Latest news with #pre-IndAS
Time of India
2 days ago
- Business
- Time of India
Vodafone Idea shares in focus as Q1 loss widens to Rs 6,608 crore
Vodafone Idea shares will be in focus on Monday, August 18, after the telecom operator reported a wider loss for the June quarter. The company posted a net loss of Rs 6,608 crore in Q1FY25, compared to Rs 6,432 crore in the same quarter last year. Revenue from operations, however, rose 5% year-on-year (YoY) to Rs 11,023 crore from Rs 10,508 crore in the corresponding period of the previous financial year. The company's average revenue per user (ARPU) for the quarter stood at Rs 177, up from Rs 154 in Q1FY24, reflecting a year-on-year growth of 15%. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at Rs 4,612 crore, compared with Rs 4,205 crore in the year-ago period, marking a 10% increase. The EBITDA margin improved to 41.8%, 180 basis points higher than the 40% reported in the same quarter last year. Sequentially, losses narrowed from Rs 7,166 crore in Q4FY25, while revenue remained flat on a quarter-on-quarter basis. Vodafone Idea continued to expand its network services during the quarter, launching 5G in 22 cities across 13 circles, while also progressing with 4G expansion. Subscriber losses reduced sharply, with management noting that strategic investments have led to a 90% decline in churn. The 4G and 5G subscriber base rose to 127.4 million, compared with 126.7 million in Q1FY25. Live Events The company reported that 4G population coverage increased to 84%, while 4G data capacity rose 36% and average speeds improved 24% compared with March 2024. Cash EBITDA for the quarter, measured on a pre-Ind AS 116 basis, stood at Rs 2,180 crore, up 3.7% year-on-year. Debt from banks declined further to Rs 19.3 billion as of June 30, 2025. Vodafone Idea also entered into a strategic partnership with AST SpaceMobile to provide direct-to-device satellite broadband connectivity in remote areas without terrestrial networks. Commenting on the performance, CEO Akshaya Moondra described Q1 as a 'decisive turnaround quarter.' He said investments made over the past three quarters to expand 4G coverage have begun to yield results, with subscriber losses at their lowest since the company's merger. Moondra added that 5G services are now operational in 22 cities across 13 circles, and Vodafone Idea remains committed to systematically expanding its 5G footprint in line with rising handset adoption. He further highlighted strong momentum in core business metrics, with data consumption hitting record highs, supported by the success of its SuperHero and Non-Stop SuperHero plans. On Thursday, Vodafone Idea shares closed 3.45% lower at Rs 6.15 on BSE. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
15-07-2025
- Business
- Time of India
Kalyan Jewellers shares may rally up to Rs 700, JM Financial says as it begins coverage with buy call
JM Financial has initiated coverage on Kalyan Jewellers with a 'buy' rating and a target price of Rs 700 per share, citing the company's strong store expansion strategy, improving financial metrics and favourable structural tailwinds in India's jewellery industry. The target implies a potential upside of 19.4% from Monday's closing price. The brokerage values Kalyan at 45 times its pre-Ind AS estimated earnings for June 2027, a discount to peers like Titan , which trades at 57 times, citing the latter's superior margin profile and return ratios. However, the brokerage sees scope for a re-rating, stating, 'We believe that this sustained performance has made the company a positive outlier in the discretionary space and will eventually result in re-rating of the stock.' Kalyan's shift to a franchise-led model has been a key enabler of rapid scale-up, with 74 net stores added in FY25 and plans for 85–90 new stores annually through FY28. 'Strong return ratios for both the franchise partner and Kalyan ensure a long runway for the partnership,' JM Financial said, highlighting the capital-light nature of the model where inventory and capex investments are taken on by the franchisee. The brokerage expects revenue, EBITDA, and PAT for the company to grow at a compound annual rate of 25%, 23%, and 31% respectively between FY25 and FY28. While EBITDA margins are expected to contract marginally due to revenue share with franchisees, gains will accrue at the profit-before-tax level owing to lower capital deployment and reduced interest costs. Positioned to gain from formalisation trend India's Rs 6.4 lakh crore jewellery market is seeing a gradual shift toward formal players, with the organised segment projected to grow at 20% CAGR through FY28. JM Financial said Kalyan, the fourth-largest player in the industry, is well placed to benefit from this trend. 'Kalyan Jewellers, with its strong brand presence, is well placed to capture market share,' the brokerage said. The brokerage attributed Kalyan's competitive edge to 'moats built over the years,' such as its pan-India presence, localised product mix, unique 'My Kalyan' customer acquisition model, and governance improvements, including the appointment of Grant Thornton as auditor and the sale of non-core assets to reduce debt. Stock trends and technical Kalyan Jewellers shares are up 0.6% on Tuesday, trading at Rs 588.90 on the BSE. The stock has advanced 5.2% year-to-date and gained 7.7% over the past six months, though it remains just 2.4% higher over the past year. Technically, the stock is trading above seven of its eight key simple moving averages, excluding the 200-day SMA. The Relative Strength Index stands at 63.2, below the overbought threshold of 70. The MACD remains above both the centre and signal lines, reinforcing a bullish near-term trend. Also read | Kalyan Jewellers shares slip nearly 4% after posting Q1 business update ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
15-07-2025
- Business
- Economic Times
Kalyan Jewellers shares may rally up to Rs 700, JM Financial says as it begins coverage with buy call
JM Financial has initiated coverage on Kalyan Jewellers with a 'buy' rating and a target price of Rs 700 per share, citing the company's strong store expansion strategy, improving financial metrics and favourable structural tailwinds in India's jewellery industry. The target implies a potential upside of 19.4% from Monday's closing price. ADVERTISEMENT The brokerage values Kalyan at 45 times its pre-Ind AS estimated earnings for June 2027, a discount to peers like Titan, which trades at 57 times, citing the latter's superior margin profile and return ratios. However, the brokerage sees scope for a re-rating, stating, 'We believe that this sustained performance has made the company a positive outlier in the discretionary space and will eventually result in re-rating of the stock.' Kalyan's shift to a franchise-led model has been a key enabler of rapid scale-up, with 74 net stores added in FY25 and plans for 85–90 new stores annually through FY28. 'Strong return ratios for both the franchise partner and Kalyan ensure a long runway for the partnership,' JM Financial said, highlighting the capital-light nature of the model where inventory and capex investments are taken on by the brokerage expects revenue, EBITDA, and PAT for the company to grow at a compound annual rate of 25%, 23%, and 31% respectively between FY25 and FY28. While EBITDA margins are expected to contract marginally due to revenue share with franchisees, gains will accrue at the profit-before-tax level owing to lower capital deployment and reduced interest costs. ADVERTISEMENT India's Rs 6.4 lakh crore jewellery market is seeing a gradual shift toward formal players, with the organised segment projected to grow at 20% CAGR through FY28. JM Financial said Kalyan, the fourth-largest player in the industry, is well placed to benefit from this trend. 'Kalyan Jewellers, with its strong brand presence, is well placed to capture market share,' the brokerage brokerage attributed Kalyan's competitive edge to 'moats built over the years,' such as its pan-India presence, localised product mix, unique 'My Kalyan' customer acquisition model, and governance improvements, including the appointment of Grant Thornton as auditor and the sale of non-core assets to reduce debt. ADVERTISEMENT Kalyan Jewellers shares are up 0.6% on Tuesday, trading at Rs 588.90 on the BSE. The stock has advanced 5.2% year-to-date and gained 7.7% over the past six months, though it remains just 2.4% higher over the past the stock is trading above seven of its eight key simple moving averages, excluding the 200-day SMA. The Relative Strength Index stands at 63.2, below the overbought threshold of 70. The MACD remains above both the centre and signal lines, reinforcing a bullish near-term trend. ADVERTISEMENT Also read | Kalyan Jewellers shares slip nearly 4% after posting Q1 business update (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
