- Entertainment Network's (ENIL) Q1 FY18 results showed a decline, with sales down 9.6% year-over-year to Rs. 987 million and EBITDA margins falling to 11% from 21.6% in FY17 due to price hikes not being absorbed and increased employee costs.
- The analyst cuts FY18 and FY19 EPS estimates by 13-19% and lowers the target price to Rs. 780, citing weak H1 results and rich valuations. Recovery is hoped for in festival season sales in H2 but remains uncertain.
- The report maintains a "Sell" rating given expectations of a slow recovery in ENIL's core advertising
This document is a company update report by Anand Rathi Research on KPIT Technologies. It provides an overview of KPIT's financial performance in the first quarter of FY2018, with revenue growth of 5.6% quarter-over-quarter and 12.2% year-over-year. While margins declined due to increased headcount and currency movements, margins are expected to improve in the second half of FY2018 as utilization increases. The report maintains a "Buy" rating on KPIT Technologies with a revised target price of Rs. 175.
- Mastek reported strong revenue growth of 6.9% quarter-over-quarter and 48.5% year-over-year in US dollar terms for the first quarter of fiscal year 2018.
- EBITDA margins remained steady at 12.1% despite wage hikes, as operational efficiencies offset increased costs.
- While execution remains solid, valuations have converged with peers following price appreciation; the analyst downgrades the stock to "Hold" and sets a target price of Rs 355.
- Zee Entertainment reported a 2% decline in revenue for Q1 FY18, adjusted for asset sales and acquisitions. Revenue growth was impacted by the implementation of GST in June.
- EBITDA margin was strong at 31.4% due to lack of sports-related costs. Zee maintained its outlook for margins above 30%.
- The research firm maintains a 'Hold' rating on Zee stock with a target price of Rs. 560, valuing the company at 21x FY19 EV/EBITDA due to its leading position and superior margins. However, revenue growth estimates were lowered.
- Persistent Systems reported quarterly revenues of $113 million, up 3.6% quarter-over-quarter and 7.8% year-over-year. However, operating margins declined due to currency effects and investments in acquisitions and hiring.
- The company acquired PARX, a Salesforce partner in Europe, for $8.5 million to expand its footprint in Europe.
- While traditional services saw growth, the focus areas of digital and accelerite declined sequentially. However, deferred wage hikes and currency impact are expected to improve margins going forward. The analyst maintains a 'Buy' rating.
- Mindtree reported lower than expected revenue and margins for Q1 FY2018, with revenue growth of only 2.3% quarter-over-quarter and margins declining 309 basis points, primarily due to underperformance of recent acquisitions Bluefin and Magnet360.
- The research firm downgraded Mindtree stock to "Hold" and revised FY2018 estimates downward while hoping for margin recovery in FY2019, noting acquisitions have been a challenge and weakness in top accounts is offsetting growth in other accounts.
- Key financial highlights of the quarterly report included revenues of Rs. 12,895 million, EBITDA of Rs. 1,429 million, EBITDA margin of 11.1
- Intrasoft Technologies reported accelerated revenue growth of 21.6% year-over-year in the first quarter of fiscal year 2018, with revenues reaching $40 million. However, margins declined as the company prioritized growth over profits.
- While revenue growth was strong, the EBITDA margin declined 56 basis points to 1.5% as the company focused on gaining market share by sharing margin benefits with customers in a competitive environment.
- The analyst maintains a Buy rating but cuts fiscal year 2019 earnings estimates by 13.6% to factor in currency movements, competition, and the company's cash focus, which may lead to some short-term margin sacrifice. The target price is revised to Rs. 530 per
- Cyient reported quarterly revenue of $141 million, up 13.4% year-over-year but flat quarter-over-quarter. Operating margin was 12.8%, down 46 basis points quarter-over-quarter despite currency headwinds.
- For the full fiscal year 2018, the company expects double-digit revenue and earnings growth, aided by effective hedging offsetting currency impacts and higher tax rates.
- The analyst maintains a 'Buy' recommendation on Cyient due to its differentiated offerings and faster growth compared to peers, with a target price of Rs. 610 per share.
- Hinduja Global Solutions reported steady quarterly results with revenue up 1.9% quarter-over-quarter and 5.7% year-over-year. EBITDA was down 20.3% quarter-over-quarter due to currency movements and higher headcount.
- Lower capital expenditures of 4.3% of revenue led to a significant rise in free cash flow, which was used to repay debt and strengthen the balance sheet with net debt reduced to Rs. 1,187 million.
- The analyst maintains a 'Buy' rating and target price of Rs. 700 per share, seeing potential for 38% growth, based on strong free cash flow generation and robust balance sheet.
This document is a company update report by Anand Rathi Research on KPIT Technologies. It provides an overview of KPIT's financial performance in the first quarter of FY2018, with revenue growth of 5.6% quarter-over-quarter and 12.2% year-over-year. While margins declined due to increased headcount and currency movements, margins are expected to improve in the second half of FY2018 as utilization increases. The report maintains a "Buy" rating on KPIT Technologies with a revised target price of Rs. 175.
- Mastek reported strong revenue growth of 6.9% quarter-over-quarter and 48.5% year-over-year in US dollar terms for the first quarter of fiscal year 2018.
- EBITDA margins remained steady at 12.1% despite wage hikes, as operational efficiencies offset increased costs.
- While execution remains solid, valuations have converged with peers following price appreciation; the analyst downgrades the stock to "Hold" and sets a target price of Rs 355.
- Zee Entertainment reported a 2% decline in revenue for Q1 FY18, adjusted for asset sales and acquisitions. Revenue growth was impacted by the implementation of GST in June.
- EBITDA margin was strong at 31.4% due to lack of sports-related costs. Zee maintained its outlook for margins above 30%.
- The research firm maintains a 'Hold' rating on Zee stock with a target price of Rs. 560, valuing the company at 21x FY19 EV/EBITDA due to its leading position and superior margins. However, revenue growth estimates were lowered.
- Persistent Systems reported quarterly revenues of $113 million, up 3.6% quarter-over-quarter and 7.8% year-over-year. However, operating margins declined due to currency effects and investments in acquisitions and hiring.
- The company acquired PARX, a Salesforce partner in Europe, for $8.5 million to expand its footprint in Europe.
- While traditional services saw growth, the focus areas of digital and accelerite declined sequentially. However, deferred wage hikes and currency impact are expected to improve margins going forward. The analyst maintains a 'Buy' rating.
- Mindtree reported lower than expected revenue and margins for Q1 FY2018, with revenue growth of only 2.3% quarter-over-quarter and margins declining 309 basis points, primarily due to underperformance of recent acquisitions Bluefin and Magnet360.
- The research firm downgraded Mindtree stock to "Hold" and revised FY2018 estimates downward while hoping for margin recovery in FY2019, noting acquisitions have been a challenge and weakness in top accounts is offsetting growth in other accounts.
- Key financial highlights of the quarterly report included revenues of Rs. 12,895 million, EBITDA of Rs. 1,429 million, EBITDA margin of 11.1
- Intrasoft Technologies reported accelerated revenue growth of 21.6% year-over-year in the first quarter of fiscal year 2018, with revenues reaching $40 million. However, margins declined as the company prioritized growth over profits.
- While revenue growth was strong, the EBITDA margin declined 56 basis points to 1.5% as the company focused on gaining market share by sharing margin benefits with customers in a competitive environment.
- The analyst maintains a Buy rating but cuts fiscal year 2019 earnings estimates by 13.6% to factor in currency movements, competition, and the company's cash focus, which may lead to some short-term margin sacrifice. The target price is revised to Rs. 530 per
- Cyient reported quarterly revenue of $141 million, up 13.4% year-over-year but flat quarter-over-quarter. Operating margin was 12.8%, down 46 basis points quarter-over-quarter despite currency headwinds.
- For the full fiscal year 2018, the company expects double-digit revenue and earnings growth, aided by effective hedging offsetting currency impacts and higher tax rates.
- The analyst maintains a 'Buy' recommendation on Cyient due to its differentiated offerings and faster growth compared to peers, with a target price of Rs. 610 per share.
- Hinduja Global Solutions reported steady quarterly results with revenue up 1.9% quarter-over-quarter and 5.7% year-over-year. EBITDA was down 20.3% quarter-over-quarter due to currency movements and higher headcount.
- Lower capital expenditures of 4.3% of revenue led to a significant rise in free cash flow, which was used to repay debt and strengthen the balance sheet with net debt reduced to Rs. 1,187 million.
- The analyst maintains a 'Buy' rating and target price of Rs. 700 per share, seeing potential for 38% growth, based on strong free cash flow generation and robust balance sheet.
- Intellect Design Arena reported steady Q1 results with revenues of $37.4 million, flat quarter-over-quarter but up 22% year-over-year, in line with estimates. Higher operating leverage led to a significant improvement in EBITDA margins to 5.6% compared to -6.5% a year ago.
- While maintaining a Buy rating, the analyst lowered the target price to Rs 150 from Rs 175 previously to account for a 23% dilution from a rights issue and currency movements.
- Revenue growth is expected to continue but estimates were lowered slightly to reflect currency impacts. Positive free cash flow and a stronger balance sheet are anticipated in FY19.
Entertainment Network Ltd: Stock Price & Q4 Results Of Entertainment Network ...hdfcsecurities1
Entertainment Network Limited: Check out the institutional research report of Q4 result of Entertainment Network Ltd. ENIL’s 4QFY18 was in-line but muted. Revenue declined 3.7% YoY owing to high base and cut in ad volumes.
- Majesco India's revenue dropped 0.8% quarter-over-quarter and 14% year-over-year due to weak performance at its subsidiary Majesco US. However, deal wins were strong with the order book growing 22% year-over-year.
- While the first quarter results were below estimates, the large order book of $77 million provides assurance that revenue decline will reverse for the rest of the fiscal year.
- The analyst retains a "Buy" rating on Majesco with a revised target price of 540 rupees, believing that performance has bottomed out and recent deals including one with IBM will support growth going forward.
- Firstsource Solutions reported revenue of $132 million in Q1 FY2018, up 1.8% quarter-over-quarter but only up 0.8% year-over-year. Organic revenue growth was sluggish as key verticals like BFSI and telecom reported weak growth.
- EBITDA margins improved to 8.6% from 8.2% in the previous quarter due to cost optimization but were down significantly from the prior year.
- The analyst maintains a 'Hold' rating and lowers the target price to Rs. 38 based on slower expected growth, currency headwinds, and the sale of the domestic business. Growth is expected to remain challenging across most vertical
Mahindra Financial result update: 4QFY15 PAT up 7% YoY and 144% QoQIndiaNotes.com
- Mahindra Financial Services reported better than expected 4QFY15 results with net profit growing 7% YoY to INR3.33 billion, beating estimates by 23%.
- Key factors were a 6% beat in net interest income due to higher interest writebacks from improved asset quality, and lower operating expenses due to a reversal of employee provisions.
- Asset quality improved significantly with GNPAs declining 120bps sequentially to 5.9% and NNPA declining 100bps to 2.4%, driven by focus on recoveries and seasonal effects.
Motherson Sumi Systems reported a 19.4% year-over-year increase in net sales to Rs. 1,958 crore for the second quarter of fiscal year 2011, marginally above the analyst's expectation of 1.938 crore. Operating profit margin increased 411 basis points year-over-year to 10.6%, 79 basis points above expectations, driven by favorable foreign exchange movements. Net profit for the quarter came in at Rs. 86 crore, above the analyst's estimate of Rs. 67.6 crore due to better than expected operating margin performance. The analyst maintains an 'Accumulate' rating on the stock with a target price of Rs. 195, valuing the company at a 16
Bharat Forge reported strong results for the second quarter of fiscal year 2011, with revenues and profits exceeding estimates. Standalone revenues grew 68% year-over-year to Rs. 718.7 crore, driven by growth in domestic and export sales. Operating margins expanded marginally despite a rise in raw material costs. Net profit of Rs. 68.1 crore beat estimates owing to higher other income. Consolidated performance also exceeded expectations, with revenues up 56% and earnings rebounding from losses in the prior year period. The analyst maintains a positive outlook on Bharat Forge and recommends accumulating the stock.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
Ashok Leyland Q1FY15: Losses narrowed down to Rs48 mn, holdIndiaNotes.com
- Ashok Leyland reported a 4.8% increase in net sales to INR 24,778 million for Q1FY15 compared to Q1FY14. However, losses narrowed to INR 480 million, a 65% reduction from INR 1,418 million in Q1FY14, due to lower raw material costs and higher other income.
- Realizations increased 13% to INR 1.23 million per vehicle due to higher sales of medium and heavy commercial vehicles. However, this trend is unlikely to continue throughout the year as production of other vehicle types will increase.
- The company plans to invest INR 4.5-5 billion in capex for maintenance and increasing capacity utilization but minimal investment is required for
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Hero Honda reported a 12.1% increase in net sales for the second quarter of FY2011 but an 18.3% decline in EBITDA due to a 498 basis point drop in margins from higher input costs. Net profit declined 15.3% year-over-year due to pressure on operating performance from rising raw material prices. While volumes grew 8.7% and realized prices increased 2.7%, margins contracted as raw material costs increased nearly 500 basis points year-over-year. The analyst maintains a neutral rating and revises downward full-year earnings estimates due to lower operating margins and a cautious outlook on future market share.
- Management forecasts reduced operating income for fiscal 2017 due to impacts from a strong yen, but growth of 7% is anticipated when excluding foreign exchange influences.
- Fiscal 2016 saw record-breaking net and operating incomes. Operating income exceeded ¥100 billion for the first time in 8 years, and net income was ¥62.6 billion.
- For fiscal 2017, management forecasts net sales of ¥800 billion and operating income of ¥90 billion, accounting for expected impacts from a strong yen. However, a second consecutive year of record-breaking net income of ¥65 billion is anticipated.
Financial statements bulletin2016
GROWTH AND PROFIT IMPROVEMENT IN THE FOURTH QUARTER, FULL-YEAR RESULT IMPActed BY ONE-OFFS
- Net sales increased 4.6% in full year and 5.9% in Q4 driven by rental sales growth. Comparable EBITA improved in Q4 and in all segments except Sweden and Europe East for full year.
- Reported EBITA and EPS were impacted by one-off costs including asset write-downs and reorganization costs totaling €20.6M for the full year.
- Cash flow after investments was negative €20.7M for the full year due to increased gross cape
TVS Motor Q1FY15: Business outlook strong; New launch impacts marginsIndiaNotes.com
TVS Motor’s 1QFY15 performance was below estimate, with EBITDA margin at 5.7% (v/s est. of 6.8%), resulting in PAT growth of 39% YoY to INR723m (est. INR953m). Motilal Oswal maintain FY16E estimates, buy.
Maruti Suzuki reported a 27% year-over-year increase in net sales to Rs. 9,147 crore for the second quarter of fiscal year 2011, which was 1.9% above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin declined 222 basis points year-over-year to 10.5% due to higher raw material costs and royalty charges. However, net profit grew 5% to Rs. 598 crore, beating estimates of Rs. 535 crore due to higher other operating and other income. While top-line growth was supported by a 27.4% increase in vehicle volumes, margins were impacted by rising costs.
Mahindra &Mahindra Q1FY15 profits better than estimates - Hold - SPA SecuritiesIndiaNotes.com
M&M reported Q1FY15 revenue & profit of INR 103 bn & INR 9 bn, which were better than our estimates because of higher realization for both the Automotive & Farm Equipment Segment (FES). Margins declined 47 bps YoY to 12.4% and EBITDA stood at INR 13 bn.
Tata Sponge: Q1 Net grows a whopping 145.45%, buyIndiaNotes.com
During Q1FY15, the company's net profit jumps to Rs. 442.80 million against Rs. 180.40 million in the corresponding quarter ending of previous year, an increase of 145.45%. Revenue for the quarter rose by 23.52% to Rs. 2031.20 million. Maintain buy
- Sonata Software is primarily an IT services company that focuses on outsourced product development, travel/tourism, and retail & distribution. Its key differentiator is investing in intellectual property to fortify its services and drive faster growth.
- The document analyzes Sonata's financial performance and growth outlook. It expects the company's IT services margins to remain steady as investments are complete. The domestic business is also expected to be steadily profitable.
- The report initiates coverage on Sonata Software with a "Buy" rating based on a target price to earnings ratio of 12 times, taking into account the proportions of its IT services and domestic businesses.
- Firstsource Solutions reported revenue of $132 million in Q1 FY2018, up 1.8% quarter-over-quarter but only up 0.8% year-over-year. Organic revenue growth was sluggish as key verticals like BFSI and telecom reported weak growth.
- EBITDA margins improved to 8.6% from 8.2% in the previous quarter due to cost optimization but were down significantly from the prior year.
- The analyst maintains a "Hold" rating and lowers the target price to Rs. 38 based on slower expected growth, currency headwinds, and the sale of the company's domestic business. Risks to growth include weakness in
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Grauer and Weil (India) Ltd reported a 17% year-over-year increase in revenues for the second quarter of FY2015 to Rs. 1009 million, slightly above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% to Rs. 180 million, in line with estimates. Net profit increased 14% to Rs. 92 million, above estimates of a 9% rise. The company's chemical segment continued to be the largest revenue contributor at 67% of total revenue and saw a 4% yearly increase. Management expects continued growth in the chemical segment and other segments to drive overall revenue growth in FY2015 and FY2016.
- Intellect Design Arena reported steady Q1 results with revenues of $37.4 million, flat quarter-over-quarter but up 22% year-over-year, in line with estimates. Higher operating leverage led to a significant improvement in EBITDA margins to 5.6% compared to -6.5% a year ago.
- While maintaining a Buy rating, the analyst lowered the target price to Rs 150 from Rs 175 previously to account for a 23% dilution from a rights issue and currency movements.
- Revenue growth is expected to continue but estimates were lowered slightly to reflect currency impacts. Positive free cash flow and a stronger balance sheet are anticipated in FY19.
Entertainment Network Ltd: Stock Price & Q4 Results Of Entertainment Network ...hdfcsecurities1
Entertainment Network Limited: Check out the institutional research report of Q4 result of Entertainment Network Ltd. ENIL’s 4QFY18 was in-line but muted. Revenue declined 3.7% YoY owing to high base and cut in ad volumes.
- Majesco India's revenue dropped 0.8% quarter-over-quarter and 14% year-over-year due to weak performance at its subsidiary Majesco US. However, deal wins were strong with the order book growing 22% year-over-year.
- While the first quarter results were below estimates, the large order book of $77 million provides assurance that revenue decline will reverse for the rest of the fiscal year.
- The analyst retains a "Buy" rating on Majesco with a revised target price of 540 rupees, believing that performance has bottomed out and recent deals including one with IBM will support growth going forward.
- Firstsource Solutions reported revenue of $132 million in Q1 FY2018, up 1.8% quarter-over-quarter but only up 0.8% year-over-year. Organic revenue growth was sluggish as key verticals like BFSI and telecom reported weak growth.
- EBITDA margins improved to 8.6% from 8.2% in the previous quarter due to cost optimization but were down significantly from the prior year.
- The analyst maintains a 'Hold' rating and lowers the target price to Rs. 38 based on slower expected growth, currency headwinds, and the sale of the domestic business. Growth is expected to remain challenging across most vertical
Mahindra Financial result update: 4QFY15 PAT up 7% YoY and 144% QoQIndiaNotes.com
- Mahindra Financial Services reported better than expected 4QFY15 results with net profit growing 7% YoY to INR3.33 billion, beating estimates by 23%.
- Key factors were a 6% beat in net interest income due to higher interest writebacks from improved asset quality, and lower operating expenses due to a reversal of employee provisions.
- Asset quality improved significantly with GNPAs declining 120bps sequentially to 5.9% and NNPA declining 100bps to 2.4%, driven by focus on recoveries and seasonal effects.
Motherson Sumi Systems reported a 19.4% year-over-year increase in net sales to Rs. 1,958 crore for the second quarter of fiscal year 2011, marginally above the analyst's expectation of 1.938 crore. Operating profit margin increased 411 basis points year-over-year to 10.6%, 79 basis points above expectations, driven by favorable foreign exchange movements. Net profit for the quarter came in at Rs. 86 crore, above the analyst's estimate of Rs. 67.6 crore due to better than expected operating margin performance. The analyst maintains an 'Accumulate' rating on the stock with a target price of Rs. 195, valuing the company at a 16
Bharat Forge reported strong results for the second quarter of fiscal year 2011, with revenues and profits exceeding estimates. Standalone revenues grew 68% year-over-year to Rs. 718.7 crore, driven by growth in domestic and export sales. Operating margins expanded marginally despite a rise in raw material costs. Net profit of Rs. 68.1 crore beat estimates owing to higher other income. Consolidated performance also exceeded expectations, with revenues up 56% and earnings rebounding from losses in the prior year period. The analyst maintains a positive outlook on Bharat Forge and recommends accumulating the stock.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
Ashok Leyland Q1FY15: Losses narrowed down to Rs48 mn, holdIndiaNotes.com
- Ashok Leyland reported a 4.8% increase in net sales to INR 24,778 million for Q1FY15 compared to Q1FY14. However, losses narrowed to INR 480 million, a 65% reduction from INR 1,418 million in Q1FY14, due to lower raw material costs and higher other income.
- Realizations increased 13% to INR 1.23 million per vehicle due to higher sales of medium and heavy commercial vehicles. However, this trend is unlikely to continue throughout the year as production of other vehicle types will increase.
- The company plans to invest INR 4.5-5 billion in capex for maintenance and increasing capacity utilization but minimal investment is required for
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Hero Honda reported a 12.1% increase in net sales for the second quarter of FY2011 but an 18.3% decline in EBITDA due to a 498 basis point drop in margins from higher input costs. Net profit declined 15.3% year-over-year due to pressure on operating performance from rising raw material prices. While volumes grew 8.7% and realized prices increased 2.7%, margins contracted as raw material costs increased nearly 500 basis points year-over-year. The analyst maintains a neutral rating and revises downward full-year earnings estimates due to lower operating margins and a cautious outlook on future market share.
- Management forecasts reduced operating income for fiscal 2017 due to impacts from a strong yen, but growth of 7% is anticipated when excluding foreign exchange influences.
- Fiscal 2016 saw record-breaking net and operating incomes. Operating income exceeded ¥100 billion for the first time in 8 years, and net income was ¥62.6 billion.
- For fiscal 2017, management forecasts net sales of ¥800 billion and operating income of ¥90 billion, accounting for expected impacts from a strong yen. However, a second consecutive year of record-breaking net income of ¥65 billion is anticipated.
Financial statements bulletin2016
GROWTH AND PROFIT IMPROVEMENT IN THE FOURTH QUARTER, FULL-YEAR RESULT IMPActed BY ONE-OFFS
- Net sales increased 4.6% in full year and 5.9% in Q4 driven by rental sales growth. Comparable EBITA improved in Q4 and in all segments except Sweden and Europe East for full year.
- Reported EBITA and EPS were impacted by one-off costs including asset write-downs and reorganization costs totaling €20.6M for the full year.
- Cash flow after investments was negative €20.7M for the full year due to increased gross cape
TVS Motor Q1FY15: Business outlook strong; New launch impacts marginsIndiaNotes.com
TVS Motor’s 1QFY15 performance was below estimate, with EBITDA margin at 5.7% (v/s est. of 6.8%), resulting in PAT growth of 39% YoY to INR723m (est. INR953m). Motilal Oswal maintain FY16E estimates, buy.
Maruti Suzuki reported a 27% year-over-year increase in net sales to Rs. 9,147 crore for the second quarter of fiscal year 2011, which was 1.9% above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin declined 222 basis points year-over-year to 10.5% due to higher raw material costs and royalty charges. However, net profit grew 5% to Rs. 598 crore, beating estimates of Rs. 535 crore due to higher other operating and other income. While top-line growth was supported by a 27.4% increase in vehicle volumes, margins were impacted by rising costs.
Mahindra &Mahindra Q1FY15 profits better than estimates - Hold - SPA SecuritiesIndiaNotes.com
M&M reported Q1FY15 revenue & profit of INR 103 bn & INR 9 bn, which were better than our estimates because of higher realization for both the Automotive & Farm Equipment Segment (FES). Margins declined 47 bps YoY to 12.4% and EBITDA stood at INR 13 bn.
Tata Sponge: Q1 Net grows a whopping 145.45%, buyIndiaNotes.com
During Q1FY15, the company's net profit jumps to Rs. 442.80 million against Rs. 180.40 million in the corresponding quarter ending of previous year, an increase of 145.45%. Revenue for the quarter rose by 23.52% to Rs. 2031.20 million. Maintain buy
- Sonata Software is primarily an IT services company that focuses on outsourced product development, travel/tourism, and retail & distribution. Its key differentiator is investing in intellectual property to fortify its services and drive faster growth.
- The document analyzes Sonata's financial performance and growth outlook. It expects the company's IT services margins to remain steady as investments are complete. The domestic business is also expected to be steadily profitable.
- The report initiates coverage on Sonata Software with a "Buy" rating based on a target price to earnings ratio of 12 times, taking into account the proportions of its IT services and domestic businesses.
- Firstsource Solutions reported revenue of $132 million in Q1 FY2018, up 1.8% quarter-over-quarter but only up 0.8% year-over-year. Organic revenue growth was sluggish as key verticals like BFSI and telecom reported weak growth.
- EBITDA margins improved to 8.6% from 8.2% in the previous quarter due to cost optimization but were down significantly from the prior year.
- The analyst maintains a "Hold" rating and lowers the target price to Rs. 38 based on slower expected growth, currency headwinds, and the sale of the company's domestic business. Risks to growth include weakness in
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Grauer and Weil (India) Ltd reported a 17% year-over-year increase in revenues for the second quarter of FY2015 to Rs. 1009 million, slightly above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% to Rs. 180 million, in line with estimates. Net profit increased 14% to Rs. 92 million, above estimates of a 9% rise. The company's chemical segment continued to be the largest revenue contributor at 67% of total revenue and saw a 4% yearly increase. Management expects continued growth in the chemical segment and other segments to drive overall revenue growth in FY2015 and FY2016.
Gabriel India: Q4FY15 net profit up 55.52% y/y to INR129.55m; 'Buy'IndiaNotes.com
Gabriel India reported financial results for Q4 FY15. Net profit increased 55.52% to Rs. 129.55 million compared to the same quarter last year. Revenue grew 3.93% to Rs. 3483.62 million. Earnings per share was Rs. 0.90 for the quarter, up 55.52% from the prior year. The company recommended a final dividend of 60%, or Rs. 0.60 per share. The report provides an overview of the company and industry, with financial forecasts projecting sales and profit growth over the next few years. Gabriel India is recommended as a buy with a target price of Rs. 94.00 based on anticipated future performance.
Tech Mahindra reported a weak Q1FY16 outlook, with marginal revenue decline and sustained pressure on margins expected. The company anticipates challenges in its communication business to persist through FY16, though its enterprise business is expected to grow in line with industry averages. Analysts revised down their estimates for FY16 and FY17 but maintained a 'buy' rating, expecting improvement in the second half of FY16. Margins are forecast to bottom out in the first half before showing gains from cost optimization and currency benefits in the latter half of the year.
Zydus Wellness reports a subdued quarter, hold - Nirmal BangIndiaNotes.com
Zydus Wellness reported subdued quarterly results, with net sales declining 1.8% YoY and EBITDA declining 33.4% YoY. While gross margins improved, operating margins declined due to a large jump in advertising expenses. Profitability metrics like EBITDA, PBT and PAT all declined over 40% YoY. The weak performance was driven by continued slowdown in key brands EverYuth and Nutralite due to increased competition. The company has launched new products and variants which it expects will improve performance going forward. While Sugarfree grew, overall results were below estimates.
Setco Automotive reported quarterly earnings that were in line with revenue estimates but below profit estimates. Revenue grew 49% year-over-year to INR 954 million driven by a rise in OE and replacement sales. However, margins declined slightly due to higher material costs from rupee depreciation and commodity price increases. While the company expects demand growth in the auto sector, forecasts for profits are below previous estimates due to the lower than expected quarterly result. The report maintains a 'buy' recommendation based on growth opportunities in the commercial vehicle market.
Vaibhav Global Q1FY15: Outlook continues to remain positive; HoldIndiaNotes.com
As expected, the company reported sales growth of 20.3% yoy to Rs 301 cr, on account of sluggish TV Sales. Q1 is a temporary blip and Nirmal Bang expects the growth to be normalized from Q3 onwards (Q2 is seasonally weak quarter for the company). Hold
FAG Bearings reported strong performance in 3QCY2010 with net sales growing 31.5% YoY to Rs. 272.4 crore, in line with estimates. EBITDA margin expanded 381bps YoY to 17.7% due to lower raw material costs. Net profit increased 90.1% YoY to Rs. 31.4 crore on robust sales growth and improved operating performance. The brokerage maintains its estimates and recommends buying the stock with a target price of Rs. 1,035, valuing it at 12x CY2012 EPS.
Cyient announces acquisition of GSE-Asia, maintain holdIndiaNotes.com
Cyient Ltd. acquired Global Services Engineering Asia (GSE-Asia) based in Singapore from Pratt & Whitney Pte Ltd. for $6-7 million. GSE-Asia provides repairs, development and validation for aerospace engine components with annual revenue of $10-12 million. This acquisition allows Cyient to expand into the lucrative aftermarket services segment of the aerospace industry and strengthen its partnership with Pratt & Whitney. The deal is expected to be earnings accretive and improve Cyient's return on equity.
Bayer CropScience reported disappointing results for the fourth quarter of fiscal year 2010, with sales decreasing 5.6% year-over-year and a net loss of Rs. 3 crore. EBITDA margins declined significantly by 260 basis points year-over-year. For the full fiscal year 2010, revenues grew 16.3% while EBITDA margins increased 150 basis points due to lower depreciation and interest costs. Going forward, the analyst expects strong revenue growth for the company driven by high agricultural commodity prices and has revised EPS estimates upward accordingly. However, the stock currently trades at fair valuation, so the analyst maintains a Neutral rating.
NTPC reported mixed Q2 FY16 results with revenue and EBITDA in line with expectations but profit above expectations due to higher tax credit. Revenue grew 6.9% to Rs. 178,985.1 million from higher generation capacity and plant load factor. EBITDA grew 24.3% due to lower fuel costs and margins expanded 315 basis points. Profit grew 39.9% due to a tax credit of Rs. 7,296.8 million compared to an expected tax expense. NTPC is expected to benefit from economic recovery driving power demand growth. The stock is rated a Buy with a target price of Rs. 169 per share.
Saksoft Limited reported financial results for the quarter ended March 31, 2015. Net profit increased 32.98% to Rs. 49.84 million compared to the same quarter last year. Revenue rose 10.07% to Rs. 592.27 million. Earnings per share was Rs. 4.81, up from Rs. 3.66 in the prior year period. The company recommended a final dividend of 25%, or Rs. 2.50 per share. Analysts estimate sales and profit will grow at a CAGR of 14% and 19% from 2014-2017.
Capital First: Q4FY15 net profit up 22.28% y/y to Rs. 364.73 mn; BuyIndiaNotes.com
Capital First Ltd. is a provider of financial services across consumer and wholesale businesses. For the quarter ending March 31, 2015 (Q4 FY15), the company reported a net profit of Rs. 364.73 million, an increase of 22.28% compared to the corresponding period the previous year. Net sales increased 33.83% to Rs. 3850.42 million for Q4 FY15. Earnings per share for Q4 FY15 were Rs. 4.01, up from Rs. 3.61 in the same quarter of the previous year. The company has recommended a dividend of Rs. 2.20 per share.
AIA Engineering Q4FY15: Firstcall recommend for target of 1125IndiaNotes.com
This document provides an analysis of AIA Engineering Ltd, an Indian company that manufactures wear-resistant castings for cement, mining, and power industries. In Q4 FY2015, the company's net sales increased 4.88% YoY to Rs. 6048.11 million while net profit declined 5.78% to Rs. 1126.86 million. The document recommends buying the company's stock, sets a target price of Rs. 1125, and forecasts strong revenue and profit growth over the next few years.
ViewShift: Hassle-free Dynamic Policy Enforcement for Every Data LakeWalaa Eldin Moustafa
Dynamic policy enforcement is becoming an increasingly important topic in today’s world where data privacy and compliance is a top priority for companies, individuals, and regulators alike. In these slides, we discuss how LinkedIn implements a powerful dynamic policy enforcement engine, called ViewShift, and integrates it within its data lake. We show the query engine architecture and how catalog implementations can automatically route table resolutions to compliance-enforcing SQL views. Such views have a set of very interesting properties: (1) They are auto-generated from declarative data annotations. (2) They respect user-level consent and preferences (3) They are context-aware, encoding a different set of transformations for different use cases (4) They are portable; while the SQL logic is only implemented in one SQL dialect, it is accessible in all engines.
#SQL #Views #Privacy #Compliance #DataLake
Build applications with generative AI on Google CloudMárton Kodok
We will explore Vertex AI - Model Garden powered experiences, we are going to learn more about the integration of these generative AI APIs. We are going to see in action what the Gemini family of generative models are for developers to build and deploy AI-driven applications. Vertex AI includes a suite of foundation models, these are referred to as the PaLM and Gemini family of generative ai models, and they come in different versions. We are going to cover how to use via API to: - execute prompts in text and chat - cover multimodal use cases with image prompts. - finetune and distill to improve knowledge domains - run function calls with foundation models to optimize them for specific tasks. At the end of the session, developers will understand how to innovate with generative AI and develop apps using the generative ai industry trends.
Predictably Improve Your B2B Tech Company's Performance by Leveraging DataKiwi Creative
Harness the power of AI-backed reports, benchmarking and data analysis to predict trends and detect anomalies in your marketing efforts.
Peter Caputa, CEO at Databox, reveals how you can discover the strategies and tools to increase your growth rate (and margins!).
From metrics to track to data habits to pick up, enhance your reporting for powerful insights to improve your B2B tech company's marketing.
- - -
This is the webinar recording from the June 2024 HubSpot User Group (HUG) for B2B Technology USA.
Watch the video recording at https://youtu.be/5vjwGfPN9lw
Sign up for future HUG events at https://events.hubspot.com/b2b-technology-usa/
Codeless Generative AI Pipelines
(GenAI with Milvus)
https://ml.dssconf.pl/user.html#!/lecture/DSSML24-041a/rate
Discover the potential of real-time streaming in the context of GenAI as we delve into the intricacies of Apache NiFi and its capabilities. Learn how this tool can significantly simplify the data engineering workflow for GenAI applications, allowing you to focus on the creative aspects rather than the technical complexities. I will guide you through practical examples and use cases, showing the impact of automation on prompt building. From data ingestion to transformation and delivery, witness how Apache NiFi streamlines the entire pipeline, ensuring a smooth and hassle-free experience.
Timothy Spann
https://www.youtube.com/@FLaNK-Stack
https://medium.com/@tspann
https://www.datainmotion.dev/
milvus, unstructured data, vector database, zilliz, cloud, vectors, python, deep learning, generative ai, genai, nifi, kafka, flink, streaming, iot, edge
Open Source Contributions to Postgres: The Basics POSETTE 2024ElizabethGarrettChri
Postgres is the most advanced open-source database in the world and it's supported by a community, not a single company. So how does this work? How does code actually get into Postgres? I recently had a patch submitted and committed and I want to share what I learned in that process. I’ll give you an overview of Postgres versions and how the underlying project codebase functions. I’ll also show you the process for submitting a patch and getting that tested and committed.
1. Anand Rathi Share and Stock Brokers Limited (hereinafter “ARSSBL”) is a full-service brokerage and equities-research firm and the views expressed therein are solely of
ARSSBL and not of the companies which have been covered in the Research Report. This report is intended for the sole use of the Recipient. Disclosures and analyst
certifications are present in the Appendix.
Anand Rathi Research India Equities
Media
Company Update
India I Equities
Key financials (YE Mar) FY15 FY16 FY17 FY18e FY19e
Sales (` m) 4,332 4,921 5,495 5,433 6,340
Net profit (` m) 1,060 1,000 551 713 947
EPS (`) 22.2 20.9 11.5 14.9 19.9
Growth (%) 26.7 -5.7 -45.0 29.9 32.6
PE (x) 39.6 42.0 76.4 58.8 44.3
PBV (x) 6.2 5.5 4.9 4.6 4.1
RoE (%) 16.9 13.9 6.8 8.0 9.8
RoCE (%) 23.1 17.4 9.2 11.1 14.7
Dividend yield (%) 0.1 0.1 0.1 0.1 0.1
Net debt / equity (x) -0.8 0.0 -0.0 -0.1 -0.2
Source: Company, Anand Rathi Research
Mohit Jain
Research Analyst
+9122 6626 6531
mohitjain@rathi.com
Shobit Singhal
Research Associate
+9122 6626 6511
shobitsinghal@rathi.com
`
Rating: Sell
Target Price: `780
Share Price: `880
Key data ENIL IN / ENIL.BO
52-week high / low `1,008 / `667
Sensex / Nifty 32238 / 10014
3-m average volume $0.3m
Market cap `42bn / $658.9m
Shares outstanding 48m
Shareholding pattern (%) Jun'17 Mar'17 Dec'16
Promoters 71.2 71.2 71.2
- of which, Pledged - - -
Free float 28.9 28.9 28.9
- Foreign institutions 15.7 16.5 16.5
- Domestic institutions 4.3 3.6 2.4
- Public 8.9 8.8 9.9
4 August 2017
Entertainment Network
Recovery deferred to FY19, but rich valuations persist; Sell
Its strategy of raising prices (up 11.4% y/y) added to macro headwinds
(weak government spending, RERA, GST and de-monetisation) and
led to a weak Q1 for ENIL (revenue down 10% y/y to `987m, an 11%
EBITDA margin vs. 25.5% a year prior). Yet, employee costs (32% of
revenue in Q1 FY18, vs. 23% a year prior) are semi-variable and can be
used as a margin lever. Management expects a strong H2 (Q2 has been
weak so far) due to festival sales, but hopes for double-digit growth
only in FY18 EBITDA. The weak H1 results lead to us cutting the
FY18e and FY19e EPS a steep 13% and 19% respectively, with a new
target of `780 (18x FY19e EV/EBITDA), down from `850 earlier.
Price hikes in Q1 did not go well. ENIL’s Q1 performance was subdued as
its core radio business (73% of revenue) slid 15% y/y, partly offset by its non-
radio business (27% of revenue) growing 17% y/y. Core radio weakness
(utilisation down from 92% in Q1 FY17 to 62%) suffered the impact of the
factors mentioned above but, most importantly, the market did not absorb
price hikes, and competition was quick to capture market share from the
leader. New stations brought ~11% to revenue (`106m in Q1) but still suffer
losses (`43.5m in Q1).
Festival season critical to demonstrate recovery. Recovery has not been
seen so far (Jul was soft, Aug uncertain) but ENIL is holding to its pricing in
hopes of a Q3 recovery. Also, it is relying on two launches (Kozhikode and
Jammu) in Aug and a steep H2 recovery due to pent-up demand in the last
few months. If the market is weak, ENIL will revisit its pricing strategy in Q3.
Rich valuations lead us to re-visit our rating – to a Sell. To reflect the weak
H1, we cut our estimates by 19%. The valuation at which the stock now trades
(21.8x FY19e EV:EBITDA) we find rich, preferring to await a better entry. Our
recommendation also reflects expectations of a slow recovery in the core
sectors that advertise on radio. Risk: Market-share loss to competition.
Relative price performance
Source: Bloomberg
ENIL
Sensex
600
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Estimates revision (%) FY18e FY19e
Sales (16.1) (17.2)
EBITDA (19.1) ( 16.8)
PAT (13.2) (18.6)
Change in Estimates Target Reco
4. 4 August 2017 Entertainment Network – Recovery deferred to FY19, but rich valuations persist; Sell
Anand Rathi Research 4
Conference Call Takeaways
Company
In Q1 FY18, the top-eight advertising categories collectively declined
20% by volume for the radio industry. The major drop in volumes was
seen in government advertising (38% for industry, company-70%), real
estate (industry-21%, company-41%) and media & entertainment
(company-44%). ENIL has a 25% market share by revenue in
government advertising.
Consumption-wise, the top-eight markets bring 60% to the advertising
pie; the rest of the market, 40%. The company expects to reverse this
in the next 2-3 years.
In Q1 FY18, its new stations reported `106m in revenue, though
suffering a `43.5m EBITDA loss. The company expects the new
stations to break even by end-FY18.
With volumes declining 30%, revenue from existing stations dropped
14.9% y/y.
The realisation rate rose 11.4% y/y.
At its core 36 stations, costs, which rose by just ~1-2% in Q1 FY18,
have been curtailed; the company expects to hold them at this level.
The company launched its 2nd frequency band, at a 5-10% price
premium to the present frequency, though capacity utilisation is now
under ~20%. It expects utilisation at its new stations to climb to 60-
80% by end-FY18.
Blended capacity utilisation in Q1 FY18 came at 62.9% (86% for the
top-eight cities and 20% for the new stations).
The company is focusing on reducing advertising volumes during the
peak festival season by cutting down inventory (advertising time-slots)
by four minutes an hour (from 22 minutes an hour at present to
eighteen).
The blended realisation rate for Q1 FY18 was `10,700.
The company will incur ~`250m on capex in launching new stations in
FY18.
Business outlook
Business should return to normal only from H2 FY18 as the festival
season sets in, since Q2 FY18 would still bear the brunt of the GST,
de-monetisation and RERA.
Notes from the last two quarters’ conference calls
From Q4 FY17
Q1 FY18 will be hit by the GST as advertisers are holding up
spending.
For the industry, the impact of the GST on revenue is expected to be
~1%.
From Q3 FY17
Q4 is expected to bear the impact of de-monetization as well, but
somewhat alleviated. Overall, growth would be affected 5-7%.
5. 4 August 2017 Entertainment Network – Recovery deferred to FY19, but rich valuations persist; Sell
Anand Rathi Research 5
Valuations
In the radio sector ENIL leads and in FY17 scaled up to 49 channels (in 39
cities). Before the Phase 3 (batch 1) auctions and prior to its recent
acquisition of TV Today’s FM channels, it operated 32 channels (in 32
cities). This scale-up is reflected in its lower EBITDA margin and, we
believe, that by FY19 the full benefit of the scaling-up of operations would
be evident, with margins reverting to over 30%.
We like the strategy of operating multiple frequencies in many cities. This
may increase the target market (audience and advertising market-share)
with the additional benefit of operating leverage by virtue of two stations in
a city. Its nationwide operations should help attract more advertisers.
Since the stock trades at 21.7x FY19e EV:EBITDA at the ruling price of
`880, we have revised our target to `780 from `850 earlier. We alter our
recommendation for it from a Hold to a Sell.
Fig 9 – Change in estimates
FY18 FY19
(` m) New Old % Change New Old % Change
Revenues 5,433 6,475 (16.1) 6,340 7,655 (17.2)
EBITDA 1,430 1,768 (19.1) 1,925 2,313 (16.8)
EBITDA margin % 26.3 27.3 -98 bps 30.4 30.2 15 bps
EBIT 815 1,066 (23.5) 1,292 1,596 (19.0)
EBIT margin % 15.0 16.5 -146 bps 20.4 20.8 -47 bps
PBT 1,008 1,164 (13.4) 1,349 1,661 (18.8)
Net Profit 713 821 (13.2) 947 1,163 (18.6)
Source: Anand Rathi Research
Fig 10 – EV/EBITDA (one-year-forward)
Source : Bloomberg, Anand Rathi Research
Risks
Any further loss of market share to competition.
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ENIL
6. Appendix
Analyst Certification
The views expressed in this Research Report accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the
compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research
analyst(s) in this report. The research analysts are bound by stringent internal regulations and also legal and statutory requirements of the Securities and Exchange
Board of India (hereinafter “SEBI”) and the analysts’ compensation are completely delinked from all the other companies and/or entities of Anand Rathi, and have
no bearing whatsoever on any recommendation that they have given in the Research Report.
Important Disclosures on subject companies
Rating and Target Price History (as of 3 August 2017)
Date Rating
TP
(`)
Share
Price (`)
1 28-Jul-16 Buy 860 709
2 09-Nov-16 Buy 880 740
3 14-Feb-17 Hold 850 810
Anand Rathi Ratings Definitions
Analysts’ ratings and the corresponding expected returns take into account our definitions of Large Caps (>US$1bn) and Mid/Small Caps (<US$1bn) as described
in the Ratings Table below:
Ratings Guide (12 months)
Buy Hold Sell
Large Caps (>US$1bn) >15% 5-15% <5%
Mid/Small Caps (<US$1bn) >25% 5-25% <5%
Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014
Anand Rathi Share and Stock Brokers Ltd. (hereinafter refer as ARSSBL) (Research Entity) is a subsidiary of Anand Rathi Financial Services Ltd. ARSSBL is a
corporate trading and clearing member of Bombay Stock Exchange Ltd, National Stock Exchange of India Ltd. (NSEIL), Multi Stock Exchange of India Ltd (MCX-
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engaged in the business of Stock Broking, Depository Participant and Mutual Fund distributor.
The research analysts, strategists, or research associates principally responsible for the preparation of Anand Rathi research have received compensation based
upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.
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constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The
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methodology, personal judgment and difference in time horizons for which recommendations are made. User should keep this risk in mind and not hold ARSSBL,
its employees and associates responsible for any losses, damages of any type whatsoever.
ENIL
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