FPI shareholding in state-owned Nalco and Coal India has risen 54 bps each, while that in Hindustan Copper has jumped 130 bps
J-K: CM Omar Abdullah resigns from Budgam seat, retains family bastion Ganderbal (21-10-2024)
Omar Abdullah resigned from the Budgam assembly seat and retained the Ganderbal constituency, the National Conference’s bastion. He took oath as the Chief Minister of Jammu and Kashmir. Under his leadership, the NC-Congress alliance won a majority in the assembly polls held after the abrogation of Article 370. BJP performed impressively with 29 seats.
Zomato Q2 Results Preview: Up to 662% YoY surge in PAT seen, revenue may rise by up to 80% (21-10-2024)
Zomato is set to report a substantial increase in its September quarter net profit, with estimates ranging from 585% to 662% year-on-year growth. Revenue is also expected to rise by 61% to 80%. The earnings announcement will be made on Tuesday. This significant growth is anticipated despite mixed quarterly changes in profit and revenue.
Decreasing promoter pledges: 5 stocks in spotlight (21-10-2024)
This may indicate enhanced liquidity or financial stability among stakeholders, as they might no longer require borrowing against their holdings.
Manappuram Finance (21-10-2024)
Based on video debt investors call minutes from Navi:
- RBI was in discussion for almost 6+ months with company
- Rates were reduced earlier also, but still RBI was not satisfied
- RBI such regulatory measures are new norm – Which is biggest Risk in current scenario to the business as a going concern.
Aside – If issuing a letter is sufficient, then I hope post quarterly results there is no need for investor con-call also. And on top of that why to waste almost 20-30 minutes of Chairman & CFO in repeating the same thing which is there in published PPT.
I believe, having a direct conversation with investors (be it debt or equity) in current scenario – will help to mitigate ongoing blood bath in equity markets for Manappuram.
Also, what do we think – If CFO will not answer a Banker’s call enquiring the state of affairs? If Yes, then why not to interact with equity investor (owner’s) too.
If I am not wrong IIFL did it the very next day and so is NAVI doing. I am sure Manappuram Management is not beyond that of IIFL or Navi.
Elecon Engineering Limited (21-10-2024)
Elecon Engineering Q2 & H1 FY25 Earnings Call Key Takeaways:
Financial Performance:
- Consolidated Revenue: Rs. 508 crore in Q2 FY25, up 4.8% YoY. H1 FY25 revenue at Rs. 901 crore,
a 0.1% YoY increase. - Gear Division Revenue: Rs. 398 crore in Q2 FY25, down 5.9% YoY. H1 FY25 revenue at Rs. 732
crore, a 6.6% YoY decrease. - MHE Division Revenue: Rs. 110 crore in Q2 FY25, up 77.8% YoY. H1 FY25 revenue at Rs. 169
crore, a 45.8% YoY increase. - Consolidated EBITDA: Rs. 112 crore in Q2 FY25, down 5.4% YoY. H1 FY25 EBITDA at Rs. 205
crore, a 6.4% YoY decrease. - EBITDA Margin: 22.1% in Q2 FY25, down 239 bps YoY. H1 FY25 margin at 22.7%, down 159 bps
YoY. - Profit After Tax: Rs. 88 crore in Q2 FY25, down 1% YoY. H1 FY25 PAT at Rs. 161 crore, down 0.3%
YoY. - Net Cash Surplus: Rs. 500+ crore as of September 30, 2024.
- Interim Dividend: Rs. 0.50 per share declared.
Operational Performance:
- Order Intake (Gear): Rs. 432 crore in Q2 FY25, up 15.2% YoY. Order book at Rs. 627 crore as of
September 30, 2024. - Order Intake (MHE): Rs. 104 crore in Q2 FY25, up 153.9% YoY. Order book at Rs. 339 crore as of
September 30, 2024. - Export Revenue: Rs. 122 crore in Q2 FY25, up 24.2% YoY. H1 FY25 export revenue at Rs. 255
crore, contributing 28% of total revenue. - Aftermarket Sales: Contributed 29% of total revenue in Q2 FY25.
- Overseas MHE Order: Secured a $1.65 million order in Q2 FY25.
Future Outlook:
- Management maintains the annual revenue guidance of Rs. 2,225 crore for FY25.
- Expects to achieve a consolidated EBITDA margin of 24% for FY25.
- Confident in achieving guidance based on the existing order book and anticipates robust demand in
H2 FY25. - Aims to achieve 50% revenue contribution from overseas business by FY30.
- Expects strong growth momentum to continue into the next financial year, driven by power, mining,
steel, and cement sectors. - Foresees sustained growth in the MHE segment, driven by product supply and aftermarket services.
Concerns:
- Q2 FY25 revenue in the gear division was lower than expected due to delayed order inflows and
execution challenges. - EBITDA margin was impacted by higher freight costs, one-time repair and maintenance expenses,
and changes in product mix. - Uncertainty regarding geopolitical tensions and global economic conditions.
Other Important Points:
- Completed a capex cycle of Rs. 200 crore over the past three years, focused on upgrading facilities
and adding machine tools. - Actively pursuing new OEM partnerships, particularly in export markets.
- Focusing on expanding presence in Russia due to shifting global supply chains.
- Highlighting the healthy contribution of aftermarket sales to overall profitability, particularly in the
export market. - Emphasizing the sustainable growth strategy and commitment to profitability in the MHE division