Jindal Steel and Power Ltd. reported Q3 FY22 Ebitda 5%/8% below our/consensus estimates.
Ebitda/tonne came 6% below our estimates at Rs 17,405 down 18% QoQ (down 17% YoY).
JSPL reduced net debt by 83%/Rs 374 billion (including cash of Rs 30.4 billion to be received on closure of Jindal Power Ltd. deal) since FY17 through free cash flow generation and divestment of Oman steel operations and JPL.
45% of the total reduction was contributed by divestments (40%) and issuance of equity (5%) while rest through operating cash flows.
Reliance Industries’ FY22-24E estimates as Q3 performance benefitted from higher gross refining margins and higher gas realisation, even though petrochem segment was impacted Retail segment saw sharp improvement Jio displayed steady performance RIL’s vertical growth remains impressive given- recovery in GRMs due to gas to oil switch (Singapore GRMs at over $7/bbl higher gas realisation improving retail profitability trend as pandemic concerns ease.
All round recovery in global economic activity augurs well for all RIL’s business segments
CCL Products India Ltd.'s consolidated revenue grew 41% in Q3 FY22, driven by volume growth of 17% (18.8% in nine months-FY22) due to spillover of orders from Q2 FY22 (dispatches were impacted due to Covid-19 restrictions in Vietnam) and increased Vietnam capacity.
Inflation in green coffee prices led to gross margin contraction
The India branded business grew ~40% YoY to Rs 1.45 billion (~Rs 1 billion from business-to-consumer) in 9MFY22 on strong growth in the retail business; CCL Products aims a topline of Rs 2 billion in FY22E.
Tech Mahindra has announced the acquisition of Com Tec Co IT, an East European IT Services company with a presence in the digital engineering and outsourced product development space, for €310 million.
CTC services clients in the Insurance vertical, which should strengthen Tech Mahindra’s capabilities in that space. It has development centers in Eastern Europe (Latvia Belarus) and has a workforce of 720.
Tech Mahindra has also acquired a minority stake in two group software-as-a-service companies (SWFT and Surance) for €20 mn
(Bloomberg Businessweek) News flash: The coronavirus isn’t going to be public enemy No. 1 for the global economy in 2022. The biggest dangers this year will stem from inflation and the risk that policymakers will call the post-Covid recovery wrong.