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Marico's adj. PAT up 26% yoy to Rs320cr for Q1FY20
Marico reported strong earnings growth for Q1FY20.
Revenue from operations grew 7% yoy to Rs2,166cr with an underlying domestic volume growth of 6% and constant currency growth of 7% in the international business.There was a one-time trade inventory correction in the Gulf business. Adjusting for the same, constant currency growth in the International business stood at 9%.Easing raw material costs in the domestic and key overseas markets led to gross margin expansion of 524bps on a yoy basis.EBITDA margin expanded 324 bps, as the Company stepped up A&P spends by 32% to support its core and new franchises.
RBI Monetary Policy Preview: Expecting a 25bps rate cut
Since the last policy, data and trends emerging indicate that inflation continues to be stable and is trending on the lower side. Further, growth has been muted on account of visible consumption slowdown as well as subdued investment outlook. Despite a late start, we have seen that the monsoon has reasonably caught up, which should give a boost to agriculture and lead to the revival to some extent of consumption in rural India. Globally, we have seen negative yields in certain countries and overall interest rates are stable or dropping and growth has slowed.Against this backdrop, the central bank is likely to cut the repo rate by 25 bps. It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc. Suffice it to say that inflation will be the central theme balanced with the need to boost growth.
CEAT's PAT for Q1 up 15.1% yoy at Rs82cr
For Q1FY20, CEAT's net revenue from operations increased by 1.7% yoy at Rs1,752cr from Rs1,722cr in Q1FY19.
Gross margin contracted to 39.5% from 39.9%.
EBITDA stood at Rs172cr in Q1FY20 vs. Rs181cr in Q1FY19; margins came in at 9.8% during the quarter under review from 10.5% in the corresponding quarter previous year.
The company's PAT for Q1FY20 came in at Rs82cr compared to Rs71cr in Q1FY19.
Debt / equity stood at 0.57x compared to 0.28x in Q1FY19.
Biocon, Mylan launch first Trastuzumab Biosimilar, Ogivri, in Australia
Biocon Ltd. and Mylan N.V. announced the launch in Australia of Ogivri (trastuzumab), a biosimilar to Herceptin 1 (trastuzumab), for the treatment of HER2-overexpressing breast cancer and metastatic stomach cancer (gastric or gastroesophageal junction adenocarcinoma).Ogivri is the first trastuzumab biosimilar approved and launched in Australia and available on the Pharmaceutical Benefits Scheme (PBS). Biosimilars generate savings that help manage the growing costs of Australia health care system, particularly the PBS. They enable greater patient access to necessary treatments and free up funding for the listing of the latest treatments.
Godrej Consumer Products up 2%; reports Rs291cr adj. PAT for Q1FY20
Godrej Consumer Products reported its Q1FY20 numbers today.
The cons. net profit came in at Rs408cr, just 1% yoy higher than that in Q1FY19. Without exceptional and one-off items, it stood at Rs291cr and vs. Rs313cr in Q1FY20.
The company's net sales on a constant currency basis grew 4% yoy. Its India business sales grew 1% yoy and 5% yoy in volume terms.International business sales grew 9% yoy, on a constant currency basis The consolidated constant currency EBITDA rose 8% yoy to Rs301cr.
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