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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on November 3, 2021, Wednesday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. Ajit Prasad Press Release: 2021-2022/1138 |
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According to HDFC Securities, the revenue of the said pharmaceutical company has “grown 27% YoY and 23% QoQ at Rs 75.5cr. The company has included Rs 10.4cr in revenue and the same amount in the expenditure side to factor in Food lab expenses and that’s why reported sales growth seems very strong, however, adjusted revenue grew 9.6% YoY at Rs 65.1cr. “
“Adj. EBITDA margin surged 360bps YoY at 30.6%. Better operational performance was led by cost management measures. Net profit increased 29% YoY and 20% QoQ at Rs 9.7cr. It included Rs 1.2cr as an exceptional loss for the quarter. The company has registered robust performance in H1 FY22 and guides to better the performance in the second half of FY22. In Q1 FY22, Vimta set up a regional reference Lab at Kolkata. It would take 2-3 quarters to ramp up. In Q2 FY22, the company has set up a diagnostic lab at Delhi” according to HDFC Securities.
The brokerage has also claimed that “the company has set an ambitious target of revenue of Rs 550-600cr in FY26. It would need to put up CAPEX to reach the targeted revenue number and it would depend upon which category/division would grow at a better rate. It expects the Food testing business to cross Rs 100cr revenue in the next 2 years. National Food Lab (NFL) would have a better margin than average margin. And also it guided for CAPEX of Rs 25-30cr in FY22 and CAPEX of around Rs 30cr in FY23.”
Vimta gets 60% of its revenue from the pharmaceutical sector, 20% from the diagnostics segment, 15% from the food segment, and the rest from other sources. “It supports regulatory authorities in mandatory certification of food and agricultural products exported from India. The company has partnered with the Govt. of India to set up a food laboratory at JNPT, which would drive revenue from FY23. Vimta enjoys a strong quality brand in the country and has a pan India presence offering both routine and specialized clinical diagnostic services. It has a network of 18 laboratories in India, including food testing and clinical diagnostics” the brokerage said.
HDFC Securities has also said that ” Despite the Covid-19 pandemic which impacted revenues in Q1 FY21, the company reported ~17% YoY growth in revenue in FY21. As per the Management, its current capacity can do optimal revenue of around Rs 300-350cr. The company aspires to reach revenue of > Rs 500cr by FY26 which implies around 20% CAGR in revenue over FY21-26E. The year FY22 will be the maiden year for the newly launched EMI/EMC services to IT, defence suppliers, medical devices, telecom, electronics and allied industries. EMI/EMC Testing (electromagnetic interference/compatibility) business enjoys high gross margin as consumables cost remains low however when it reaches maturity stage, it would give almost company level EBITDA margin. We believe the segment would drive revenue and profitability from FY23 onwards.”
According to HDFC Securities “The future growth pillar of the company comprises continued growth momentum in Pharma and Food segment and scale-up of its new segment i.e. EMI/EMC testing. Vimta is one of the largest players in India in its business segments. We estimate revenue/EBITDA/PAT CAGR of 22.5%/32%/47% over FY21-23E. Management guided for > 20% CAGR in revenue in the next 4-5 years.”
“Company expects all the segments to register strong growth in the next 3-4 years. Management has an ambitious target of revenue of Rs 550-600cr in FY26. It would need to put up CAPEX to reach the targeted revenue number and it would depend upon which category/division would grow at a better rate. The company guided for CAPEX of Rs 25-30cr in FY22 and CAPEX of around Rs 30cr in FY23. The company expects the Food testing business to cross Rs 100cr revenue in the next 2 years. National Food Lab (NFL) would have better margin than average margin” the brokerage further reported.
“Veeda clinical is one of the competitors in one of Vimta’s business segments. Veeda Clinical Research Ltd, a comparable Clinical Research Organisation, reported revenue of Rs 196cr, EBIDTA of Rs 66.5cr and PAT of Rs.62.9cr in FY21. In Jun-2021, It raised funds from Private Equity Investors at a Valuation of Rs 989cr. Veeda Clinical Research Pvt. Ltd has filed IPO Prospectus with SEBI to raise Rs 832cr at a significant premium valuation and seeking a much higher multiple. We feel investors can buy the stock at LTP and add on declines at Rs 302.5 (14.5x FY23E EPS) for a base case target of Rs 386 (18.5x FY23E EPS) and a bull case target of Rs 417.5 (20x FY23E EPS) over the next two quarters” claimed HDFC Securities.
The above stock is picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.
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Its total income during July-September 2021 rose to Rs 20,683.95 crore as compared with Rs 20,182.62 crore in the year-ago period, the bank said in a regulatory filing.
Provisionings for bad loans and contingencies fell to Rs 3,723.76 crore, against Rs 4,242.45 crore a year ago.
The bank’s asset quality improved with the gross non-performing assets falling to 12.64 per cent of the gross advances by the end of September 2021, from 14.71 per cent by the end of September 2020.
In terms of value, the gross non-performing assets (NPAs) were worth Rs 80,211.73 crore, down from Rs 95,796.90 crore.
However, net NPAs increased slightly to 4.61 per cent (Rs 26,786.42 crore), from 4.13 per cent (Rs 23,894.35 crore) a year ago.
On a consolidated basis, the bank reported a net profit of Rs 1,510.68 crore in July-September 2021, a jump of 183 per cent from Rs 533.87 crore in the year-ago quarter.
Its consolidated total income rose to Rs 21,621.87 crore, from Rs 20,910.91 crore a year ago.
Shares of Union Bank of India on Tuesday closed at Rs 49.40 apiece on the BSE, up 5.89 per cent from the previous close.
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Ajit Prasad Press Release: 2021-2022/1137 |
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Ajit Prasad Press Release: 2021-2022/1136 |
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State-run Bank of India on Tuesday reported nearly 100 per cent jump in its net profit at ₹1,051 crore in quarter ended September 2021.
The bank had posted net profit of ₹526 crore in the same period a year ago.
“Net profit for Q2FY22 stood at ₹1,051 crore, up by 99.89 per cent year-on-year,” the bank said in a regulatory filing.
On a sequential basis, net profit improved by 45.97 per cent from ₹720 crore.
Net interest income (NII) stood at ₹3,523 crore for the quarter Q2FY22. On a sequential basis, it increased by 12.06 per cent from ₹3,144 crore in quarter ended June 2021, the bank said.
Non-interest income increased by 58.71 per cent from a year ago to ₹2,136 crore for Q2FY22 against ₹1,346 crore in Q2FY21.
On the asset front, the bank improved the quality as the gross non-performing assets (NPAs) were down at 12 per cent of the gross advances at end of September 2021 from 13.79 per cent by end of same month a year ago.
Net NPAs too fell to 2.79 per cent from 2.89 per cent.
Bank of India stock traded at ₹62.25 apiece on BSE, up 3.06 per cent from the previous close.
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The company, founded by renowned money manager Prashant Khemka, had received Sebi’s nod for registration of GPL Finance as a sponsor and change in control of YES Asset Management and YES Trustee Limited to GPL Finance back in September.
“We welcome the YES Asset Management team and their investors as well as channel partners into the White Oak family. Together with them, we are excited to further build upon the foundation laid by all of us till date,” said Khemka.
We are excited about offering our investment expertise to retail investors across the country and we aim to launch a range of funds post necessary regulatory approvals and subsequent launch through the first half of CY2022, he added.
Prashant Kumar, Managing Director & CEO, YES Bank, said, the move, aligned with the bank’s sustained efforts to enhance value creation for all our stakeholders, will lead to significant gains for both companies and, more importantly, our customers.
“With this transaction, the bank remains committed to re-channelizing resources as part of our overall strategy to drive growth and innovation in our offerings.”
YES Securities acted as an exclusive advisor to the transaction. Samvad Partners acted as legal advisor to YES BANK, while Khaitan & Co, IC Universal Legal and Regstreet Law Advisors were legal advisors to White Oak Capital on the transaction.
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“Net profit for Q2FY22 stood at Rs 1,051 crore, up by 99.89 per cent year-on-year,” the bank said in a regulatory filing.
On a sequential basis, net profit improved by 45.97 per cent from Rs 720 crore.
Net interest income (NII) stood at Rs 3,523 crore for the quarter Q2FY22. On a sequential basis, it increased by 12.06 per cent from Rs 3,144 crore in quarter ended June 2021, the bank said.
Non-interest income increased by 58.71 per cent from a year ago to Rs 2,136 crore for Q2FY22 against Rs 1,346 crore in Q2FY21.
On the asset front, the bank improved the quality as the gross non-performing assets (NPAs) were down at 12 per cent of the gross advances at end of September 2021 from 13.79 per cent by end of same month a year ago.
Net NPAs too fell to 2.79 per cent from 2.89 per cent.
Bank of India stock traded at Rs 62.25 apiece on BSE, up 3.06 per cent from the previous close.
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E-tenders were invited for Design, Supply, Installation, Testing and commissioning of UVGI System for Air Handling Units (AHUs) at Main Office Building, RBI, Hyderabad after publishing the NIT in Newspaper and on the Bank’s website. As per the schedule, pre-bid meeting was conducted on October 26, 2021 at 11:30 AM in Meeting room, 1st floor, MOB, Hyderabad. The list of participants is furnished in Annex. 2. Representatives of ABS Fujitsu General Private Limited attended the meeting. Various points/issues were discussed from both the sides. Some of the main points discussed during the meeting are as under:
3. Representatives of the firm were advised to follow all the instructions provided in the tender document and adhere to the prequalification criteria mentioned therein. 4. The prospecting bidders were informed that the work to be carried out, preferably during the working hours i.e. 10.00 AM to 6.00 PM on working days i.e., Monday to Friday. Decision of working on holidays and late evenings will be taken as per the convenience of the Bank. 5. This document (minutes of the Pre-Bid Meeting) shall also form a part of the tender. 6. All the above points were noted and agreed by the firm. All the doubts raised by the prospective bidders were clarified to their satisfaction. 7. The bidders also desired to visit AHUs and the same were facilitated by JE(Electrical) to enable them to have fair idea about the work to be done. 8. AGM (Tech-Electrical) ended the meeting with vote of thanks.
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State Bank of India (SBI) has launched a pre-approved two-wheeler loan scheme ‘SBI Easy Ride’ through its digital banking platform YONO.
Eligible SBI customers can avail of two-wheeler loans, up to 85 per cent of on-road price subject to eligibility, through the YONO app without visiting the bank branch.
Customers can apply for the Easy Ride loan for an amount up to ₹3 lakh at an interest rate of 10.5 per cent per annum onwards for a maximum tenure of four years, the Bank said in a statement. The minimum loan amount has been fixed at ₹20,000.
Also read: SBI launches video call life certificate submission facility for pensioners
The Bank emphasised that the EMI is as low as ₹2,560 per lakh. The loan availed will be disbursed directly into the dealer’s account.
SBI Chairman Dinesh Kumar Khara said this digital loan offering will position the Bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan and thereafter upgrade the relationship along with their growth.
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