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Cipla Q1 beats estimates

Cipla Q1FY2018 adjusted profit better than our expectation; strong operating performance

Sales for the quarter declined by 1.9% to Rs 3525 crore (mainly on account of GST impact as india business reported 13% decline).

Operating profit grew by 5.7% to Rs 646 crore, translating into an increase of 197 BPS in OPM to 18.3%.

Gross margin for the quarter improved by 488 BPs to 65.7% vs. 60.8% YoY.

Adjusted profit declined by 15.8% to Rs 307.4 crore (adjusted for Rs 118 crores of other income on account of divestment of stake in two subsidiaries).

Ashok Leyland launches digital platform to boost after-sales biz

Ashok Leyland launches digital platform to boost after-sales business; aims to quadrupule aftermarket sales in next 3 to 5 yrs; positive read thru

Ashok Leyland has introduced a digital platform to facilitate customers to stick with the company for service and spare parts, as it targets a larger share of the Rs 60,000 crore after-sales automotive market.

The segment accounts for just 5%, or Rs 1,000 crore, of the company’s annual revenue of Rs 20,000 crore and it is aiming to quadruple this to Rs 4,000 crore in the next three to five years.

IOCL gets government nod to import US crude every month

Bharat Heavy Electrical Ltd (BHEL) Q1 result for June 30, 2017

Net Profit at Rs81 crore, boosted by Deferred Tax of Rs52.4 crore

EBITDA Loss at Rs88.3 crore

Revenue at Rs5, 732 crore Vs Rs5, 821 crore (YoY)

Other Expenses down 59.6% at Rs889.7 crore (YoY). IOCL gets government nod to import US crude every month; positive for refining margin of Paradip refinery

Indian Oil Corp (IOCL) gets government nod to import one cargo of crude oil every month from United States.

One very large crude carrier (VLCC) can carry 2million barrels of oil and thus with one cargo every month we expect IOCL could import around 3.3mmt of oil in a year.

WTI crude (US crude) is around $3-4/bbl cheaper than Brent crude and thus is expected to import refining margins for Paradip refinery.

GAIL Q1: Improved profitability in LPG-LHC segment lifts EBITDA

Engineers India (Q1, YoY)

Revenue up 9.8% to Rs375.4 crore

EBITDA up 12% to Rs82 crore

Margin flat at 21.8% from 21.4%

Profit up 1.4% to Rs81.4 crore. GAIL Q1FY18 results: Improved profitability in LPG-LHC and natural gas transmission segment lifts EBITDA; petchem segment disappoints with 29.6% QoQ decline in sales volume.

GAIL’s Q1FY2018 operating profit grew by 19.2% YoY (+24.5% QoQ) to Rs1,899 crore as LPG-LHC segment witnessed sharp 2.4x YoY increase in EBITDA to Rs543 crore due to better pricing, lower gas cost and volume growth (+16.3% YoY). Natural gas transmission volumes stood at 100mmscmd (+3.6% YoY; -1.6% QoQ) and implied transmission tariff grew by 4.9% YoY. Resultantly EBITDA for the segment also grew by 13.6% YoY to Rs846 crore.

Petchem segment posted YoY decline of 22% in its EBITDA to Rs157 crore in Q1FY18 due to lower realization. The petchem sales volumes declined sharply by 29.6% QoQ to 131kmt in Q1FY2018. Natural gas trading volume declined by 0.8% YoY (-4.9% QoQ) to 78mmscmd and the EBITDA for the segment was also down by 22.6% YoY (-25.2% QoQ) to Rs336 crore.

Despite strong growth in the operating profit, the adjusted PAT grew at a slower rate by 8.2% YoY (-6% QoQ) to Rs1,026 crore due to the sharp increase in the effective tax rate to 34.6% in Q1FY2018 vs 20.8% in Q1FY2017.

ONGC plans to raise Rs25,000 crore via bond issue

ONGC plans to raise Rs25, 000 crore through bond issue to fund buyout of HPCL

Oil and Natural Gas Corp (ONGC) plans to raise Rs25,000 crore through issue of bonds to fund acquisition of Hindustan Petroleum Corp (HPCL).

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