*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
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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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Reliance Ind – Q4FY21 (Cons – Audited)

Total revenue from operations at 154,896 Cr
139,535 Cr (11.05%) YoY | 123,997 Cr (24.32%) QoQ

Year ending revenue 486,326 Cr Vs. 612,437 Cr (-20.58%)

Net Profit of 14,995 Cr
6,546 Cr (129.03%) YoY 14,894 Cr (0.44%) QoQ

Year ending profit 53,739 Cr Vs. 39,880 Cr (34.71%)

Before exceptional Item:
EPS (in Rs) 19.29
16.63 YoY |20.51 QoQ

Before exceptional item:
Year ending EPS 67.60 Vs. 70.19

View: Result is in line with the market expectation. YoY and QoQ revenue and profit both have increased although profit very marginally/flat increased in QoQ. Year ending profit increased due to exceptional gain in the tune of INR 5,642 Cr as against losses of around INR 4,444 corresponding previous year.

Business Updates & Highlights

EBITDA (Cons.) Q4FY21 was INR 26,602 crore Vs. 25,886 Cr Vs. 26,094 Cr in QoQ therefore up by 2.7% in YoY and up by 1.9% in QoQ.

EBITDA (Cons.) FY21 was INR 97,580 Cr Vs. 102,280 Cr in FY20 therefore declined by 4.3% in YoY.

Finance cost was around INR 4,044 Cr Vs. 6,064 Cr in YoY Vs. 4,326 Cr in QoQ therefore declined by 33% in YoY and declined by 6.5% in QoQ.

Exports (including deemed exports) from RIL’s India operations in Q4FY21 was INR 46,406 crore as against INR 31,569 crore in Q4FY20 therefore up by 46.9% in YoY. Export in FY21 was around 145,143 Cr Vs. 203,852 Cr therefore declined by 28.2% in YoY.

The capital expenditure for the year ended 31st March, 2021 was ₹ 79,667 crore ($ 10.9 billion) including exchange rate difference.

Reliance Jio
Revenue including access revenues for the quarter was INR 21,650 crore VS. 17,993 Cr in YoY Vs. 22,588 Cr in QoQ therefore declined by 20.3% in YoY and up by 5.3% in QoQ.

EBITDA for the quarter was INR 8,573 crore Vs. 6,289 Cr Vs. 8,488 Cr and increase of 36.3% in YoY and 1.1% in QoQ. EBITDA Margin was around 46.9% Vs. 40.9% Vs. 43.6% in QoQ.

Year ending EBITDA was around INR 32,359 Cr and EBITDA margin was around 44%.

Net profit in Q4FY21 was INR 3,508 Cr Vs 2,379 Cr in Q4FY20 Vs. 3,489 Cr in Q3FY21 therefore up by 47.4% in YoY and 0.83% in QoQ. FY21 Net profit was INR 12,537 Cr.

Total Customer base as on 31st March 2021 of 426.2 million. Largest customer base in country. Healthy gross addition of 31.2 million and net addition of 15.4 million during 4Q

RELIANCE JIO Q4FY21 ARPU RS 138.2 Vs. 151 in Q3FY21 therefore its declined.

Total wireless data traffic during the quarter of 16.7 Bn GB; 5.2% growth.

Reliance Retail

Revenue for the quarter was INR 41,296 crore Vs. 34,402 in YoY Vs. 33,018 Cr in QoQ therefore up by 20% in YoY and up by 25.1% in QoQ.

Revenue for the FY21 was around INR 139,077 Cr Vs. 146,272 Cr in FY20 therefore declined by 4.8% in YoY.

EBITDA for the quarter was INR 3,617 crore Vs. 2,557 Cr in YoY Vs. 3,087 Cr in QoQ therefore up by 41.4% in YoY and up by 17.2% in QoQ. EBITDA margin was around 8.8% Vs. 7.4% in YoY Vs. 9.3% in QoQ.

FY21 EBITDA was around INR 9,789 Cr Vs. 9,683 Cr in FY20 therefore up by 1.1% in YoY.

• The total store count stood at 12,711 stores, covering 33.8 million sq ft. at the end of the year. As operating curbs were lifted, new store openings resumed with 1,456 stores being added during the FY21. The business opened 826 stores during the quarter, higher than all previous quarters combined, reflecting the acceleration in the pace of new store expansion.

Grocery and Fashion & Lifestyle registered all-time high revenues and the strong growth in Consumer Electronics, was bolstered by higher Jio devices sales.

The business continued to set new records as it served over 1 million customers on the Republic Day sale activity, across stores and JioMart

3x growth in JioMart Kirana partnerships over last quarter with reach extended to 10 new cities and taking the count to 33 cities

Oils to Chemical business
Revenue of Q4FY21 was INR 101,080 Cr Vs. 96,732 Cr in YoY Vs. 83,838 Cr in QoQ therefore up by 4.4% in YoY and up by 20.7% in QoQ.

Revenue for FY21 was around INR 320,008 Cr Vs.451,008 Cr in FY20 therefore declined by 29% in YoY.

EBITDA of Q4FY21 was around INR 11,407 Cr Vs. 11,961 Cr in Q4FY20 Vs. 9,756 Cr in Q3FY21 therefore declined by 4.6% in YoY and up by 16.9% in QoQ.

EBITDA margin was around 11.3% Vs. 12.4% in YoY Vs. 11.6% in QoQ.

Segment Revenues for the O2C business declined by 29% to ₹ 320,008 crore on account of lower volumes and price realization across key products.

PP, PE and PVC prices strengthened during the quarter by 19%, 16% and 18% Q-o-Q respectively amidst limited availability from both domestic and deep-sea suppliers and healthy demand.

PP margins over propylene increased by 43% ($285/MT) and PVC margin over Naphtha / EDC increased by 9% ($682/MT) on Q-o-Q basis. PE margins over naphtha remained stable ($539/MT) during the quarter.

Media Business

Revenue for Q4FY21 was around INR 1,415 Cr Vs. 1,464 Cr in Q4FY20 Vs. 1,422 Cr in Q3FY21 therefore declined by 3.3% in YoY and up by 0.5% in QoQ.

EBITDA in Q4FY21 was around INR 279 Cr Vs. 225 Cr in YoY Vs. 324 Cr therefore up by 24% in YoY and declined by 13.8% in QoQ. EBITDA margin in Q4FY21 was around 19.7% Vs. 22.8% in YoY Vs.15.4% in QoQ.

Digital News business achieved a full-year break-even driven by accelerated revenue growth. Subscription product MoneyControl Pro and News18.com vernacular section were standout performers

Financial
ROE and ROCE is around 8% and 8.2% respectively and book value per share is around INR 1,104 per share and share is currently trading at 1.8x of its book value. Company is currently trading at annualized PE of 30 around which is average as per Industry benchmark. Promoter holding in the company is around 50.5% which is slightly increased by YoY and QoQ. FIIs and DIIs hold around 25.7% and 12.6% respectively. Operating cash flow as of March 2021 was INR 26,185 Vs. 94,877 Cr in March 2020

View Share price high 2,368 and now 1,994 . Reliance Industries Limited (RIL) is an Indian multinational conglomerate company. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.

Position: Strong support is INR 1900. Long term investor should continue with the company.

Opportunities
RIL has combined its refining and petrochemicals businesses into an integrated O2C segment, which is being transferred to a wholly owned subsidiary. This would allow RIL to pursue further opportunities for growth along with the possibility of strategic partnerships.

RIL is among the top global petrochemical manufacturers. It is the largest producer of paraxylene, and the second largest of polyester fibre. Moreover, it is the fourth largest producer of purified terephthalic acid (PTA) and the fifth largest of polypropylene. In India, RIL accounts for nearly half of the total domestic cracker (ethylene) capacity, and has a production share of more than 50% in the polymers (PE, PP and PVC) market. Its strong market position helps it operate its petrochemical plants at full capacity and also benefits from its large scale

Reliance JIO
With its aggressive customer acquisition strategy, RJIL has built a strong market position in a short time.
Total Customer base as on 31st March 2021 of 426.2 million. Largest customer base in country. Healthy gross addition of 31.2 million and net addition of 15.4 million during 4Q

The increasing proportion of higher growth consumer-oriented businesses of retail and digital services have helped diversify RIL away from its traditional refining and petrochemical businesses (or O2C business).

Reliance Retail Strong recovery in revenues with EBITDA. Store count at 12,711; added 826 stores in 4Q FY21. Largest fund raise in consumer/retail sector in India from marquee global investors ($6.4b, Rs 47,265 Crores for 10.09%. Record revenue performance; growth of 35% YoY. Digital + New Commerce now contribute 10% of sales2. Jio Mart Kirana: Extended service coverage to 10 new cities, now active in 33 cities.