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Capsule sized Insights on Indian Share market & Business

Bajaj Hindusthan Sugar - Q1 FY21 Results update

Bajaj Hindusthan Sugar  - Q1 FY21 Results update Full read: Ramco Systems Q1FY21.pdf (424

Bajaj Hindusthan Sugar  - Q1 (Cons) update

Full read: 

Divi's Laboratories - Q1 FY21 Results update

Divi's Laboratories  - Q1 (Cons) update Full read: Divi's Laboratories Q1FY21.pdf (4

Divi's Laboratories  - Q1 (Cons) update

Full read: Divi's Laboratories Q1FY21.pdf (4.20 mb)

Jaiprakash Power Ventures - Ratings upgrade by CARE

  CARE Ratings Limited has revised (upgraded from 'D' to 'BB-') its ratings on Long t

 

CARE Ratings Limited has revised (upgraded from 'D' to 'BB-') its ratings on Long term Bank Facilities of the Company as below:

Facility: Long term
Amount: INR 5,850.70 Crores
Previous Rating: CARE D
New Rating: CARE BB-
Outlook: Stable

The previous ratings are withdrawn as Bank facilities rated were the debt prior to the execution of the Framework Agreement of the resolution plan. As the characteristics of the facility has now substantially changed in accordance to the resolution plan, the outstanding rating has been withdrawn and subsequently, rating has been re-assigned to the outstanding debt.

Detailed Rationale & Key Rating Drivers
The rating re-assigned to the bank facilities of JPVL takes into account the delay free track record of more than three months in servicing of debt obligations of the company. The rating also factors in conversion of unsustainable portion of debt into Cumulative Convertible Preference Shares (CCPS) and Compulsory Redeemable Preference Shares (CRPS) in accordance to the resolution plan. The rating also takes into account the firm Fuel supply Agreements (FSA) for its thermal plants and healthy operational performance to the extent of its contracted capacity.

The ratings are however constrained by significant installed capacity not tied with Power Purchase Agreement (PPA) exposing the cash accruals to the fluctuation in merchant market. The ratings also factors in the under recovery of energy charge from Nigrie super thermal power plant (JNSTPP) and the associated counter party risk upon sale of power to Uttar Pradesh Power Corporation Limited (UPPCL) and MP Power Management Company Ltd (MPPMCL) which have relatively weaker financial profile.

Rating Sensitivities
Positive Factors

  • Increase in long term PPA tie up to more than 85% for the installed capacity.
  • Better realization on sale of power through merchant basis, significantly improving cash accrual on sustained basis.

Negative Factors

  • Poor sales volume and realization on merchant basis, leading to deteriorating cash accrual.
  • Significant deterioration in average collection period on sustained basis.

Full read: JP POwer Ratings upgrade by CARE.pdf (1.17 mb)

Sarda Energy & Minerals - Q1 FY21 Results update

Sarda Energy & Minerals  - Q1 (Cons) update Full read: Sarda Energy & Minera

Sarda Energy & Minerals  - Q1 (Cons) update

Full read: Sarda Energy & Minerals Q1FY21.pdf (3.29 mb)

Cipla - Q1 FY21 Results update

Cipla  - Q1 (Cons) update Full read: Cipla Q1FY21.pdf (968.40 kb)

Cipla  - Q1 (Cons) update

Key Highlights

  • India: India business grew by 16% YoY with strong growth across the three businesses
  • South Africa: Overall business continued the strong growth momentum to deliver growth of 17% on a YoY basis in local currency; private business continues to outpace the market
  • US business: Reported USD 135mn led by Albuterol ramp-up; 14% QoQ growth
  • Quality Focus: Working with USFDA to comprehensively address observations received in Goa
  • R&D investments stand at INR 200 crores or 4.6 % of revenue
  • Achieved zero net debt position led by strong collections and improved EBITDA

Full read: Cipla Q1FY21.pdf (968.40 kb)

Investor Turnover update for 7th August 2020

REC Limited - Q1 FY21 Results update

REC Limited  - Q1 (Cons) update Full read: REC Limited Q1FY21.pdf (3.64 mb)

REC Limited  - Q1 (Cons) update

Full read: REC Limited Q1FY21.pdf (3.64 mb)

Aditya Birla Capital - Q1 FY21 Results update

Aditya Birla Capital - Q1 (Cons) update Full read: Aditya Birla Capital Q1FY21.pdf (5.64

Aditya Birla Capital - Q1 (Cons) update

Full read: Aditya Birla Capital Q1FY21.pdf (5.64 mb)

Amara Raja Batteries - Q1 FY21 Results update

Amara Raja Batteries - Q1 FY21 Results update Full read: Amara Raja Batteries Q1FY21.pdf (2.11

Amara Raja Batteries - Q1 (Cons) update

Full read: Amara Raja Batteries Q1FY21.pdf (2.11 mb)

Balrampur Chini Mills - Q1 FY21 Results update

Balrampur Chini Mills - Q1 (Cons) update Full read: Balrampur Chini Mills Q1FY21.pdf (927

Balrampur Chini Mills - Q1 (Cons) update

Full read: Balrampur Chini Mills Q1FY21.pdf (927.89 kb)

Dilip Buildcon has executed an EPC contract agreement with HCC JV

Dilip Buildcon - HCC (JV) has executed the EPC Agreement with the Narmada, Water Resources, Water Su

Dilip Buildcon - HCC (JV) has executed the EPC Agreement with the Narmada, Water Resources, Water Supply and Kalpasar Department (Water Resources), Gujarat for EPC project in the state of Gujarat.

Project Details:

  • Project - EPC contract for construction of Bhadbhut Barrage, Flood Protection Embankments and associated works across River Narmada Near Village Bhadbhut of Bharuch District.
  • Bid Project: INR 4,167.70 Crores
  • Mode: EPC
  • Completion period: 48 months
  • Operational period: 10 years from COD

Steel Strips Wheels receives new orders for over EUR 138K from Europe

Steel Strips Wheels has bagged firm export orders for close to 20,000 wheels for EU Caravan Tra

Steel Strips Wheels has bagged firm export orders for close to 20,000 wheels for EU Caravan Trailer Market to be executed in the month of Sept from its Chennai plant. Similar orders are expected in times to come from other regular customers as the market regains normalcy.

This will support further ramping up of production at Chennai steel wheels plant.

Dilip Buildcon has been decrarcd as L-1 bidder for a new HAM proiect

Dilip Buildcon has been declared as L-1 bidder for a new HAM project under Bharatmala Pariyojana in

Dilip Buildcon has been declared as L-1 bidder for a new HAM project under Bharatmala Pariyojana in the state of Karnataka (Package-II).

Project Details:

  • Project - 4 laning from km 42.000 to 80.000 of Dodaballapur Bypass to Hoskoke section of NH-648 (Old NH-207)
  • Bid Project: INR 1,278 Crores
  • Mode: Hybrid Annuity Mode (HAM)
  • 1st Year O & M: INR 3.00 Crores
  • Completion period: 24 months
  • Operational period: 15 years from COD
  • Length: 38 kms

Mahindra & Mahindra - Q1 FY21 Results update

Mahindra & Mahindra - Q1 (Cons) update Full read: Mahindra & Mahindra Q1FY21.pdf

Mahindra & Mahindra - Q1 (Cons) update

Mahindra & Mahindra + MVML

Full read: Mahindra & Mahindra Q1FY21.pdf (1.07 mb)

Lupin - Q1 FY21 Results update

Lupin - Q1 (Cons) update Full read: Lupin Q1FY21.pdf (623.74 kb)

Lupin - Q1 (Cons) update

Income Statement highlights – Q1 FY2021

  • Gross Profit - INR 21,807 mn, with gross profit margin of 62.9%, compared to INR 23,860 mn in Q4 FY2020
  • Personnel cost - INR 7,936 mn, at 22.9% of sales, compared to INR 7,635 mn in Q4 FY2020
  • Manufacturing and other expenses - INR 9,583 mn, at 27.6% of sales, compared to INR 11,519 mn in Q4 FY2020
  • Investment in R&D - INR 3,575 mn, at 10.3% of sales, compared to INR 3,442 mn in Q4 FY2

Balance Sheet highlights

  • Operating working capital as on June 30, 2020 - INR 49,269 mn
  • Capital Expenditure for the quarter - INR 1,793 mn
  • Net Debt as on June 30, 2020 - INR 3,491 mn
  • Net Debt-Equity Ratio as on June 30, 2020 - 0.03:1, compared to 0.12:1 as on March 31, 2020

Full read: Lupin Q1FY21.pdf (623.74 kb)

AU Bank forays into South India with its Branch launch in Bengaluru, Karnataka

AU Small Finance Bank has today commenced its operations in Bangaluru. Today, the Bank launched its

AU Small Finance Bank has today commenced its operations in Bangaluru. Today, the Bank launched its first branch at J.P. Nagar in Bengaluru. With this branch, AU Bank has 664 Banking Touchpoints across 12 states and one Union Territory.

Another branch of AU Bank is going to be launched at Residency Road this month.

Gujarat State Petronet - Q1 FY21 Results update

Gujarat State Petronet - Q1 (Cons) update Full read: GSPL Q1FY21.pdf (4.60 mb)

Gujarat State Petronet - Q1 (Cons) update

Full read: GSPL Q1FY21.pdf (4.60 mb)

KEI Industries - Q1 FY21 Results update

KEI Industries - Q1 (Cons) update During the 1st Quarter of FY 2020-21 Net Sales was Rs 745.35

KEI Industries - Q1 (Cons) update

  • During the 1st Quarter of FY 2020-21 Net Sales was Rs 745.35 Crore, against same quarter in previous year of Rs.1081.36 Crore. EBIDTA during this Quarter was Rs.80.87 Crore against same quarter in the previous year of Rs.119.04 Crore.
  • Further, PAT during this Quarter was Rs.36.23 Crore against same quarter in the previous year of Rs. 45.72 Crore. PAT/Net Sale is 4.86% during the quarter as against 4.23% during last year same period.
  • On standalone basis, financial charges of the company in 1st Quarter of FY 2020-21 was Rs.16.79 Crore as compared to last year same period of Rs. 32.96 Crore (Financial charges in terms of percentage has reduced to 2.25% from 3.05% of Net sales).
  • Net debt as on 30.06.2020 is Rs 349 Crore as against Rs 152 Crore as on 31.03.2020.
  • The book value per equity share of Company is Rs 172.95 as on June 30, 2020 as against Rs 168.34 as on March 31, 2020.
  • Pending order is approx. Rs 2951 Crore (as on July 31, 2020).

Full read: KEI Industries Q1FY21.pdf (243.34 kb)

Investor Turnover update for 6th August 2020

Pidilite Industries - Q1 FY21 Results update

Pidilite Industries - Q1 (Cons) update Full read: Pidilite Industries Q1FY21.pdf (1,004.2

Pidilite Industries - Q1 (Cons) update

Full read: Pidilite Industries Q1FY21.pdf (1,004.21 kb)