Thursday, 26 July 2018

Earnings to watch out for today@Stock tips

Markets today will take cues from heavyweight index companies which will be releasing their first quarter results today. Given below are our expectations for the Nifty 50 stocks, which will be releasing their Q1FY19 results today.

1) Bharti Airtel Ltd Q1FY19E Result Expectation

  • Revenue – Rs19,958cr, down 9.1% yoy
  • EBITDA – Rs6,696cr, down 13.7% yoy
  • EBITDA Margin – 33.6%, a contraction of 178bps yoy
  • PAT – loss of Rs223cr, against a profit of Rs332cr in Q1FY18
2) Dr Reddy’s Laboratories Ltd Q1FY19 Result Expectation
  • Revenue – Rs3,289cr, down 1.3% yoy due to higher competition in gRenvela as well as the set back in gSuboxone. India business expected to show strong growth on lower base in Q1FY18
  • EBITDA – Rs633cr, up 96% yoy due to lower Q1FY18 base, EBITDA margin at 19.2% vs. 9.7% in Q1FY18 and 15.9% in Q4FY18
  • Net profit after tax – Rs303cr, up 354% yoy due to lower Q1FY18 base
3) ITC Q1FY19E Result Expectation
  • Net Revenue – Rs 10,436.3cr, up 4.8% yoy; expect moderate growth on account of expected cigarette volume decline (1% yoy decline)
  • EBITDA – Rs4,077.3cr, up 8.8% yoy
  • EBITDA Margin – 39.1%, led by hike in cigarette price (~10% yoy) and improvement in operating profitability of the FMCG segment
  • PAT – Rs2,815.9cr, up 10% yoy
4) Maruti Suzuki India Q1FY19E Result Expectation
  • Revenue – Rs22,547cr; up 29% yoy (7% qoq); top-line led by 24% yoy (6% qoq) volume growth and 3% yoy (0.3% qoq) realization growth. The newly launched models (Swift and Vitara Brezza) are being sold at virtually no discount. Better product mix (higher proportion of compact sedans compared to the mini segment) will also push up realization growth.
  • EBITDA – Rs3,451cr; up 48% yoy (14% qoq).
  • EBITDA margin – 15.3%; expansion of 202bps yoy (106bps qoq). The company will benefit from better operating leverage and lower royalty payment to parent Suzuki. The quarter gone by (Q4FY18) had one-time expense related to Auto Expo 2018, which will not be present this quarter; this explains the sequential margin expansion.
  • PAT – Rs2,230cr; up 43% yoy (18% qoq).
Yes Bank Q1FY19E Result Expectation
  • Net interest income – Rs2,134cr, up 18% yoy and down 0.9% qoq.
  • Pre-provision profit – Rs2,088cr, up 22.5% yoy and down 2.2% qoq.
  • Loan loss provisions – Rs297.6cr, up 4.7% yoy and 1% qoq.
  • PAT – Rs1,196cr, up 23.8% yoy and 1.4% qoq.

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