Important results today: Airtel, Hero MotoCorp, Vedanta, Power Grid

The results expected today include Bharti Airtel, Hero MotoCorp, Vedanta, Dabur India, UPL, Power Grid Corporation of India, eClerx Services.

Quarterly results that are expected today include Bharti Airtel, Hero MotoCorp, Vedanta, Dabur India, UPL, Power Grid Corporation of India, eClerx Services, Creditaccess Grameen, NMDC, Laurus Labs, Apollo Micro Systems.

Here is the street expectation for the companies:

Hero MotoCorp (HMCL) Q3FY19E result expectation:

• Revenue: Rs7,663cr; (up 5% yoy, down 16% qoq). HMCL will report revenue growth of 5% yoy (down 16% qoq), led almost entirely by volume growth (up 5% yoy, down 16% qoq). This was the weakest quarterly volume growth for HMCL in seven quarters, as festive volumes were partially captured in Q2FY19 as well. Realization will show a flat trend, aided by recent price hikes. It will partly offset the high discounts offered to push sales during festive season.
• EBITDA: Rs1,094cr; (down 6% yoy, 21% qoq).
• EBITDA margin: 14.3%; (contraction of 158bps yoy, 89bps qoq). EBITDA margin will contract due to negative operating leverage and weak Rupee. A&P expenses are seasonally higher in H2 compared to H1, which could further affect margins.
• PAT: Rs751cr; (down 7% yoy, 23% qoq).

Vedanta Consensus expectations for Q3FY19E

• Revenue – Rs21,484cr, down 11.8% yoy
• EBITDA – Rs5,789cr, down 14.4% yoy
• EBITDA Margin – 26.9%, a contraction 82bps yoy
• PAT – Rs1,760cr, down 14.3% yoy

Powergrid Corporation of India Consensus expectations for Q3FY19E:

• Revenue – Rs8,513cr, up 13.4% yoy
• EBITDA – Rs7,618cr, up 13.1% yoy
• EBITDA Margin – 89.5%, a contraction of 27bps yoy
• PAT – Rs2,367cr, up 10.5% yoy

UPL Estimates for Q3FY19E

•  Revenue – Rs4,739cr, up 13% yoy, backed by strong volumes in Latin American market. However, Brazilian Real depreciation vs. INR to partially drag down LatAm growth. Rupee depreciation vs. EUR and USD should lead to further benefit in the top-line.
• EBITDA – Rs970cr, up 17% yoy, on account of higher volumes offsetting the pricing pressure of the products across locations and forex gain on rupee depreciation on exports and foreign subsidiaries in North America and Europe.
• Net profit after tax – Rs536cr, down 8% yoy, led by normalization of effective tax rate in the current period vs. tax benefits in the previous corresponding period. Constant currency growth across markets would support the net profit during the quarter.

More companies announcing results today are: Oriental Carbon & Chemicals, Signet Industries, JITF Infralogistics, Menon Bearings, Srikalahasthi Pipes, Mold-Tek Packaging, Cigniti Technologies, SQS India BFSI, Uniphos Enterprises, Tokyo Plast International, Aegis Logistics, Accelya Kale Solutions, Sundaram Finance, Solar Industries India, Selan Exploration Technology, Datamatics Global Services, V-Guard Industries, TCI Finance, Dena Bank, TD Power Systems, Jamna Auto, Maral Overseas, JMC Projects (India), Gangotri Textiles, 21st Century Management Services, JBF Industries, IFB Industries, HSIL, Essar Shipping, Petronet LNG, Ballarpur Industries, Chambal Fertilizers & Chemicals, Magma Fincorp, LG Balakrishnan & Bros, Kabra Extrusion Technik, EIH Associated Hotels, LGB Forge, Emami, Gujarat Alkalies and Chemicals.        

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