We expected AL’s results to beat consensus estimates. Q4FY22 EBITDA/margin at Rs 7.76 bn/8.9% was 16/36% ahead of Nomura/consensus estimates. Raw material/sales came in at 78.2%, +33bp. q-o-q (Nom: 77.5%). Other expenses came in at 7.9% and staff cost was 5%. Net debt was Rs 7.2 bn (~Rs 18.9 bn FCF in FY23F). Management commentary: […]
India and the US on Monday signed an investment incentive agreement, which will supersede an earlier agreement and enable the US International Development Finance Corporation (DFC) to continue with its investments in this country. The DFC, a development finance agency of the US government, is currently considering investment proposals worth $4 billion for India, according […]
Q4 results were hit by one-offs, input cost inflation, US pricing pressure and seasonally lower sales in India. Reported PAT of Rs 875 m in Q4 (-75.9% y-o-y, -87.6% q-o-q) included multiple one-offs: a) provisions of Rs 983 m in SG&A related to litigation with the State of Texas; b) Rs 390 m for the […]
Tom Keene, Jonathan Ferro and Lisa Abramowicz have the economy and the markets “under surveillance” as they cover the latest in finance, economics and investment, and talk with the leading voices shaping the conversation around world markets. This show is simulcast worldwide on Bloomberg Television and Radio. ——– Follow Bloomberg for business news & analysis, […]
Randy Kroszner, University of Chicago Booth School professor, and former Federal Reserve governor, discusses inflation and the path forward for the Fed. He’s on “Balance of Power” with David Westin.
The average gasoline price in the US skyrocketed to a record high of $4.58 last week. But consumers shouldn’t expect relief anytime soon, as an array of global market forces appear likely to maintain the upward momentum. Presented by @CME Group: https://www.cmegroup.com/openmarkets/economics.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insights
President Joe Biden on Monday was greeted by Japan’s Prime Minister Fumio Kishida in Tokyo. Biden is in the midst of a five-day visit to South Korea and Japan — the first trip to Asia of his presidency — that wraps on Tuesday. ——– Follow Bloomberg for business news & analysis, up-to-the-minute market data, features, […]
The head of the Trades Union Congress has written to the Insolvency Service calling for it to disqualify the directors of P&O Ferries after they sacked nearly 800 crew without notice. In a letter seen by the Guardian, Frances O’Grady, the TUC’s general secretary, said the Insolvency Service should “initiate disqualification proceedings against the directors […]
The UK’s data watchdog has fined a facial recognition company £7.5m for collecting images of people from social media platforms and the web to add to a global database. US-based Clearview AI has also been ordered to delete the data of UK residents from its systems by the Information Commissioner’s Office (ICO). Clearview has collected […]