{"id":19005,"date":"2023-08-08T17:46:58","date_gmt":"2023-08-08T12:16:58","guid":{"rendered":"https:\/\/www.moneyworks4me.com\/investmentshastra\/?p=19005"},"modified":"2023-08-08T17:55:20","modified_gmt":"2023-08-08T12:25:20","slug":"q1fy24-weekly-result-update-07-aug-2023","status":"publish","type":"post","link":"https:\/\/www.moneyworks4me.com\/investmentshastra\/q1fy24-weekly-result-update-07-aug-2023\/","title":{"rendered":"Q1FY24: Weekly Result Update – (CAMS, Maruti Suzuki, SBI, M&M, Lupin)"},"content":{"rendered":"

Dear Readers,<\/p>\n

Welcome to our weekly company result update note. We understand the importance of staying up-to-date with the latest financial developments of the companies you have invested in. That’s why we are committed to providing you with the short and insightful information about the earnings and performance of the companies in our coverage.<\/p>\n

Sector index<\/strong><\/p>\n

    \n
  1. BFSI (Banking and financial services)<\/li>\n
  2. Auto and auto ancillaries<\/li>\n
  3. Information technology<\/li>\n
  4. Pharma<\/li>\n
  5. Agrochemicals and chemicals<\/li>\n
  6. Oil and Gas<\/li>\n
  7. Others<\/li>\n<\/ol>\n

    BFSI (Banking and financial services)<\/u><\/h2>\n

    State Bank of India<\/strong><\/h3>\n

    \"State<\/a><\/p>\n

    The company delivered a strong performance with healthy PAT growth and 1.22% RoA (return on assets). Management guided ~15% YoY credit growth for FY24.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    CAMS<\/strong><\/h3>\n

    \"CAMS\"<\/a><\/p>\n

    Good results on all parameters, sustaining performance with a healthy focus on new product additions.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    ICRA<\/strong><\/h3>\n

    \"ICRA\"<\/a><\/p>\n

    Bank credit (key business driver) grew on demand from Retail, NBFC, and Industrial segments. Overall good results.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    One 97 Communications (Paytm)<\/strong><\/h3>\n

    \"One<\/a><\/p>\n

    Healthy revenue growth led by payments & financial services. We remain watchful of Innovations in the payment ecosystem & scale-up of the loan distribution business.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    \"banner\"<\/a><\/h2>\n

    Auto and auto ancillaries<\/u><\/h2>\n

    Mahindra & Mahindra<\/strong><\/h3>\n

    \"Mahindra<\/a><\/p>\n

    Stellar result. Investment in RBL Bank is not a concern (Refer to Note<\/a>). Revenue share in the SUV segment shall be a key parameter to monitor.        <\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Maruti Suzuki<\/strong><\/h3>\n

    \"Maruti<\/a><\/p>\n

    Good overall results with a slight miss on the margins. In order to bring in operational synergies, Maruti Suzuki has approved the termination of its contract manufacturing agreement with SMG (Suzuki Motor Gujarat) and would acquire the shares of SMG from Suzuki Motors. Positive step with respect to (a) Optimal use of cash on the books & (b) higher operational control on core assets.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Ashok Leyland<\/strong><\/h3>\n

    \"Ashok<\/a><\/p>\n

    Numbers were a big beat on all parameters, revenue has fallen QoQ because of seasonality.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Eicher Motors<\/strong><\/h3>\n

    \"Eicher<\/a><\/p>\n

    Healthy performance on all major parameters. Given that premium biking segment is expected to grow, management expects the business to continue growing despite new entrants.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Escorts Kubota<\/strong><\/h3>\n

    \"Escorts<\/a><\/p>\n

    Good results with improvements on all key parameters.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    SKF India<\/strong><\/h3>\n

    \"SKF<\/a><\/p>\n

    Good results.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Sona BLW<\/strong><\/h3>\n

    \"Sona<\/a><\/p>\n

    EBITDA Margin in the quarter was higher on some one-offs, long term guidance was maintained at 25-27%.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Swaraj Engines<\/strong><\/h3>\n

    \"Swaraj<\/a><\/p>\n

    Stable results as expected.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Information technology<\/u><\/h2>\n

    Persistent Systems Limited<\/strong><\/h3>\n

    \"Persistent<\/a><\/p>\n

    Improvement in Revenue even on a QoQ level was impressive on the back of the slowdown in the industry; margin decline looks short term and shall recover in the coming quarters.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Birlasoft<\/strong><\/h3>\n

    \"Birlasoft\"<\/a><\/p>\n

    Good results even on QoQ basis amidst ongoing sector slowdown.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Zensar Technologies<\/strong><\/h3>\n

    \"Zensar<\/a><\/p>\n

    Good margin improvement amidst industry margin pressure concerns.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Coforge Limited<\/strong><\/h3>\n

    \"Coforge<\/a><\/p>\n

    Stable revenue growth. However, margins were a miss.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Mphasis Limited<\/strong><\/h3>\n

    \"Mphasis<\/a><\/p>\n

    Miss in revenue as well as profitability due to weakness in banking and capital markets which is about ~50% of total revenue.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Cyient<\/strong><\/h3>\n

    \"Cyient\"<\/a><\/p>\n

    Under DET, Aerospace (+2.3% cc QoQ), Sustainability (+4.5% cc QoQ), and Automotive (+3.1% cc QoQ). Though there was a slowdown in the sector, growth momentum was stable.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Latent View<\/strong><\/h3>\n

    \"Latent<\/a><\/p>\n

    Good revenue growth, however margins were a miss.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Pharma<\/u><\/h2>\n

    Sun Pharmaceuticals<\/strong><\/h3>\n

    \"Sun<\/a><\/p>\n

    Favourable performance was driven by revenue growth and margin expansion.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Lupin<\/strong><\/h3>\n

    \"Lupin\"<\/a><\/p>\n

    Stellar performance across all parameter\u2019s revenue growth, EBITDA margin and PAT.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Agrochemicals and chemicals<\/u><\/h2>\n

    Godrej Agrovet<\/strong><\/h3>\n

    \"Godrej<\/a><\/p>\n

    Though revenues growth was not achieved overall, margin expansion sets a healthy precedence for performance ahead.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Dhanuka Agritech<\/strong><\/h3>\n

    \"Dhanuka<\/a><\/p>\n

    Degrowth in first quarter (late monsoon) has converted into a positive growth in July month, we remain watchful of new molecule introductions and capacity expansion at Dahej plant.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Laxmi Organics<\/strong><\/h3>\n

    \"Laxmi<\/a><\/p>\n

    Muted performance on change in mix (lower contribution from exports vs. essentials segment).<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Privi Speciality Chemicals<\/strong><\/h3>\n

    \"Privi<\/a><\/p>\n

    While we wait for management remarks, the turnaround in QoQ performance (Rs 15 Cr loss in Q4FY23 vs Rs 5 Cr profit in Q1FY24) is to be noted.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    NOCIL<\/strong><\/h3>\n

    \"NOCIL\"<\/a><\/p>\n

    Poor quarterly performance on pricing pressure due to Chinese exports and the global recessionary environment.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Oil and Gas<\/u><\/h2>\n

    Petronet LNG<\/strong><\/h3>\n

    \"Petronet<\/a><\/p>\n

    Mixed bag results on volume driving down revenues but operating efficiencies expanding margins.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Gujarat State Petronet<\/strong><\/h3>\n

    \"Gujarat<\/a><\/p>\n

    While revenues declined, margins remained flat, overall poor performance.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Gujarat Gas<\/strong><\/h3>\n

    \"Gujarat<\/a><\/p>\n

    Overall weak results as revenues and margins declined.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Indraprastha Gas<\/strong><\/h3>\n

    \"Indraprastha<\/a><\/p>\n

    At par numbers despite lowering the price of CNG, limited impact on volumes.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Others<\/u><\/h2>\n

    Quess Corp<\/strong><\/h3>\n

    \"Quess<\/a><\/p>\n

    Weak results as expected. Recovery in hirings shall take some more quarters.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    SIS<\/strong><\/h3>\n

    \"SIS\"<\/a><\/p>\n

    Stable Results.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Bharti Airtel<\/strong><\/h3>\n

    \"Bharti<\/a><\/p>\n

    Healthy performance with mobile segment revenues driven by an increase in ARPU (average revenue per user); PAT (after exceptional items) remains flat.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Zomato<\/strong><\/h3>\n

    \"Zomato\"<\/a><\/p>\n

    Big beat on all parameters. The tilt to profitability has been done well ahead of the timeline. Quick commerce (Blinkit) business has turned contribution positive as well. Management has guided for adjusted revenue growth of >40% over the next 2-3 years.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Bharat Electronics<\/strong><\/h3>\n

    \"Bharat<\/a><\/p>\n

    Stellar performance. Management guidance on revenue growth (17%), order flow (20,000Cr) as well as margins (21-23%) provides good visibility of earnings growth.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Lakshmi Machine Works<\/strong><\/h3>\n

    \"Lakshmi<\/a><\/p>\n

    Good performance on account of growth in the textile machinery segment & doubling of revenues from Advance Technology Centre to Rs. 40 Cr.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Sterlite Technologies<\/strong><\/h3>\n

    \"Sterlite<\/a><\/p>\n

    Stable results, the Order book of Rs. 10,938 provides revenue visibility.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Praj Industries Limited<\/strong><\/h3>\n

    \"Praj<\/a><\/p>\n

    Revenues were a miss given it was a seasonally weak quarter.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Orient Electric Limited<\/strong><\/h3>\n

    \"Orient<\/a><\/p>\n

    While material costs as a % had fell by 300bps due to a correction in commodity prices, the EBITDA margin was up just 10bps due to higher staff cost and other expenditures. Good results after adjusting for one-offs.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Amber Enterprises India<\/strong><\/h3>\n

    \"Amber<\/a><\/p>\n

    Muted revenues due to the cyclicality of the industry, however margin improvement remains positive.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Symphony Ltd<\/strong><\/h3>\n

    \"Symphony<\/a><\/p>\n

    Weak performance on account of the disrupted summer season.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Polycab India<\/strong><\/h3>\n

    \"Polycab<\/a><\/p>\n

    Revenues have fallen QoQ by 10% due to seasonality, big beat YoY, and margin improvement is commendable.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    KEI Industries<\/strong><\/h3>\n

    \"KEI<\/a><\/p>\n

    Stable numbers were reported with a pending orderbook of Rs. 3,567 Crore.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Nestle India<\/strong><\/h3>\n

    \"Nestle<\/a><\/p>\n

    Robust performance on account of prudent pricing supported by volume growth.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Tata Consumer Product<\/strong><\/h3>\n

    \"Tata<\/a><\/p>\n

    Sustained performance with most segments reporting healthy growth. Tata Sampann, Tata Soulful, and NourishCo collectively grew 58% YoY in Q1FY24<\/strong>.<\/em><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Marico<\/strong><\/h3>\n

    \"Marico\"<\/a><\/p>\n

    The subdued quarter due to destocking and trade scheme rationalization which management believes will correct in coming quarters<\/strong>.<\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Dabur<\/strong><\/h3>\n

    \"Dabur\"<\/a><\/p>\n

    Healthy results supported by growth across all categories excluding beverages.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Jubilant Foodworks<\/strong><\/h3>\n

    \"Jubilant<\/a><\/p>\n

    At par result on account of negative SSSG and flat dine-in and take away.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Sapphire Foods India Ltd<\/strong><\/h3>\n

    \"Sapphire<\/a><\/p>\n

    Sub par performance driven by retail expansion while Same Store Sales Growth (SSSG) continues to be under pressure.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Shree Cement<\/strong><\/h3>\n

    \"Shree<\/a><\/p>\n

    Muted performance; EBITDA\/ton for cement remains flattish QoQ.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Ambuja Cement (Standalone)<\/strong><\/h3>\n

    \"Ambuja<\/a><\/p>\n

    Good results on the back of improvement in EBITDA\/ton realization.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Dr. Lal Path Lab<\/strong><\/h3>\n

    \"Dr<\/a><\/p>\n

    Good performance was driven by lower SG&A expense, better test mix, and a seasonality boost.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Metropolis Healthcare Limited<\/strong><\/h3>\n

    \"Metropolis<\/a><\/p>\n

    Healthy performance; core business revenue growth of  ~12% on YoY (excludes revenue from Covid & Covid Allied tests and *public-private partnership contracts; including Hi-Tech). Revenue per test (Core Business) for Q1FY24 was up by 3% on a YoY basis.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Indraprastha Gas<\/strong><\/h3>\n

    \"Indraprasta<\/a><\/p>\n

    At par numbers despite lowering the price of CNG, limited impact on volumes.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Mahanagar Gas<\/strong><\/h3>\n

    \"Mahanagar<\/a><\/p>\n

    Strong numbers supported by volume growth.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Narayana Hrudayalaya Ltd<\/strong><\/h3>\n

    \"Narayana<\/a><\/p>\n

    Strong numbers are supported by an increase in average revenue per occupied bed for the period (ARPOB) from Rs. 1.22 Cr in Q1FY23 to Rs. 1.36 Cr in Q1FY24.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Titan<\/strong><\/h3>\n

    \"Titan\"<\/a><\/p>\n

    Weak numbers, though management guidance for FY24 remains strong<\/strong>.<\/em><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Supreme Industries Ltd<\/strong><\/h3>\n

    \"Supreme<\/a><\/p>\n

    Favorable performance, management has guided for  +20% vol. growth along with an EBITDA margin of 14% in FY24, mainly with good demand from real estate and infra sectors.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Sheela Foams<\/strong><\/h3>\n

    \"Sheela<\/a><\/p>\n

    At par result. The acquisitions of Kurlon Enterprises Ltd and House of Kieraya Private Limited are expected to be accretive to earnings.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    Kajaria Ceramics Ltd<\/strong><\/h3>\n

    \"Kajaria<\/a><\/p>\n

    At par result  driven by tiles volume growth of 7.2% YoY while realisation declined 1.8% YoY. Management has maintained its guidance of 14% to 16% EBITDA margin for FY24.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    V I P Industries Ltd<\/strong><\/h3>\n

    \"V<\/a><\/p>\n

    Weak numbers, despite an increase in revenue, EBITDA margin contracted on account of increased other expenses and higher brand & channel investments.<\/strong><\/p>\n

    Check, 10-Year X-ray Now!<\/a><\/p>\n

    \"core<\/a><\/p>\n

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    *Disclaimer:<\/strong> The securities quoted are for illustration only and are not recommendatory<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Dear Readers, Welcome to our weekly company result update note. We understand the importance of staying up-to-date with the latest financial developments of the companies you have invested in. That’s why we are committed to providing you with the short and insightful information about the earnings and performance of the companies in our coverage. Sector […]<\/p>\n","protected":false},"author":15,"featured_media":19007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[1166,1182],"tags":[1551,1530,1549,1526],"modified_by":"MoneyWorks4me","_links":{"self":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/19005"}],"collection":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/comments?post=19005"}],"version-history":[{"count":0,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/19005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/media\/19007"}],"wp:attachment":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/media?parent=19005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/categories?post=19005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/tags?post=19005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}