Billionaire Ajay Piramal led Piramal Capital & Housing Finance Limited (PCHFL) has emerged as the winning bidder for Dewan Housing Finance Limited (DHFL), after almost 94 percent of the creditors voted in its favour, multiple people aware of the development told CNBC-TV18.
Oaktree Capital's resolution plan secured only 45 percent of votes from the creditors committee, people familiar with the matter said.
To be declared the winning bidder, the resolution plan has to secure the highest share of votes from the creditors committee, subject to a minimum of 66 percent votes. The CoC voted on plans submitted by all 4 suitors.
The voting concluded after six rounds of an intense bidding war between the suitors. While the creditors committee’s vote gets Piramal Group one step closer to the takeover of DHFL, the deal may be far from done. Several people closely involved in the matter opined that because of the apparent strife between the suitors throughout the process, no matter which proposal the CoC selects, the other bidders are expected challenge the takeover in court.
*HCL Technologies Ltd Q3FY21 Concall Update*
(Nirmal Bang Retail Research)
*Outlook - Neutral*
*FY21 revenue is expected to grow QoQ between 2% to 3% in constant currency for Q4, including DWS acquisition, FY’21. EBIT expected to be between 21.0% and 21.5% for FY’21*
TCV signed 13 transformational deals with tcv up 13% YoY
• CC QoQ came at 3.5% ,Dollar revenue came at $ 2616.6 Mn,(4.4% QoQ, 2.9% YoY) Net sales came at Rs. 19302 Cr (3.8% QoQ, 6.4% YoY)
• Growth driver – Demand is strong and has steady momentum, mode 2 business digital and cloud is growing as company is mordernising their core business , Product and platform business grew 9.3% QoQ in cc terms due to increase in higher licence revenue , higher renewals deals
• On vertical front all vertical grew esp media and telecom vertical which grew by double digit in cc terms which is majorly due to 1 time deal activity
• Management indicates the verticals which were impacted during covid like manufacturing and retail is returning back to growth slowly due to pent up demand. Other than this, the verticals which were good during covid like groceries, life science and healthcare are making bolder bet
• EBIT Margin came at 22.9% one of the highest in 22 quarters vs QoQ 21.6%. SGA leverage led margins higher by 80 bps, reversal of bad debt led to margin higher by 130 bps which was offset by wage hike impacted the margins by 50 bps and higher depreciation led to impact of 30 bps .
The company will have impact of margin e4 level in wage hike
• Attrition rate is one of the lowest to 10.2% which is expected to inch up going ahead
• Employees for the quarter stands at 15982 employees.
• Adj. PAT came at Rs. 3981 Cr , due to lower tax provision.
• ETR 21.5-22% for Q4 FY21. FY21 ETR would be around 20%
• Quarter EPS is Rs. 14.7
• Stock is trading at P/E of 20.2 x FY22E EPS#NIFTY50 #NIFTYBANK