*Unichem Labs Q2 profit falls 11% on lower other income, margin
Unichem Laboratories' second quarter profit fell 11.3 percent year-on-year to Rs 20.5 crore, dented by lower other income and margin despite revenue growth.
Revenue grew by 18.8 percent year-on-year to Rs 368 crore, driven by domestic formulations (a 18 percent growth) as well as international formulations (a 26 percent growth).
Revenues from active pharmaceutical ingredients business (excluding captive consumption for formulation business) stood at Rs 24.5 crore against Rs 25.5 crore in the same period of the previous year
EBITDA (earnings before interest, tax, depreciation and amortisation) increased 15.1 percent to Rs 39.6 crore but margin contracted by 30 basis points to 10.8 percent compared with year-ago period.
Other income during the quarter declined 42.6 percent to Rs 3.5 crore while tax expanses jumped 39.2 percent to Rs 11.44 crore on yearly basis.
*Ujjivan Financial Q2 PAT seen down 9.8% to Rs 64.35 cr: Centrum
Net Interest Income is expected to increase by 2.5 percent Q-o-Q (up 47.1 percent Y-o-Y) to Rs 206.27 crore, according to Centrum.
Centrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects Ujjivan Financial to report net profit at Rs 64.35 crore, down 9.8 percent quarter-on-quarter.
Expect 47% YoY growth in NII led by 50% YoY growth in AuMs. Margins are set to moderate following shift in portfolio mix.
After providing for NPAs, we expect net profit to grow 67% YoY. On a sequential basis, we expect operating profit / net profit to decline 7% / 10% QoQ. Stock trades at 2.8x FY18E ABV. Retain Sell.
*Satin Creditcare Q2 PAT seen down 2.8% to Rs 23.89 cr: Centrum
Net Interest Income is expected to increase by 2.5 percent Q-o-Q (up 68.5 percent Y-o-Y) to Rs 100 crore, according to Centrum.
Centrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects Satin Creditcare to report net profit at Rs 23.89 crore, down 2.8 percent quarter-on-quarter.
Expect SCNL to report strong 69% YoY growth in NII led by healthy 57% YoY growth in AuM and expansion in NIM following reduction in cost of funds. SCNL has raised Rs 2.5b of equity in end-Sept,2016 and will aid in reduction overall costs in H2’17.
For SCNL - Q1’17 GNPA / NNPA were at 0.19% / 0.09%. We expect credit cost to remain higher QoQ and after providing for the same, we expect SCNL to report 66% YoY growth in its net profit.
*CARE Ratings Q2 PAT seen up 74.7% to Rs 43.1 cr: Centrum
Net Interest Income is expected to increase by 49.2 percent Q-o-Q (up 9 percent Y-o-Y) to Rs 85.3 crore, according to Centrum.
Centrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects CARE Ratings to report net profit at Rs 43.1 crore, up 74.7 percent quarter-on-quarter.
EBIDTA at Rs 593mn is expected to grow 6% YoY. We expect EBIDTA margins at 69.5%. Q2’17 will see CARE report income from FMP investments.
After adjusting for the same, we expect net profit at Rs 431mn to grow 14% YoY. We remain positive on the stock and will revisit our TP and numbers post Q2’17 results.
*GIC Housing Q2 PAT seen up 8.1% to Rs 35 cr: Centrum
Net Interest Income is expected to increase by 6.8 percent Q-o-Q (up 17.5 percent Y-o-Y) to Rs 72.4 crore, according to Centrum.
Centrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects GIC Housing to report net profit at Rs 35 crore, up 8.1 percent quarter-on-quarter.
GICHF owing to continued improvement in its loan growth, stable margins and superior returns profile. Our recent survey points to efforts in curtailing loan run-down.
Expect GICHF to witness 18% YoY growth in NII led by 19.5% YoY growth in loans. Borrowing mix continues to move towards non-bank avenues and will aid in further improvement in margins.
*MMFS Q2 PAT seen up 86.6% to Rs 162.3 cr: Centrum
Net Interest Income is expected to increase by 20.8 percent Q-o-Q (up 6.5 percent Y-o-Y) to Rs 815.7 crore, according to Centrum.
Centrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects MMFS to report net profit at Rs 162.3 crore, up 86.6 percent quarter-on-quarter.
Expect MMFS to report 12% / 10% growth in value of assets financed / AuM for Q2’17. The improved growth is following strong volume growth in segments of PV and tractor segment.
Refinancing volumes, too have been on a rise. However, led by pricing pressure and portfolio mix, we expect NII growth to come in at 7% YoY. Operating profit at Rs5.2bn is set to rise 4% YoY.
