The pharmaceutical industry’s fortunes have started looking up after two years of slowdown wrought by rollout of the Goods and Services Tax (GST) at home and pricing pressures in the export market. Driven by a sharp spurt in exports, the industry logged double-digit growth of 15% in fiscal 2019, signalling a return to the healthy ways of fiscal 2013-2016.
The steep tariff hikes of up to 50% being implemented by telecommunication companies1 (telcos) have the potential to double the industry’s EBITDA2 next fiscal. This is a structural positive for an industry weighed down by weak cash flows and mounting debt.
ETFs can give a fillip to the corporate bond market
CRISIL has assigned its 'CRISIL AAAmfs' rating to BHARAT Bond ETFs - April 2023 and April 2030, the first instruments of their kind to be launched in India.
Non-bank growth to hit a decadal low of 6-8% this fiscal
The trifecta of constrained funding access with rising borrowing costs, re-calibration and de-risking of loan book and a slowing economy is set to beat down growth in assets under management (AUM) of non-banks – comprising non-banking finance companies and housing finance companies – to a decadal low of 6-8% this fiscal, compared with ~15% last fiscal.
Revenue growth of hospitals seen up 300-400 bps to 14-15%
Revenue and profitability of India’s hospitals sector should continue to improve between fiscals 2020 and 2021, sustaining the recovery witnessed last fiscal.
Cotton yarn spinners stare at 200-400 bps margin squeeze
Operating margin of domestic cotton yarn spinners is expected to shrink 200-400 basis points (bps) on-year in fiscal 2020 owing to a narrowed spread1 between cotton and yarn prices as compared to last fiscal.
Analytica