Earnings to watch out for today: Wipro, Kotak Mahindra Bank, Bharti Infratel, Bajaj Auto

Markets today will take cues from heavyweight index companies which will be releasing their second quarter results today.

Companies that are going to announce their financial results today include Wipro, Kotak Mahindra Bank, Bharti Infratel, Bajaj Auto, InterGlobe Aviation, IDFC Bank, Jubilant Foodworks and SKF India.
Given below are our expectations for the Nifty 50 stocks, which will be releasing their Q2FY19 results today.
Wipro Consensus expectations for Q2FY19E:

• Revenue: Rs14,546cr, up 4.1% qoq on revenue contribution from Alight deal and impacted by the sale of its data center business.

• EBIT: Rs2,321cr, up 11.8% qoq.

• EBIT Margin:16%, up ~100bps qoq; impact of wage hike is offset by favorable currency and absence of visa costs.

• PAT: Rs2,112cr.

Kotak Mahindra Bank Consensus expectations for Q2FY19E:

• Net interest income: Rs3,580cr, up 16% yoy and 5% qoq.

• Pre-provision profit: Rs2,850cr, up 18% yoy and 1% qoq.

• PAT:  Rs1,680cr, up 16% yoy and 6% qoq.

Bajaj Auto Consensus Expectations for Q2FY19E:

• Revenue: Rs7,550cr, up 15% yoy, 2% qoq; revenue growth will be led by volume growth of 25% yoy (9% qoq), while realizations will decline 8% yoy and 7% qoq due to the pricing-led strategy of the company to gain market share, especially in the commuter segment motorcycles.

• EBITDA: Rs1,283cr, down 1% yoy, flat qoq

• EBITDA margin: 17%, contraction of 273bps yoy, 27bps qoq; while a depreciating rupee is beneficial for the company’s exports. We expect EBITDA margin to decline 273bps yoy due to an adverse product mix (higher number of commuter motorcycles) in the domestic market.

• PAT: Rs1,084cr, down 3% yoy, down 3% qoq

Bharti Infratel Consensus expectations for Q2FY19E:

• Revenue: Rs3,591cr, down 2.3% qoq

• EBITDA: Rs1,459cr, down 4.1% qoq

• EBITDA Margin: 40.6%, down 77bps qoq

• PAT: Rs601cr, down 5.8% qoq

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