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Q1FY23

Inox Leisure reported its highest ever revenue of Rs.589 Cr. in Q1FY23.

Inox Leisure reported its highest ever revenue of Rs.589 Cr. in Q1FY23.

Inox Leisure reported its highest ever revenue of Rs.589 Cr. in Q1FY23.

In Q1, Inox Leisure reported the highest revenues of Rs. 589 crore and a profit of Rs. 74 crore. The company reported an EBITDA of Rs 130 Cr. with a footfall of 18.4 million. The year-ago quarter was affected by the second COVID wave, with Q1FY23 being the first quarter of full operations. This is largely due to the flow-through of greater revenue and the continuous benefits of cost optimization. Rentals are likely to normalise to pre-Covid levels by the end of this quarter. The company recorded its highest ever average ticket size of Rs. 229 in Q2 FY23.

 

The blockbuster movies contributed significantly to higher revenue.

The quarter witnessed chartbuster movies like RRR, KGF: Chapter 2, Vikram, Bhool Bhulaiya 2, and Doctor Strange In The Multiverse of Madness. The company saw record ticket prices and revenue. The stock recorded a big beat in 1QFY23 revenue. The company delivered its best-ever quarterly performance. The spending per head was at Rs.96 in June 2022, up by 19% from Q1 FY20. The company now operates on 692 screens across 163 multiplexes in 73 cities. The company intends to add 13 more properties and 60 screens. The advertising revenue is slowing signs of recovery.

Inox Leisure added 3 new properties in June 2022 with 17 screens each, at AIPL Joystreet, Gurugram; Orchid Mall, Kalaburagi; and Sattva Necklace Mall, Hyderabad. This indicates the company’s expansion focus and intent to reach new markets. The management is confident about the business and expects a great turnaround in the business going forward thanks to a fascinating content schedule in the upcoming quarter with releases like Laal Singh Chaddha, Raksha Bandhan, Liger, Brahmastra, and Vikram Vedha.

The outstanding box office performance was appropriately complemented by the company’s phenomenal performance across the F&B counters. The redesigned approach for F & B, supported by strategic promotions and innovations, has resulted in a soaring F & B revenue of Rs 164 Cr. INOX continued its focus on the consumer front by expanding its merchandise business, where INOX admirers can buy products and feel connected with their favourite super heroes.

 Valuations:

The EPS for the company is at Rs. 4.67 compared to Rs. -2.30 in the previous quarter. ROCE and ROE for the company are at-1.57% and -38.1%, respectively.  P/E ratio for the company is 20.17 times. While, the 5 years P/E ratio is 22.2 times and 3years P/E is at -9.50 times. The debt to equity ratio for the company is 4.26, and the return on assets is -17%. The scrip was trading at Rs. 592, down by 1.85% on Thursday.

 

Axis Bank’s net profit was up by 91% in Q1 FY23.

Axis Bank’s net profit was up by 91% in Q1 FY23.

Axis Bank’s net profit was up by 91% in Q1 FY23.

Axis Bank reported a net profit of Rs. 4,125 Cr. in the June 2022 quarter, a jump of 91% from the June 2021 quarter at Rs. 2160 Cr. The advances stood at Rs. 7.01 lakh crore, up by 17% from June 2021. However, the advances were down by about 7.07 lakh crores from March 2022.

In Q1 FY23, NII increased by 20.9% year on year to Rs. 938 Cr. NIM stood at 3.6%, improved by 11 bps QoQ and by 14 bps YOY. The PPOP was at Rs. 588 Cr., with a decline of 8.2% YOY. The fee income was at Rs. 357 Cr. in June 2022, up by 34% YOY. The provisions for the quarter stood at Rs. 359 Cr. The street is disappointed with the loan growth for the June 2022 quarter, down by 7.5% QOQ and 43.5% YOY at Rs. 368 Cr. The gross slippage ratio was at 2.05%, declining by 20 bps YOY and 33 bps QOQ. 45% of the gross slippages were contributed by borrowers’ linked accounts, which were standard. The GNPA and NNPA ratios improved and stood at 2.7% and 0.64%, respectively.

The PCR ratio was at 77% for the quarter. We believe that the asset quality will be constant and improve in the near future. The cost to income ratio stood at 52.5% for the June 2022 quarter at Rs. 357 Cr. and we expect the ratio to increase due to investments in technology. While income growth is expected to improve, The bank is focused on the three core areas: deepening performance culture, strengthening the core and building for the future. It continues to invest in the SME space, extending its distribution and service across India. On Citibank customer business integration, Axis Bank is waiting for CCI approvals and expects to close transactions. 69% of the bank’s loan book is floating rates, which will rise in the policy tightening environment.

The stock price closed at Rs.719.05 and touched an intraday high of Rs.707 and a low of Rs.703. The market capitalization for the bank is Rs. 2.21 lakh cr. The 52-week high was at Rs. 866 and the 52-week low was at Rs. 618.25.

ICICI Prudential Life Insurance Q1 FY23 result update

ICICI Prudential Life Insurance Q1 update.

ICICI Prudential Life Insurance Q1 FY23 result update.

ICICI Prudential Life Insurance Company posted a net profit of Rs. 156Cr. in Q1FY23, on Saturday, compared to a loss of Rs.186Cr. in Q1FY22. The growth was primarily on account of lower claims and provisions due to Covid-19.

The AUM for the company grew by 3.1% to Rs. 2, 30,072Cr. The 13-month persistency ratio improved to 85.5% while 43-month ratio increased from 63.4% to 65.0% in FY23. As per the Management, the company 4P’s strategy guided by elements like Premium growth, Protection focus, Persistency improvement, and Productivity enhancement is on track with a target of doubling the FY19 value of the new business (VNB).

The business reported a negative investment income of Rs.6,884 Cr. in Q1FY23 versus a positive investment income of Rs.9,0609 Cr. in Q1 FY22. The total expenses incurred increased by 16.1% to Rs.1,411 Cr. in Q1 FY23 from Rs.1215 Cr. in FY22. The APE (Annual Premium Equivalent) witnessed a growth of 24.7% o Rs.1,520Cr. compared to Rs.1,219Cr. in FY22. The VNB was at Rs.471Cr a growth of 31% in FY23 which was previous at 28.0%, on account of a shift in the underlying product mix.

The business premium stood at Rs.3184 Cr. with a growth of 24.4% as compared to Rs.2,559Cr. The annuity APE rose to Rs.98Cr. in FY23 with robust growth of Rs.69% which was at Rs.58Cr. Savings APE was at Rs.892Cr. to Rs.1092Cr for the same period.
The company’s TWRP ratio (total weighted received premium) for savings business and the total cost was at 16.9% and 23.8% respectively. The APE of new business is significant and expenses will not affect margins. The ICICI bank-backed insurance company has a debt-equity mix of 54:46 as of 30 June 2022. The company has zero NPA with 98% of debt instruments being AAA rated and treasury bonds. The claims and benefits payout decreased by 2.8% to Rs.5,512Cr. in FY23.

The Company strives to target untouched customer segments and expand in distribution footprint which enabled them to maintain its market leader position and acquired a market share of 15.8% in Q1 FY23. The net worth is at Rs.9,053 Cr and a solvency ratio of 203.6% against the regulatory requirement of 150%. ICICI Bank and Prudential Corporation holdings promote ICICI Prudential Life Insurance.

The continued supply chain management, ongoing geopolitical crisis, spike in commodity prices, the surge in inflation, and net outflows from the capital market all the factors have directly affected the unit link business. The scrip closed at Rs. 520.55 on Monday, up by 0.67% or 3.45 points. The market cap of the company is Rs.74,246Cr. It touched an intraday high of Rs.527.55 and a low of Rs.514.30.

 

 

Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

NBFCs and HFCs securitization volumes almost doubled.

Avenue Supermarts’ profit jumps 490% to Rs.680Cr. in Q1.

Avenue Supermarts’ profit jumps 490% to Rs.680Cr. in Q1.

Avenue Supermarts’ profit jumps 490% to Rs.680Cr. in Q1.

The operator of Dmart stores, Avenue Supermarts declared a PAT of Rs.679.64Cr. in Q1FY23. The company has shown a jump of 490% from to Rs. 680Cr. in Q1 from Rs.115.13Cr. YOY. The growth is however one-sided from a low base effect because of ongoing Covid-19 effects. The firm also recorded a 94% rise in its revenue from operation at 9,806Cr. which was Rs.5,301.74Cr in Q1FY22. EBITDA stood at Rs.1008Cr. which was at 221Cr. in previous year same quarter. EBITDA margin stood at 10.3% in Q1FY23 which was at 4.4% in Q1FY22.

For Q1FY23, Avenue Supermarts reported a consolidated Income of Rs.10067.21Cr. from Rs.8819.02Cr. in the prior year’s corresponding quarter. Net Profit of Rs.642.89 Cr. is recorded in the latest quarter compared to Rs.427Cr. in the previous quarter. The EPS is now at Rs.9.93 which was at Rs.6.59 in March quarter.

Dmart opened 110 new stores in the last three years, one of the largest additions in Q1FY23 and the largest since Q4FY20. They have added a total of 29 stores and are on target to meet 60 additions (over 2020-2022). These stores didn’t operate to their full potential because of the ongoing Covid-19 crisis. As per Noronha, CEO of Avenue Supermarts, the new stores have better design and high capacity to handle large-scale revenue. Since it was the first quarter without any pandemic disruptions, new stores have delivered good results in the current quarter.

Despite decent results, few analysts are bearish on the stock and have given a sell rating.  Due to slowdown in the economy, exchange rates volatility. Avenue Supermarts’ revenue continues to improve; the category sales remain below pre-pandemic levels. Based on the clarification by the managment, we forecast a more significant contribution from apparel & footwear.

The online portal of Avenue Supermarts, DMart-Ready is operational in 12 cities. They are assessing feedback from customers to enhance their quality and presence across the country. There is no additional update on the app.

The stock closed at Rs.3986.85 on Monday, after quarterly results were announced on 9th July 2022. The stock gained 45.15 points and was up by 1.15%. The Market Cap of Avenue Supermarts is at Rs.258213 Cr.

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