Carborundum Universal (CUMI) Q4 and FY19 earnings were in-line with our estimates. Q4 earnings dropped by 6% YoY to Rs. 3.27 due to lower demand which was unusual for a year end quarter (low than Q3 volumes).
Prataap Snacks – a key player in the Organized Snacks market, has transformed itself from a regional snacks player to a PAN India player, with its market share quadrapulating from <1% in 2008 to 4%+ in 2018.
We believe revenue to grow at a CAGR of 8.7% over the period of FY19-FY21E. We expect execution of pushed out deals and investments made in developing new technology solutions to contribute significantly to the revenue growth in the coming years.
Tata Elxsi (TELX) continued with its weak performance in Q4FY19. This was due to the challenging environment in the Automotive segment (contributes 60% of revenues) owing to softening of Passenger Vehicle (PV) market and decelerating revenue from JLR.
Lumax Industries is engaged in the production of stylish, high automotive lighting solutions. With strong collaborations and company accounts for a significant market share in the automobile lighting segment.
Tata Steel Ltd has reported better-than-expected earnings for Q4 and full year FY19 on the back of higher deliveries in India and improved realization across geographies. The company produced record 16.79 Mn tonnes of steel in FY19 which is 35% higher than 12.48 Mn tonnes produced in FY18.
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