After 5 quarters of good results, ABFRL has reported a poor quarter. Revenues grew 9% to INR 1915 Cr and were broadly in line with estimates. However EBITDA witnessed a big disappoinment at INR 125 Cr vs. estimates of ~INR 170 Cr, primarily driven by a poor performance from Pantaloons.
Union Bank posted loss of Rs33.6bn of PAT (v/s PLe of Rs1.7bn loss) on back of making higher provisions from RBI’s divergence report (Rs22.8bn) and ageing of NPA helping improve PCR to 58.3% from 51.4% in Q3FY19.
We cut FY20 and FY21 EPS by 3.0% and 2.3% following cautiously optimistic outlook on demand following just 4% volume growth (average 16.0% in last 6 quarters) in C&B products due to pressure in construction chemicals, although low VAM prices (USD950/ton v/s USD1100/ton in 4Q) and stable USD/INR will aid margins.
SRF Ltd (SRF) posted a strong set of numbers in Q4FY19, particularly in their Chemicals Business (CB). Sales for the quarter was at INR 2,072 crore, higher by ~29% when compared to Q4FY18 sales and exceeded our estimates by ~5%.
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