*Housing Development Finance Corporation Ltd. -S* | *CMP* Rs. 2466 | *M Cap* Rs. 444852 Cr | *52 W H/L* 2938/1486
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 3880.1 Cr vs expectation of Rs. 4205.8 Cr, YoY Rs. 3301.4 Cr, QoQ Rs. 3877.5 Cr
PBP came at Rs. 4642.9 Cr vs expectation of Rs. 4338.6 Cr, YoY Rs. 3465.2 Cr, QoQ Rs. 3469.2 Cr
PBP came higher due to slightly higher other incme and lower opex
Provision came at Rs. 719 Cr vs expectation of Rs. 596.2 Cr, YoY Rs. 1274 Cr, QoQ Rs. 594 Cr
PAT came at Rs. 3179.8 Cr vs expectation of Rs. 2921.1 Cr, YoY Rs. 2232.5 Cr, QoQ Rs. 2925.8 Cr
O/s Loan Book came at Rs. 569894 Cr vs YoY Rs. 516773 Cr, QoQ Rs. 552167 Cr
During the quarter ended March 31, 2021, individual loan disbursements grew by 60% over the corresponding quarter of the previous year. Although, during the year ended March 31, 2021, individual loan disbursements reported a growth of 3% compared to the previous year.
Gross NPA (%) came at 1.98% vs QoQ 1.67%
The non-performing loans of the individual portfolio stood at 0.99% while that of the non-individual portfolio stood at 4.77%.
Net NPA (%) came at 0.96% vs QoQ 1.19%
The collection efficiency for individual loans in the month of March 2021 stood at 98.0% (near pre-covid levels) compared to 96.3% in the month of September 2020.
Quarter EPS is Rs. 18.4


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TATA MOTORS: CO WILL INCREASE PRICES OF ITS PASSENGER VEHICLES, AVERAGING 1.8%, DEPENDING ON THE VARIANT AND MODEL

CONCOR: BIG PORT CO'S ARE INTERESTED TO BUY STAKE IN CO - TV


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*Craftsman Automation Q4FY21 Concall Update*

*Outlook: Neutral in near term; Positive in long term*

• Co is engaged in three business segments - Automotive Powertrain (52% of FY21 revenue), Automotive Aluminium Products segment (21%) and Industrial and Engineering segment (27%).
• Debt reduced to 704 cr in FY21 (reduction of 336 cr via (i) IPO proceeds (136 cr) and (ii) internal accruals (200 cr)). Co intends to reduce it by 200 cr in FY22. Interest cost should reduce in FY22 by 25 cr.
• Exports were at 10% of revenue in FY21.
• Capex run rate will continue to be around 100 cr as has been the case in last two years.
• Co has created good capacities and so there will be operating leverage once demand picks up.
• MHCV Industry mix is shifting towards higher tonnage, thus power train segment is doing better than the overall volume growth in MHCV industry.
• Machining sales were 121 cr n Q3 & 140 cr in Q4 (374 cr in FY21 i.e. 46% of powertrain sales of 811 cr)
• Aluminum content per vehicle will continue to increase which will drive the auto aluminum segment.
• Storage business had sales of 104 cr in FY21 against engineering segment sales of 400 cr, so a 25% mix.
• RM does not impact the power train segment as the RM here is a pass through (RM is provided by OEMs).
• RM inflation in steel & aluminum hurt gross margins during the qtr in other segments of auto aluminum products and engineering; co has increased prices which should support margins in next qtr.

Stock is trading at 16x Q4FY22 annualised EPS

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*Housing Development Finance Corporation Ltd. -S* | *CMP* Rs. 2466 | *M Cap* Rs. 444852 Cr | *52 W H/L* 2938/1486
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 3880.1 Cr vs expectation of Rs. 4205.8 Cr, YoY Rs. 3301.4 Cr, QoQ Rs. 3877.5 Cr
PBP came at Rs. 4642.9 Cr vs expectation of Rs. 4338.6 Cr, YoY Rs. 3465.2 Cr, QoQ Rs. 3469.2 Cr
PBP came higher due to slightly higher other incme and lower opex
Provision came at Rs. 719 Cr vs expectation of Rs. 596.2 Cr, YoY Rs. 1274 Cr, QoQ Rs. 594 Cr
PAT came at Rs. 3179.8 Cr vs expectation of Rs. 2921.1 Cr, YoY Rs. 2232.5 Cr, QoQ Rs. 2925.8 Cr
O/s Loan Book came at Rs. 569894 Cr vs YoY Rs. 516773 Cr, QoQ Rs. 552167 Cr
During the quarter ended March 31, 2021, individual loan disbursements grew by 60% over the corresponding quarter of the previous year. Although, during the year ended March 31, 2021, individual loan disbursements reported a growth of 3% compared to the previous year.
Gross NPA (%) came at 1.98% vs QoQ 1.67%
The non-performing loans of the individual portfolio stood at 0.99% while that of the non-individual portfolio stood at 4.77%.
Net NPA (%) came at 0.96% vs QoQ 1.19%
The collection efficiency for individual loans in the month of March 2021 stood at 98.0% (near pre-covid levels) compared to 96.3% in the month of September 2020.
Quarter EPS is Rs. 18.4


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BPCL:

INDIA IS SAID TO GIVE CO BIDDERS DATA ACCESS FOR STAKE SALE


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*Dabur India Ltd.* | *CMP* Rs. 536 | *M Cap* Rs. 94734 Cr | *52 W H/L* 582/421
(Nirmal Bang Retail Research)
Volumes came at 25.4% vs expectation of 35.8%, QoQ 16.8%, YoY 5.6%
*Result is below expectations*
Revenue from Operations came at Rs. 2336.8 Cr (-14.4% QoQ, 25.3% YoY) vs expectation of Rs. 2454.9 Cr, QoQ Rs. 2728.8 Cr, YoY Rs. 1865.4 Cr
EBIDTA came at Rs. 442.5 Cr (-22.9% QoQ, 25.6% YoY) vs expectation of Rs. 516.5 Cr, QoQ Rs. 574.2 Cr, YoY Rs. 352.3 Cr
EBITDA Margin came at 18.9% vs expectation of 21%, QoQ 21%, YoY 18.9%
Adj. PAT came at Rs. 377.3 Cr vs expectation of Rs. 432.1 Cr, QoQ Rs. 492 Cr, YoY Rs. 301.2 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 48.1x FY22E EPS


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*The Great Eastern Shipping Company Ltd.* | *CMP* Rs. 384 | *M Cap* Rs. 5644 Cr | *52 W H/L* 384/189
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 740 Cr (-1.8% QoQ, -26.7% YoY) vs QoQ Rs. 753.2 Cr, YoY Rs. 1009.3 Cr
EBIDTA came at Rs. 224.9 Cr (-32.9% QoQ, 35.4% YoY) vs QoQ Rs. 335.4 Cr, YoY Rs. 166.1 Cr
EBITDA Margin came at 30.4% vs QoQ 44.5%, YoY 16.5%
Adj. PAT came at Rs. 49 Cr vs QoQ Rs. 176.3 Cr, YoY Rs. -50.7 Cr
Quarter EPS is Rs. 3.3
Share is trading at P/E of 10.2x FY22E EPS


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*Grindwell Norton Ltd.* | *CMP* Rs. 1052 | *M Cap* Rs. 11648 Cr | *52 W H/L* 1052/451
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 507.5 Cr (10.9% QoQ, 38.7% YoY) vs expectation of Rs. 438.5 Cr, QoQ Rs. 457.7 Cr, YoY Rs. 365.9 Cr
EBIDTA came at Rs. 119.2 Cr (21.7% QoQ, 97.6% YoY) vs expectation of Rs. 83.7 Cr, QoQ Rs. 98 Cr, YoY Rs. 60.3 Cr
EBITDA Margin came at 23.5% vs expectation of 19.1%, QoQ 21.4%, YoY 16.5%
Adj. PAT came at Rs. 83.1 Cr vs expectation of Rs. 56 Cr, QoQ Rs. 65.9 Cr, YoY Rs. 41.4 Cr
Quarter EPS is Rs. 7.5
Share is trading at P/E of 47.9x FY22E EPS


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Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: May 10, 2021 08:45 AM India
Topic: Morning Market Update

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DIALWEALTH UPDATE

BIG POSITIVE FOR TIME TECHNO

https://twitter.com/DIALWEALTH_IN/status/1390587388540297222?s=19

@DIALWEALTH

KARNATAKA: COVID GUIDELINES - DELIVERY OF ALL ITEMS THROUGH E-COMMERCE ALLOWED || FOLLOWING INDUSTRIES CAN OPERATE: MANUFACTURING UNITS OF ESSENTIAL COMMODITIES || PRODUCTION UNITS WHICH REQUIRE CONTINUOUS PROCESS || INDUSTRIAL UNITS (BOTH GOVERNMENT AND PVT) OPERATING WITH IN-SITU STAFF/WORKERS


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