Allcargo Logistics Q2 FY17 PAT at Rs 64 crore, up 7% YoY

all-cargo-q2-capitalheightAllcargo Logistics Ltd. announced its unaudited financial results for the quarter ended September 30, 2016.

The performance highlights are:
Consolidated Results – Q2 FY17

  • Consolidated Profit and Loss statement of Q2 FY17 does not include the financials of Hindustan Cargo (HCL), Air Freight / Freight Forwarding and Contract Logistics (CL), as these businesses have been transferred to our new JV – ACCI; while Q2 FY16 and Q1 FY17 include the same
  • Total revenue from operations at Rs 1,410 crore for the quarter ended September 30, 2016, as compared to Rs 1,456 crore for the corresponding previous period, a decrease of 3%, mainly on account of lowering freight rates and exclusion of HCL’s and CL’s turnover due to JV accounting 85% of revenues are from the global MTO business
  • The Gross Profit for the quarter ended September 30, 2016 was Rs 452 crore, as against Rs 459 crore for the corresponding previous  period, year on year decrease of 2%, due to lower freight rates and ACCI JV accounting Gross Profit margin for the quarter improved by 50 bps to 32%, mainly on account of higher operating efficiencies
  • EBITDA for the quarter ended September 30, 2016 was Rs 127 crore as against Rs 135 crore during the corresponding previous period, a decrease of 6%, mainly on account of a conscious decision to move away from lower ROCE business viz. trailers, leading to sale of aged assets, slowdown in project logistics business and transfer of HCL and CL business from Allcargo to ACCI
  • PAT at Rs 64 crore for the quarter ended September 30, 2016, as against Rs 60 crore for the corresponding previous period, a increase of 7%, on account of lower interest costs and depreciation
  • EPS for the quarter ended September 30, 2016 was Rs 2.56, for a face value of Rs. 2 per share
Resources and Liquidity:
  • As on September 30, 2016, the Networth was Rs 1,868 crore and the Net Debt was Rs 263 crore.
  • The capital structure of the Company remains conservative with net debt to equity ratio of 0.14 as on September 30, 2016.
  • The Return on Capital (ROCE) stands at 16%.
Business Performance:
Allcargo operates primarily in three segments, viz., Multimodal Transport Operations, Container Freight Station Operations and Project & Engineering Solutions. These are consolidated business segments.Container Freight Stations (CFS):

  • This segment operations are involved in import / export cargo stuffing, de-stuffing, customs clearance and other related ancillary services to both, importers and exporters
  • The CFS facilities are located near JNPT, Chennai and Mundra ports
  • The business maintained total volumes at 69,260 TEUs for the quarter ended September 30, 2016 as against 69,296 TEUs for the corresponding previous period
  • The total revenue for the quarter ended September 30, 2016 was Rs 111 crore as against Rs 106 crore for the corresponding previous period, an increase of 5%, mainly on account of realizations from long standing container and ODC bond cargo
  • EBIT was Rs 40 crore for the quarter ended September 30, 2016, as against Rs 34 crore the corresponding previous period, a increase of 18%, mainly on account of higher operating efficiencies
  • The Return on Capital (ROCE) employed for this business stands at 35%
Allcargo Logistics Ltd
BSE 160.40 4.55 (2.92%)
NSE 160.00 4.45 (2.86%)

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Opening Bell – Sensex rallies over 150 points

market-at-higher-point1-capitalheight

At 9:15 AM, the S&P BSE Sensex is trading at 25,928, up 163 points, while NSE Nifty is trading at 7,989, up 60 points.

The Indian rupee opened marginally higher by three paise at 68.13/$ against the previous close of 68.16/$.

Asian markets excluding Japan all traded in the green as an earthquake in Japan & threats of a Tsunami break out kept the Japanese index flat to marginally negative. This after oil hit a new 4 week high along with the Dow Jones, Nasdaq & the S&P index rising in tandem. The risk on trade is back in action as globally bullishness resurfaces with Japan & the US indices in new bull markets.

Nifty continues to see foreign selling dominate proceedings with fear being the dominant theme. The perception of sharp slowdown in the economy on the back of demonetization is leading to short term pain with ETF selling exaggerating the visible fall out. For today, expect bounce back from extremely oversold zone as PCR (put call ratio) trading @ 0.7 indicates pessimism at a high with call writing overdone. Banks, energy & IT should lead the pullback with FMCG & Infra being laggards for today.

On the economy front, the Central bank gave lenders an additional 60 days’ time to reclassify a loan in default as bad on their books and start setting aside money to cover it. This is over and above the 90-day period, according to existing guidelines.

India’s domestic air traffic grew 23.2% in October, continuing its over two-year run of double-digit growth on the back of cheap fares and rising connectivity.

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Voltas Q2 FY17 net profit at Rs 71 crore; EBITDA Margin at 7%

voltasVoltas Ltd has announced the following results for the quarter ended September 30, 2016:

The company has posted a net profit after tax, minority interest and share of profit of associates and joint ventures of Rs 72 crore for the quarter ended September 30, 2016 as compared to Rs 67 crore for the quarter ended September 30, 2015. The total income has decreased from Rs 1,094 crore for the quarter ended September 30, 2015 to Rs 1,047 crore for the quarter ended September 30, 2016.

On a standalone basis, the company has posted a net profit of Rs 126 crore for the quarter ended September 30, 2016 as compared to Rs 113.6 crore for the quarter ended September 30, 2015. Total Income has decreased from Rs 1,048 crore for the quarter ended September 30, 2015 to Rs 968 crore vfor the quarter ended September 30, 2016.

Voltas Ltd
BSE 300.80 [27.45] ([8.36]%)
NSE 301.20 [27.20] ([8.28]%)

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PNB Housing Finance Q2 FY17 PAT jumps 78%

PNBThe Board of Directors of PNB Housing Finance approved the Un-audited Financial Results for the half-year ended 30th September, 2016.

The accounts have been subjected to a limited review by the Company’s Statutory Auditors in line with the regulatory guidelines. This is the first results post the Initial Public Offer (IPO) of the Company. The Company got listed on the National Stock Exchange and Bombay Stock Exchange on 7th November, 2016.

Financial performance (H1 FY16-17 vs H1 FY15-16)

  • Net Interest Income registered a growth of 45% YoY to Rs 437.6 crore from Rs 301.5 crore.
  • Fees and Other Operating Income increased by 93% YoY to Rs 102.8 crore from Rs 53.3 crore.
  • Profit after Tax increased by 75% YoY to Rs 233.6 crore from Rs 133.6 crore.
  • The spread on loans over the cost of borrowings for H1 FY16-17 stood at 2.17% compared to 2.12% for the quarter ended 30th June, 2016.
  • Net Interest Margin for H1 FY16-17 marginally declined to 2.73% compared to 2.74% for the Q1FY17.
  • Asset under Management (AUM) grew by 56% to Rs 34,896 crore as on 30th September,2016 from Rs 22,347 crore as on 30th September, 2015.
  • The Company sold loans of Rs 2,440 crore under loan assignment route during H1 FY16-17. The Outstanding Loans Sold/Assigned amounted to Rs 2,660 crore as on 30th September, 2016.
  • Loan Outstanding as on 30th September, 2016 is at Rs 32,236 crore.
  • Disbursements increased by 48% YoY to Rs 10,175 crore in H1 FY16-17 from Rs 6,869 crore in H1 FY15-16.
  • Gross Non-Performing Assets (NPA) stood at 0.26% of the Loan Assets as on 30th September, 2016 against 0.23% as on 30th September, 2015. The Gross NPAs on AUM basis were 0.24% as on September 30, 2016.
  • Net NPA stood at 0.18% of the Loan Assets as on 30th September, 2016 against 0.09% as on 30th September, 2015.
Commenting on the performance Mr. Sanjaya Gupta, Managing Director said, “We would like to thank our Investors for their participation in our IPO. This was the largest ever IPO by a Housing Finance Company/NBFC in India and the largest primary fund raise in this calendar year.

We are pleased to inform you that our half yearly results have been in line with our expectations. The infusion of equity in the Company will allow us to spread our branch network & grow our Loan Book. This will be in line with our Growth and Fixed Cost Optimization strategy which will lead to improvement in the profit margins going forward.

Affordable Housing

  • During H1 FY16-17, the Company launched “Unnati Home Loans” to cater to the mass housing segment in tier 2 and tier 3 cities. This is to boost disbursements in the affordable housing loan segment.
Deposits
  • The Deposit portfolio grew by 14% to Rs 7,831 crore as on 30th September, 2016 from Rs 6,877 crore as on 30th September, 2015.
Service Network
  • As on 30th September, 2016 the Company has 49 branches and 18 Hubs including 2 branches and hubs each opened in H1 FY16-17. The Company also services the customeRsthrough its 21 outreach locations.
Capital Adequacy Ratio (CAR)
  • The Company’s CAR as on 30th September, 2016 stood at 14.5%, of which Tier I capital was 8.3% and Tier II capital was 6.2%. As per the regulatory norms, the minimum requirement for the CAR and Tier I capital is 12% and 6% respectively.
Credit Rating
  • PNB Housing’s Fixed Deposit programme has been rated “FAAA” by CRISIL and “AAA” by CARE. The rating of “FAAA” and “AAA” indicates ‘High Safety” with regards to the repayment of interest and principal. Further Company’s Commercial Paper (CP) is rated at “A1(+)” by CARE and Non-Convertible Debenture (NCD) are rated at “AAA” by CARE, “AAA” by India Ratings, “AA+” by CRISIL and “AA+” by ICRA.
PNB Housing Finance Ltd
BSE 794.00 [15.65] ([1.93]%)
NSE 797.70 [11.10] ([1.37]%)

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KPTL Q2 FY17 at Rs 58 crore

kalpataru-power-transmissionKalpataru Power Transmission Limited (KPTL), a leading global EPC player in power T&D sector has announced its results for the quarter and half year ended September 30, 2016.

The company posted its net profit increased by 22% to Rs 58 crore in the quarter ended September 2016 as against Rs 47.50 crore during the previous quarter ended September 2015. Its sales rose 19.5% to Rs 1101.21 crore in the quarter ended September 2016 as against Rs 921.36 crore during the previous quarter ended September 2015.

Commenting on the results, Mr. Manish Mohnot (Managing Director, KPTL) said, “We have achieved good execution in the last quarter with healthy margins; we are confident of achieving a minimum growth of 20% in the second half of this financial year.

In JMC, we have achieved great success in improving margins and working capital management, although slow execution in certain projects and continued slack in real estate sector is impacting our order inflows from that segment. Going forward, good order inflows from government sector and international geographies should support revenues and profitability.

Kalpataru Power Transmission Ltd
BSE 224.00 [2.50] ([1.10]%)
NSE 221.70 [5.05] ([2.23]%)

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Corporation Bank rallies 11% after Q2 FY17 net profit rises

corporation bankCorporation Bank is currently trading at Rs 47.2, up by Rs 5.1 or 12.11% from its previous closing of Rs 42.1 on the BSE. The bank has posted a net profit of Rs 206 crore for the quarter ended September 30, 2016 as compared to Rs 188 crore for the quarter ended September 30, 2015.

For the bank, total income has increased from Rs 5,434.7 crore for the quarter ended September 30, 2015 to Rs 5,750.6 crore for the quarter ended September 30, 2016.

The scrip opened at Rs 45 and has touched a high and low of Rs 47.8 and Rs 44.4 respectively. So far 4294944 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4829.11 crore.

The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 47.8 on 09-Sep-2016 and a 52 week low of Rs 30.75 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs 46.05 and Rs 35.6 respectively.

The promoters holding in the company stood at 70.76 % while Institutions and Non-Institutions held 23.89 % and 5.34 % respectively.

The stock is currently trading above its 50 DMA.

Corporation Bank
BSE 47.20 5.10 (12.11%)
NSE 47.15 4.95 (11.73%)

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Opening Bell – Sensex Falls Over 200 Points

sensex fallsAt 9:15 AM, the S&P BSE Sensex is trading at 26,578 down 241 points, while NSE Nifty is trading at 8,225 down 71 points.

Asian markets opened flat after being under severe selling pressure in the last few days. Institutional investors have opted to sell emerging market stocks & enter developed markets with money aggressively buying into US, German & Japanese indices. This may be the short term aberration from the Trump victory which has seen US $ hit new year highs while bond yields top 2.18% & stocks hit new all time highs.

India and Japan signed a civilian nuclear agreement and a raft of pacts apart from reviewing the progress of Special Strategic and Global Partnership to promote trade and investment. It was the first time Japan, the only country to have suffered a nuclear attack, has concluded such a pact with a country that is not a signatory to the Nuclear Non-proliferation Treaty.

India’s foreign exchange reserves rose by $1.075 billion to $368.232 billion in the week ended November 4, the Reserve Bank of India said. The central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $1.982 billion to $343.927 billion during the week.

The bold move by the government to ban the widest circulated currency notes has received mixed reactions. Hopes are that after the initial hiccups, things will settle down. Fresh measures are being announced to ease the cash crunch. The market could remain choppy as it opens after a long weekend.

The dollar has cooled a bit resulting in benchmark Treasuries and emerging-market stocks changing direction. The US indices ended mixed; while the Dow and S&P notched up gains, the Nasdaq continued to reel under the Trump effect. IT stocks have been at the receiving end ever since Trump’s surprise win.

On the macro front, exports clocked a healthy 4.62% growth in September. WPI inflation for October will be out at noon while CPI combined inflation for October will be released post market hours.

The MSCI has announced changes to its index components and stocks which have made it to the coveted list will see some buying.  The draft model GST law will be shared with states today.

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Tata Steel Q2 FY17 net loss at Rs 49.5 crore

tata-steelTata Steel Ltd has announced the following results for the quarter ended September 30, 2016:

The company has posted a net loss of Rs 49.5 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 5,609 crore for the quarter ended September 30, 2015.

Total Income has decreased from Rs 27,582.6 crore for the quarter ended September 30, 2015 to Rs 27,579.6 crore for the quarter ended September 30, 2016.

On a standalone basis, the company has posted a net profit of Rs 2495.60 million for the quarter ended September 30, 2016 as compared to net loss of Rs 288.5 crore for the quarter ended September 30, 2015. Total Income has increased from Rs 10,765.8 crore for the quarter ended September 30, 2015 to Rs 11,882.9 crore for the quarter ended September 30, 2016.

BSE 426.85 [10] ([2.29]%)
NSE 426.50 [10.50] ([2.40]%)

Sun Pharma rallies 4.9% after strong Q2 FY17 numbers

sun-pharmaSun Pharmaceuticals Industries Ltd  ended at Rs 699.75, up by Rs 32.8 or 4.92% from its previous closing of Rs 666.95 on the BSE. The company reported an over two-fold jump in its consolidated net profit to Rs 2,235 crore for the September quarter.
The company had posted a net profit after taxes, non controlling interests, share of profit/loss of associates and joint ventures of Rs 1,028.8 crore for the same period a year ago.

Total Income has increased from Rs 6,988.5 crore for the quarter ended September 30, 2015 to Rs 8,384.5 crore for the quarter ended September 30, 2016.

Stock Commentary:
The scrip opened at Rs 691 and has touched a high and low of Rs 708 and Rs 680.2 respectively. So far 6562875 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 160518.46 crore.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 898 on 23-Feb-2016 and a 52 week low of Rs 572.4 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 693.7 and Rs 572.4 respectively.

The promoters holding in the company stood at 54.97% while Institutions and Non-Institutions held 33.34% and 11.68% respectively.

The stock is currently trading below its 200 DMA.

Sun Pharmaceuticals Industries Ltd
BSE 688.95 22 (3.30%)
NSE 688.00 21.80 (3.27%)

Bank of Baroda Q2 FY17 net profit at Rs 552 crore YoY

bank-of-barodaBank of Baroda has announced the following Unaudited Standalone results for the quarter ended September 30, 2016:

The bank has posted a net profit of Rs 552 crore for the quarter ended September 30, 2016 as compared to Rs 124.5 crore for the quarter ended September 30, 2015.

Total Income has decreased from Rs 12,300 crore for the quarter ended September 30, 2015 to Rs 12,046.6 crore for the quarter ended September 30, 2016.

The Bank’s Total Business stood at Rs 9,21,681 crore as at September 30, 2016 down from Rs 10,27,358 crore as at September 30, 2015 on account of planned and structured rundown of assets and liabilities.

Total Deposits stood at Rs 5,67,531 crore as at September 30, 2016 as against Rs 6,12,458 crore as at September 30, 2015. Corresponding figures for Average Deposits (based on daily averages) were Rs 5,52,714 crore and Rs 5,83,650 crore.

Total Advances (Net) were Rs 3,54,150 crore as at September 30, 2016 against Rs 4,14,900 crore as at September 30, 2015 and Average Advances (Gross-based on daily averages) were Rs 3,76,955 crore and Rs 4,06,391 crore respectively. The Bank’s International Business continues to occupy a significant position. As of September 30, 2016, the International Operations contributed 29.34% to the Bank’s Total Business. As a part of rebalancing of the international book, a portion of low yielding assets have been substituted with higher yielding local credit.

The Net Interest Margin (NIM) for domestic operations has improved from 2.80% to 2.85% while global margin improved to 2.29% from 2.23% last quarter.
Bank Of Baroda
BSE 160.70 [4.10] ([2.49]%)
NSE 160.50 [4.50] ([2.73]%)

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