On Lupin

UBS

• Maintained ‘Buy’ with a price target of Rs 970.
• March quarter’s earnings were in line with estimates.
• India business improving; Japan to remain subdued with price cuts.
• Expect stronger earnings pick up from the second half onwards.

Macquarie

• Maintained ‘Underperform’; cut price target to Rs 705 from Rs 716.
• Not out of the woods yet.
• FY20/21 US build up largely contingent on three products.
• Lowering EPS estimates on additional regulatory woes, slower EM sales and higher tax.

Jefferies

• Maintained ‘Underperform’; cut price target to Rs 650 from Rs 680.
• Weak quarter led by margin miss.
• US strong, other geographies disappoint.
• Cut EPS estimates by 20 ercent and 10 percent for the current and the next financial year respectively given the challenges in U.S. and weak R&D execution

On Jubilant FoodWorks

CLSA

• Maintained ‘Buy’; cut price target to Rs 1,500 from Rs 1,600.
• March quarter’s Ebitda missed estimates, but net profit was ahead.
• SSSG moderates, but margin ahead.
• Slowing SSSG forces to cut EPS estimates.

Jefferies

• Maintained ‘Buy’; cut price target to Rs 1,450 from Rs 1,475.
• March quarter review: operationally strong number.
• Do not rule out near-term pressure on SSSG due to higher base and competition.
• Management sounded confident on both growth and margins.

More Calls

CLSA on Motherson Sumi

• Maintained ‘Outperform’; cut price target to Rs 135 from Rs 150.
• Weak European auto demand hurting; subdued commentary from global players.
• Auto demand environment weak in India too.
• Cut EPS estimates for the current ad the next financial year by 15-16 percent; valuations turning more palatable.

Morgan Stanley on Tata Global Beverages

• Maintained ‘Underweight’ with a price target of Rs 165.
• Tata Global’s consumer product business is valued at Rs 5,800 crore.
• Expect Tata Global to use cash flows from Tata Salt business to invest in new consumer categories.
• Any potential re-rating dependent on synergy benefits, success in new markets and on margins.

Jefferies on Sun Pharma

• Maintained ‘Buy’; hiked price target to Rs 540 from Rs 535.
• Positive trends in US doc survey for Ilumya; Survey suggests $300 million peak sales likely.
• Cequa could be good niche due better efficacy and faster onset.
• Remain positive as we expect recovery in business, better specialty traction and supportive valuations.

Citi on Endurance Technologies

• Maintained ‘Neutral’; cut price target to Rs 1,210 from Rs 1,240.
• March quarter review: Healthy margins amid weak demand.
• EU business: Revenue growth surprises positively.
• Cut earnings by 2-3 percent over FY20/21 as we grow more conservative on demand trends.

Jefferies on Newgen Software

• Maintained ‘Buy’; cut price target to Rs 372 from Rs 375.
• Disappointing revenue growth in March quarter
• Weak performance in India, Middle East; strong in the U.S., APAC in 2018-19.
• Cut EPS estimates by 5-11 percent on slightly weaker growth & margin over FY20-21.

• TTK Prestige record date for bonus issue at 1:5.
• Uniply Industries to move out of short term ASM Framework.
• Williamson Magor & Company to move into ASM Framework.

• Future Retail promoter Future Corporate Resources revoked pledge of 4 lakh hares on May 13.
• Future Enterprises promoter group Central Departmental Stores revoked pledge of 1.75 lakh shares on May 13.
• Apollo Tyres promoters pledged 31.15 lakh shares on May 13.

Nifty Earnings To Watch

• Bajaj Finance
• Bajaj Finserv
• Hindalco Industries

Other Earnings To Watch

• JSW Energy
• Jubilant Industries
• JK Tyre & Industries
• Johnson Controls
• Action Construction Equipment
• Arvind Fashions
• Bank of India
• Gabriel India
• Blue Dart Express
• Chambal Fertilizers & Chemicals
• DB Corp
• Minda Industries
• Dhampur Sugar Mills
• Ingersoll Rand
• Kirloskar Industries
• Kirloskar Brothers Limited LT Foods
• Neuland Laboratories
• Praj Industries
• Saven Technologies
• Shree Renuka Sugars
• Solara Active Pharma Sciences
• Take Solutions
• Tasty Bite Eatables
• Walchandnagar Industries
• Ador Welding
• Grauer & Weil
• Kirloskar Brothers
• Universal Cables
• Vindhya Telelinks
• Igarashi Motors
• INEOS Styrolution
• Clariant Chemicals

Earning Reaction To Watch

Waterbase Q4FY19 (YoY)

• Revenue down 22 percent to Rs 51.2 crore.
• Ebitda down 59 percent to Rs 3.2 crore.
• Margin at 6.3 percent versus 12 percent.
• Net profit down 42 percent to Rs 1.5 crore.
• Delay in farming season due to extended winter led to this fall in sales.
• Management is projecting the shrimp production to de-grow in the current financial year as fear of non-remunerative prices may result in farmers lowering their production levels.

Himachal Futuristic Communications (Q4, YoY)

• Revenue up 16.1 percent to Rs 1,095 crore.
• Net profit down 12.4 percent to Rs 51.5 crore.
• Ebitda down 13.7 percent to Rs 65 crore.
• Margin at 6 percent versus 8 percent.

Petronet LNG (Q4, QoQ)

• Revenue down 17 percent to Rs 8,383.2 crore.
• Net profit down 22.1 percent to Rs 440.2 crore.
• Ebitda down 26 percent to Rs 627.2 crore.
• Margin at 7.5 percent versus 8.4 percent.
• Other income up 71 percent to Rs 151.4 crore.
• Declares dividend of Rs 4.5 per share.

Kesoram Industries (Q4, YoY)

• Revenue up 5.2 percent to Rs 1,036.6 crore.
• Net profit at Rs 20.8 crore versus net loss of Rs 158.2 crore.
• Ebitda profit at Rs 121.7 crore versus Ebitda loss of Rs 38.2 crore.
• Raw material costs down 26 percent to Rs 182 crore.

Manappuram Finance (Q4, YoY)

• Net interest income up 16.6 percent to Rs 697.9 crore.
• Net profit up 43.3 percent to Rs 256.9 crore.
• Board approves to explore entry into micro insurance and to acquire 100 percent stake in Manappuram Asset Finance.

KPIT Technologies (Q4, QoQ)*

• Revenue up 3.6 times to Rs 501.3 crore.
• Net profit up 25.4 percent to Rs 30.1 crore.
• Ebitda up 2.1 times to Rs 61.6 crore.
• Margin at 12.3 percent versus 21.5 percent.
• Exceptional loss of Rs 34.3 crore.
• Employee expenses up 7.6 times to Rs 315.1 crore.
• Other income of Rs 35.5 crore.

*Numbers not comparable since company went for demerger.

Torrent Power (Q4, YoY)

• Revenue up 4.1 percent to Rs 2,924.8 crore.
• Net profit down 88.9 percent to Rs 24 crore.
• Ebitda up 2.8 percent to Rs 709.9 crore.
• Margin at 24.3 percent versus 24.6 percent.
• Other income down 60 percent to Rs 39.9 crore.
• Employee benefit expense up 20 percent to Rs 154.6 crore.
• Fuel costs up 7 percent to Rs 897.2 crore.
• Declares dividend of Rs 5 per share.

Phoenix Mills (Q4, YoY)

• Revenue up 65.6 percent to Rs 723.2 crore.
• Net profit up 2.5 times to Rs 228.4 crore.
• Ebitda up 74.3 percent to Rs 377.2 crore.
• Margin at 52.2 percent versus 49.6 percent.
• Exceptional gain of Rs 48.1 crore.
• Increase in inventory to Rs 123.6 crore.
• Other Income up 2.3 times to Rs 32.9 crore.

Gulf Oil Lubricants (Q4, YoY)

• Revenue up 16.8 percent to Rs 436.2 crore.
• Net profit up 15 percent to Rs 47.6 crore.
• Ebitda up 18.1 percent to Rs 74.3 crore.
• Margin at 17 percent versus 16.8 percent.
• Board declares dividend of Rs 7 per share.

Jammu & Kashmir Bank (Q4, YoY)

• Net interest income up 42 percent to Rs 931.3 crore.
• Net profit up 7.6 times to Rs 214.8 crore.
• Provisions to Rs 378 crore versus Rs 251.1 crore.
• GNPA at 8.97 percent versus 9.94 percent. (QoQ)
• NNPA at 4.89 percent versus 4.69 percent. (QoQ)

SKF India (Q4, YoY)

• Revenue up 6.4 percent to Rs 748.4 crore.
• Net profit up 14.8 percent to Rs 82.2 crore.
• Ebitda up 4.6 percent to Rs 111 crore.
• Margin at 14.8 percent versus 15.1 percent.
• Inventory gain of Rs 43 crore in base quarter.
• Other income up 55 percent to Rs 29.2 crore.
• Board names Anurag Bhagania as CFO and Gopal Subramanyam as Chairman.

Magma Fincorp (Q4, YoY)

• Net interest income up 10.1 percent to Rs 290.8 crore.
• Net profit up 6.6 percent to Rs 85.3 crore.

Majesco (Q4, QoQ)

• Revenue up 2.7 percent to Rs 261.5 crore.
• Net profit down 42.3 percent to Rs 8.6 crore.
• EBIT down 43.1 percent to Rs 12 crore.
• Margin at 4.6 percent versus 8.3 percent.
• Other expenses up 30 percent to Rs 67.5 crore.
• Deferred tax reversal of Rs 8.2 crore.

Mahindra Holidays & Resorts (Q4, YoY)

• Revenue down 19.5 percent to Rs 238.3 crore.
• Net profit down 62.7 percent to Rs 14.4 crore.
• Ebitda down 66 percent to Rs 21.2 crore.
• Margin at 8.9 percent versus 21.1 percent.
• Other income up 41 percent to Rs 13.8 crore.
• Current tax reversal of Rs 27.3 crore.
• Board re-appoints Kavinder Singh as MD and CEO till November 2024.