*Kirloskar Brothers Ltd.* | *CMP* Rs. 358 | *M Cap* Rs. 2843 Cr | *52 W H/L* 424/243
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 957.5 Cr (10.8% QoQ, 32% YoY) vs QoQ Rs. 864 Cr, YoY Rs. 725.3 Cr
EBIDTA came at Rs. 149.3 Cr (138.5% QoQ, 245.6% YoY) vs QoQ Rs. 62.6 Cr, YoY Rs. 43.2 Cr
EBITDA Margin came at 15.6% vs QoQ 7.2%, YoY 6%
Adj. PAT came at Rs. 88.7 Cr vs QoQ Rs. 30.7 Cr, YoY Rs. 21.7 Cr
Quarter EPS is Rs. 11.2
Stock is trading at P/E of 15x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 957.5 Cr (10.8% QoQ, 32% YoY) vs QoQ Rs. 864 Cr, YoY Rs. 725.3 Cr
EBIDTA came at Rs. 149.3 Cr (138.5% QoQ, 245.6% YoY) vs QoQ Rs. 62.6 Cr, YoY Rs. 43.2 Cr
EBITDA Margin came at 15.6% vs QoQ 7.2%, YoY 6%
Adj. PAT came at Rs. 88.7 Cr vs QoQ Rs. 30.7 Cr, YoY Rs. 21.7 Cr
Quarter EPS is Rs. 11.2
Stock is trading at P/E of 15x TTM EPS
*RateGain Travel Technologies Ltd.* | *CMP* Rs. 376 | *M Cap* Rs. 4071 Cr | *52 W H/L* 418/235
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 138.3 Cr (11% QoQ, 39.7% YoY) vs QoQ Rs. 124.6 Cr, YoY Rs. 99 Cr
EBIDTA came at Rs. 22.9 Cr (30.2% QoQ, 147.1% YoY) vs QoQ Rs. 17.6 Cr, YoY Rs. 9.3 Cr
EBITDA Margin came at 16.6% vs QoQ 14.1%, YoY 9.4%
Adj. PAT came at Rs. 13.2 Cr vs QoQ Rs. 13 Cr, YoY Rs. 1 Cr
Quarter EPS is Rs. 1.2
Stock is trading at P/E of 43.1x FY24E EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 138.3 Cr (11% QoQ, 39.7% YoY) vs QoQ Rs. 124.6 Cr, YoY Rs. 99 Cr
EBIDTA came at Rs. 22.9 Cr (30.2% QoQ, 147.1% YoY) vs QoQ Rs. 17.6 Cr, YoY Rs. 9.3 Cr
EBITDA Margin came at 16.6% vs QoQ 14.1%, YoY 9.4%
Adj. PAT came at Rs. 13.2 Cr vs QoQ Rs. 13 Cr, YoY Rs. 1 Cr
Quarter EPS is Rs. 1.2
Stock is trading at P/E of 43.1x FY24E EPS
*West Coast Paper Mills Ltd.* | *CMP* Rs. 546 | *M Cap* Rs. 3606 Cr | *52 W H/L* 664/215
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1239.2 Cr (2.4% QoQ, 42.1% YoY) vs QoQ Rs. 1210 Cr, YoY Rs. 872.2 Cr
EBIDTA came at Rs. 461.2 Cr (25.6% QoQ, 187.8% YoY) vs QoQ Rs. 367.3 Cr, YoY Rs. 160.3 Cr
EBITDA Margin came at 37.2% vs QoQ 30.4%, YoY 18.4%
Adj. PAT came at Rs. 263.7 Cr vs QoQ Rs. 214.7 Cr, YoY Rs. 78.1 Cr
Quarter EPS is Rs. 39.9
Stock is trading at P/E of 4.6x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1239.2 Cr (2.4% QoQ, 42.1% YoY) vs QoQ Rs. 1210 Cr, YoY Rs. 872.2 Cr
EBIDTA came at Rs. 461.2 Cr (25.6% QoQ, 187.8% YoY) vs QoQ Rs. 367.3 Cr, YoY Rs. 160.3 Cr
EBITDA Margin came at 37.2% vs QoQ 30.4%, YoY 18.4%
Adj. PAT came at Rs. 263.7 Cr vs QoQ Rs. 214.7 Cr, YoY Rs. 78.1 Cr
Quarter EPS is Rs. 39.9
Stock is trading at P/E of 4.6x TTM EPS
*Kopran Ltd.* | *CMP* Rs. 123 | *M Cap* Rs. 593 Cr | *52 W H/L* 328/123.1
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 158 Cr (35.1% QoQ, 19.9% YoY) vs QoQ Rs. 117 Cr, YoY Rs. 131.8 Cr
EBIDTA came at Rs. 12.6 Cr (-9.5% QoQ, -53.5% YoY) vs QoQ Rs. 13.9 Cr, YoY Rs. 27.1 Cr
EBITDA Margin came at 8% vs QoQ 11.9%, YoY 20.6%
Adj. PAT came at Rs. 6.9 Cr vs QoQ Rs. 4.7 Cr, YoY Rs. 20.1 Cr
Quarter EPS is Rs. 1.4
Stock is trading at P/E of 16.2x TTM EPS
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 158 Cr (35.1% QoQ, 19.9% YoY) vs QoQ Rs. 117 Cr, YoY Rs. 131.8 Cr
EBIDTA came at Rs. 12.6 Cr (-9.5% QoQ, -53.5% YoY) vs QoQ Rs. 13.9 Cr, YoY Rs. 27.1 Cr
EBITDA Margin came at 8% vs QoQ 11.9%, YoY 20.6%
Adj. PAT came at Rs. 6.9 Cr vs QoQ Rs. 4.7 Cr, YoY Rs. 20.1 Cr
Quarter EPS is Rs. 1.4
Stock is trading at P/E of 16.2x TTM EPS
*BEML Ltd.* | *CMP* Rs. 1379 | *M Cap* Rs. 5743 Cr | *52 W H/L* 1659/923
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1037 Cr (28.8% QoQ, -8.5% YoY) vs expectation of Rs. 1015 Cr, QoQ Rs. 804.9 Cr, YoY Rs. 1133.1 Cr
EBIDTA came at Rs. 91.7 Cr (119% QoQ, 22.9% YoY) vs expectation of Rs. 103.5 Cr, QoQ Rs. 41.9 Cr, YoY Rs. 74.6 Cr
EBITDA Margin came at 8.8% vs expectation of 10.2%, QoQ 5.2%, YoY 6.6%
Adj. PAT came at Rs. 66.5 Cr vs expectation of Rs. 77.2 Cr, QoQ Rs. 16.4 Cr, YoY Rs. 79.1 Cr
Quarter EPS is Rs. 16
Stock is trading at P/E of 24.6x FY24E EPS
*KCP Ltd.* | *CMP* Rs. 102 | *M Cap* Rs. 1312 Cr | *52 W H/L* 143/97
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 550.9 Cr (2.3% QoQ, 8.1% YoY) vs QoQ Rs. 538.5 Cr, YoY Rs. 509.8 Cr
EBIDTA came at Rs. 2.2 Cr (-88.3% QoQ, -96.3% YoY) vs QoQ Rs. 19.1 Cr, YoY Rs. 59.9 Cr
EBITDA Margin came at 0.4% vs QoQ 3.5%, YoY 11.7%
Adj. PAT came at Rs. -10.1 Cr vs QoQ Rs. -5.1 Cr, YoY Rs. 22.1 Cr
Quarter EPS is Rs. -0.8
Stock is trading at P/E of 26.6x TTM EPS
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1037 Cr (28.8% QoQ, -8.5% YoY) vs expectation of Rs. 1015 Cr, QoQ Rs. 804.9 Cr, YoY Rs. 1133.1 Cr
EBIDTA came at Rs. 91.7 Cr (119% QoQ, 22.9% YoY) vs expectation of Rs. 103.5 Cr, QoQ Rs. 41.9 Cr, YoY Rs. 74.6 Cr
EBITDA Margin came at 8.8% vs expectation of 10.2%, QoQ 5.2%, YoY 6.6%
Adj. PAT came at Rs. 66.5 Cr vs expectation of Rs. 77.2 Cr, QoQ Rs. 16.4 Cr, YoY Rs. 79.1 Cr
Quarter EPS is Rs. 16
Stock is trading at P/E of 24.6x FY24E EPS
*KCP Ltd.* | *CMP* Rs. 102 | *M Cap* Rs. 1312 Cr | *52 W H/L* 143/97
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 550.9 Cr (2.3% QoQ, 8.1% YoY) vs QoQ Rs. 538.5 Cr, YoY Rs. 509.8 Cr
EBIDTA came at Rs. 2.2 Cr (-88.3% QoQ, -96.3% YoY) vs QoQ Rs. 19.1 Cr, YoY Rs. 59.9 Cr
EBITDA Margin came at 0.4% vs QoQ 3.5%, YoY 11.7%
Adj. PAT came at Rs. -10.1 Cr vs QoQ Rs. -5.1 Cr, YoY Rs. 22.1 Cr
Quarter EPS is Rs. -0.8
Stock is trading at P/E of 26.6x TTM EPS
*Abbott India Ltd.* | *CMP* Rs. 21100 | *M Cap* Rs. 44836 Cr | *52 W H/L* 22499/15415
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 1326.5 Cr (-3.8% QoQ, 8.3% YoY) vs expectation of Rs. 1368.3 Cr, QoQ Rs. 1379.5 Cr, YoY Rs. 1224.4 Cr
EBIDTA came at Rs. 316.5 Cr (-7.8% QoQ, 17.6% YoY) vs expectation of Rs. 311.5 Cr, QoQ Rs. 343.3 Cr, YoY Rs. 269.1 Cr
EBITDA Margin came at 23.9% vs expectation of 22.8%, QoQ 24.9%, YoY 22%
Adj. PAT came at Rs. 246.8 Cr vs expectation of Rs. 236.2 Cr, QoQ Rs. 265.5 Cr, YoY Rs. 199.2 Cr
Quarter EPS is Rs. 116.2
Stock is trading at P/E of 41.7x FY24E EPS
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 1326.5 Cr (-3.8% QoQ, 8.3% YoY) vs expectation of Rs. 1368.3 Cr, QoQ Rs. 1379.5 Cr, YoY Rs. 1224.4 Cr
EBIDTA came at Rs. 316.5 Cr (-7.8% QoQ, 17.6% YoY) vs expectation of Rs. 311.5 Cr, QoQ Rs. 343.3 Cr, YoY Rs. 269.1 Cr
EBITDA Margin came at 23.9% vs expectation of 22.8%, QoQ 24.9%, YoY 22%
Adj. PAT came at Rs. 246.8 Cr vs expectation of Rs. 236.2 Cr, QoQ Rs. 265.5 Cr, YoY Rs. 199.2 Cr
Quarter EPS is Rs. 116.2
Stock is trading at P/E of 41.7x FY24E EPS
*Rana Sugars Ltd.* | *CMP* Rs. 23 | *M Cap* Rs. 356 Cr | *52 W H/L* 44/21
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 370.4 Cr (-2% QoQ, 40.3% YoY) vs QoQ Rs. 378.1 Cr, YoY Rs. 264.1 Cr
EBIDTA came at Rs. 24.8 Cr (218.7% QoQ, -12% YoY) vs QoQ Rs. 7.8 Cr, YoY Rs. 28.1 Cr
EBITDA Margin came at 6.7% vs QoQ 2.1%, YoY 10.7%
Adj. PAT came at Rs. 1.6 Cr vs QoQ Rs. 0.8 Cr, YoY Rs. 18.8 Cr
Quarter EPS is Rs. 0.1
Stock is trading at P/E of 10.3x TTM EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 370.4 Cr (-2% QoQ, 40.3% YoY) vs QoQ Rs. 378.1 Cr, YoY Rs. 264.1 Cr
EBIDTA came at Rs. 24.8 Cr (218.7% QoQ, -12% YoY) vs QoQ Rs. 7.8 Cr, YoY Rs. 28.1 Cr
EBITDA Margin came at 6.7% vs QoQ 2.1%, YoY 10.7%
Adj. PAT came at Rs. 1.6 Cr vs QoQ Rs. 0.8 Cr, YoY Rs. 18.8 Cr
Quarter EPS is Rs. 0.1
Stock is trading at P/E of 10.3x TTM EPS
*SML Isuzu Ltd.* | *CMP* Rs. 741 | *M Cap* Rs. 1072 Cr | *52 W H/L* 888/471
(Nirmal Bang Retail Research)
No. of Vehicles Sold 2264 vs QoQ 2774,YoY 2047
*Result has improved*
Revenue from Operations came at Rs. 327.8 Cr (-20.1% QoQ, 31.2% YoY) vs QoQ Rs. 410.4 Cr, YoY Rs. 249.9 Cr
EBIDTA came at Rs. 15.9 Cr (184.4% QoQ, -266.5% YoY) vs QoQ Rs. 5.6 Cr, YoY Rs. -9.6 Cr
EBITDA Margin came at 4.9% vs QoQ 1.4%, YoY -3.8%
Adj. PAT came at Rs. -0.1 Cr vs QoQ Rs. -9.2 Cr, YoY Rs. -25.8 Cr
Quarter EPS is Rs. -0.1
Stock is trading at P/E of -58.3x TTM EPS
(Nirmal Bang Retail Research)
No. of Vehicles Sold 2264 vs QoQ 2774,YoY 2047
*Result has improved*
Revenue from Operations came at Rs. 327.8 Cr (-20.1% QoQ, 31.2% YoY) vs QoQ Rs. 410.4 Cr, YoY Rs. 249.9 Cr
EBIDTA came at Rs. 15.9 Cr (184.4% QoQ, -266.5% YoY) vs QoQ Rs. 5.6 Cr, YoY Rs. -9.6 Cr
EBITDA Margin came at 4.9% vs QoQ 1.4%, YoY -3.8%
Adj. PAT came at Rs. -0.1 Cr vs QoQ Rs. -9.2 Cr, YoY Rs. -25.8 Cr
Quarter EPS is Rs. -0.1
Stock is trading at P/E of -58.3x TTM EPS
👍1
*Southern Petrochemical Industries Corporation Ltd.* | *CMP* Rs. 70 | *M Cap* Rs. 1415 Cr | *52 W H/L* 93/41
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 698.6 Cr (-1.3% QoQ, 41.9% YoY) vs QoQ Rs. 708.1 Cr, YoY Rs. 492.5 Cr
EBIDTA came at Rs. 97.4 Cr (-20.3% QoQ, 53.5% YoY) vs QoQ Rs. 122.2 Cr, YoY Rs. 63.5 Cr
EBITDA Margin came at 13.9% vs QoQ 17.3%, YoY 12.9%
Adj. PAT came at Rs. 89.7 Cr vs QoQ Rs. 113.8 Cr, YoY Rs. 59.6 Cr
Quarter EPS is Rs. 4.4
Stock is trading at P/E of 5x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 698.6 Cr (-1.3% QoQ, 41.9% YoY) vs QoQ Rs. 708.1 Cr, YoY Rs. 492.5 Cr
EBIDTA came at Rs. 97.4 Cr (-20.3% QoQ, 53.5% YoY) vs QoQ Rs. 122.2 Cr, YoY Rs. 63.5 Cr
EBITDA Margin came at 13.9% vs QoQ 17.3%, YoY 12.9%
Adj. PAT came at Rs. 89.7 Cr vs QoQ Rs. 113.8 Cr, YoY Rs. 59.6 Cr
Quarter EPS is Rs. 4.4
Stock is trading at P/E of 5x TTM EPS
*Alkem Laboratories Ltd.* | *CMP* Rs. 3279 | *M Cap* Rs. 39201 Cr | *52 W H/L* 3725/2828
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3040.9 Cr (-1.2% QoQ, 16.1% YoY) vs expectation of Rs. 2946.4 Cr, QoQ Rs. 3079.4 Cr, YoY Rs. 2619 Cr
EBIDTA came at Rs. 599.1 Cr (32% QoQ, 20.2% YoY) vs expectation of Rs. 470.3 Cr, QoQ Rs. 453.9 Cr, YoY Rs. 498.5 Cr
EBITDA Margin came at 19.7% vs expectation of 16%, QoQ 14.7%, YoY 19%
Adj. PAT came at Rs. 460 Cr vs expectation of Rs. 357.3 Cr, QoQ Rs. 330.8 Cr, YoY Rs. 525.7 Cr
Quarter EPS is Rs. 38.5
Stock is trading at P/E of 23.8x FY24E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3040.9 Cr (-1.2% QoQ, 16.1% YoY) vs expectation of Rs. 2946.4 Cr, QoQ Rs. 3079.4 Cr, YoY Rs. 2619 Cr
EBIDTA came at Rs. 599.1 Cr (32% QoQ, 20.2% YoY) vs expectation of Rs. 470.3 Cr, QoQ Rs. 453.9 Cr, YoY Rs. 498.5 Cr
EBITDA Margin came at 19.7% vs expectation of 16%, QoQ 14.7%, YoY 19%
Adj. PAT came at Rs. 460 Cr vs expectation of Rs. 357.3 Cr, QoQ Rs. 330.8 Cr, YoY Rs. 525.7 Cr
Quarter EPS is Rs. 38.5
Stock is trading at P/E of 23.8x FY24E EPS
*NCL Industries Ltd.* | *CMP* Rs. 173 | *M Cap* Rs. 784 Cr | *52 W H/L* 215/156
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 419.1 Cr (14.8% QoQ, 13.4% YoY) vs QoQ Rs. 365 Cr, YoY Rs. 369.6 Cr
EBIDTA came at Rs. 56.5 Cr (139.7% QoQ, 55.1% YoY) vs QoQ Rs. 23.6 Cr, YoY Rs. 36.5 Cr
EBITDA Margin came at 13.5% vs QoQ 6.5%, YoY 9.9%
Adj. PAT came at Rs. 20.2 Cr vs QoQ Rs. 3 Cr, YoY Rs. 14.5 Cr
Quarter EPS is Rs. 4.5
Stock is trading at EV/EBITDA of 7.7x TTM EBITDA
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 419.1 Cr (14.8% QoQ, 13.4% YoY) vs QoQ Rs. 365 Cr, YoY Rs. 369.6 Cr
EBIDTA came at Rs. 56.5 Cr (139.7% QoQ, 55.1% YoY) vs QoQ Rs. 23.6 Cr, YoY Rs. 36.5 Cr
EBITDA Margin came at 13.5% vs QoQ 6.5%, YoY 9.9%
Adj. PAT came at Rs. 20.2 Cr vs QoQ Rs. 3 Cr, YoY Rs. 14.5 Cr
Quarter EPS is Rs. 4.5
Stock is trading at EV/EBITDA of 7.7x TTM EBITDA
*Sanghvi Movers Ltd.* | *CMP* Rs. 360 | *M Cap* Rs. 1558 Cr | *52 W H/L* 360/150
(Nirmal Bang Retail Research)
*Result good*
Revenue from Operations came at Rs. 122.5 Cr (12.1% QoQ, 54.4% YoY) vs QoQ Rs. 109.2 Cr, YoY Rs. 79.3 Cr
EBIDTA came at Rs. 75.2 Cr (31.8% QoQ, 110.8% YoY) vs QoQ Rs. 57.1 Cr, YoY Rs. 35.7 Cr
EBITDA Margin came at 61.4% vs QoQ 52.3%, YoY 45%
Adj. PAT came at Rs. 34.7 Cr vs QoQ Rs. 28.9 Cr, YoY Rs. 8.8 Cr
Quarter EPS is Rs. 8
Stock is trading at P/E of 16.1x TTM EPS
(Nirmal Bang Retail Research)
*Result good*
Revenue from Operations came at Rs. 122.5 Cr (12.1% QoQ, 54.4% YoY) vs QoQ Rs. 109.2 Cr, YoY Rs. 79.3 Cr
EBIDTA came at Rs. 75.2 Cr (31.8% QoQ, 110.8% YoY) vs QoQ Rs. 57.1 Cr, YoY Rs. 35.7 Cr
EBITDA Margin came at 61.4% vs QoQ 52.3%, YoY 45%
Adj. PAT came at Rs. 34.7 Cr vs QoQ Rs. 28.9 Cr, YoY Rs. 8.8 Cr
Quarter EPS is Rs. 8
Stock is trading at P/E of 16.1x TTM EPS
*Muthoot Capital Q3FY23 Concall Update*
(Nirmal Bang Securities)
*# Disbursement gains momentum; sequential acceleration in AUM is encouraging*
*# Continuation of growth in 2W industry remains key for re-rating*
*# ROA/ROE at 3.7%/18% for second consecutive qtr; Steady state ROA to be at 3-3.25%*
*View: Positive*
• Disbursements came at Rs. 412 Cr vs YoY Rs. 332 Cr, QoQ Rs. 298 Cr.
• Since covid this is the first time the co has crossed disbursements of Rs. 400 Cr.
• However this Rs. 412 Cr has 2 components –
1. 2W loans: 362 Cr (+24% QoQ & +11% YoY)
2. Others (mainly Corporate loans): 50 Cr vs usual runrate of 7 Cr. These corporate loans have ticket sizes ranging from 1 Cr to 5 Cr.
• This resulted in sequential AUM accelerating by 5% to Rs. 2141 Cr (+6% YoY).
• As per co 39.97 lac 2Ws were sold during Q3, an increase of 27% QoQ & 12% YoY which led to strong disbursement performance.
• Continuation of growth in 2W industry remains key for re-rating of the stock.
• Corporate loan mix will remain in high single digits at max.
• Co is targeting AUM of Rs. 4,000 Cr by FY26.
• Spreads were at 10.4% vs QoQ 10.2%. Yields were at 19.5% vs QoQ 19.2%. COF was at 9.2% vs QoQ 9.0%. Calculated NIMs declined to 12.3% vs QoQ 12.8% as sequential increase in borrowings was at 10% compared to 5% for loans.
• Co is targeting to increase the borrowing from fixed deposits to Rs. 500 Cr which seems to be a very steep target considering the current level of Rs. 71 Cr.
• GNPA came at 21.9% vs QoQ 23.6%. NNPA came at 3.6% vs QoQ 4.5%. Co intends to reduce NNPA to below 3%.
Stock is trading at P/E of 6x FY24E EPS & 1.1x trailing P/BV
(Nirmal Bang Securities)
*# Disbursement gains momentum; sequential acceleration in AUM is encouraging*
*# Continuation of growth in 2W industry remains key for re-rating*
*# ROA/ROE at 3.7%/18% for second consecutive qtr; Steady state ROA to be at 3-3.25%*
*View: Positive*
• Disbursements came at Rs. 412 Cr vs YoY Rs. 332 Cr, QoQ Rs. 298 Cr.
• Since covid this is the first time the co has crossed disbursements of Rs. 400 Cr.
• However this Rs. 412 Cr has 2 components –
1. 2W loans: 362 Cr (+24% QoQ & +11% YoY)
2. Others (mainly Corporate loans): 50 Cr vs usual runrate of 7 Cr. These corporate loans have ticket sizes ranging from 1 Cr to 5 Cr.
• This resulted in sequential AUM accelerating by 5% to Rs. 2141 Cr (+6% YoY).
• As per co 39.97 lac 2Ws were sold during Q3, an increase of 27% QoQ & 12% YoY which led to strong disbursement performance.
• Continuation of growth in 2W industry remains key for re-rating of the stock.
• Corporate loan mix will remain in high single digits at max.
• Co is targeting AUM of Rs. 4,000 Cr by FY26.
• Spreads were at 10.4% vs QoQ 10.2%. Yields were at 19.5% vs QoQ 19.2%. COF was at 9.2% vs QoQ 9.0%. Calculated NIMs declined to 12.3% vs QoQ 12.8% as sequential increase in borrowings was at 10% compared to 5% for loans.
• Co is targeting to increase the borrowing from fixed deposits to Rs. 500 Cr which seems to be a very steep target considering the current level of Rs. 71 Cr.
• GNPA came at 21.9% vs QoQ 23.6%. NNPA came at 3.6% vs QoQ 4.5%. Co intends to reduce NNPA to below 3%.
Stock is trading at P/E of 6x FY24E EPS & 1.1x trailing P/BV
*Dhanuka Agritech Ltd.* | *CMP* Rs. 686 | *M Cap* Rs. 3127 Cr | *52 W H/L* 816/631
(Nirmal Bang Retail Research)
*Result marginally below expectations*
Revenue from Operations came at Rs. 393.4 Cr (-27.5% QoQ, 10.2% YoY) vs expectation of Rs. 395.3 Cr, QoQ Rs. 542.9 Cr, YoY Rs. 356.9 Cr
EBIDTA came at Rs. 51.8 Cr (-46.9% QoQ, -5.8% YoY) vs expectation of Rs. 58.9 Cr, QoQ Rs. 97.5 Cr, YoY Rs. 55 Cr
EBITDA Margin came at 13.2% vs expectation of 14.9%, QoQ 18%, YoY 15.4%
Adj. PAT came at Rs. 46.1 Cr vs expectation of Rs. 45.3 Cr, QoQ Rs. 73 Cr, YoY Rs. 42.5 Cr
Quarter EPS is Rs. 10.1
Stock is trading at P/E of 12.7x FY24E EPS
(Nirmal Bang Retail Research)
*Result marginally below expectations*
Revenue from Operations came at Rs. 393.4 Cr (-27.5% QoQ, 10.2% YoY) vs expectation of Rs. 395.3 Cr, QoQ Rs. 542.9 Cr, YoY Rs. 356.9 Cr
EBIDTA came at Rs. 51.8 Cr (-46.9% QoQ, -5.8% YoY) vs expectation of Rs. 58.9 Cr, QoQ Rs. 97.5 Cr, YoY Rs. 55 Cr
EBITDA Margin came at 13.2% vs expectation of 14.9%, QoQ 18%, YoY 15.4%
Adj. PAT came at Rs. 46.1 Cr vs expectation of Rs. 45.3 Cr, QoQ Rs. 73 Cr, YoY Rs. 42.5 Cr
Quarter EPS is Rs. 10.1
Stock is trading at P/E of 12.7x FY24E EPS
*Goldiam International Ltd.* | *CMP* Rs. 155 | *M Cap* Rs. 1692 Cr | *52 W H/L* 201/117
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 178.2 Cr (109.2% QoQ, -18.3% YoY) vs QoQ Rs. 85.2 Cr, YoY Rs. 218.2 Cr
EBIDTA came at Rs. 32.8 Cr (45.1% QoQ, -36% YoY) vs QoQ Rs. 22.6 Cr, YoY Rs. 51.2 Cr
EBITDA Margin came at 18.4% vs QoQ 26.5%, YoY 23.5%
Adj. PAT came at Rs. 28.8 Cr vs QoQ Rs. 18.8 Cr, YoY Rs. 39.6 Cr
Quarter EPS is Rs. 2.6
Stock is trading at P/E of 18.5x TTM EPS
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 178.2 Cr (109.2% QoQ, -18.3% YoY) vs QoQ Rs. 85.2 Cr, YoY Rs. 218.2 Cr
EBIDTA came at Rs. 32.8 Cr (45.1% QoQ, -36% YoY) vs QoQ Rs. 22.6 Cr, YoY Rs. 51.2 Cr
EBITDA Margin came at 18.4% vs QoQ 26.5%, YoY 23.5%
Adj. PAT came at Rs. 28.8 Cr vs QoQ Rs. 18.8 Cr, YoY Rs. 39.6 Cr
Quarter EPS is Rs. 2.6
Stock is trading at P/E of 18.5x TTM EPS
👍1
*SALZER ELECTRONICS LTD.* | *CMP* Rs. 306 | *M Cap* Rs. 489 Cr | *52 W H/L* 306/
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 245.6 Cr (0% QoQ, 12.2% YoY) vs QoQ Rs. 245.6 Cr, YoY Rs. 218.8 Cr
EBIDTA came at Rs. 24.9 Cr (-2.9% QoQ, 35.3% YoY) vs QoQ Rs. 25.6 Cr, YoY Rs. 18.4 Cr
EBITDA Margin came at 10.1% vs QoQ 10.4%, YoY 8.4%
Adj. PAT came at Rs. 10.3 Cr vs QoQ Rs. 9.4 Cr, YoY Rs. 8.4 Cr
Quarter EPS is Rs. 6.5
Stock is trading at P/E of 15.8x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 245.6 Cr (0% QoQ, 12.2% YoY) vs QoQ Rs. 245.6 Cr, YoY Rs. 218.8 Cr
EBIDTA came at Rs. 24.9 Cr (-2.9% QoQ, 35.3% YoY) vs QoQ Rs. 25.6 Cr, YoY Rs. 18.4 Cr
EBITDA Margin came at 10.1% vs QoQ 10.4%, YoY 8.4%
Adj. PAT came at Rs. 10.3 Cr vs QoQ Rs. 9.4 Cr, YoY Rs. 8.4 Cr
Quarter EPS is Rs. 6.5
Stock is trading at P/E of 15.8x TTM EPS
*Jyoti Resins & Adhesives Ltd.* | *CMP* Rs. 1210 | *M Cap* Rs. 1452 Cr | *52 W H/L* 1818/400
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 66.6 Cr (1.5% QoQ, 36.3% YoY) vs QoQ Rs. 65.7 Cr, YoY Rs. 48.9 Cr
EBIDTA came at Rs. 16.3 Cr (22.3% QoQ, 147.2% YoY) vs QoQ Rs. 13.4 Cr, YoY Rs. 6.6 Cr
EBITDA Margin came at 24.5% vs QoQ 20.3%, YoY 13.5%
Adj. PAT came at Rs. 12.1 Cr vs QoQ Rs. 8.8 Cr, YoY Rs. 4.9 Cr
Quarter EPS is Rs. 10.1
Stock is trading at P/E of 39.3x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 66.6 Cr (1.5% QoQ, 36.3% YoY) vs QoQ Rs. 65.7 Cr, YoY Rs. 48.9 Cr
EBIDTA came at Rs. 16.3 Cr (22.3% QoQ, 147.2% YoY) vs QoQ Rs. 13.4 Cr, YoY Rs. 6.6 Cr
EBITDA Margin came at 24.5% vs QoQ 20.3%, YoY 13.5%
Adj. PAT came at Rs. 12.1 Cr vs QoQ Rs. 8.8 Cr, YoY Rs. 4.9 Cr
Quarter EPS is Rs. 10.1
Stock is trading at P/E of 39.3x TTM EPS
*Mahindra & Mahindra Ltd.* | *CMP* Rs. 1373 | *M Cap* Rs. 170690 Cr | *52 W H/L* 1390/671
(Nirmal Bang Retail Research)
No. of Vehicles Sold 281859 vs QoQ 273223,YoY 214134
*Result is above expectations*
Revenue from Operations came at Rs. 21653.7 Cr (3.9% QoQ, 42.1% YoY) vs expectation of Rs. 21506.5 Cr, QoQ Rs. 20839.3 Cr, YoY Rs. 15238.8 Cr
EBIDTA came at Rs. 2814.2 Cr (12.7% QoQ, 55.8% YoY) vs expectation of Rs. 2757.6 Cr, QoQ Rs. 2496.4 Cr, YoY Rs. 1805.8 Cr
EBITDA Margin came at 13% vs expectation of 12.8%, QoQ 12%, YoY 11.9%
Adj. PAT came at Rs. 2156.9 Cr vs expectation of Rs. 1812.1 Cr, QoQ Rs. 2337.8 Cr, YoY Rs. 1353.1 Cr
Quarter EPS is Rs. 17.4
Stock is trading at P/E of 19.2x FY24 EPS
(Nirmal Bang Retail Research)
No. of Vehicles Sold 281859 vs QoQ 273223,YoY 214134
*Result is above expectations*
Revenue from Operations came at Rs. 21653.7 Cr (3.9% QoQ, 42.1% YoY) vs expectation of Rs. 21506.5 Cr, QoQ Rs. 20839.3 Cr, YoY Rs. 15238.8 Cr
EBIDTA came at Rs. 2814.2 Cr (12.7% QoQ, 55.8% YoY) vs expectation of Rs. 2757.6 Cr, QoQ Rs. 2496.4 Cr, YoY Rs. 1805.8 Cr
EBITDA Margin came at 13% vs expectation of 12.8%, QoQ 12%, YoY 11.9%
Adj. PAT came at Rs. 2156.9 Cr vs expectation of Rs. 1812.1 Cr, QoQ Rs. 2337.8 Cr, YoY Rs. 1353.1 Cr
Quarter EPS is Rs. 17.4
Stock is trading at P/E of 19.2x FY24 EPS
*Electronics Mart India Ltd.* | *CMP* Rs. 77 | *M Cap* Rs. 2963 Cr | *52 W H/L* 104/75
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 1481.7 Cr (20.7% QoQ, 17.1% YoY) vs QoQ Rs. 1227.7 Cr, YoY Rs. 1265.3 Cr
EBIDTA came at Rs. 72.8 Cr (-3.4% QoQ, -5.5% YoY) vs QoQ Rs. 75.4 Cr, YoY Rs. 77 Cr
EBITDA Margin came at 4.9% vs QoQ 6.1%, YoY 6.1%
Adj. PAT came at Rs. 21.9 Cr vs QoQ Rs. 24.1 Cr, YoY Rs. 27.7 Cr
Quarter EPS is Rs. 0.6
Stock is trading at P/E of 64.4x TTM EPS
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 1481.7 Cr (20.7% QoQ, 17.1% YoY) vs QoQ Rs. 1227.7 Cr, YoY Rs. 1265.3 Cr
EBIDTA came at Rs. 72.8 Cr (-3.4% QoQ, -5.5% YoY) vs QoQ Rs. 75.4 Cr, YoY Rs. 77 Cr
EBITDA Margin came at 4.9% vs QoQ 6.1%, YoY 6.1%
Adj. PAT came at Rs. 21.9 Cr vs QoQ Rs. 24.1 Cr, YoY Rs. 27.7 Cr
Quarter EPS is Rs. 0.6
Stock is trading at P/E of 64.4x TTM EPS