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.
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%.
Shriram Transport Finance Company Ltd. (SHTF) reported 3% YoY growth in net interest income to INR 19.1bn aided by 9% YoY growth in AUM to INR 1,045bn. However, net interest margin (NIM) during the quarter decreased by 88bps to 7.1%.
ICICI Bank Ltd reported Q4FY19 numbers largely inline with our/market expectations on the net revenue front; however, aggressive provisioning and higher than expected operating expenditure dented PAT significantly.
India's unemployment rate in April rose to 7.6 percent, the highest since October 2016, and up from 6.71 percent in March, according to data compiled by the Centre for Monitoring Indian Economy (CMIE) released late on May 1.
Orient Electric Ltd (OEL) reported disappointing Q4FY19 results (Revenue/EBITDA/PAT – down 9%/27%/32% from our estimate) mainly on account of a) weak demand for cooling products on the back of extended winter season.
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