BHEL Q3FY2017: Margin expand on lower other expenses
BHEL Q3FY2017- Result Review- Margin expanded due to higher gross margins and lower other expenses.
BHEL Q3: (YoY) EBITDA at Rs224 Cr Vs EBITDA Loss of Rs1, 612 Cr
Power Biz EBIT at Rs 590 Cr Vs EBIT Loss of Rs 1,164 Cr
BHEL reported topline growth of 18% YoY to Rs6187crore broadly in line with our as well street estimates.
The growth in revenue was mainly due to robust growth of 18-20% YoY in both its segments of Power and Industry segment.
Operating Profit Margin (OPM) came at positive 1.4% due to improved gross margins by ~200bps and lower other expenses (write back of provisions) during Q3FY2017.
Hence, operating profit came at Rs86crore vs. loss of Rs1707crore in Q3FY2016.
Ceat Q3 numbers below estimates
Ceat has announced the following Q3 results for the quarter ended December 31, 2016 (YoY)
Standalone (YoY)
The Company has posted a net profit of Rs94.18 crore Vs Rs116.93 crore.
Total Income increased to Rs1565.83 crore Vs Rs1490.72 crore.
Consolidated (YoY)
The Group has posted a net profit of Rs83.83 crore Vs Rs112.23 crore.
Total Income increased to Rs1562.91 crore Vs Rs1489.00 crore.
Government sells 2% SUUTI stake in ITC
The government raised Rs6,700 crore through sale of 2% stake in tobacco-to-FMCG firm ITC, held through Specified Undertaking of the Unit Trust of India ( SUUTI).
The transaction took place through block deals with Life Insurance Corporation of India (LIC) picking up the entire chunk on offer at a price of Rs275.85 piece as per report.
SUUTI, which was created to take over part of the assets and liabilities of the now-defunct Unit Trust of India, held 11.17% stake in ITC.
Government has sold 2% stake at a discount of 0.15 paise over previous closing price (Rs276).
IDBI Bank Q3FY17: Lackluster performance
IDBI Bank Q3: Net Loss at Rs2, 255 Cr Vs Loss of Rs2, 184 Cr (YoY)
Gross NPA at 15.2% Vs 13.1%, Net NPA At 9.6% Vs 8.3% QoQ
IDBI Bank has posted weak set of numbers for Q3FY17 as NII declined by 45.3% YoY while the non-interest income also de-grew by 4.7% YoY.
Asset quality during the quarter deteriorated further as GNPA increased by 211BPS to 15.16% on a sequential basis.
Provisions during the quarter remained at elevated levels (up 137.6% QoQ). We currently have a HOLD rating on the stock and would come out with detailed note shortly.
Jubilant Life Q3 consolidated net profit down 3% (YoY)
Jubilant Life Sciences has announced the following Q3 results for the quarter ended December 31, 2016 (YoY)
Standalone
The Company has posted a net profit of Rs8.26 crore Vs Rs28.95 crore.
Total Income has decreased from Rs684.20 crore Vs Rs651.22 crore.
Consolidated
The Group has posted a net profit of Rs119.78 crore Vs Rs123.01 crore.
Total Income increased to Rs1496.76 crore Vs Rs1403.44 crore.
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