June Quarter Results, PNB Q1FY20 Numbers, and Top Cues in Focus Today

Mon, 29 Jul Pre-Open

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Indian share markets ended their volatile day marginally higher on Friday.

Gains were seen in the auto sector and banking sector.

At the closing bell on Friday, the BSE Sensex stood higher by 51 points (up 0.1%) and the NSE Nifty closed higher by 32 points (up 0.3%).

The BSE Mid Cap index ended up by 0.5%, while the BSE Small Cap index ended the day up by 0.2%.

Top Stocks in Focus Today

Moving on to news from the banking sector, Yes Bank share price will be in focus today as news last week reported TPG Capital's Indian private equity arm Advent International Corporation are among institutional investors that will infuse fresh capital into Yes Bank.

The bank has exposures to many debt-laden companies currently in the news including Rs 37 billion to Dewan Housing Finance Corporation and Rs 5.5 billion in Jet Airways.

To know more about the company, you can read Yes Bank's latest result analysis on our website.

Market participants will also be tracking Bajaj Auto share price, JSW Steel share price, and Force Motors share price as these companies announced their June quarter (Q1FY20) results on Friday.

You can read our recently released Q1FY20 results: Zee Entertainment, SKF India, Torrent Pharma, Monsanto India, TVS Motors, Jyothy Labs, DCM Shriram, United Spirits.

In the News from Automobile Space...

Maruti Suzuki share price will be in focus today as the company reported a 27.3% year-on-year (YoY) drop in net profit at Rs 14.3 billion for the June quarter on weak volumes and higher depreciation expenses.

Net sales for the quarter fell 14.1% to Rs 187.3 billion on a yearly basis.

The company sold a total of 4,02,594 vehicles during the quarter, down 17.9%.

Sales in the domestic market stood at 3,74,481 units, down 19.3% YoY. Exports stood at Rs 28,113 units.

The company's margins for the quarter came in at 10.4%.

Employee benefit expense increased by 12.27% to Rs 8.5 billion. Depreciation and amortisation expense jumped to Rs 9.1 billion from Rs 7.2 billion during the same period.

The company said that higher sales promotion expenses, depreciation and low capacity utilisation weighed on the numbers. Lower advertisement expenses, cost reduction efforts, favourable exchange movement and favourable commodity prices, were helpful.

Moving on, Tata Motors share price will also be in focus as the automaker's losses more than doubled in the June quarter. The company reported Rs 36.8 billion loss for the quarter against a loss of Rs 18.6 billion in the same quarter previous year.

Consolidated revenue from operations fell 8% year-on-year (YoY) and 29% sequentially to Rs 608.3 billion.

Tata Motors' commercial vehicle (CV) and passenger vehicle (PV) businesses put together reflect a bigger decline in segment-specific revenues when compared with that of Jaguar Land Rover (JLR). The CV and PV businesses posted Q1FY20 revenue of Rs 143.1 billion, declining from Rs 172.9 billion a year earlier.

In comparison, JLR's Q1FY20 revenue fell to Rs 456.6 billion from Q1FY19 revenue of Rs 482.2 billion.

Reacting to the losses, company's CFO said "Q1FY20 was the worst in terms of market demand as the slowdown turned out to be more than what was anticipated. The first quarter saw stress in liquidity and financing for CVs and PVs."

He added that the demand environment in the China market, the single-biggest for JLR where the carmaker had reported a sharp drop of 34% YoY in sales in FY19, is turning stable as the company continued to make interventions.

On the domestic front, the total PV sales of Tata Motors declined 29% YoY to 42,034 units in the June quarter. Sale of CVs reported a decline of 15% YoY to 89,845 units last quarter. Revenue from the PV business dropped 6% in the quarter to Rs 31.9 billion.

PNB Posts Profit in June Quarter

From the banking sector, Punjab National Bank share price will be in focus today as the lender on Friday posted a profit of Rs 10.18 billion in June quarter, compared to a loss of Rs 9.4 billion in the year-ago period and loss of Rs 47.4 billion in the previous quarter.

The impressive performance here was driven by a sharp fall in provisions, although asset quality deteriorated further.

Net interest income tumbled 11.7% to Rs 41.4 billion compared to the previous year with tepid loan growth of 1.55% YoY.

Provisions at the end of June quarter stood at Rs 20.2 billion, falling significantly by 80% compared to the previous quarter and 65% compared to Q1FY18.

Provision coverage ratio improved marginally to 74.63% in Q1FY20, from 74.5% in Q4FY19.

But asset quality weakened further sequentially. Gross non-performing assets (NPA) as a percentage of gross advances in Q1 increased 99bps to 16.49% and net NPA as a percentage of net advances rose 61bps to 7.17% compared to March quarter.

PNB reported fresh slippages for June quarter at Rs 47.1 billion, which were lower compared to Rs 67.1 billion posted in the previous quarter. Hence, annualised fresh slippage ratio declined to 4.47% against 5.86% on sequential basis.

Other income (non-interest income) grew by 6% YoY to Rs 20.7 billion, but operating profit fell 17% to Rs 34.8 billion in quarter ended June 2019.

Sunil Mehta, MD & CEO of the bank, commented that the bank expects to bring gross NPAs below 12% by the end of the year and FY20 will be a year of profitability for the bank.

He further added that the bank is not looking at distress sale of non-core assets and will go in for sale of non-core assets when market conditions are right.

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