* - Asset quality performance is below expectations while loan growth is encouraging
Net Interest Income came at Rs. 10936 Cr vs expectation of Rs. 10600 Cr, YoY Rs. 9280 Cr, QoQ Rs. 10431 Cr
Non Interest Income came at Rs. 3996 Cr vs expectation of Rs. 4015 Cr, YoY Rs. 6143 Cr, QoQ Rs. 4111 Cr
PBP came at Rs. 8894 Cr vs expectation of Rs. 8883 Cr, YoY Rs. 10776 Cr, QoQ Rs. 8540 Cr
Provisions came at Rs. 2852 Cr vs expectation of Rs. 2602 Cr, YoY Rs. 7594 Cr, QoQ Rs. 2883 Cr
Adj. PAT came at Rs. 4616 Cr vs expectation of Rs. 4362 Cr, YoY Rs. 2599 Cr, QoQ Rs. 4403 Cr
Gross NPA came at Rs. 43148 Cr vs QoQ Rs. 41373 Cr at 5.15% vs QoQ 4.96%
Net NPA came at Rs. 9306 Cr vs QoQ Rs. 9180 Cr at 1.16% vs QoQ 1.14%
Slippages came at Rs. 7231 Cr vs QoQ Rs. 5523 Cr with slippage ratio of 3.92% vs QoQ 3.01%
BB & Below book came at Rs. 13975 Cr vs QoQ Rs. 13098 Cr with slippage ratio of 1.89% vs QoQ 1.79%
Bank held Covid-19 related provision of Rs. 6,425 Cr (87 bps) at June 30, 2021.
Total advances increased to Rs. 7.39 Lac Cr (+1% QoQ & +17% YoY). Domestic loan portfolio grew by 20% YoY. YoY growth is highest in last many years and indicates bank is gaining market share during this tough macro phase.
Quarter EPS is Rs. 6.7
Share is trading at P/E of 14.9x FY23E EPS & 2.6x trailing P/Adj. BV (adj for subdiaries)
*EXCELLENT NEWS FOR INDIA*
A new study in the UK has found that Oxford AstraZeneca vaccines, manufactured by Serum Institute of India and administered in India under the trade name Covishield, offers protection which may last a whole lifetime.
As per the study, the vaccine not just generates antibodies against the SARS-COV-2 virus but also created “training camps” in the body, to enable search-and-destroy T-cells to even kill new variants.
As reported by The Sun, authors of the study are scientists from Oxford, UK and Switzerland. who published in the Nature journal that adenovirus vaccines like those developed Oxford AstraZeneca and Johnson & Johnson can train the body to continue to make vital T-cells even from a long time after antibodies from the vaccine shot wane. They say it could possibly keep making them for life.
"The T-cells that come from these cellular training camps appear to have a very high level of ‘fitness’,” said, researcher Prof Burkhard Ludewig, of Cantonal Hospital in Switzerland. He continues, “Adenoviruses have co-evolved with humans over a very long time, and learned a lot about the human immune system in the process.”
As per the study’s findings, adenoviruses have the ability to penetrate long-lived tissue cells. These cells, called fibroblastic reticular cells, can act as T-cell “training grounds”.
The new findings add weight to recent studies that showed the Oxford AstraZeneca vaccine as more effective at generating the T-cells in comparison to Pfizer and Moderna, which are both mRNA vaccines.
As per Prof Paul Klenerman, of Oxford’s Nuffield Department of Medicine, said: “Millions of people have received adenovirus vaccines around the world. The ultimate goal with these vaccines is the induction of long-term immune system protection using both antibodies and T-cells. This research helps us to understand more on the process of vaccination, and why the effects on killer T-cells are so prolonged.”
https://www.dnaindia.com/health/report-oxford-astrazeneca-vaccine-covishield-may-provide-protection-for-life-finds-new-uk-study-adenovirus-covid-19-2900920
.
.
News we all can definitely use......
A new study in the UK has found that Oxford AstraZeneca vaccines, manufactured by Serum Institute of India and administered in India under the trade name Covishield, offers protection which may last a whole lifetime.
As per the study, the vaccine not just generates antibodies against the SARS-COV-2 virus but also created “training camps” in the body, to enable search-and-destroy T-cells to even kill new variants.
As reported by The Sun, authors of the study are scientists from Oxford, UK and Switzerland. who published in the Nature journal that adenovirus vaccines like those developed Oxford AstraZeneca and Johnson & Johnson can train the body to continue to make vital T-cells even from a long time after antibodies from the vaccine shot wane. They say it could possibly keep making them for life.
"The T-cells that come from these cellular training camps appear to have a very high level of ‘fitness’,” said, researcher Prof Burkhard Ludewig, of Cantonal Hospital in Switzerland. He continues, “Adenoviruses have co-evolved with humans over a very long time, and learned a lot about the human immune system in the process.”
As per the study’s findings, adenoviruses have the ability to penetrate long-lived tissue cells. These cells, called fibroblastic reticular cells, can act as T-cell “training grounds”.
The new findings add weight to recent studies that showed the Oxford AstraZeneca vaccine as more effective at generating the T-cells in comparison to Pfizer and Moderna, which are both mRNA vaccines.
As per Prof Paul Klenerman, of Oxford’s Nuffield Department of Medicine, said: “Millions of people have received adenovirus vaccines around the world. The ultimate goal with these vaccines is the induction of long-term immune system protection using both antibodies and T-cells. This research helps us to understand more on the process of vaccination, and why the effects on killer T-cells are so prolonged.”
https://www.dnaindia.com/health/report-oxford-astrazeneca-vaccine-covishield-may-provide-protection-for-life-finds-new-uk-study-adenovirus-covid-19-2900920
.
.
News we all can definitely use......
DNA India
Oxford AstraZeneca vaccine may provide ‘protection for life’, finds new UK study
The study says the Oxford AstraZeneca vaccine, a version of which is manufactured as Covishield in India, might offer protection lasting a lifetime.
Delhi Allows Cinema Halls To Operate with 50% Capacity from Monday
Also allows Buses and Metro to Run at Full capacity
Also allows Buses and Metro to Run at Full capacity
ITC Q1 profit rises 28.6% to Rs 3,013.5 crore, revenue jumps 36.4% to Rs 12,959 crore
https://www.moneycontrol.com/news/business/earnings/itc-q1-profit-rises-to-rs-3013-5-crore-revenue-comes-jumps-to-rs-12959-crore-7218551.html
Download moneycontrol app: http://m.moneycontrol.com/mom
https://www.moneycontrol.com/news/business/earnings/itc-q1-profit-rises-to-rs-3013-5-crore-revenue-comes-jumps-to-rs-12959-crore-7218551.html
Download moneycontrol app: http://m.moneycontrol.com/mom
Moneycontrol
ITC Q1 profit rises 28.6% to Rs 3,013.5 crore, revenue jumps 36.4% to Rs 12,959 crore- Moneycontrol.com
ITC said strong sequential recovery momentum in cigarettes led to volumes reaching nearly pre-Covid levels in Q4 FY21.
Follow this link to join my WhatsApp group: https://chat.whatsapp.com/EJklaapxwFOKnE6f8UBJ6B
Forwarded from Market Wizard
MARKET WIZARD NEWSLETTER ISSUE 20.pdf
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MARKET WIZARD NEWSLETTER ISSUE 20
🎯Fundamental Stocks
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TEAM MARKET WIZARD
🎯Fundamental Stocks
▶️ Prestige Estate
▶️ Sundaram Clayton
🎯Technical Stocks
▶️ Force Motors - SPECIAL PICK
▶️ Jyothy Lab
▶️ Kirloskar Oil Eng
▶️ Rane Holding
▶️ SDBL
TEAM MARKET WIZARD
ITC Q1 profit rises 28.6% to Rs 3,013.5 crore, revenue jumps 36.4% to Rs 12,959 crore
Cigarette-FMCG-to-hotel major ITCon July 24 has reported a 28.6 percent year-on-year growth in standalone profit at Rs 3,013.5 crore in the quarter ended June 2021, partly driven by low base in the year-ago quarter. The Q1FY21 quarter was impacted by first wave of Covid-19.
Profit was at Rs 2,342.76 crore in corresponding period previous fiscal.
Revenue from operations in Q1FY22 increased 36.4 percent year-on-year to Rs 12,959.15 crore, and revenue (excluding excise duty) jumped 37.1 percent YoY to Rs 12,217.13 crore during the quarter. The topline was led by cigarettes, FMCG and paper segments.
Segmentwise Update
ITC said cigarette business registered a 32.9 percent year-on-year growth at Rs 5,122.19 crore and its earnings before interest & tax (EBIT) jumped 36.7 percent to Rs 3,220.94 crore in Q1FY22.
FMCG-Others segment's revenue grew by 10.4 percent to Rs 3,725.55 crore and EBIT shot up 38.3 percent to Rs 173 crore in Q1FY22, compared to corresponding period last fiscal.
"In respect of FMCG-Others segment, EBITDA for the quarter ended June 2021 is Rs 298.73 crore, against Rs 257.34 crore in June quarter 2020," said ITC.
Hotels business reported a massive 463.5 percent year-on-year growth in revenue at Rs 127.24 crore as year-ago quarter impacted the business badly. ITC has narrowed its EBIT loss of hotels business to Rs 151.45 crore from Rs 242.58 crore in the same period.
After severe disruptions during the quarter, hotels business is rebounding with the easing of restrictions led by leisure destinations, staycations and weekend getaways. Structural cost management actions aid in mitigating impact," ITC reasoned.
Agri business segment revenue in Q1FY22 at Rs 4,091.27 crore grew by 9.2 percent and its EBIT at Rs 195.74 crore increased by 9.5 percent compared to corresponding period last fiscal.
Paperboards, paper and packaging segment registered a 54.2 percent year-on-year growth in revenue at Rs 1,582.65 crore and 145.3 percent increase in EBIT at Rs 392.83 crore in the quarter ended June 2021.
ITC said there was strong rebound across operating segments despite operational constraints in the wake of the second wave. Standalone earnings before interest, tax, depreciation and amortisation (EBITDA) shot up 50.8 percent to Rs 3,992.16 crore compared to year-ago quarter.
Other income during the quarter fell 52.2 percent to Rs 428.99 crore.
Cigarette-FMCG-to-hotel major ITCon July 24 has reported a 28.6 percent year-on-year growth in standalone profit at Rs 3,013.5 crore in the quarter ended June 2021, partly driven by low base in the year-ago quarter. The Q1FY21 quarter was impacted by first wave of Covid-19.
Profit was at Rs 2,342.76 crore in corresponding period previous fiscal.
Revenue from operations in Q1FY22 increased 36.4 percent year-on-year to Rs 12,959.15 crore, and revenue (excluding excise duty) jumped 37.1 percent YoY to Rs 12,217.13 crore during the quarter. The topline was led by cigarettes, FMCG and paper segments.
Segmentwise Update
ITC said cigarette business registered a 32.9 percent year-on-year growth at Rs 5,122.19 crore and its earnings before interest & tax (EBIT) jumped 36.7 percent to Rs 3,220.94 crore in Q1FY22.
FMCG-Others segment's revenue grew by 10.4 percent to Rs 3,725.55 crore and EBIT shot up 38.3 percent to Rs 173 crore in Q1FY22, compared to corresponding period last fiscal.
"In respect of FMCG-Others segment, EBITDA for the quarter ended June 2021 is Rs 298.73 crore, against Rs 257.34 crore in June quarter 2020," said ITC.
Hotels business reported a massive 463.5 percent year-on-year growth in revenue at Rs 127.24 crore as year-ago quarter impacted the business badly. ITC has narrowed its EBIT loss of hotels business to Rs 151.45 crore from Rs 242.58 crore in the same period.
After severe disruptions during the quarter, hotels business is rebounding with the easing of restrictions led by leisure destinations, staycations and weekend getaways. Structural cost management actions aid in mitigating impact," ITC reasoned.
Agri business segment revenue in Q1FY22 at Rs 4,091.27 crore grew by 9.2 percent and its EBIT at Rs 195.74 crore increased by 9.5 percent compared to corresponding period last fiscal.
Paperboards, paper and packaging segment registered a 54.2 percent year-on-year growth in revenue at Rs 1,582.65 crore and 145.3 percent increase in EBIT at Rs 392.83 crore in the quarter ended June 2021.
ITC said there was strong rebound across operating segments despite operational constraints in the wake of the second wave. Standalone earnings before interest, tax, depreciation and amortisation (EBITDA) shot up 50.8 percent to Rs 3,992.16 crore compared to year-ago quarter.
Other income during the quarter fell 52.2 percent to Rs 428.99 crore.
Zee media Q1 : Net Profit Down 14 % To Rs 9 cr (QOQ), Down 26 % YOY
Revenue down 6.5 % To Rs 170 cr (QOQ), Up 29 % YOY
Revenue down 6.5 % To Rs 170 cr (QOQ), Up 29 % YOY
ICICI Bank Q1 First Cut – Stable Asset quality…Lower Provision drive bottomline
· Q1 Net profit Rs4616cr (up 77.6% YoY) – Expectation Rs4140cr
· Net Interest Income Rs10936cr (up 18% YoY) – Expectation Rs10730cr
· GNPA 5.15% vs 4.96% (QoQ) – Expectation 5.40%
· NPA 1.16% vs 1.10 – expectation 1.3%
· Provision Rs2852cr (down 62.4% YoY) – expectation Rs3680cr
· Loans to builders stood at Rs 23,005 crore, up 5.3% year-on-year. The bank disclosed that 13% of these loans were either classified as BB or below, or were NPAs.
· Total advances for the bank rose 17% year-on-year to Rs 7.4 lakh crore. Total deposits rose to Rs 9.26 lakh crore, a growth of 16% from a year ago.
· Q1 Net profit Rs4616cr (up 77.6% YoY) – Expectation Rs4140cr
· Net Interest Income Rs10936cr (up 18% YoY) – Expectation Rs10730cr
· GNPA 5.15% vs 4.96% (QoQ) – Expectation 5.40%
· NPA 1.16% vs 1.10 – expectation 1.3%
· Provision Rs2852cr (down 62.4% YoY) – expectation Rs3680cr
· Loans to builders stood at Rs 23,005 crore, up 5.3% year-on-year. The bank disclosed that 13% of these loans were either classified as BB or below, or were NPAs.
· Total advances for the bank rose 17% year-on-year to Rs 7.4 lakh crore. Total deposits rose to Rs 9.26 lakh crore, a growth of 16% from a year ago.