As cost cutting initiatives started bearing fruits, MBL’s operational performance (EBITDA loss of Rs153mn) was better than our estimates. Total operating cost stood at Rs296mn for the quarter (down 37.5% YoY) translating into monthly run-rate of ~Rs100mn (in-line with the cost optimization guidance of ~Rs100-110mn given in 4QFY20). Further, with 50% of the cost savings having materialized from reduction in fixed cost which is permanent in nature, we expect the benefit to fully play-out in FY21E. Nonetheless, challenges on inventory utilization continue to prevail (industry volumes for top 15 markets were down by 75% in 1QFY21) though there has been some improvement in the month of July. Even yields which were down by 8% are expected to remain under pressure. While MBL is debt free with cash balance of Rs2.4bn (~45% of the market cap is in cash) given the aggravating growth challenges we re-iterate our HOLD rating, EV/EBITDA 3.5x FY22E (no change). … [Read more...] about Hold Music Broadcast; target of Rs 18: Prabhudas Lilladher
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Once 2:30 a.m. rolled around and everyone was overdosing on caffeine, they were ready to assemble the structure. “The floorplan was designed so that the house breaks down into 6x6x4 foot units, so it can be more easily moved and reassembled. One of the artists, Andy White, designed the main level cages based on the proportions of the famous Robert Indiana LOVE sculpture–that sculpture breaks down into four pieces,” Jared says. Another artist wired the entire house so that each room has a light source, and it glows from the inside like a giant dollhouse. … [Read more...] about A Replica Of “The Wizard Of Oz” House, Built From Scrap
Finally, the next stimulus package bill for people affected by COVID-19 is upon us. Sorta. Yesterday, Senate Majority Leader Mitch McConnell was supposed to release the lonnnnng-awaited legislation that will serve as a starting point in negotiations with Democrats. He didn’t. The release has now been bumped back to next week. But Treasury Secretary Steven Mnuchin has been talking to the press about what you’ll likely get. … [Read more...] about Second stimulus checks and unemployment: Here are the latest details as we wait for a package
Since there are existing banking and PSU bond funds with performance track records, investors can skip this scheme. However, given Mirae’s track record of keeping its expense ratios low, there is a fair chance that this scheme may well come with a low expense ratio, especially in its direct plan. That’s something to look forward to in the future, if the scheme develops a good track record. … [Read more...] about What’s new about the latest entrant to the banking & PSU debt funds space?
The company has also joined hands with Domino’s, Zomato and direct-selling company Amway for home delivering a range of food products and beverages (Aashirvaad, Yippee! and Sunfeast B Natural), and hygiene and personal care products that it sells under Savlon and Fiama brands. … [Read more...] about FMCG companies go digital, will the distributor be latest victim of coronavirus?