*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

*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

VASCON ENGINEERS LTD - RECEIVED LETTER OF AWARD WORTH 774.2 MLN RUPEES

ADANI HIRES US LEGAL POWERHOUSE WACHTELL IN SHORT-SELLER BATTLE- FT

*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

*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

*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

*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

*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

*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

*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

*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

*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

*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

*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

*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

*Venky'S (India) Ltd.* | *CMP* Rs. 1857 | *M Cap* Rs. 2616 Cr | *52 W H/L* 2684/1773
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 1035.8 Cr (8% QoQ, -5.7% YoY) vs QoQ Rs. 959 Cr, YoY Rs. 1098.5 Cr
EBIDTA came at Rs. 27.5 Cr (-229.7% QoQ, -14.5% YoY) vs QoQ Rs. -21.2 Cr, YoY Rs. 32.1 Cr
EBITDA Margin came at 2.7% vs QoQ -2.2%, YoY 2.9%
Adj. PAT came at Rs. 16.5 Cr vs QoQ Rs. -20.6 Cr, YoY Rs. 21.6 Cr
Quarter EPS is Rs. 11.7
Stock is trading at P/E of 25.5x TTM EPS

*The Cost of Shipping Gasoline Is Soaring After Russia Sanctions*

The cost of moving gasoline and other fuels on ocean-going tankers is soaring days after sanctions targeting Russia’s petroleum sales.

Daily earnings for relatively tiny tankers delivering refined fuels in the Atlantic ocean have surged about 280% this week, reaching $41,968, according to the latest data from the Baltic Exchange in London. *_They surged by 58% on Thursday alone, the largest one-day gain since late 2021._*

The surge has been spurred in part by a bifurcation of the fleet with some tankers serving Moscow’s interests and others the international market. It highlights a possible flipside of aggressive measures aimed at limiting Russia’s petroleum revenues.

“Russian volumes continue to flow at more or less the same rate and that takes up a lot of ships,” said Lars Bastian Ostereng, an analyst at Arctic Securities. “Ultimately the spike shows demand is pretty good, and the fundamentals are strong.”

As many as 600 vessels have joined a ‘shadow fleet’ of ships helping Russia to keep its petroleum flowing. That in turn is leaving fewer vessels serving other oil exporters and is boosting the cost of freight.

The surge isn’t purely about tankers switching to Russian trade.

The European Union banned Russian fuel imports from Feb. 5. Prior to that, the bloc lifted its purchasing of refined products from elsewhere to ensure plentiful supply, something that displaced some vessels in an already-thinly stretched fleet.

Now as buying picks up elsewhere, rates are spiking. Ships sailing from Europe to West Africa posted their biggest daily gain since figures began being published last year on Thursday.

A switch of some tankers to Russia may be contributing though.

“What we hear is that many vessels suddenly were removed from tonnage lists and drawn towards Russia,” said Eirik Haavaldsen, a shipping analyst at Pareto Securities AS in Oslo. “So suddenly vessel supply was almost gone yesterday.”

NORWEGIAN CPI YOY ACTUAL 7% (FORECAST 6.5%, PREVIOUS 5.9%) $MACRO

*Never Ever Bet Against India: Anand Mahindra blasts 'Global Media' for 'betting against India'*
https://www.businessworld.in/article/Never-Bet-Against-India-Anand-Mahindra-Amid-Adani-Row-/04-02-2023-464395/
*Anand Mahindra slammed the international media for speculating about current challenges in the Indian business sector*

*America is not made by their government, it is made by companies like Apple, Microsoft, Google, Amazon, Tesla, Facebook.*

*◆ Amazon* dropped 40% and laid off 10% employees.
*◆ Google* dropped 50% and laid off 15% employees.
*◆ Facebook* dropped 60% and laid off 20% employees.
*◆ Adani Enterprises* dropped 70% and not a single employee lost job.

*We are taught in India to abuse Adani/Ambani, uproot Jio's tower, protest every other day and do job only in government, even if you become a peon.*

*"Global media is speculating whether current challenges in the business sector will trip India’s ambitions to be a global economic force. I’ve lived long enough to see us face earthquakes, droughts, recessions, wars and terror attacks. All I will say is: never, ever bet against India."*

■ This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.
■ Mahindra Group Chairman Anand Mahindra has ripped "Global Media" for "betting against India" amid Adani row.
■ Talking about the Hinderburg report, the America-based company raised concerns about shares of Adani group firms having a possibility of declining from their current levels, owing to high valuations.
■ In response, Adani Group said that Hindenburg's report was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions. It added the report was "nothing but a lie".

*The Industrialist in a hard-hitting tweet said that nothing can stop India from becoming an economic super power and that the country's economy has braved several odds in the past but kept growing.*

*DCM Nouvelle Ltd.* | *CMP* Rs. 147 | *M Cap* Rs. 275 Cr | *52 W H/L* 314/135
(Nirmal Bang Retail Research)
*Result declined*
Revenue from Operations came at Rs. 209.5 Cr (29.1% QoQ, -9.4% YoY) vs QoQ Rs. 162.2 Cr, YoY Rs. 231.3 Cr
EBIDTA came at Rs. -1.6 Cr (-84.2% QoQ, -103.8% YoY) vs QoQ Rs. -10.3 Cr, YoY Rs. 42.8 Cr
EBITDA Margin came at -0.8% vs QoQ -6.3%, YoY 18.5%
Adj. PAT came at Rs. -2.5 Cr vs QoQ Rs. -9.3 Cr, YoY Rs. 30.8 Cr
Quarter EPS is Rs. -1.4
Stock is trading at P/E of 8.2x TTM EPS