In today’s briefing:
- RPSG Ventures: IPL Media Rights Auction Update
- Morning Views Asia: Country Garden Holdings Co, JSW Steel Ltd, China Datang Corp Renewable Power
- Gateway Distripark Ltd – Strong Rail Performance Amid Partial Commissioning of DFC Route
- Ashoka Buildcon Ltd – EPC Business Outlook Robust; Transitioning to Asset-Light Model
- Tata Communications – Wait Continues for Double Digit Revenue Growth
- Maruti Suzuki – Return of Product Lifecycle to Drive Market Share
- Bharat Petroleum Corporation – BPCL Management Meeting
RPSG Ventures: IPL Media Rights Auction Update
- We had highlighted in our prior note that IPL Media Rights for next 5Y (2023-27) could fetch a value of over INR 40,000cr.
- The bidding concluded recently. Total value of IPL Media Rights came in at INR 48,390cr, well above the INR 40,000cr expectation and closer to our optimistic scenario of INR 50,000cr.
- RPSGV’s IPL team will receive INR 480cr+ per year from its share in media rights vs INR 300-350cr projected earlier. This improves IRR for RPSGV’s investment in IPL team substantially.
Morning Views Asia: Country Garden Holdings Co, JSW Steel Ltd, China Datang Corp Renewable Power
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
Gateway Distripark Ltd – Strong Rail Performance Amid Partial Commissioning of DFC Route
- Increase in freight volume post commissioning of partial western DFC route
- Company is able to deliver timely cargo by leveraging its strong infrastructure
- Strong and sustained market share in North India: Gateway Distriparks indicated that their market share grew at a faster rate compared to industry.in NCR region.
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Ashoka Buildcon Ltd – EPC Business Outlook Robust; Transitioning to Asset-Light Model
- Healthy Portfolio: ASBL currently has a sizeable order book of Rs155bn.
- CGD business: CGD business is Performing well vis-à-vis its competitors; company has already invested Rs1.4bn and has plans to invest total of Rs8.5bn within a span of 3-4 years.
- Resilient EPC performance; robust outlook: Company recorded 20% growth in EPC business in FY22 and margins in the range of 11-12%. In terms of pecking order, management has indicated that it would continue to focus on roads and highways, followed by power and railway projects.
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Tata Communications – Wait Continues for Double Digit Revenue Growth
- Key highlights: Management reiterated its strategy with a focus on: 1) enabling borderless growth; 2) enhancing products and efficiency; 3) building agility; 4) boosting product innovation and customer experience; 5) managing risk.
- Outlook: In the last two years, although the company has delivered on its financial fitness goals, revenue recovery has seen a delay.
- Key Risks: 1) increased losses in incubation services; 2) inability to close large deals; 3) continued delays in revenue recovery; and 4) higher competitive intensity.
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Maruti Suzuki – Return of Product Lifecycle to Drive Market Share
- After a gap of almost three years, MSIL’s product pipeline has just kick- started with an exciting line-up of launches over the next 2-2.5 years.
- It has launched upgraded Celerio, and mid-cycle refresh of Baleno as well as XL6.
- Going forward, MSIL would be launching: new models (four SUVs), platform upgrade (Alto) and mid-cycle refresh (Brezza).
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Bharat Petroleum Corporation – BPCL Management Meeting
- Refining crack spread over crude: HSD crack stood at US$22/bbl in 4QFY22 vs US$12.61/bbl in 3QFY22.
- Retail prices/margins: The management expects retail price revision to take place if the current geopolitical situation turns out to be a prolonged one.
- BPCL envisages to become net zero by 2040 – Bina refinery plans to produce 1GW of green hydrogen in 5 years – will require capex of Rs5,000mn; long-term target of 10GW by 2040.
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