United Spirits Revenue growth of ~18% YoY
to Rs14.7bn reflects various changes in accounting bases (re-grouping of sales/A&SP expenses ex tie up units). Like to like, revenues rose ~11% YoY, comprising 6% YoY volumes and the rest due to mix/price increases. Mgmt noted that volume growth during the Q was adversely impacted by de-stocking in the state of Andhra Pradesh due to a fresh (more…)
Year: 2010
AUM + Portfolio Moves Update for June
Indian Equity MFs AUM, at INR 2.14 tn, accounted for ~34% of total AUM. Aided by the rally in broader markets, equity AUM rose ~4% over the previous month. Sales in existing equity schemes stood at ~INR 40.3 bn in June against ~INR 54 bn in May. New fund offerings (NFOs) of equity schemes of ~INR 10.7 bn during the month.
Total AUM stands at INR 6.3 tn. It dipped by ~INR 1 13 tn over the previous month. Ratio of large-cap AUMs to mid-cap AUMs (more…)
Petronet LNG + GAIL India – Bright Fortunes
Petronet LNG (PLNG) is the largest LNG re-gasifier in India. The company has a unique risk-free business model, generating revenues by charging re-gasification margins. Its supply and demand side risks are hedged through a long-term sourcing contract from Ras-Gas Qatar and off take contracts from three of its heavyweight promoters – GAIL, IOCL, and BPCL.
A massive impetus in US shale gas production recently has plugged the country’s demand-supply gap. With US LNG imports dipping (more…)
De-merger of Unitech Infra from Unitech – 1:1 Ratio
Unitech has filed the amalgamation/de-merger scheme document for de-merger of its infrastructure businesses into Unitech Infra (de-merged entity) and amalgamation of two wholly owned subsidiaries of Unitech – Unitech Holdings and Aditya Properties
(Aditya Prop.) with Unitech
Post amalgamation, Unitech’s non-real estate businesses will be de-merged into Unitech Infra (comprising amusement parks, hotels, construction, telecom, transmission towers, property and township management, SEZs, IT parks and industrial parks). (more…)
HDFC + LIC Housing Finance Steal the Show
HDFC Robust growth of 62% in new residential loans led to a 17% loan book growth after sell-down of some part of the loan book. While new developer loans data were unavailable, we believe overall disbursements (new loans) grew 25-30% in 1QFY11. Home loan spreads, too, grew from last year to 2.34%. Fees and capital gains are typically lumpy and hence acted as a (more…)
Indian Airline Traffic Flying High
Indian airline passenger traffic came in at 4.57 mn passengers for the month of June’2010 showing a strong 21.4% YoY growth broadly in line with our view. Sequential drop of 4.5% in traffic was on account of seasonality. YTD industry has shown a growth of 23.1% in FY11 at 13.6mn passengers. We expect the industry to show a ~15% growth for FY11, at 53 mn passengers. Seat factors for most airlines (more…)