*Marico Ltd.* | *CMP* Rs. 405 | *M Cap* Rs. 52300 Cr | *52 W H/L* 439/277
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations. EBITDA margins are lower than expectations though volume came higher*


Volumes came at 25% vs expectation of 17.3%, QoQ 11%, YoY -1%

Revenue from Operations came at Rs. 2012 Cr (-5.2% QoQ, 34.5% YoY) vs expectation of Rs. 1815.9 Cr, QoQ Rs. 2122 Cr, YoY Rs. 1496 Cr
EBIDTA came at Rs. 319 Cr (-22.8% QoQ, 13.1% YoY) vs expectation of Rs. 319.4 Cr, QoQ Rs. 413 Cr, YoY Rs. 282 Cr
EBITDA Margin came at 15.9% vs expectation of 17.6%, QoQ 19.5%, YoY 18.9%
Adj. PAT came at Rs. 219 Cr vs expectation of Rs. 228.2 Cr, QoQ Rs. 307 Cr, YoY Rs. 204 Cr
Quarter EPS is Rs. 1.7
Share is trading at P/E of 40.4x FY22E EPS

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Nirmal Bang is inviting you to a Zoom webinar.
When: Tomorrow, 11:30 AM India
Topic: May Month Outlook

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ADNOC Cuts July Term Oil Supply By 20% To Some Buyers In Asia

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BAJAJFINSVC BULK DEAL OF 80 K @ 11100 IN NSE
CMP 11097 -1

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TEAM MARKET WIZARD

Reliance Industries has made the announcement of the First Call Payment on Partly Paid Up Shares (RILPP IN)

Timelines

Record Date: May 12 , 2021 (Wednesday).

Payable from May 17, 2021 to May 31, 2021, both days inclusive.

First Call Amount : INR 314.25/share.

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CDSL Q4FY21 (Cons – Audited)
Share price – 810

Total Revenue from ops at 103.1 Cr
59.9 Cr (71.88%) YoY |86.1 Cr (19.51%) QoQ

Year ended 344 Cr vs. 225 Cr (52.84%)

Net Profit of 51.6 Cr
28.1 Cr (82.11%) YoY 54.02 Cr (5.52%) QoQ

Year ended 201.2 Crs vs 106.7 Cr (89.71%)

EPS (in Rs) 4.95
2.74 YoY | 5.14 QoQ

Year ending EPS: .19.17 vs. 10.17

View: Strong result. YoY revenue and profit both have increased and QoQ revenue increased profit decreased due to other income impact which was recorded 7.1 Cr in Q4FY21 Vs. 17.1 Cr in Q4FY20.

Business Updates & Highlights

EBITDA in Q4FY21 is around INR 63.8 Cr Vs. 26.08 Cr in Q4FY20 Vs. 55.9 Cr in Q3FY20 therefore up by 144% in QoQ and 14.1% in QoQ.
EBITDA in FY21 was around INR 211.8 Cr Vs. 89.3 Cr in FY20. EBITDA Margin increased to 67% from 52% (FY 2019-20).

Company is basically two primary segment viz. Depository – 76.6% and Data entry and storage – 22.5%.

YoY and QoQ topline growth for Depository was around 75.6% and 16.1% respectively. YoY and QoQ bottomline growth for Depository was around 212% and 13.7% respectively (**Very Positive**)

YoY and QoQ topline growth for Data entry and storage was around 64.2% and 35.2% respectively. YoY and QoQ bottomline growth for Data entry and storage was around 71.4% and 20.2% respectively (**Positive**)

The Company in its meeting of Board of Directors held today recommended a final dividend of Rs. 9 per equity share

Financial
ROE and ROCE is around 15% and 19% respectively and book value per share is around INR 74 and share is trading around 1.9x of its book value. Company is currently trading at annualized PE of around 42 which is fair. Strong operating cash flow as of FY 2021 and it was 192.6 Cr Vs. 82.1 Cr in FY20 therefore its up by around 134% in YoY (**Very sound**)

Share view: Share price high 825 (52 week) and now 810. Central Depository Services (India) Limited operates as a securities depository in India. The Company offers service for a range of clients, such as depositary participants and other capital market intermediaries, corporates, capital market intermediaries, insurance companies and others.

Position: Long term investor should continue with this company if any correction will be good opportunity to add. Long term target can be 1250+

Opportunities
Strong quarterly performance and continoulsy posting outstanding numbers. Debt free company.

During the last financial year, 1.23 crore new active Beneficial Owners accounts were opened with CDSL taking the total number of active beneficial owners to 3.34 crores as on March 31, 2021.

In the quarter ended March 31, 2021, your company through its subsidiary CVL continued to generate capital market investor records under CVL and being the first and largest KYC Registration Agency (KRA) in the country

CDSL maintains and services 3.34 crore Demat accounts of Investors or Beneficial Owners (BOs) spread across India. These BOs are serviced by CDSL’s 592 Depository Participants (DPs) from over 20,600 locations.

Major shareholders of CDSL include BSE Limited, HDFC Bank, LIC and Standard Chartered Bank

CDSL has monopolistic business around 60% of depository account. Mainly discount brokerage includes Zerodha, Upstox, Sharekhan included with CDSL. Due to high growth by discount brokerage house CDSL growth is envitable.

Concern
Promoter holding is too low in the company and around 20% only.

Disclaimer: Views are shared based on market research and study and personal in nature. Others can take the different view and opinions. Please do the thoroughly study before enter or exit the shares.
RD Stock (“High Returns with Low Risk is the Key”)


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