Research Report
Home >> Country >> India >> Company
Latest Reports
Date Description Country Analyst Download
20-Jan-2020 PATH India Anshul Bhargava
17-Jan-2020 Agriculture Inputs: US trade deal boosts India’s agrochemicals exports potential India Deepak Chitroda
16-Jan-2020 Cyient Q3FY20: Muted performance (as expected) – close to bottoming out India Vibhor Singhal
16-Jan-2020 PATH India Anshul Bhargava
15-Jan-2020 L&T Infotech 3QFY20: Strong results; Valuations expensive India Vibhor Singhal
15-Jan-2020 FY21 Budget Preview : Managed act amid precarious fiscal/economic health India Anjali Verma
15-Jan-2020 IT Services - Deal Monitor: ISG 4QCY19 - Growth slightly decelerates, CY20 outlook strong India Vibhor Singhal
14-Jan-2020 Wipro: Muted performance as expected; Growth to remain tepid India Vibhor Singhal
14-Jan-2020 Mindtree Q3FY20: Strong performance, beating expectations – maintain BUY India Vibhor Singhal
14-Jan-2020 Logistics monthly update - Major Ports and Container rail volume India Vikash Singh
14-Jan-2020 Top takeaways from Q3FY20 • On merged basis total income of Rs 48.6bn (+11% yoy) was marginally below our estimates of Rs 50.1 bn. NII at Rs 30.7 bn (+10% yoy) came below expectations on account of lower credit growth (+13% yoy) and stable NIM at 4.15% (2Q20: 4.1%). Fee income at Rs 17.9bn (+14% yoy) continues to remain strong. Opex was up 14% YoY to Rs 21.2 bn. Provisions increased 41% qoq to Rs 10.4 bn due to accelerated provisioning of Rs 2.5 bn (Rs 3.6 bn in 2Q20). Overall Profit came at Rs 13.0 bn (+2% yoy). • Slippages during the quarter were Rs 19.5 bn. Corporate segment slippages of Rs 12.4 bn (Rs 4.8 bn in 2Q20) included Rs 2.8bn from travel company, Rs 2.5bn from diversified group (recovered fully) and Rs 1.7bn from a paper company. GNPA remained stable at 2.18% on higher recovery (Rs 3.5bn) and write-offs (Rs 5.2bn). NNPA reduced by 7bps qoq to 1.05% as bank increased its PCR to 53% (from 50% in 2Q20). • GNPA Ratio for Credit cards and MFI increased by 17bps/16bps qoq while commercial vehicle GNPA increased 22bps qoq. Management comments / concall takeaways: • Exposure to Stressed group: Bank’s net exposure to three stressed groups in Media/Diversified and HFC declined to 0.47% of loan book (1.9% in 4Q19), largely due to repayments and 100% provisioning on HFC account, declared as fraud by the bank. • Fraud: Bank has classified exposure to one travel company (Cox and King) and a HFC (DHFL) as fraud and has provided 100% on these account of this 25%(Rs 2.4 bn) has been debited to P&L and remaining 75% drawn down from the Reserves. This will be debited to P&L equally over next three quarters • ILFS: Provision coverage for bank’s exposure towards IL&FS increased to 73% on blended basis. Expected recovery of 75% for one SPV(Tunnel project) based on bid submitted. • Growth: Growth was impacted due higher repayments especially from stressed group. Over last 2 quarters bank has received repayment of Rs 50-60bn (Rs 22 bn from Indiabulls Hsg). MFI: Bank had slowed down MFI growth in Assam and WB in last 2-3 months due to agitation and aggressive lending by few players. Growth coming from other states. • Guidance: Credit cost for FY21 ex IL&FS should be in the range of 60-70bps and in FY20 Credit cost should be in the rage of 80bps Outlook and valuation: Banks strategy has shifted towards “Retailisation of Balance Sheet” with focus on improving retail deposit franchisee; increase contribution of non-vehicle retail loan; higher proportion of micro finance business. However in near term banks performance will be driven by its corporate book exposures. Even after factoring the consequential provisioning impact on stress loan, the risk-adjusted RoA should continue to remain strong, driven by earnings growth of 24%+ over FY19-22 on merged basis. We have a Buy rating on the stock with PT of Rs1640 valuing the bank at 2.8x FY21E ABPVS of Rs585. India Manish Agarwalla
14-Jan-2020 Company Update: Kalpataru Power (KPP IN) - Promoter leverage bogs down a strong fundamental story India Jonas Bhutta
13-Jan-2020 CPI : Surged beyond expectation India Anjali Verma
10-Jan-2020 IIP : Low base aids uptick, likely to persist India Anjali Verma
10-Jan-2020 Infosys Q3FY20: Results along expectations; Clean-chit by audit committee India Vibhor Singhal
09-Jan-2020 Metals: Q3FY20 Preview - Muted performance; Outlook improving for integrated steel players India Vikash Singh
08-Jan-2020 Q3FY20 Results Preview: Large-Cap corporates faring better than the rest India Anjali Verma
08-Jan-2020 Consumer Electricals: Strong winters and inventory push will lead to growth in Q3 India Deepak Agarwal
08-Jan-2020 Pharma- Q3FY20 Preview - Lacklustre quarter India Surya Patra
08-Jan-2020 HUL Company Update: Substance over form shall prevail - Maintain BUY India Vishal Gutka
08-Jan-2020 Agriculture Inputs: Q3FY20 Preview - A better rabi season to support earnings India Deepak Chitroda
08-Jan-2020 PATH India Anshul Bhargava
07-Jan-2020 Capital Goods & Engineering - 3QFY20 preview: Weak macros to impact order inflows India Jonas Bhutta
07-Jan-2020 Specialty Chemicals- Q3FY20 Preview - Earning momentum continues despite challenges India Surya Patra
07-Jan-2020 PC India Index: Positive momentum sustained India Anjali Verma
1 2 3  Next 
Copyright © 2013. Brought to you by PhillipCapital (India) Pvt. Ltd.      Designed and developed by C-MOTS Infotech (ISO 9001:2015 certified)