Shrugging itself off from a turbulent 2017, Infosys recorded best ever large deal total contract value (TCV) in its history of US$2bn (previous highest ~US$1.2bn) in 2QFY19, against our expectation of US$1.5bn.
Federal Bank (FBL) reported 2QFY19 results with the key takeaways being: (1) Kerala floods would result in incremental slippage of ~Rs1.5bn in total and full year FY19 slippage guidance stands at Rs14.5bn, implying significantly lower slippage ratio over 2HFY19.
Hero MotoCorp (HML) reported 2QFY19 results which were in line with expectations as sales and margins came broadly in line while PAT at Rs9.8bn was 5% above our estimate because of higher other income.
South Indian Bank (SBL) reported 2QFY19 results with the key takeaways being: (1) NPA addition moderated to Rs2.13bn compared with a past 10-quarter average of Rs4.96bn, with management guiding for ~Rs2.5bn slippage per quarter over the remainder of FY19.
Federal Bank continued to deliver a healthy performance on all major operating metrics in 2QFY19 led by (a) healthy growth in operating profit (+19.6% YoY and 15.7% QoQ) led by 13.7% YoY and 4.3% QoQ growth in NII.
Earning per share (EPS) of the company for the earnings for FY19E and FY2OE is seen at Rs. 51.66 and Rs. 60.67 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 53% and 17% over 2017 to 202GB respectively.
Earning per share (EPS) of the company for the earnings for FY19E and FY2OE is seen at Rs. 105.33 and Rs. 123.67 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 16% and 56% over 2017 to 202GB respectively.
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