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: […]
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 […]
Singapore-based Jungle Ventures on Wednesday raised $600 million towards the close of its fourth fund. This includes $450 million in the main fund and $150 million in additional managed commitments. The venture capitalist (VC) firm, which invests across Southeast Asia and India, has already made investments with the new corpus in Singapore’s Sleek, Vietnam’s first […]
Chennai-based Indian Overseas Bank (IOB) reported a 58% jump in profit after tax (PAT) to Rs 552 crore in the quarter ended March 2022. The operating profit stood at Rs 1,614 crore in Q4FY22 against Rs 1,724 crore in the year-ago period. The net interest margin for Q4FY22 was 2.41% compared with 2.39% in the […]
India’s largest insurer Life Insurance Corporation (LIC) is set to debut on the exchanges on Tuesday. The insurer’s offering, at Rs 21,000 crore, is the country’s largest even after the issue size was cut. Despite the sharp selling in the markets and volatility across global markets the issue has been subscribed almost three (2.95) times. […]
By Nayan Dave In the wake of increasing international crude prices, sales at Reliance Industries’ (RIL) over 160 fuel outlets across Gujarat are facing supply problems for petrol and diesel. In fact, some of the pumps have been forced to halt sales temporarily in the state. One of the dealers of RIL in Ahmedabad, on […]
Vodafone Idea (VI) delivered in-line Q4FY22 results with 5.4% q-o-q revenue growth led by a 7.5% spurt in ARPU and 3.4mn erosion in subscriber base (versus 5.8mn decline in Q3FY22). While VI’s operating performance is stable, the fundamental issue of high financial leverage can be addressed only by a significant tariff hike and equity infusion. […]