Magma Fincorp - Q1 (Cons) update
Full read: Magma Fincorp Q1FY21.pdf (1.18 mb)
Bajaj Hindusthan Sugar - Q1 (Cons) update
Divi's Laboratories - Q1 (Cons) update
Full read: Divi's Laboratories Q1FY21.pdf (4.20 mb)
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-
The previous ratings are withdrawn as Bank facilities rated were the debt prior to the execution of the Framework Agreement of the resolution plan.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of the facility has now substantially changed in accordance to the resolution plan, the outstanding rating has been withdrawn and subsequently, rating has been re-assigned to the outstanding debt.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.
- 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.
- 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 (Cons) update
Full read: Sarda Energy & Minerals Q1FY21.pdf (3.29 mb)
Cipla - Q1 (Cons) update
- 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)
REC Limited - Q1 (Cons) update
Full read: REC Limited Q1FY21.pdf (3.64 mb)
Aditya Birla Capital - Q1 (Cons) update
Full read: Aditya Birla Capital Q1FY21.pdf (5.64 mb)
Amara Raja Batteries - Q1 (Cons) update
Full read: Amara Raja Batteries Q1FY21.pdf (2.11 mb)
Balrampur Chini Mills - Q1 (Cons) update
Full read: Balrampur Chini Mills Q1FY21.pdf (927.89 kb)
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 - 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 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 declared as L-1 bidder for a new HAM project under Bharatmala Pariyojana in the state of Karnataka (Package-II).
- 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 (Cons) update
Mahindra & Mahindra + MVML
Full read: Mahindra & Mahindra Q1FY21.pdf (1.07 mb)
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 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 (Cons) update
Full read: GSPL Q1FY21.pdf (4.60 mb)
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)