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Pidilite Industries – Stellar quarter on most fronts; result update Q4FY16

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Pidilite

Pidilite’s Q4FY16 revenue, EBITDA and PAT growth at 18.9%, 78.1% and 89.2% YoY, respectively, was well ahead of estimates. The 7-quarter high sales growth was impressive, albeit on a low base (3.1% YoY volume growth in Q4FY15). Gross margin, at 55.3% (highest in at least 8 years), led by softer VAM during tough macro economic conditions is reflective of strong pricing power. Entry of Asian Paints into adhesives (Loctite) and increased aggression in waterproofing (Smartcare) need to be closely monitored. We remain positive in view of gradual demand recovery, new businesses and pick up in international growth. Maintain ‘BUY’.

Growth and margins: Firing on all cylinders
Key highlights: (i) 20.7% YoY growth it consumer and bazaar (C&B) business (highest in past 7 quarters; 13.6% YoY in Q3FY16) with 1,012bps YoY expansion in EBIT margin to 25.2%; (ii) sustained recovery in industrial business which grew 7.5% YoY with 20% EBIT margin (highest in 26 quarters); (iii) strong 35% constant currency growth in international business, led by US (grew 41% YoY driven by art materials) and SAARC (133% YoY growth led by Bangladesh and Sri Lanka); and (iv) 853bps/638bps YoY expansion in gross/EBITDA margins helped by soft raw materials prices

Q4FY16 conference call | Key highlights
Volume growth surpassed value growth. PIDI aspires to grow revenue in mid teens. Smaller towns are growing faster than bigger towns, though growth rate in small towns has slowed down. Nina’s annual revenue was INR1.6-1.7bn (14-15% like-to-like growth) with ~15% EBITDA margin. The company intends to target both B2B and B2C segments with newly acquired ICA brands; can earn annual sales of INR1bn. Outlook for international business is robust. Distribution network is ~3mn outlets. Currently, VAM prices are USD900-950.

Outlook and valuations: Positive; maintain ‘BUY’

We expect 19% CAGR over FY16-18E. Good performance of acquisitions (Bluecoat, Nina, ICA, Sri Lankan local glue player) and sustainability of robust growth in core business (paint players also saw robust growth in Q4FY16) outweigh risks from Asian Paints in water proofing and adhesives space. At CMP, the stock is trading at P/E of 31.3x FY18E. We maintain ‘BUY/Sector Outperformer’ with target price of INR731.

SpiceJet- One-offs jar; better times ahead

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Spicejet

Fuel benefits drive healthy show in a seasonally weak quarter
Despite being a seasonally weak quarter, Q4FY16 revenue of INR14.75bn was up 1% QoQ aided by 10% jump in volumes though partly offset by lower yields (down 8% QoQ). SpiceJet not only recouped volumes during the quarter (handled 3.39mn passenger versus 1.99mn in Q4FY15), but also recorded healthy ancillary income of 13.3% (of pax revenues) versus 8.6% YoY. While lower fuel costs continued to benefit (fuel CASK at INR0.87/ASKM, down 18% QoQ), the company had to provide INR1.5bn towards engine maintenance on reassessment of its liabilities which impacted margins. Thus, it reported lower EBITDAR at INR2.9bn versus INR4.3bn estimate. Adjusting for same and INR637mn of exceptional gains, adjusted PAT of INR1.5bn surpassed our INR1.3bn estimate.

Liabilities accounted for; to commence fiscal with renewed vigour
Having provided INR1.5bn for meeting maintenance related obligations for the leased aircraft and INR233mn towards aircraft redelivery expenses during the quarter (INR2.3bn also provided for aircraft redelivery in FY15), management has maintained all legacy issues have now been completely provided for. SpiceJet reduced debt and past dues by ~INR2bn each during FY16, which is expected to continue in FY17 as well.

Outlook and valuations: Positive; maintain ‘BUY’

After successfully maximising earnings through strong revenue management – pricing strategies and ancillary income– and fuel benefits, we believe incremental gains will be driven by volumes and cost rationalisation. We model for volume growth of ~20% and expect cost rationalisation benefits to help SpiceJet report earnings growth of 50% plus for FY17E, i.e. PAT of INR6.5bn (revised up by 10%). Maintain ‘BUY’ valuing the stock at 7.5x FY18E EV/EBITDAR, resulting in TP of INR102.

India, Iran ink pact to develop Chabahar port, aluminium plant

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Modi-Britain

Tehran: India and Iran today inked a dozen agreements ranging from a contract to develop the strategic Chahabar port to an initial pact to set up an aluminium plant and one on laying a railway line to give India access to Afghanistan and Central Asia.

The 12 agreements and MoUs signed during Prime Minister Narendra Modi visit to Iran to further deepen bilateral ties in diverse fields.

The agreements were signed in presence of Iranian President Hassan Rouhani and Modi, who is the first Indian Prime Minister to visit the Islamic nation in 15 years after Atal Bihari Vajpayee.

The documents were in the fields of economy, trade, transportation, port development, culture, science and academic cooperation.

The key agreement signed was a contract for development of Phase I of the Chabahar port on southern coast of Iran by an Indian joint venture.

Also an agreement to provide USD 150 million credit line was signed by Exim Bank of India.

IRCON signed an initial agreement to lay a rail line from Chabahar port to Zahedan, while state-owned Nalco signed an MoU to look at possibility of setting up a 0.5 million tonne aluminium smelter at Chabahar free trade zone provided Iran gives cheap natural gas.

An MoU was also signed between the Export Guarantee Fund of Iran and the Export Guarantee Corporation of India.

The documents included an MoU between the foreign ministries of both countries for dialogue on policy-making and interaction between think-tanks.

Another MoU was signed between School for International Relations of the Ministry of Foreign Affairs of Iran and the Foreign Service Institute (FSI) of India.

Also signed was an executive protocol between the Ministry of Science, Research and Technology of Iran, and India’s Ministry of Science and Technology and an MoU between National Archives of India and National Library of Iran.

An executive programme of cultural cooperation between the Ministry of Culture and Iran’s Ministry of Culture and Islamic Guidance as well as an MoU between Iran’s Islamic Culture and Relations Organisation and the Indian Council for Cultural Relations was also signed.

(Agencies)

Movie Review: ‘X-Men: Apocalypse’ is a highly entertaining movie

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X-Men Apocalypse

Producer: Lauren Shuler Donner, Simon Kinberg, Bryan Singer and Hutch Parker
Director: Bryan Singer
Star Cast: James McAvoy, Micheal Fassbender, Jennifer Lawrence, Oscar Isaac, Nicholas Hoult, Rose Byme, Tye Sheridan, Sophie Turner, Olivia Munn and Lucas Till

Since the dawn of civilization, Apocalypse was worshipped as a God. Apocalypse, the first and the most powerful mutant from Marvel’s X – Men universe, amassed the powers of many other mutants, becoming immortal and invincible. Upon awakening after thousands of years, he is disillusioned with the world as he finds it and recruits a team of powerful mutants.

Following the critically acclaimed global smash hit X – Men: Days of Future Past, director Bryan Singer returns with X – Men: Apocalypse yet another franchise and to his credit goes his slick direction. Besides all the actors powerful performance keeps the viewers glued to their seats.

Minuses: Some of the duelling scenes are far too dragging and boring. The movie can easily be scissored off at least by half an hour.

X – Men: Apocalypse is one more interesting addition to the super hero franchise which is not only interesting but also entertaining to the core.

Karnataka minister unhappy with Apple CEO for skipping Bengaluru

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R V Deshpande

Bengaluru: Even though tech giant Apple announced an accelerator facility in Bengaluru, Karnataka’s Industrial Minister R V Deshpande expressed his disappointment over the company’s CEO Tim Cook not visiting the city on his maiden trip to India.

“Thank you very much for visiting India. However, we in Karnataka are disappointed as this time you could not make it to Bengaluru, the Silicon City of India. I am sure in your next visit you will first land in Bengaluru and then go to other parts of our country,” Deshpande said in a letter to Cook.

He, however, welcomed Apple’s initiative for Bengaluru. “Indian IT professionals will get a boost as part of a global programme. I am looking forward to your group to make more and more investments in India, more so in Karnataka,” the minister said.

Bengaluru is increasingly being sidelined by global investors as infrastructure is crumbling. The Congress government is under pressure to improve the infrastructure in the city, which is already witnessing flight of capital.

(Agencies)

Apple’s Cook meets Modi; discusses manufacturing possibilities

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tim cook modi

New Delhi: Showing interest in making Apple products in India, the global technology giant’s chief Tim Cook today discussed with Prime Minister Narendra Modi the “possibilities of manufacturing” and tapping the young talent pool in the country.

On his maiden visit to India, the Apple CEO also discussed with Modi issues regarding cyber-security and data encryption. “Cook shared Apple Inc’s future plans for India. He spoke of the possibilities of manufacturing and retailing in India. He appreciated the breadth of young talent in India and said the youth have significant skills which Apple would like to tap,” an official statement said.

The head of the US-based Apple, which makes iconic iPhones and Mac computers, has already announced during this trip setting of an app development centre in Bengaluru and one for maps in Hyderabad.

During his meeting with Modi, Cook highlighted the immense potential for app development in the country. He also launched an updated version of the PM’s mobile app at the meeting.

He narrated to Prime Minister the experiences including a visit to Siddhivinayak temple in Mumbai and watching a cricket match in Kanpur.

Modi, appreciating Cook, said in India “seeing is believing” and added these experiences would definitely steer his business decisions.

After the meeting, Modi tweeted: “Thank you @tim_cook! Friends, welcome & happy volunteering. Your views and efforts are always enriching.” He also shared photos with the Apple CEO on his Twitter handle.

Cook, in a response, tweeted: “Thanks PM @narendramodi for a great meeting. Already looking forward to next visit to India. Best wishes on the app!” He also appreciated Prime Minister’s initiatives on ease of doing business and renewable energy, the statement read. Cupertino-based Apple runs on 93 per cent renewable energy and Cook spoke of plans to move Apple’s entire supply chain to renewable energy.

Meanwhile, delegation members accompanying Apple CEO also spoke of their experiences in rural Rajasthan, where several villages have recently been electrified and women are being skilled to assemble and operate solar energy equipment.

Both Cook and Modi shared stories of entrepreneurship that they had come across in app development and renewable energy, the statement added.

Cook said the company is looking to be in India for a long run and it is “exactly the right time” to be in India as telecom firms roll out 4G high speed internet services.

Apple, which is seeing declining sales elsewhere in the world, is betting big on India for growth as sales here saw an impressive 56 per cent growth during January-March.

The company has been pushing for introducing refurbished phones in the country that may help in making its smartphones more affordable to a larger audience. However, the government is yet to take a call on the matter.

Modi explained ‘Digital India’ initiative and identified three key objectives of as e-education, health and increasing farmers’ incomes.

Prime Minister sought support from Apple in furthering these objectives and also encouraged Cook to help the global community to cope with the challenges of cyber-crime. Cook also congratulated Modi on recent election results and spoke about his visit to India and that he had been received with great warmth.

Cook, who is on a four-day trip to India, has met some of the key leaders of India Inc, including ICICI Bank’s Chanda Kochhar, Tata Group Chairman Cyrus Mistry and Tata Consultancy Services CEO N Chandrasekaran.

The updated version of ‘Narendra Modi Mobile App’ contains a new volunteering network on the app. “I urge you to have a look at the new feature ‘My Network’ that empowers you to contribute on lively and enriching forums where you can share your ideas and deliberate with others. You will also enjoy the daily tasks on the App,” Modi tweeted.

(PTI)

US Secret Service shoots armed man outside White House

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Agent says man approached a White House checkpoint with a firearm and refused to drop it, prompting the shooting.

US President Barack Obama was not home when the incident occurred [EPA]

US President Barack Obama was not home when the incident occurred [EPA]

by Al Jazeera

A US Secret Service agent shot a man carrying a firearm near the White House, after the man refused to drop his weapon, the agency said.

The man was taken into custody and transported to a local hospital, agency spokesman David Iacovetti said on Friday.

“When the subject failed to comply with the verbal commands, he was shot once by a Secret Service agent and taken into custody,” he said.

“The Secret Service recovered a firearm at the scene. Secret Service Uniformed Division Officers and an agent provided medical aid to the subject.”

The man did not enter the White House complex and no law enforcement personnel or innocent bystanders were injured.

The checkpoint is on the outside perimeter of the secure area around the executive mansion in Washington DC, and is accessible on that side to the public.

The White House security alert was lifted soon after everyone inside was accounted for.

France: Smoke detected on EgyptAir flight before crash

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France confirms reports smoke was detected on the doomed EgyptAir flight, but says cause of crash still unknown.

EgyptAir

by Al Jazeera

The French aviation safety agency said that the EgyptAir A320 that crashed into the Mediterranean with 66 people aboard had transmitted automatic messages indicating smoke in the cabin.

“There were ACAR messages emitted by the plane indicating that there was smoke in the cabin shortly before data transmission broke off,” a spokesman of France’s Bureau of Investigations and Analysis told AFP news agency on Saturday.

ACAR, which stands for Aircraft Communications Addressing and Reporting System, is a digital system that transmits short messages between aircraft and ground stations.

The spokesman said it was “far too soon to interpret and understand the cause of Thursday’s accident as long as we have not found the wreckage or the flight data recorders.”

Flight data, as published on The Aviation Herald website, suggested that smoke alarms were set off on EgyptAir Flight 804 minutes before it crashed.

The Aviation Herald website, which tracks the aviation industry, said it received information that smoke alarms went off in the toilets of the Airbus A320 before the crash.

It also reported a smoke alert in the proximity to the electronics and equipment bay of the aircraft.

The signals were reportedly sent from three independent sources which passed on data from the Aircraft Communications Addressing and Reporting System ( ACARS).

“So many signals coming out at the same time are indicative of a fire on board the plane,” David Gleave, a senior independent aviation safety investigator, told Al Jazeera. “We need to know what started it. We need to recover the air frame to determine that.”

The Egyptair Airbus 320, from Paris to Cairo, vanished early on Thursday shortly after leaving Greek airspace.

The plane had been cruising normally in clear skies on the nighttime flight to Egypt’s capital when it suddenly lurched left, then right, spun all the way around and plummeted 38,000 feet into the sea, never issuing a distress signal.

Egyptian authorities have said they would investigate reports of smoke alerts.

“We are looking into this report,” an Egyptian civil aviation ministry official told the AFP news agency. “At this point I can’t deny or confirm it.”

Human remains found

Human remains, luggage and airline debris were retrieved Friday from the sea, around 290km north of the Egyptian coastal city of Alexandria.

The European Space Agency said a satellite on Thursday spotted a possible 2km-long oil slick, about 40km south-east of the last-known location of the plane.

The two black boxes from Egyptair Flight MS804 have yet to be discovered, and the cause of the crash is unknown.

Experts said answers will come only with an examination of the wreckage, the plane’s cockpit voice and the black boxes.

The search for wreckage was to intensify on Saturday, as French Foreign Minister Jean-Marc Ayrault was to meet relatives of the 15 French victims in Paris.

Richard Marquise, a former FBI agent who led the US task force investigating the Lockerbie bombing, told Al Jazeera that Egypt was quick to point to an attack, unlike France.

“It’s becoming a game of finger-pointing about who’s responsible, whether it’s a mechanical failure of EgyptAir, or a terrorist bomb on the aircraft,” he told Al Jazeera.

He added this was in contrast to the October 2015 Metrojet bombing, when Egypt was more reluctant than Russia to point to a possible attack. In that case, Egyptian authorities were responsible for security as the city of Sharm el Sheikh was the departure point.

Passengers

EgyptAir said passengers included: 30 Egyptians; 15 French; two Iraqis; one Briton; one Belgian; one Sudanese; one Chadian; one Portuguese; one Algerian; one Canadian; one Saudi and one Kuwaiti. They included a child and two babies.

Seven crew members and three security personnel were also on board.

In Egypt, grieving families and friends are wondering if their loved ones will ever be recovered.

Many have gathered in mosques for Salat al-Ghaib, or “prayers for the absent,” held for the dead whose bodies have not been found.

“This is what is ripping our hearts apart, when we think about it. When someone you love so much dies, at least you have a body to bury. But we have no body until now,” said Sherif al-Metanawi, a childhood friend of the pilot, Mohammed Shoukair.

Delhi’s play-off dreams alive with six-wicket win over SRH

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dd-ipl

Raipur: Riding on Karun Nair’s unbeaten 83, Delhi Daredevils not only beat Sunrisers Hyderabad by six wickets but also kept themselves in the hunt for the Indian Premier League (IPL) play-offs at the Shaheed Veer Narayan Singh International Cricket Stadium here on Friday.

Nair, who was dropped on 51 by Hyderabad skipper David Warner, made the opportunity count as his 59-ball knock guided the team home in what turned out to be a nail-biting affair. His innings was laced with eight hits to the fence and three over it.

Chasing 159, Delhi got off to a poor start losing in-form Quinton de Kock (2) cheaply as incoming batsman Nair and opener Rishabh Pant found the going tough against Hyderabad’s disciplined bowling attack to reach 37 in the powerplay.

Left-arm pacer Barinder Sran, who replaced injured Ashish Nehra in the playing XI, gave Sunrisers the perfect start by taking the key wicket of the South African stumper in the very second over.

Nair and Pant batted sensibly to put on 73 runs for the second wicket before a silly mix-up in the 12th over accounted for the southpaw’s run out for a 26-ball 32 which included three hits to the fence.

Nair, who was joined by South African Jean-Paul Duminy, then went on to score his third half-century of the season before David Warner dropped him off Sran.

Duminy, who also got a life on 17 when Bhuvneswar Kumar dropped a sitter at sweeper cover off Mustafizur Rahman, however, failed to make the opportunity count as Warner made no mistake this time around to latch on to the top edge off Sran.

Nair, who put on 35 runs for the third wicket with Duminy, started to break the shackles as the 24-year-old blasted Sran for two mammoth sixes in the same over.

West Indian power-hitter Carlos Brathwaite, who joined the Rajasthan batsman, was unlucky to perish for a seven-ball 10 off a brilliant flying catch by Sran at third man boundary off Rahman.

Needing 16 off the last 10 balls, young Sanju Samson joined Nair and the duo completed the formalities in style, with Nair hitting consecutive boundaries to seal the deal in the hosts’ favour.

For the visitors, Sran and Rahman were the pick of the bowlers picking two and one wicket respectively.

Earlier, Warner headlined with a fine 73-run knock to pull Sunrisers Hyderabad to 158/7 in their 20 overs.

Hyderabad got off to a decent start after Delhi skipper Zaheer Khan sent them in.

The opening partnership of Shikhar Dhawan and Warner took the score to a promising 46 in six overs.

Warner scored bulk of the runs, receiving most of the strike. He eventually hit eight fours and a six in his 56-ball knock.

But the rhythm was snapped when Dhawan (10) was run out because of some athletic fielding by Carlos Brathwaite. He was the most successful bowler, picking up two wickets for 27 runs of his four overs.

The West Indian stopped the ball with his left hand on his follow through and turned around to knock down the stumps while still on the turf, catching an over enthusiastic Dhawan short of his crease.

That triggered a double break, as four balls later, in the next over, Deepak Hooda (1) was run out.

This time Amit Mishra struck with a direct hit on the non-striker’s end after following Warners push towards short cover.

Warner’s responsibility increased after being involved in two run outs of his partners.

He hoped to put together a solid stand with Yuvraj Singh (10).

But the veteran southpaw ragged a away going balls into his stumps to leave his team 66/3 in 9.3 overs.

Warner completed his half century in the 12th over with a single towards midwicket of Brathwaite.

And celebrated it with a huge six over long-on.

Warner partially resurrected the innings with a 24-ball 39 run fourth wicket partnership with fellow Australian Moises Henriques.

But Henriques (18) was dismissed trying to hit a six, caught at the midwicket boundary in the 14th over, reducing his team at 105/4.

But the most pivotal moment of the innings came when Warner was caught at third man by Mishra off Brathwaite in the 16th over.

Eoin Morgan (14) started brightly but also perished soon. Naman Ojha (16 not out) struck some bold shots to guide the team past 150.

Brief Scores: Sunrisers Hyderabad 158/7 (David Warner 73, Moises Henriques 18, Carlos Brathwaite 2/27) vs Delhi Daredevils 161/4 (Karun Nair 83, Rishabh Pant 32, Barinder Sran 2/34).

(IANS)

23-year-old African youth beaten to death in New Delhi

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murder-Delhi

New Delhi: A 23-year-old Congolese national was allegedly beaten to death by a group of men in south Delhi’s Vasant Kunj area, police said Saturday.

The incident took place around 11.45 pm Friday when the man, M T Olivia had a heated argument with a group of three persons at Kishangadh locality in Vasant Kunj.

“A case of murder has been registered. We are checking CCTV footage to identify the accused,” additional DCP (South) Nupur Prasad said.

What exactly led to the argument between Olivia and the group is yet to be ascertained. The case is being probed from all angles including robbery and a possible racist attack on the African national.

The Embassy of Congo has been informed about the incident.

Olivia taught foreign languages at a private institute here. He lived in South Extension area. Why he had gone to Kishangadh at that hour has also not been ascertained yet, police said.

It was another group of locals who rescued Olivia and called up police. He was rushed to a hospital, where he later succumbed to his injuries.

The locals, however, could not identify the perpetrators or say what had led to the incident. Investigation is underway, police added.

(PTI)

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