PTC India reported lower than estimated quarterly revenues and profits. Revenues were INR28.2 billion, lower than the estimate of INR33 billion due to lower trading volumes and realization. Reported profit was INR66 million versus the estimate of INR364 million. However, adjusted profit of INR391 million was boosted by rebate and surcharge income. Trading margins of Ps4.7/unit were better than estimated but tolling margins and volumes were lower. Grid constraints impacted overall volumes. The company maintains a buy rating with a target price of INR109 per share based on a sum-of-the-parts valuation.
SMS CO., LTD. FY03-18 Q1 Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the First Quarter of
the Fiscal Year Ending March 31, 2018 (the 15th Fiscal Year)
SBI Magnum Equity Fund: An Open-ended Equity Scheme - Sep 16SBI Mutual Fund
" SBI Magnum Equity Fund is an equity scheme that seeks capital appreciation through investment in diversified portfolio of equities of high growth companies, along with liquidity of an open ended scheme. To know more about this mutual fund check the SBI Mutual Fund Page
https://www.sbimf.com/Products/EquitySchemes/sbi-magnum-equity-fund"
SMS CO., LTD. FY03-17 1H Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the First Half of the Fiscal Year Ending March 31, 2017 (the 14th Fiscal Year)
Narnolia Securities Limited positive to buy stocks of Sobha Developers Ltd and Suprajit Engineering Ltd with target price of Rs 1420 and Rs. 350 respectively. Also book profit on DIVISLAB stock which has achieved our recommended Target price of Rs 1350.
SMS CO., LTD. FY03-18 Q1 Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the First Quarter of
the Fiscal Year Ending March 31, 2018 (the 15th Fiscal Year)
SBI Magnum Equity Fund: An Open-ended Equity Scheme - Sep 16SBI Mutual Fund
" SBI Magnum Equity Fund is an equity scheme that seeks capital appreciation through investment in diversified portfolio of equities of high growth companies, along with liquidity of an open ended scheme. To know more about this mutual fund check the SBI Mutual Fund Page
https://www.sbimf.com/Products/EquitySchemes/sbi-magnum-equity-fund"
SMS CO., LTD. FY03-17 1H Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the First Half of the Fiscal Year Ending March 31, 2017 (the 14th Fiscal Year)
Narnolia Securities Limited positive to buy stocks of Sobha Developers Ltd and Suprajit Engineering Ltd with target price of Rs 1420 and Rs. 350 respectively. Also book profit on DIVISLAB stock which has achieved our recommended Target price of Rs 1350.
SMS CO., LTD. FY03-17 3Q Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the Third Quarter of the Fiscal Year Ending March 31, 2017 (the 14th Fiscal Year)
SMS CO., LTD. FY03-17 1Q Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the First Quarter of the Fiscal Year Ended March 31, 2017 (the 14th Fiscal Year)
TCS’ 1QFY15 revenue grew 5.5% QoQ to USD3.6b (and 4.8% QoQ CC), in line with estimate. EBITDA margin declined 210bp QoQ to 28.8%, v/s estimate of 29.2%. EBIT margin (26.3%) was lower than est. (27.6%) due to a one-time depreciation charge.
See the Chart of Indian IIP Trend in Narnolia Securities Limited Market Diary 14.02.2014
http://www.narnolia.com/index.php/category/archieve/market-diary/
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
See Private Sector Banks Result Review 3QFY14. Powergrid strong growth visibility and minimal operational risks. We valued stock for a 12 month period at a target price of Rs.118 also We rate a BUY rating on the stock with an 12 months price target price of Rs 80.0 at 4.1x FY15E earnings of IFGL Refractories Ltd stock.
Reliance Mutual Fund’s daily market news on which included Indian equity and debt market indices, Currency Market Update,Commodity Market Update, Indian Government announcement, International news etc.
Equity segment is also known as Cash segment. Equity trading is quite popular in Indian stock market as in Equity segment traders and investors can buy any number of shares depending upon their budget and risk appetite.
SBI Magnum Global Fund: An Open Ended Growth Scheme - Dec 2015SBI Mutual Fund
SBI Magnum Global Fund is an open-ended equity scheme which makes well researched investments in stocks and securities of companies from selected industries with high growth potential. This presentation highlights the performance and risk analytics of the fund along with the fund details. To know more about the fund check our website page https://www.sbimf.com/Products/EquitySchemes/Magnum_Global_Fund.aspx
Not as bad as feared. Poor though the results were, the May results season was
not as bad as feared. In fact, there were reasons to be encouraged. The revision
ratio improved from 0.43x in Feb 09 to 0.6x, meaning that the earnings downgrade
momentum is not as lopsided as before. Some 60% of companies met
expectations (43% previously) and 25% failed to deliver (40% before). 15% did
better than expected, a slight pullback from 17% during the Feb results season. In
terms of sector performance, six disappointed while only two were above
expectations.
• EPS forecast surprisingly raised. More significant than the actual number of
companies that surpassed or missed expectations is the fact that 2009 and 2010
EPS have been raised, rather than cut. This is a pleasant surprise. Since the Feb
results season, 2009 EPS contraction has been reduced from 8% to around 6%
while 2010 EPS growth has been raised from 16% to 19%. Upgrades came largely
from the plantation sector due to firm CPO prices, as well as big caps such as
Axiata and Maybank, which more than offset letdowns from smaller caps.
• The worst could be over. In our Apr strategy when we upgraded Malaysia to
Overweight, we thought 2Q could provide a buying opportunity due to 1) the
expected poor results season, and 2) announcement of a sharp contraction in
1Q09 GDP. We were only partially right on the first count as 1Q09 results have
turned out to be not as bad as expected and did not present any major shocks or
earnings downgrades. This means that there is a good chance we are past the
worst as upcoming quarters may be more balanced and EPS cuts could have
bottomed out. Fundamentally, this is hugely positive for the market.
• New KLCI target of 1,220. Although our economics team was spot on about 1Q
GDP being weak – it sank 6.2% – the market took the bad news in its stride. This
is an indication of how far market confidence has improved in the past two
months. We continue to believe the gradual reinvestment of institutional funds’
spare cash will sustain the market rebound in 2H09. In view of the better-thanexpected
1Q results season, continued positive newsflow during PM Dato’ Sri
Najib Razak’s first 100 days in office and the gradual return of foreign funds to the
market, we upgrade our year-end KLCI target from 1,060 to 1,220 points after
removing the 10% discount to its 3-year moving average P/E of 15x. We maintain
our OVERWEIGHT stance on Malaysia and our preference for cyclical bombedout
sectors including construction, building materials, property and oil & ga
Alt R - ACPL - Initiating Coverage - 15th Sept 2016Ali Shah Jumani
We initiate the coverage of Attock Cement Pakistan Limited (ACPL) with the “BUY” recommendation and the target price for Jun’17 of PKR 322/share providing total upside of 32.29%, including capital gain accounting for 28.29% at the current price of 251 and dividend yield of 4% on target price.
Q3FY15: Buy Jain Irrigation for 51% upsideIndiaNotes.com
Results below estimates led by weak farm incomes, polymer price decline: JI reported a revenue of Rs12.9 billion (est. Rs14.4 billion), YoY de-growth of 6%. While growth in Micro Irrigation (MIS) (-10.5% YoY) was weak due to lower farm incomes (impacted by untimely rains and drought in Maharashtra and lower agri commodity prices), PVC Pipes (-11.1% YoY) and PE Pipes’ (-29.4% YoY) demand was impacted due to weak offtake in a deflationary polymer price environment as buyers postponed purchases. On the positive side, Food processing business reported robust growth, with Onion dehydration growing 58.3% YoY and Fruit Processing growing 24.6% YoY.
SMS CO., LTD. FY03-17 3Q Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the Third Quarter of the Fiscal Year Ending March 31, 2017 (the 14th Fiscal Year)
SMS CO., LTD. FY03-17 1Q Presentation material for IRsmsir
This is the presentation material for IR of SMS CO., LTD.(Securities Code:2175 / TSE1)
Financial Results Summary for the First Quarter of the Fiscal Year Ended March 31, 2017 (the 14th Fiscal Year)
TCS’ 1QFY15 revenue grew 5.5% QoQ to USD3.6b (and 4.8% QoQ CC), in line with estimate. EBITDA margin declined 210bp QoQ to 28.8%, v/s estimate of 29.2%. EBIT margin (26.3%) was lower than est. (27.6%) due to a one-time depreciation charge.
See the Chart of Indian IIP Trend in Narnolia Securities Limited Market Diary 14.02.2014
http://www.narnolia.com/index.php/category/archieve/market-diary/
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
See Private Sector Banks Result Review 3QFY14. Powergrid strong growth visibility and minimal operational risks. We valued stock for a 12 month period at a target price of Rs.118 also We rate a BUY rating on the stock with an 12 months price target price of Rs 80.0 at 4.1x FY15E earnings of IFGL Refractories Ltd stock.
Reliance Mutual Fund’s daily market news on which included Indian equity and debt market indices, Currency Market Update,Commodity Market Update, Indian Government announcement, International news etc.
Equity segment is also known as Cash segment. Equity trading is quite popular in Indian stock market as in Equity segment traders and investors can buy any number of shares depending upon their budget and risk appetite.
SBI Magnum Global Fund: An Open Ended Growth Scheme - Dec 2015SBI Mutual Fund
SBI Magnum Global Fund is an open-ended equity scheme which makes well researched investments in stocks and securities of companies from selected industries with high growth potential. This presentation highlights the performance and risk analytics of the fund along with the fund details. To know more about the fund check our website page https://www.sbimf.com/Products/EquitySchemes/Magnum_Global_Fund.aspx
Not as bad as feared. Poor though the results were, the May results season was
not as bad as feared. In fact, there were reasons to be encouraged. The revision
ratio improved from 0.43x in Feb 09 to 0.6x, meaning that the earnings downgrade
momentum is not as lopsided as before. Some 60% of companies met
expectations (43% previously) and 25% failed to deliver (40% before). 15% did
better than expected, a slight pullback from 17% during the Feb results season. In
terms of sector performance, six disappointed while only two were above
expectations.
• EPS forecast surprisingly raised. More significant than the actual number of
companies that surpassed or missed expectations is the fact that 2009 and 2010
EPS have been raised, rather than cut. This is a pleasant surprise. Since the Feb
results season, 2009 EPS contraction has been reduced from 8% to around 6%
while 2010 EPS growth has been raised from 16% to 19%. Upgrades came largely
from the plantation sector due to firm CPO prices, as well as big caps such as
Axiata and Maybank, which more than offset letdowns from smaller caps.
• The worst could be over. In our Apr strategy when we upgraded Malaysia to
Overweight, we thought 2Q could provide a buying opportunity due to 1) the
expected poor results season, and 2) announcement of a sharp contraction in
1Q09 GDP. We were only partially right on the first count as 1Q09 results have
turned out to be not as bad as expected and did not present any major shocks or
earnings downgrades. This means that there is a good chance we are past the
worst as upcoming quarters may be more balanced and EPS cuts could have
bottomed out. Fundamentally, this is hugely positive for the market.
• New KLCI target of 1,220. Although our economics team was spot on about 1Q
GDP being weak – it sank 6.2% – the market took the bad news in its stride. This
is an indication of how far market confidence has improved in the past two
months. We continue to believe the gradual reinvestment of institutional funds’
spare cash will sustain the market rebound in 2H09. In view of the better-thanexpected
1Q results season, continued positive newsflow during PM Dato’ Sri
Najib Razak’s first 100 days in office and the gradual return of foreign funds to the
market, we upgrade our year-end KLCI target from 1,060 to 1,220 points after
removing the 10% discount to its 3-year moving average P/E of 15x. We maintain
our OVERWEIGHT stance on Malaysia and our preference for cyclical bombedout
sectors including construction, building materials, property and oil & ga
Alt R - ACPL - Initiating Coverage - 15th Sept 2016Ali Shah Jumani
We initiate the coverage of Attock Cement Pakistan Limited (ACPL) with the “BUY” recommendation and the target price for Jun’17 of PKR 322/share providing total upside of 32.29%, including capital gain accounting for 28.29% at the current price of 251 and dividend yield of 4% on target price.
Q3FY15: Buy Jain Irrigation for 51% upsideIndiaNotes.com
Results below estimates led by weak farm incomes, polymer price decline: JI reported a revenue of Rs12.9 billion (est. Rs14.4 billion), YoY de-growth of 6%. While growth in Micro Irrigation (MIS) (-10.5% YoY) was weak due to lower farm incomes (impacted by untimely rains and drought in Maharashtra and lower agri commodity prices), PVC Pipes (-11.1% YoY) and PE Pipes’ (-29.4% YoY) demand was impacted due to weak offtake in a deflationary polymer price environment as buyers postponed purchases. On the positive side, Food processing business reported robust growth, with Onion dehydration growing 58.3% YoY and Fruit Processing growing 24.6% YoY.
BHARTI’s 1QFY15 EBITDA grew 18% YoY and 5.7% QoQ to INR 77.2b (est INR74.6b) driven by strong performance in India mobile business. Consolidated revenue grew 13.3% YoY and 3.3% QoQ to INR 229.6b (vs est INR224.9b).
Shriram Transport Finance Company Q1FY15: Buy for a target of Rs1130IndiaNotes.com
Shriram Transport’s 1QFY15 PAT declined 10% YoY and (up 4% QoQ to INR3b (In line). Moderation in AUM growth (+4% YoY to INR544b), decline in disbursements (7% YoY), and improvement in margins (10bp QoQ) are key highlights of the quarter; buy.
JK Cement Q1FY15: Buy for a target of Rs520IndiaNotes.com
Net sales grew by 22% YoY (-3% QoQ) to INR8b (v/s est. of INR7.4b). Cement volumes grew by 21% to 1.74mt (v/s est. 1.53mt). Grey cement volume grew 22% YoY (+1% QoQ) at 1.54mt (v/s est. of 1.34mt) led by South volumes growing 39% and North growing 15%.
Buy Bata India for a target of Rs1180 by Motilal OswalIndiaNotes.com
Bata reported revenue of Rs4.95b (v/s est. of Rs5.15b) vs Rs4.53b in 1QCY13, marking a y-o-y growth of 9.2%. Motilal Oswal believe Bata is largely on track to achieve their full year top-line growth assumptions led by higher store openings and new marketing initiatives. http://bit.ly/1hqV3Xj
Bajaj Finance Q1FY15: AUM growth remained strong at Rs269.4 bn, buyIndiaNotes.com
Bajaj Finance Q1FY15 PAT stood at INR2.11b, up 20% YoY and 16% QoQ (11% above est. of INR1.9b). Strong AUM growth (+40% YoY and 12% QoQ) and stable asset quality QoQ (GNPA/NNPA 1.13/0.27%) were highlights of the quarter. Buy
Will Dish TV India's optimism improve missed estimates in FY15?IndiaNotes.com
Lower ad spends drive EBITDA beat; significant margin expansion ahead
3QFY15 EBITDA beat led by muted ad spends: DITV’s 3QFY15 EBITDA increased 17.8% QoQ to Rs1.91 billion (our estimate: Rs1.81 billion). Subscription revenue momentum is sustaining, well reflected in the 6.3% QoQ growth during 3QFY15 and ~5% CQGR during 9MFY15. Opex increased only 2.5% on lower ad spends (90bp margin benefit).
Indian Bank Q1FY15: Buy for a target of Rs230IndiaNotes.com
Indian Bank’s 1QFY15 reported PAT declined 35% YoY to INR2.1b (31% below expectation). While NIM was largely stable QoQ at 2.4%, loan growth of 8% YoY (expectation of 15% YoY) led to 9% below estimated NII of INR10.7b; buy.
MindTree: Rupee appreciation drags revenue growth during Q1FY15IndiaNotes.com
Onsite pricing was up 2.7%, while offshore pricing declined by 0.5%. In INR terms revenues grew at a slower rate by 2.4% QoQ impacted by rupee appreciation during the quarter. EBITDA grew by 41.5% YoY, but fell by 4.9%.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Q3FY15: Buy PTC India for upside 22%, target price 109
1. 6 February 2015
3QFY15 Results Update | Sector: Utilities
PTC India
Nalin Bhatt (NalinBhatt@MotilalOswal.com); +91 22 3982 5429
BSE SENSEX S&P CNX
CMP: INR89 TP: INR109 (+22%) Buy28,718 8,661
Bloomberg PTCIN IN
Equity Shares (m) 296.0
M.Cap. (INR b) / (USD b) 26.2/0.4
52-Week Range (INR) 105/52
1, 6, 12 Rel. Per (%) -10/-6/18
Avg Val (INRm)/Vol ‘000 225/2,587
Free float (%) 83.8
Financials & Valuation (INR Billion)
Y/E MAR 2015E 2016E 2017E
Net Sales 141.5 166.4 187.0
EBITDA 2.4 2.6 2.9
Adj PAT 3.3 3.7 4.2
EPS (INR) 11.0 12.4 14.1
Gr. (%) -9.6 12.7 13.7
BV/Sh.(INR) 88.3 93.0 98.3
RoE (%) 7.5 9.4 10.0
RoCE (%) 10.4 11.4 12.2
P/E (x) 8.0 7.1 6.3
P/BV (x) 1.0 1.0 0.9
Estimate change
TP change
Rating change
Volume below estimate, margins aid; Teesta investment impaired
n PAT growth boosted by rebate, surcharge: During 3QFY15, PTC India’s (PTCIN)
reported revenue stood at INR28.2b (up 3% YoY) v/s an estimate of INR33b.
Lower-than-estimate revenue was both on account of lower volumes and
realization. EBITDA stood at INR459m (down 60% YoY) v/s an estimate of
INR397m. This includes rebate/surcharge of INR169m, and thus adjusted EBITDA
of INR290m was lower than estimate. PTCIN booked an impairment due to its
holding in Teesta Urja project of INR332m, which led to a reported PAT of
INR66m v/s an estimate of INR364m. Adjusted for the same, PAT stood at
INR391m aided by rebate/surcharge than core income.
n Margin better but volume disappoints: Adjusted trading margin for PTCIN stood
at Ps4.70/unit v/s estimate of Ps4.30/unit. The uptick in margin is led by
improved volumes from long term contracts, which entails better margin. On the
Tolling business front, PBT was below estimate led by lower volume at 500MUs
(v/s est. of 610MUs) and lower margin. Total volume reported by the company
stood at 7.7BUs v/s an estimate of 8.5BUs. Management indicated grid
constraints as a key reason for lower volumes.
n Key takeaways from concall: 1) Receivables stood at INR31b v/s creditors at
INR17.5b, 2) 4.8gw of capacity will be added to portfolio over FY15-16, 3) PPAs
for 11gw and PSA for 7gw, 4) received favorable arbitration order which allows
recovery of INR2.2b from Tangedco and 5) volume growth guidance lowered to
5% YoY in FY15 v/s 15% earlier; grid constraints to ease in FY16.
n Valuation and view: We expect PTCIN to report a consolidated net profit of
INR3.3b in FY15E (down 10% YoY) and INR3.7b in FY16E (up 13% YoY). The stock
trades at 6.3x PER and 0.9x P/B on FY17E basis. Our SOTP-based target price is
INR109/sh, valuing the trading income at 5x FY17E, PTC Financial Services at
market valuation less 25% Holdco discount and other investments at book value.
Maintain Buy.
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
2. 6 February 2015 2
PTC India
3QFY15 reported performance boosted by rebate/surcharge income
n PTC India reported revenues of INR28.2b, lower than our estimate of INR33b.
This was led by lower trading volumes at 7.7BUs vs our volume estimate of
8.5BUs. Also, the average realization for the quarter stood better at
INR3.88/unit in 3QFY15, vs INR3.35/unit YoY. Tolling volumes stood at 500MUs,
vs our estimate of 610MUs.
n We note that volume growth de-grew (down 7% YoY) for the first time since
1QFY13. Management indicated that ST and OTC volumes were lower on the
wake of DISCOM issues. Moreover, the volume growth was impacted due to
transmission bottleneck. Despite higher volumes contracted by PTC, ~61% of
contracted power could not flow owing to grid constraint.
Exhibit 1: Volume growth decline owing to grid constraints
37%
21%
31%
62%
17% 12%
-21%-16%
-2%
9%
29%
54%
28%
15%
40%
14% 21% 18%
-6%
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
Units Traded(MUs) YoY Growth(%)
Source: Company
n Reported revenue includes INR42.7m of gain owing to surcharge and rebate
income of INR126m. EBIDTA thus, stood at INR459m on reported basis and
INR290m, after taking off surcharge and rebate income.
n This was lower than our estimate of INR397m. Lower volume growth was partly
offset by higher margins in trading business.
n PBT for the company stood at INR257m, as PTC booked an impairment of its
investment in Teesta Urja hydro power project. PTC is set to divest part of its
investment in project in favour of Government of Sikkim to enable holding of
51% by State government. Such transfer was valued at below face value and
thus there will be a loss of INR65m on transfer.
n While PTC created provision for such loss, it also impaired its balance holding in
project on conservative basis and made further provision of INR266.9m.
However, this would be evaluated closer to project CoD (March 2016) and
would be treated accordingly.
n Reported PAT thus stood at mere INR66m vs estimate of INR364m. Adjusted for
impairment, the PAT stood at INR391m, though aided by rebate and surcharge.
Adjusted for rebate/surcharge income, PAT stood at INR279m, lower than
estimate.
Margin for trading better, tolling margin impacted
n For the 3QFY15, the tolling volumes stood at 500MUs, lower than our estimate
of 610MUs. Tolling PBT, in our view, stood at INR82m, vs estimate of INR162m.
Management indicated that lower coal prices and fixed plus margin structure of
offtake has impacted margins in tolling business.
3. 6 February 2015 3
PTC India
n Trading margin stood at Paisa4.7/unit post adjustments for rebate and net
surcharge. This was higher than our estimate of margins at Paisa 4.3/unit.
Exhibit 2: Margins remain range bound (Ps/unit)
5.0
4.6
4.3
5.3
4.9
4.2
3.8
4.7
4.0
3.1
3.7 3.7
6.3
4.1 4.2
3.1
4.4
5.2
4.7
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
Source: Company
Exhibit 3: Surcharge income boosts contribution (INR m)
239
144 109
176
25 43 27
129 91
230
810
606
109
189 169
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
Source: Company
Net receivable position remains elevated
n As at FY14, the gross trade receivable for PTC on standalone basis stood at
INR20.9b, vs INR21.4b as at March 2013. Last year, the company had
outstanding receivable dues from TN and UP, which has been cleared in FY14.
Despite this, the sustained level of receivable could be owing to higher volumes
necessitating higher working capital requirement.
n We thus look at the net open position. So, trade payable for PTC stood at
INR17.5, and net receivable stood at INR31b.
n Utilization of cash and cash equivalent of INR5b remain key to watch out for.
Key takeaways from concall
n 4.8GW of capacity will be added to portfolio over FY15-16E,
n PPAs signed for 11GW, while PSA are in place for ~7GW. Large part of upcoming
capacity tied-up back to back and thus does not pose any major challenge.
n Also, tariff framework is manageable and even assuming open capacity in the
interim.
n Commencement of supply of power, 200 MW each, to Haryana and Uttar
Pradesh and 104MW to Rajasthan from Jaypee Karcham Wangtoo on LT basis.
n Favourable outcome in arbitration allows recovery of INR2.2b from TANGEDCO.
n FY15E Volume growth likely at 5%, vs earlier anticipation of 15% due to grid
constrains, expect it to ease out in FY16E.
Valuations and view
n We expect PTC to report consolidated net profit of INR3.3b in FY15E (down 10%
YoY) and INR3.7b in FY16E (up 13% YoY). PTC trades at 6.3x PER and 0.9x P/B on
FY17E basis.
n Our SOTP based TP is INR109/sh, valuing trading income at 5x FY17E, PTC
Financial services at market valuation less 25% HOLDCO discount and other
investment at book value. Buy.
6. 6 February 2015 6
PTC India
Corporate profile: PTC India
Exhibit 5: Shareholding pattern (%)
Dec-14 Sep-14 Dec-13
Promoter 16.2 16.2 16.2
DII 36.6 37.7 44.9
FII 25.6 24.5 18.0
Others 21.5 21.6 20.8
Note: FII Includes depository receipts
Exhibit 6: Top holders
Holder Name % Holding
Life Insurance Corporation Of India 12.3
IDFC Premier Equity Fund 5.1
HDFC Standard Life Insurance Company Limited 4.4
Reliance Capital Trustee Co. Ltd A/C Reliance 4.0
Government Pension Fund Global 3.8
Exhibit 7: Top management
Name Designation
Deepak Amitabh Chairman & Managing Director
Exhibit 8: Directors
Name Name
Deepak Amitabh M K Goel
Anil Razdan* I J Kapoor
Ved Kumar Jain* Jyoti Arora
S Balachandran* Ravi P Singh
Dipak Chatterjee* Dinesh Prasad Bhargava
Dhirendra Swarup* Hemant Bhargava
Harbans Lal Bajaj*
*Independent
Exhibit 9: Auditors
Name Type
K G Somani & Co Statutory
Ravi Rajan & Co Internal
Exhibit 10: MOSL forecast v/s consensus
EPS
(INR)
MOSL
forecast
Consensus
forecast
Variation
(%)
FY15 11.0 11.3 -2.3
FY16 12.4 13.4 -7.6
FY17 14.1 16.0 -11.7
Company description
PTC India Ltd. is the pioneer in power trading in
India, and over the years has become a Power
Solutions company. It was set up in April 1999 with
a mandate to catalyze the development of large
power projects by acting as a single buyer for PPAs
with independent power producers on one hand
and by entering multi-partite PPAs with users and
SEBs under long-term arrangements on the other.
The GoI has identified PTC as its nodal agency for
trading power with neighboring countries.
Exhibit 4: Sensex rebased
8. 6 February 2015 8
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