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Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

3QFY17-Communication-Services-23022017.png

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!


Here is a quick summary of the 3QFY17 financial results for all the companies announced till date. This is the final results piece for 3QFY17 having covered 663 companies. This final piece contains management comments from Aegis Logistics, City Union Bank, DCB Bank, Garware-Wall Ropes, Gujarat Alkalies & Chemicals, Hero MotoCorp, Hindustan Unilever, M&M Financial Services, Magma Fin Corp, Mahindra & Mahindra, Marico, McLeod Russel, Motherson Sumi Systems, Natco Pharma, Parag Milk Foods, PNB Housing Finance, PVR Cinemas, Redington India, Sriram Transport Finance Corporation, Snowman Logistics, Sudarshan Chemical Industries, Sun Pharma, Supreme Petrochem, Tata Chemicals, Tata Coffee, Tata Motors, Tamil Nadu Newsprint & Papers, Titan, and VRL Logistics.
The opening piece containing management comments from Aditya Birla Fashion and Retail, Ashok Leyland, Biocon, Cholamandalam Investment and Finance, Crompton Greaves Consumer Electricals, Divi’s Laboratories, Dr.Reddy’s Laboratories, Eicher Motors, Emami, ICICI Prudential, Jubilant Food Works, Pfizer, Shoppers Stop, Shriram City Union Finance Limited, Strides Shasun, Syngene International, Ujjivan Financial Services and Unichem Laboratories here.
The intermission piece containing management comments from Apollo Tyres, Asian Paints, Dabur India, Equitas Holdings, Finolex Industries, Godrej Consumer Products, Havells India, INOX Leisure, Jubilant Life Sciences, L&T Finance Holdings, Lupin and Teamlease Services can be found here.

Nifty

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Sectoral Performance

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Basic Materials

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Gujarat Alkalies & Chemicals

The chemicals company achieved its highest ever 9 months sales turnover at Rs. 1,510.29 crore against Rs. 1,412 crore in Q3FY16.

  • GACL reported a Profit of Rs. 47.32 crore on a Revenue of Rs. 542.36 crore, which is more than 3x the 14 cr. profit in the December 2015 quarter.
  • Finance cost doubled at Rs. 4.62 crore from Rs. 3.67 crore a year ago or Rs. 2.43 crore sequentially.
  • Overall production for Q3FY17 growth stood at 5.21%.
  • The company also confirmed that it’s confident of commissioning the installation of additional wind power capacity.
  • Lately the company’s BOD has approved setting up of a 32,000 TPA Poly Aluminium Chloride Plant (18% PAC) at the company’s Sodium Cyanide Complex in Vododara. The project is being setup at a cost of Rs. 22 crore with a target completion in 12 months and is expected to increase the top line by about Rs. 33 crore.

Sudarshan Chemicals

The largest pigment producer in India with a 35% market share reported 4.09% growth in Net Revenue with Profits plunging 7.53% from Rs. 13.15 crore to Rs. 12.16 crore. The company also announced a dividend of Rs. 2/- per share with the 24th February, 2017 considered as the record date to be paid before the 11th March, 2017.
The management blamed the drop in sales as an effect of demonetization while slower demand was blamed for fall in exports.

  • Other Operating Income jumped 400% from Rs. 2.56 crore to Rs. 9.81 crore. This is mostly on the lines of Export Incentive Income related to Merchandise Export Incentive Schemes (MEIS).
  • Increased depreciation from fixed asset addition impacted the Net Profit of the company.

Segmental Revenue

  • Pigments generated revenue of Rs. 263.12 crore against Rs. 246.53 crore.
  • Agro Chemicals reported revenue of Rs. 18.02 crore against Rs. 21.27 crore.
  • Other segmental revenue fell from Rs. 4.16 crore to Rs. 1.95 crore.

Here is what the management said in the earnings call:

  • Exports are 90% from pigment business (51% domestic and 49% exports) with 10% coming in from Agro segment.
  • Domestic sales growth at 1% mainly impacted by demonetization. Distributors had cash flow issues and hence buying was restricted. Coatings business was subdued along with business from the plastic segment. Agro segment business has been low and the company has over the past few years concentrated more on the pigment business with gradual reduction of exposure in Agro segment.
  • Q3 is generally the weakest quarter – post Diwali subdued demand for paints, printing inks, food products etc. Export front – year ending results in lower inventories being maintained on account of long holidays as well.
  • Current production capacity utilization is at 80-85%
  • Of the Rs. 1,000 crore set aside for Roha brownfield plant, first phase incorporating Rs. 150 crore has been completed and every incremental capacity addition will be based on demand.
  • Pigment prices have been stable and there hasn’t been any abnormal increase in raw material prices.
  • 20-25% of the company’s portfolio is directly linked to crude oil prices.

Supreme Petrochem

The Styrenics and allied products company declared Net Profit of Rs. 35.42 crore against Rs. 25.28 crore during the same time last year. Total Income from Operations stood at Rs. 764.30 crore against Rs. 664.70 crore.

  • The company also confirmed that conversion to SMMA of the 3 Polystyrene lines at the Maharashtra plant was complete and that trial production had commenced from the 23rd January, 2017. Commercial production from this line commenced on the 3rdFebruary, 2017.
  • SMMA is a dense transparent polymer that can be used in homeware (jars, tumblers) and in displays.
  • The company excise duty expenditure bumped up from Rs. 55.43 crore to Rs. 72.60 crore.
  • An interim insurance claim of Rs. 7.18 crore of the Rs. 10.92 crore has been receivedby the company from the plants in Manali/ Chennai that were damaged during the December, 2015 floods.

The stock has jumped to nearly 300, and we’ve entered at around 100, which is a decent return in two years. Results indicate that the best may still be ahead of us.

Tata Chemicals

The chemical arm of the Tata Group with interests in businesses that focus on LIFE —Living, Industrial and Farm Essentials reported consolidated Revenue of Rs. 3,495 crore generating a PAT of Rs. 264 crore.

  • North American operations registered increased production volume over previous year, benefiting from improved plant reliability.
  • UK operations continue their improved performance on account of cost control
  • Kenya operations improves its product performance.
  • Consolidated Net Debt stood at Rs. 5,883 Cr against Rs. 7,830 Cr at the end of March, 2016
  • Segmental revenue
    • Inorganic Chemicals generated Revenue of Rs. 2102.19 crore against Rs. 2114.32 crore in Q3FY16
    • Fertilizers generated Revenue of Rs. 913.83 crore against Rs. 1339.10 crore in Q3FY16
    • Other Agricultural Inputs generated Revenue of Rs. 417.19 crore against Rs. 428.30 crore in Q3FY16

Mukundan, Managing Director, Tata Chemicals commented:

This quarter registered good performance across businesses in India, as well as other geographies, in spite of challenges faced on several fronts.
The recent products launched under the umbrella brand of Tata Sampann have also received a very encouraging response and are being made available across regions in the country. However, there has been a short term impact on performance post the government intervention on capping prices of pulses.
The fertilizer business showed good performance driven by tight focus on working capital and operational excellence backed on a normal monsoon and healthy demand, despite continued pressure of high subsidy outstanding at Rs 1,323 Cr.

Tamil Nadu Newsprint & Papers

TNPL reported Total Revenue of Rs. 752.31 crore against Rs. 509.92 crore resulting in a Net Profit of Rs. 61.06 crore against Rs. 43.87 crore. This is a 40% increase in profit.
Segmental Revenue

  • Paper & Paperboard almost doubled from Rs. 470.59 crore to Rs. 757.45 crore.
  • Energy reported a drop in revenue from Rs. 62.95 crore to Rs. 41.40 crore.
  • Cement witnessed a small rise from Rs. 24.97 crore to Rs. 35.52 crore.

Depreciation and Amortisation Expenses jumped by Rs. 20 crore from Rs. 34.60 crore to Rs. 54.27 crore. Finance cost tripled at Rs. 67.63 crore from Rs. 27.66 crore.
Production Figures

  • Printing & Writing Paper production during the quarter was 103,963 Mts.
  • Packaging Board production during the quarter was 24,288 Mts.

Communication Services

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Consumer Cyclical

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Hero MotoCorp

  • As far as the BS-III, BS-IV question is concerned, our understanding is that the notification expects no manufacturing of goods after March 31, 2017. Clearly the industry will have stocks manufactured before March 31, 2017 at various links in the inventory chain and those will have to continue to get retailed and registered as they sell in the period after March 31, 2017 as well. Price impact would be somewhere around Rs.400 to Rs.500 for two wheeler vehicle.
  • There is an improvement post demonetization but the degree of improvement is much less than the latter part of some markets.
  • Inventory level for Hero MotoCorp with dealers would be between six to seven weeks.
  • We anticipate that in the coming months as we transition from BS-III to BS-IV probably we will be able to pick up further and when we bring in the BS-IV scooters they will also have a significant positive impact on improving the market share because we will have some corresponding improvements in other aspects of the products as well.
  • Excise benefit moving out of the Haridwar plant is March 31, 2018.
  • Spare part business is one which got impacted very severely because of demon in the month of November and December. Q2 business was Rs. 600 crore while Q3 was Rs. 500 crore.
  • Exports – For Colombia we will sell them the kits, CKD kits, which get accounted for in my books as export numbers. Bangladesh – we have to shift them as components, these are the kits, which will have to be packed as components and shipped.
  • Capex – Started a commercial production at Halol plant and the total capitalization so far had been about Rs. 830 crore. FY2018 we have taken an approval of going up of capex something like Rs. 2,000 Crores but that approval is subject to various conditions like phase II and phase III, if it is required we will spend. Andhra Pradesh is concerned we are planning about Rs. 350 to Rs. 400 Crores. So the total capex under the prevalent circumstances for next year would be about Rs. 1000 to Rs. 1100 Crores.

Garware-Wall Ropes

  • Garware reported a Profit of Rs. 17.86 crore on a Revenue of Rs. 194.71 crore. 9M Revenue stood at Rs. 652.23 crore generating a Profit of Rs. 21.88 crore.
  • Profit was up 22% Year on Year.
  • Finance cost which stood at 2.80 crore a year ago halved to Rs. 1.44 crore this quarter. Tax expense bumped by Rs. 3 crore from Rs. 5.10 crore to Rs. 8.09 crore.
  • Divisional revenue
    • Synthetic Cordage generated Revenue of Rs. 164.96 crore against Rs. 155.34 crore in Q3FY16
    • Fibre and Industrial Products generated Revenue of Rs. 33.34 crore against Rs. 34.63 crore in Q3FY16

Here is what Vayu Garware, CMD had to comment:

The third quarter performance was good in light of a downturn in domestic demand due to demonetization. However, the team was able to counteract this through a good growth in export sales and improved mix of our value added products in the overall product basket. With signs of domestic demand picking up and coupled with a strong export order pipeline, we should see the company continuing its past growth trend.

Mahindra & Mahindra

Reporting a -8.3% drop in domestic automotive sales during the third quarter while witnessing a positive growth of 2.1% in export sales, M&M cited the demonetization effectas the reason for the bad quarter.
However, its Farm Equipment division fared better with a 21% growth in volumes leading to the company’s highest ever market share at 44%. Even exports of Farm Equipments went up 43.1% in Q3 at 4,123 units from 2,881 units. Consolidated Revenue stood at Rs. 11,826 crore generating a Profit of Rs. 801 crore.
Here is what the company said in its press release:

The auto industry was adversely impacted in Q3 F2017 due to demonetization with all segments of the industry showing significant drop in demand in the months of November and December 2016. This was in contrast to the overall positive sentiment and demand that prevailed in the period April to October 2016.
 Industry growth for Cars + UVs dropped to just 1.1% in the months of November and December as against 11.4% for the period April to October. This sudden drop in demand had an adverse impact on the Q3 F2017 industry volumes which de-grew by 1.4%. The festive season in October helped in boosting demand for tractors but overall Q3 saw some pressure on volumes because of demonetization.
The Rabi sowing this year has exceeded the overall sown area from previous year and there is also an increase of 10% and 14-16% respectively in MSP of oilseeds and pulses. This together with continued rural thrust in the union budget will bring some cheer to the farming community.

Motherson Sumi Systems

Motherson Sumi Systems – the flagship company of the Samvardhana Motherson Group posted a strong growth helped by increase in other operating income from Rs.32 crores to Rs.68 crores. This was the highest ever quarterly revenue and best ever net profit in the history of the company, with 547 cr. on the bottomline (28% increase).
Revenue from Indian operations stood at Rs. 1,453 crore (24% growth) against Rs. 1,171 crore while the same from International operations stood at Rs. 9,061 crore (12% growth) against Rs. 8,116 crore.
Segmental Performance:

  • Mother Sumi Systems Standalone (MSSL) – Revenue stood at Rs. 1,736.49 crore against Rs. 1,402.52 crore. EBIDTA up 46% to 332 cr.
  • Samvardhana Motherson Reflectec (SMR) – Revenue stood at Rs. 3,023.81 crore against Rs. 2,591.04 crore
  • Samvardhana Motherson Peguform (SMP) – Revenue stood at Rs. 5,529 crore against Rs. 4,980.10 crore

They have something new coming up in the Jun 2017 quarter – a plant in Mexico that intends to serve the US, Mexico and Brazil. There could be a Trump impact to this, but we aren’t sure yet. There’s also a new plant and expansion of an existing in Hungary for door panels and bumpers, targeted for the March 2017 quarter. India’s Sanand plant for wiring harnesses comes online in the same quarter.
MSSL Chairman Vivek Chaand Sehgal said
The company has shown exemplary growth in all areas and has achieved highest ever revenues and margins in a quarter. This is the reflection of hard work put in by all our teams from around the world.
Here is what the management said in the earnings call:

  • Based on the current order book, there is no further need to build capacities. Current order book have capacities already built or in progress.
  • 5-7 year contracts are getting washed away and new contracts are coming in. All new orders and plants are coming in full steam by next year end. Lot of the orders will be over by 2017 with residual ones over by 2019.
  • India business – on the continuous content growth in the Indian market – MS makes lots of products which were manufactured earlier but not being used etc. Additionally with the increase in new launches and re-launches, we have seen a continuous growth.
  • Margin growth in domestic business – there are lot of factors which on overall basis results in total performance including increased content in newer vehicles leading to substantial gains, vehicles coming in their new face lifts, growth in the customer demands and the number of customers among others.
  • Agreement with Sumitomo does not prohibit us from entering into any market in the harness wiring business. Out of respect, we have not taken on the passenger vehicle business outside India. Don’t want to have a bad relation with the collaborator and hence we restrict ourselves from going outside on passenger cars.
  • Capex guidance was Rs. 2,000 crore which we stand by. For next year, Capex guidance would be in the similar range (do not require external funding, can be managed from existing cash flows).

PVR Cinemas

  • The first eight weeks post demonetization were tough. Our presence in urban and semi-urban centres really helped, where the impact was much lower as compared to smaller cities and smaller centres.
  • Incidentally became the first cinema chain in the country to deliver more than a 100-Crore gross box office for a single film.
  • Ticket pricing was flat. Managed to sustain food and beverage growth and average spend per head on F&B continued to grow. Delivered 11% growth, average spend per person on F&B moved from Rs.74 to Rs.83. Lot of advertising clients pushed their ad spends slightly ahead. We also lost some bit of advertising revenues on account of that and also Chennai floods, which happened.
  • Ticket pricing growth will come back but it may take another two to three months for it to fully come back and same for F&B.
  • Q4 content pipeline is very, very good. We were helped by Dangal overflowing into January and then two big films – Raees and Kaabil, which continued in January. In this quarter, the Bollywood was 69%, Hollywood was 12%, and regional was 18%.
  • Bookmyshow is a different new space and Vkaao is a different new space. Vkaao is there to satisfy a very different needs, a very different sort of demand that exists in the market place in our opinion. Bookmyshow, pvrcinemas.com, PayTM exist for a very different use space.
  • Internal limit as to the advertising minutes in a show so as to not disturb the consumer experience is 19 minutes and close to 9 minutes pan India if you average it out.

Tata Motors

  • Disappointing quarter for variety of reasons with headwinds and some unexpected macro events in the domestic business as well as certain headwinds and timing events in Jaguar Land Rover.
  • In terms of overall balance sheet, Jaguar Land Rover continues to have net cash positive position.
  • The de-growth in M&HCV was 9% in volume terms, affected significantly the margins along with the discounts and other factors that play in the marketplace.
  • The Car part of our portfolio grew by about 31%, supported by the strong performance of Tata Tiago.
  • Recovered further recoveries related to Tianjin fire loss of about £55 million. Just to add a comment, with this recovery in this quarter for Tianjin almost whole of the loss that we had once provisioned for, when the incident took place more or less of being fully recovered with something more to come shortly.
  • In terms of business outlook going forward in Commercial Vehicles, we expect infrastructure spending and pre-buying before the adoption of BSIV in April will result in improved medium and heavy commercials in particular demand for the Q4.
  • Expect M&HCV Buses & Construct segment growth momentum to pick-up in FY’18, even though post introduction of BSIV across the couple of months maybe somewhat muted.
  • Tata Tigor and Nexon will be launched later in this calendar year.
  • In Q4, the start of sale of new Discovery wholesale, the annual March peak season sales in UK and other seasonal factors, we expect to support a solid final quarter.
  • This season we expect the CAPEX will level off at around Rs. 3,500 crores, even though we had indicated earlier it could be higher at Rs. 4,000 crores. Passenger Vehicles share like 60-65% and about 35-40% in Commercial Vehicles.
  • Our sights are very clearly sets on continuing to build in Slovakia which we commenced last year.

Titan

  • We lost a bit of sales on account of demonetization but otherwise, it was an eventful quarter.
  • We benefited from demonetization particularly in jewellery because other jewellers have got affected rather more than us especially.
  • We added 10 new Tanishq stores in the year and up 33,000 square feet.
  • Our online brand Caratlane has also had after two not so quarters has had a good despite demonetization because cash on delivery is standard mode free for online players. We have done well in Caratlane as well.
  • Watches division after a long time has shown good retail growth in WOT, LFS, and Helios it is a trade where the effective demonetization was more sever.
  • When you around you see so many youngsters today, teenagers, college going students not wearing watches at all. So, that had a direct bearing on Fastrack as a brand over the last two years to three years.
  • Watch margins are still 10%-11%. Third quarter it was 5.8%, last year.
  • Total sales value growth in retail of 20% in Tanishq – north doing very well West doing very well; East and South were a little behind relatively below average compared to North and West.
  • Golden Harvest the percentage of sale is about 15% at this point in time.
  • Only 10% of the sales are over 3 lakh ticket size.

Consumer Defensive

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Hindustan Unilever

  • Domestic Consumer business in a flat growth mode. Underlying volume growth, however, was at minus 4%.
  • Segmental Performance impacted by reduced trade pipeline as well as lower consumer offtake.
  • Post demonetization – we saw consumers actually reduce their purchase basket size, overall wholesale pipelines have actually gone lower than what they normally used to be and the recovery is correlated well with the banking density i.e. Higher bank branches for lakh of population in South and West were the least impacted, and North and Central were the most impacted.
  • The channel that really got impacted was large rural wholesale and that continues to be under some kind of a stretch even today.
  • We are very happy that GST is coming in, because had GST not been there for us, this (demonetization) would have been a one-off thing. But GST will result in systemically ensuring that the level of tax evasion in the country comes down and it becomes a much more level playing field, which should augur very well for a company like us.

Marico

  • Muted quarter largely due to the impact of demonetization, price deflation and the unusual conditions prevailing in the Middle East and North Africa.
  • We shall get back into inflation-led value growth from 1Q next year.
  • As a result of stronger liquidity, relative competitive pricing and geographical concentration in South and West, Parachute was relatively less impacted. Parachute had a very bad second quarter because of pricing and things have corrected itself.
  • Safola did well largely because of its top 10 city and modern trade skew and the strong marketing and distribution initiatives in the brand which we started this year. Looking at super premium as part of the Innovation pipeline.
  • Value-added hair oil was the most affected because of its significant North and East skew around 60% plus higher rural and urban wholesale concentration which was far higher than the overall business.
  • The impact on consumption since most of the categories are daily use high penetration products has not been severe. However, impulse discretionary categories like youth brands and food have seen more impact.
  • To start with we look forward to a much improved 2017-18 in terms of volume and value growth while maintaining a 20% plus margin in the Indian business.
  • Parachute Gold – aspiration of hitting Rs. 100 crore next year. Parachute Ayurvedic has grown well in the south.
  • Our wholesale contribution is relatively lower than some of the other players in the industry as at 35%.

McLeod Russel

The world’s largest tea growing company reported a PAT of Rs. 23.62 crore against Rs. 34.14 crore in Q3FY16. The company also received Rs. 15.04 crore (Rs. 35.90 crore was the total other income earned in Q3) from the Government of Assam towards compensation for land acquired from the company.

  • Tea production in India was higher at 1,176 million kilos against 1,151 million kilos. For the year tea production is expected to be higher than last year by 25 million kilos as the weather remains conducive.
  • Due to the record crop in Kenya and subdued demand in both the domestic and export market, tea prices in India took a hit for the 9 month period by Rs. 6.6 per kilo. However, January auctions seem to indicate a low-rain situation in Kenya, and prices have firmed up since then.
  • Staff cost went up by Rs. 19 crore on the back of revised wages and increase in welfare costs.

Parag Milk Foods

PMF reported Net Loss of Rs. 37.9 crore against a Net Profit of Rs. 14.5 crore. This comes on a Net Revenue of Rs. 446 crore against Rs. 387.5 crore.
Revenue generated from Milk Products stood at Rs. 295.3 crore against Rs. 281.4 crore, Fresh Milk generated Rs. 91.8 crore against Rs. 79.7 crore, and Skimmed Milk Powerwitnessed a 3 fold jump from Rs. 14.6 crore to Rs. 54.4 crore.

  • Other Expenses almost doubled from Rs. 59.1 crore to Rs. 92 crore. This is on the back of higher ad expenses from Diwali and post-demonetization. Plus they had incurred expenses on expanding distribution through Depots. Some of this may not recur.
  • The company had an exceptional item of Rs. 16.5 crore – this was a VAT tax liability for the previous year’s wherein certain transactions were considered as local sales instead of inter state sales. The tax settlement is likely not to repeat.
  • Drought situation in Maharashtra impacted the realizable value of cows which have fallen significantly. This led to a loss of Rs. 0.74 crore.
  • Skimmed milk, a relatively low-margin product took a much higher portion of sales. This dented margins somewhat.
  • Of the Rs. 278 crore generated from the IPO, Rs. 153 crore has been utilized till date (mostly to reduce debt) while of the remaining amount Rs. 123 crore has been set aside for plant expansion and another 1.9 crore towards capital expenditure in the subsidiary firm. Much
  • Export business witness good traction with an increase from Rs 7.2 crore to Rs 13.5 crore.
  • Rise in milk prices by over 20% impacted the margins of the company and the additional price hike on output was delayed due to demonetization which further dented margins. Prices have apparently been hiked in the ongoing quarter.

Here is a short summary from PMFs call on demonetization held on 28-November:

  • Extended credit to the distributors by 2 weeks.
  • Demand for high value items like Ghee and others have been slightly impacted on the retail front.
  • Demand will get impacted means – we believe demand is only getting postponed.
  • 100% of the payment made for procurement goes through banking transaction. From a company perspective we do not have a cash disbursement to our farmer.
  • Stock Keeping Ratio down at the retail level will get corrected.
  • Most of the categories that we deal into normal consumer purchases for this category happen in first week of next month and therefore, a large chunk of those sales happens from our level during the last week. So, last week is the crucial time where we are able to get a knack of how the things are moving.
  • There might be a certain amount of concern on the high value items like let us say ghee and a small portion of cheese.
  • Barring ghee which is Rs. 500 kg product most of the other are very low ticket items (customer may switch down to 200 ml pack and 100 ml pack).
  • From 8th of November till now, we have paid over Rs. 50 crores to our farmer, distributor and we have got more milk then we would be giving in this period of time.
  • Do not think this de-monetization is going to have any impact on my marketing and business plan, so, whatever is planned for the year and for the next 18 months will continue as it is.
  • Urban sales constitute 80-85% while the remaining comes from Rural India.
  • Will be launching whey protein product for the retail as planned in the fourth quarter. (This was launched on Feb 15)
  • Sales contribution from modern trade is anywhere between 12% to 15%

Tata Coffee

Tata Coffee continued its strong performance in the instant coffee business with a 11% increase in Standalone Revenue of Rs. 189 crore from Rs. 170 crore resulting in a Profit of Rs. 28 crore.

  • Segmental revenue
    • Plantations generated Revenue of Rs. 74.91 crore against Rs. 69.15 crore in Q3FY16 despite weather conditions impacting plantation crops.
    • Value Added Products generated Revenue of Rs. 345.73 crore against Rs. 337.60 crore in Q3FY16 – all key geographies reported volume growths. Operating profits improved on the back of higher sales volumes, favorable sales mix and lower commodity costs.
  • TCL also received a dividend of Rs. 16.95 crore from its overseas subsidiary Consolidated Coffee Inc.
  • On the Consolidated front, TCL reported Revenue of Rs. 413 crore against Rs. 402 crore with Profits at Rs. 69 crore against Rs. 74 crore.

Here is what Sanjiv Sarin, Managing Director of Tata Coffee had to say:

We will have to carefully observe coffee prices and Indian coffee production due to monsoon deficit. Also the company is setting up a freeze dried coffee plant in Vietnam to further strengthen its global foot print in the premium instant coffee segment.

Note that coffee prices are continuing to hit multi-year highs internationally. However, pepper prices have come down somewhat, in the south.

Energy

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Aegis Logistics

  • Aegis reported a Profit of Rs. 42.13 crore on a Revenue of Rs. 1,248.05 crore
  • Divisional revenue
    • Liquid terminals fell from Rs. 42.7 crore to Rs. 39.33 crore.
    • Gas terminals reported a 3 fold increase from Rs. 486.1 crore to Rs. 1,208.7 crore – the profit driving engine of the company.
    • LPG and Gas division throughput stood at 433,726 MT against 268,316 MT – this happens to be the largest growth seen.
    • Sourced Gas sold on behalf of BPCL, HPCL, etc. so, AGI i.e. Aegis Group International stood at 350,418 MT compared to 121,985 MT.
    • Auto gas sales volume stood at 5,944 MT against 5,310 MT
  • Profits were up 25% YoY.
  • Management expects strong figures for fourth quarter mainly driven by sales of LPG during the period Jan-Mar.
  • Company is on track to commission Haldia LPG terminal in 1Q in the next financial year. Also on track to be commissioned during the same time is the 100,000 kilo litters Liquid Terminal project at Kandla (Capex of Rs. and the 25,000 kilolitres project in Haldia (Capex of Rs. 250 crores).
  • Additionally the Uran LPG pipeline (that connects the company’s Mumbai LPG terminal into the existing Uran LPG pipeline network of BPCL, HPCL) ultimately being extended to Pune will be commissioned before the end of Q4 current year.
  • Other projects including the 25,000 kilolitres liquid project in Mangalore that has a target commission date of one year from now.
  • LPG Throughput Capacity moves to 5 million tons in FY 17-18 from 1.3 million tons now. That’s a near 4x increase in throughput, and they get paid for throughput (not for storage).

In summary, management expects Q4 to be driven by LPG growth in volumes, major projects coming on stream will be a big boost for generating revenues in FY2018.

Financial Services

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

City Union Bank and DCB Bank

City Union reported Gross NPA at 2.98% (up from 2.69% in Q2) while Net NPA stood at 1.72% (from 1.63%).
Similar figure for DCB stood at 1.55% (a reduction, from 1.75% in Q2) and 0.74% (from 0.84%).

CUB

  • Total Income came in at Rs. 953.80 crore against Rs. 850.28 crore
  • Net Profit came in at Rs. 126.62 crore against Rs. 113.05 crore
  • Corporate / Wholesale Banking witnessed a revenue jump from Rs. 207.88 crore to Rs. 246.04 crore.
  • CASA stood at Rs. 7,174 crore against Rs. 4,872 crore
  • Provision coverage ratio is only 62%, which is lower than RBI’s prescribed 70%.
  • Net interest margin was 4.16%, the highest in the last four quarters, largely due to a big drop in the cost of funds.

DCB

  • Total Income came in at Rs. 614.31 crore against Rs. 477.05 crore
  • Net Profit came in at Rs. 51.30 crore against Rs. 41.20 crore (up 12%)
  • Retail bankinq witnessed a revenue jump from Rs. 399.90 crore to Rs. 486.28 crore, but segment profits (EBIDTA) for retail banking fell by 6 cr. to 44 cr.
  • CASA stood at Rs. 4,870 crore against Rs. 3217.5 crore
  • NIM of 3.95%, the highest in 6 years.
  • The bank also realized an amount of Rs. 4.53 crore from interest on income tax refunds

Magma Fin Corp

  • Due to demonetization in November the recovery in the rural economy has got delayed, and we feel that it may take about two quarters for the full normalcy to return.
  • Except for tractors the collections improved for all the other products in December and reached almost normal levels in January. We expect a significant claw back in the portfolio quality so far as tractor business is concerned.
  • Our collection efficiency in the third quarter of FY2017 was 90% compared to 97% in Q2 of FY2017 and 92% in Q3 of FY2016.
  • Rural India will be better off in Q4 as they will get realizations from both Kharif and Rabi crops.
  • Q4 will remain muted and maybe post Q1 and thereafter the growth should begin and our focussed products will remain used assets, tractors, SME and mortgage.
  • We do not expect our disbursals to grow much in the passenger vehicles, commercial vehicle, and construction equipment.
  • Ticket size in the entire home loan book that we have built is about 13-14 lakhs and in the LAP segment it is about 16 lakhs and the overall housing and LAP book is about 15 lakhs. We have now chosen to operate maximum between 10 lakhs and 25 lakhs and a very small component between 25 and 50 lakhs and we hardly have any new loans which has given beyond 50 lakhs ticket size.
  • 12% of the overall book is actually the used assets i.e. 17,345 Crores of AUM.

M&M Financial Services

  • Exchange programs were not happening well because one always feared the second hand vehicle normally is bought by people or brokers with a lot of cash etc.
  • In this quarter we actually added about 70,000 contracts moved into NPA which otherwise would not have been just larger number but for demonetization, but against the 70,000 we are also seeing upward of 40,000 – 45,000 of the contracts have registered movement during this quarter while they have not been able to pay full enough to come out of the NPA.
  • Our own belief is therefore January-March quarter we will see cash flows from two crops. One which already over in November, the money for which will come in this quarter and the January crop. So, we would see substantial correction to some over dues and NPLs that we have built in this quarter.
  • Post November we have repossessed at least 8,000 – 10,000 vehicles more than normally we would have repossessed like on an average if we repossess 3,000 – 000 vehicles, I think we are currently having stock close to about 14,000- 15,000 vehicles. As of 31st December, 2016 close to 219,000 odd contracts have moved to NPA.  During the quarter 70,000 contracts were added to NPLs having a contract size of Rs. 3 to 3.5 lakhs.
  • Fourth quarter is one of our best quarters and we continue to stay with that sentiment that even in this around, fourth quarter will definitely show us the direction of what it has shown us in the past with an added benefit if at all of the flow of the money happening during this fourth quarter, which will help us to recover better from where we are.
  • Collection efficiency in December was 93% – 94% or so and November was something like 70% – 74%.
  • Total termination law, disposal law, and bad debts all that kind of thing, which is a part of that Rs.400 Crores odd for the quarter, is about Rs.90 – 95 Crores.
  • The key growth driver is going to come from the tractor added with non-Mahindra tractor as one clear segment, because that is one segment which is showing prosperity of growth both from farm side and expected infra side.
  • We very clearly see for ourselves growth coming from Maruti, because Maruti is continuing to drive rural with great focus and their volumes are registering higher volume growth and maintaining a market share will get a higher volume.

PNB Housing Finance

  • The loan assets on book are today INR 34,330 crores as of 31st December, 2016
  • Housing loans constitute 72% (individual housing loans constitute 61% and construction finance constitute 11% of the loan asset) of the loan assets outstanding and non-housing loans constitute the remaining 28% (loan against property constitute 17% of the loan assets and has an LTV of 46%).
  • The gross NPA on AUM were at 0.33% as on 31st December 2016. Net NPA stood at 0.27%.
  • We noticed a reduction in the incremental flow of loan applications during the months of November and December 2016. However, in January of 2017, we are seeing signs of improvement in the loan enquiries and loan applications.
  • We have an approval for 18 branches this year, out of which 11 branches we have put up.
  • Impact of demonetization for non-salaried customer, we have seen in the month of November particularly the check bounce rate has increased by 3% points.
  • Loan book as of 30th September would be INR 32,239 crores.
  • Quantum of loans that will come from the six metropolitan and semi-metropolitan cities will constitute 65% to 70% of the total disbursements.

Sriram Transport Finance Corporation

  • The loan disbursal was lower by around 22% over the same quarter in the previous year.
  • The AUM grew by 14.64% year-on-year in Q3 to Rs. 76,281 crores against Rs. 66,538 crores. We have restructured around 28 crores worth of contract which have been provided as an NPA.
  • India is moving towards BS IV standard for vehicles which will increase the vehicle prices by 50,000 to 200,000 from April 1st. That will incentivise many people to pre-buy the new vehicles in the month of February and March and meanwhile that will have an impact on people who want to buy used vehicles also.
  • We also feel as the diesel prices have gone up in the last one quarter there will be a more demand for younger fleet. So, newer vehicle and new vehicle will be in more demand in this quarter. We are not very sure on the pre-buying demand which will be emanated from BS IV. Even though manufactures do claim that they have good demand but there is some uncertainty but definitely till be much bigger than the last quarter. Defaults were little higher in smaller vehicles mainly because of the less cash being available. So otherwise the heavy vehicle which are mostly urban based had less impact.
  • The disbursement numbers on new vehicle Rs. 565 crores and used vehicles Rs. 7,556 crores.
  • We are focussing on vehicles that are 5 to 10 years only and with demand for younger vehicle being there. 3 to 7 years is something which we feel is a sweet spot and likely to have a much bigger demand.
  • Recovery collection would be around 120 crores run rate per quarter.
  • GST – It is very difficult to assess because it is likely to come somewhere in the middle of the year may be June or September and we are not sure about it and there are different opinion by different experts what is likely to happen. All agri produce and day to day consumable produce, I do not think there is any impact from GST. GST will have impact mostly on industrial goods and FMCG. Q1 next year definitely will dry down because there will be uncertainty on GST, till GST is announced people may not buy.
  • We will not change any LTV, because already we have a fixed LTV for new and newer, so that will be little flexible more flexible than the older vehicle. So when we lend 7 to 10 year old vehicle then the LTV will be lower at around 60%-65% but when we finance a newer it will be around 70%. A new vehicle it will be between 80% and 85%. So that is the range that consistently we have maintained.

Healthcare

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Natco Pharma

  • Very pleased with its results for the quarter and especially the growth driven by the Oseltamivir sales in the USA i.e. Rs.325 Crores – we only have approved for capsule, we do not have approval for suspension. Typically the sale happens only in these two quarters i.e. December quarter and March quarter, after that the winter has gone.
  • The FDA inspections are one year apart and the first inspection was specific to Doxihvs. The second inspection was a general inspection and typically frequency of inspection when you have an injectable plant is more often than if you have a plain oral.
  • Tamiflu launched on launch date was 12th December, 2016 – we have two sites approval i.e. Hyderabad and US site – Alvogen. The idea for that is especially when you bid for contracts in the US sometimes they have this preferential treatment if you produce in the US, so we thought it is a good idea to have a manufacturing site and also is a good risk mitigation. Nuvigil and Entocort proper launch is scheduled in the March quarter.
  • 5 ANDAs were filed this year with a couple more pending for this year. We want to take it up to 8 to 10 next year. We do not have capacity to file because we only have one facility, which does both filings and commercials and the commercials are filling up the facility. Vizag plant is getting ready and should be operational in June 2017. So once that facility comes then I think we can crank up our filings.

Strides Shasun

You can catch the Q3 results here. In addition captured below are the activities that took place at the company between Q2 and Q3 results:

  • US FDA Approval For Abacavir Tablets
    • Strides Shasun received approval from the United States Food & Drug Administration (USFDA) for Abacavir Tablets USP, 300 mg (ANDA-91050)
    • Abacavir Tablets is indicated for the treatment of HIV-1 infection in combination with other antiretroviral agents.
    • According to IMS data, the US market for Abacavir is approximately USD 30 Million. The product is currently sold by Aurobindo Pharma, Mylan among others.
    • Here is the approval letter from US FDA. The application was reviewed under the expedited review provisions of the President’s Emergency Plan for AIDS Relief (PEPFAR).

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

  • Strides also part settled its dispute with Mylan which acquired the Agila plant from Strides Shasun.
    • This is only a part settlement.
    • A quick recall: Two escrows of US $100 million each were provided by Strides to Mylan i.e. US $100m in respect of potential claims for regulatory concerns termed as Regulatory Escrow and another US $100 million in respect of potential claims that may be brought in relation to the warranties and indemnities, including in relation to tax termed as General Claims Escrow.
  • Strides Acquires PediaCare® From Moberg Pharma For US $5 Million
    • PediaCare has a strong equity amongst moms based on highly effective products for children, primarily within cough cold and analgesics segments with annual sales of US $6 million.
    • With this acquisition, PediaCare will form an important part of Strides expanding its consumer healthcare portfolio along with a strong brand name.
  • Adding more arsenal to its manufacturing business, Strides Acquires Perrigo’s US FDA Approved API Facility In India.
    • Transaction is valued at Rs. 1,000 million (Rs. 100 crore) and is expected to close by end of this year.
    • Perrigo’s API facility located in Ambernath, Maharashtra will augment Strides resources to handle high velocity of new product development and commercial launches in the formulations portfolio.
    • Strides will also receive all the integrated DMFs (Drug Master Files) filed for captive consumption.

Sun Pharma

With no clear visibility over the Halol plant clearance from the FDA, the management team confirmed that they are still “implementing corrective steps” and are hopeful the problems can be resolved over the next few quarters (we will have more on this once the transcript of the earnings call is made available). You can catch our earlier detailed coverage of the Halol issues here:
Tracking The Sun Pharma Halol Plant US FDA Inspection
Exclusive: We Reveal The Observations Made By US FDA’s Inspection Of Sun Pharma’s Halol Facility
Here is how the company performed in Q3:

  • Total Income from operations stood at Rs. 7,683 crores, a growth of 8% over same quarter last year.
  • India sales at Rs. 1,969 crores, up by 5% over Q3 last year.
  • US finished dosage sales at US$ 507 million up by 4% over Q3 last year. Taro posted Q3 FY17 sales of US$ 220 million, down 15% over Q3 last year while Net profit for Q3 was US$ 140 million, down by 26% over Q3 last year.
  • Net profit for 9m FY16 was at US$ 373 million, a decline of 12% over 9 months last year
  • R&D investments stood at Rs. 613 crores (8% of sales) compared to Rs. 583 crores (8.2% of sales) for Q3FY16. During the quarter, 8 ANDAs were filed and 1 approval was received. Net figure stands at 149 ANDAs await US FDA approval, including 14 tentative approvals.
  • Net profit was at Rs. 1,472 crores down 5% over Q3 last year.

Dilip Shanghvi, Managing Director of the Company said:

While we continue to focus on growing our existing business, we are happy to invest our strong cash flows in enhancing our specialty pipeline, though currently without commensurate revenue streams.
During the quarter, we commercialized BromSite, our first specialty ophthalmology product in the US. Post the close of the quarter, Ocular Technologies, a company which we had recently acquired, announced positive results for Seciera Phase-3 trials demonstrating a rapid onset of action at 12 weeks of treatment for dry eye disease.
We also made an announcement for acquiring Odomzo, a branded oncology product indicated for the treatment of adult patients with locally advanced basal cell carcinoma, a type of skin cancer. Odomzo is approved in 30 markets including the US, Europe and Australia.

Here are the activities that took place at Sun Pharmaceutical Industries between Q2 and Q3 results:
Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!
Acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical company. The transaction is expected to be completed by end of 2016 and is subject to approval of the Russian Federal Anti-Monopoly Service and other closing conditions.

  • JSC Biosintez is a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region (Commonwealth of Independent States). Its annual revenues for 2015 stood at approximately US$ 52 million.
  • It has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories, APIs, etc.
  • Sun Pharma would acquire 85.1% stake for US$ 24 million and also assume a debt of approximately US$ 36 million.

Launches first branded ophthalmic product, BromSite™ in USA. The product will be marketed by Sun Ophthalmics – a subsidiary of Sun Pharmaceutical Industries.

  • BromSite™ is a nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery.
  • BromSite is the first branded product launched by the company in the USA, following its focus on Specialty Business.
  • While the approval from the USFDA came on the April 8, 2016, it has taken the company close to 3 quarters to bring the product to the market.

Deal with Moebius Medical to develop novel liposomal non-opiod pain product for osteoarthritis

  • MM-II – a novel pharmaceutical candidate for the treatment of pain in osteoarthritis
  • MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducing friction and wear, consequently leading to joint pain reduction.
  • The product is based on patent-protected technology licensed by Moebius Medical from the Hebrew University of Jerusalem, Technion Israel Institute of Technology and Hadassah Medical Centre.
  • Moebius Medical will conduct requisite pre-clinical studies, and will assume responsibility for product development and manufacturing through the end of Phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization.
  • Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma.

Acquisition of branded oncology product Odomzo® from Novartis.

  • The agreement has been signed for an upfront payment of US$ 175 million and additional milestone payments.
  • Odomzo® (Sonidegib) was approved by the US FDA in July 2015.
  • Odomzo is a hedgehog pathway inhibitor indicated for the treatment of adult patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.

Additionally Sun completed its acquisition of Ocular Technologies, Sarl initiated in October, 2016.

  • After a second failed US FDA inspection, Sun Pharma has voluntarily requested the USFDA to withdraw approval for 28 Abbreviated New Drug Applications (ANDAs). These older drug products belong to erstwhile Ranbaxy Laboratories Ltd. and are not being marketed in the US since 2008. This also means that the US FDA approval to Sun Pharma Advanced Research for XELPROS™ will not hit the markets as the product was out licensed to Sun Pharma Industries to be manufactured at Halol, Gujarat which is yet to get the FDA clearance.

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!
Sun Pharma also acquired preferred stock of scPharmaceuticals Inc for USD $13 million.

  • US based pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery.

Sun’s subsidiary Taro Announced Sale of U.S. Rights to Keveyis® to Strongbridge Biopharma

  • Keveyis was approved by the U.S. Food and Drug Administration in August 2015 to treat primary hyperkalemic and hypokalemic periodic paralysis, a group of rare hereditary disorders that cause episodes of muscle weakness or paralysis.
  • Keveyis has orphan designation status through August 2022.
  • Strongbridge will provide Taro with upfront and deferred payments of $8.5 million in two installments; Taro is also eligible to receive additional future payments upon the achievement of certain sales unit milestones.
  • Strongbridge expects to commercially launch Keveyis in the U.S. in April 2017. Taro has agreed to continue to manufacture Keveyis for Strongbridge, under an exclusive supply agreement at least for the period of Keveyis orphan exclusivity, subject to certain commercial terms and conditions, including minimum supply purchases.

Industrials

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Snowman Logistics

Reporting a 10% drop in Revenue from Rs. 56.76 crore to Rs. 47.61 crore, Snowman reported Net Loss at Rs. 2.01 crore against a profit of Rs. 5.08 crore.
Segmental Revenue

  • Temperature Controlled Services generated revenue of Rs. 46.48 crore against Rs. 56.76 crore.
  • Ambient Services generated revenue of Rs. 1.12 crore against Rs. 0.92 crore.

The company mentioned that the drop in sales was attributed to a conscious decision to reduce exposure to low margin business including stand-alone transportation. PAT was down mostly on account of higher interest and depreciation.
Snowman is also setting up a temperature controlled warehouse at an investment of Rs. 30 crore. While the first phase will involve 5,000 pallet positions, eventually this can be expanded to 10,000 pallets.
This is what the Chairman, Prem Kishan Gupta said:

While sales and EBIDTA improved QoQ, the company under performed as compared to the corresponding period of last year. The market scenario last quarter for the industry has been a challenging one with several of the dependent industries reporting drop in business. However, we see this as a temporary phenomenon as signs of recovery are already visible in the current quarter.

VRL Logistics

  • VRL reported a Profit of Rs. 21.75 crore on a Revenue of Rs. 451.52 crore. Numbers for Q3FY16 stood at Rs. 25.93 crore and Rs. 431.24 crore.
  • Finance cost which stood at 6.59 crore a year ago stood at Rs. 5.48 crore this quarter.
  • Segmental revenue
    • Goods Transport generated Revenue of Rs. 353.83 crore against Rs. 337.54 crore in Q3FY16.
    • Bus Operations generated Revenue of Rs. 86.17 crore against Rs. 83.93 crore in Q3FY16
    • Sale of Power and Air Chartering Service generated Revenue of Rs. 3.25 crore and Rs. 5.03 crore against Rs. 2.70 crore and Rs. 2.90 crore respectively in Q3FY16.
  • As of December 2016, VRL owned 3,910 vehicles for Goods transportation and 419 vehicles as part of Passenger Fleet. Total fleet size was 4,329 vehicles against 4,253 vehicles in March, 2016.
  • VRL has yet to utilize Rs. 6.59 crore of its Rs. 117 crore capital raised as part of the IPO proceeds.

Real Estate

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Technology

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!

Redington India

Declaring an interim dividend of Rs. 2/- per share, Redington reported a strong sales performance both domestically and in international markets. The company witnessed a 22% jump in consolidated revenue at Rs. 10,960 crore which resulted in a PAT of Rs. 118 crore against Rs. 111.9 crore during the same time last year.

  • Overseas Revenue stood at Rs. 6,713 crore against Rs. 5,694 crore. PAT for the same period was Rs. 59.4 crore against Rs. 53.4 crore.
  • Domestic Revenue stood at Rs. 4,256 crore against Rs. 3,319 crore. PAT for the same period was Rs. 58.9 crore against Rs. 58.5 crore.

Here is what the management said in the earnings call:

  • There is no concern in terms of demonetization which is impacting the provision for doubtful debts.
  • In-house view is that the PC decline which has happened now for almost five years has now reached a point where the decline should stop in 2017 and from here on you should start to see some gradual growth as far as PCs.
  • Effective tax rate was 67% in Turkey in Q3 – which is killing and making our numbers look smaller.
  • Between consumer and the enterprise business in the IT segment, the one that is holding very nicely QoQ and growing at a strong double-digit is the enterprise business.
  • The consumer business has been growing albeit by a single-digit and that sort of slowed down in Q3 because of demonetization.
  • Not yet seen a significant uplift in government spending on IT infrastructure.

Utilities

Earnings Report Closing Piece : 3QFY17 : 663 Companies Till Date With Management Comments!
Notes:

• All figures in Rupees Crore except EPS

• NP = Net Profit After Tax

• Rev = Revenue

• EPS = Earnings Per Share (Adjusted for Bonuses and Splits)

• C = Consolidated, S = Standalone

• If we have published an incorrect data set here, do let let us know.

• Where earnings go from profit to loss or vice versa, things go a little crazy with the profit and EPS growth percentages. Please ignore them.

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