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*navin fluorine international ltd.* | *cmp* rs. 3370 | *m cap* rs. 16682 cr | *52 w h/l* 3370/1375
(nirmal bang retail research)
*result is in-line with expectations*
revenue from operations came at rs. 336.4 cr (8.8% qoq, 21.6% yoy) vs expectation of rs. 310.9 cr, qoq rs. 309.1 cr, yoy rs. 276.6 cr
ebidta came at rs. 84.2 cr (4.7% qoq, 22.5% yoy) vs expectation of rs. 79.7 cr, qoq rs. 80.5 cr, yoy rs. 68.8 cr
ebitda margin came at 25% vs expectation of 25.6%, qoq 26%, yoy 24.9%
adj. pat came at rs. 59.3 cr vs expectation of rs. 56.9 cr, qoq rs. 58.9 cr, yoy rs. 272.7 cr
quarter eps is rs. 12
share is trading at p/e of 59.4x fy22e eps

*godrej agrovet ltd.* | *cmp* rs. 515 | *m cap* rs. 9892 cr | *52 w h/l* 569/349
(nirmal bang retail research)
*result is marginally above expectations*
revenue from operations came at rs. 1462.5 cr (-4.2% qoq, -10.1% yoy) vs expectation of rs. 1463.1 cr, qoq rs. 1526.2 cr, yoy rs. 1627.7 cr
ebidta came at rs. 112.2 cr (-0.2% qoq, -11.1% yoy) vs expectation of rs. 106.2 cr, qoq rs. 112.4 cr, yoy rs. 126.3 cr
ebitda margin came at 7.7% vs expectation of 7.3%, qoq 7.4%, yoy 7.8%
adj. pat came at rs. 63.4 cr vs expectation of rs. 53.3 cr, qoq rs. 61.6 cr, yoy rs. 84.5 cr
quarter eps is rs. 3.3
share is trading at p/e of 25.9x fy22e eps

*kansai nerolac paints ltd.* | *cmp* rs. 591 | *m cap* rs. 31850 cr | *52 w h/l* 680/333
(nirmal bang retail research)
*result is in-line with expectations*
revenue from operations came at rs. 1330.5 cr (-9.7% qoq, 34.7% yoy) vs expectation of rs. 1257.1 cr, qoq rs. 1473.4 cr, yoy rs. 988 cr
ebidta came at rs. 203.4 cr (-29.8% qoq, 59.1% yoy) vs expectation of rs. 202 cr, qoq rs. 289.8 cr, yoy rs. 127.8 cr
ebitda margin came at 15.3% vs expectation of 16.1%, qoq 19.7%, yoy 12.9%
adj. pat came at rs. 127.8 cr vs expectation of rs. 130.6 cr, qoq rs. 201.9 cr, yoy rs. 71.5 cr
quarter eps is rs. 2.4
share is trading at p/e of 47.4x fy22e eps

*ultratech cement ltd.* | *cmp* rs. 6485 | *m cap* rs. 187192 cr | *52 w h/l* 7056/3231
(nirmal bang retail research)
off-take came at 27.8mnt vs expectation of 27mnt, qoq 23.88mnt, yoy 21.44mnt
*result ahead of expectation*
revenue from operations came at rs. 14405.6 cr (17.6% qoq, 34.1% yoy) vs qoq rs. 12254.1 cr, yoy rs. 10745.6 cr
ebidta came at rs. 3690.4 cr (19.3% qoq, 51.1% yoy) vs qoq rs. 3094.3 cr, yoy rs. 2442.7 cr
ebitda margin came at 25.6% vs qoq 25.3%, yoy 22.7%
adj. pat came at rs. 1775.2 cr vs qoq rs. 1584.3 cr, yoy rs. 3242.8 cr
quarter eps is rs. 61.5
share is trading at ev/ebitda of 15.2 fy23 ebitda

*cholamandalam investment & finance company ltd. -s* | *cmp* rs. 569 | *m cap* rs. 46660 cr | *52 w h/l* 588/120
(nirmal bang retail research)
*result is below expectations* due to higher opex and higher provisions
nii came at rs. 1342 cr vs expectation of rs. 1333 cr, yoy rs. 1015 cr, qoq rs. 1364 cr
pbp came at rs. 828 cr vs expectation of rs. 962 cr, yoy rs. 614 cr, qoq rs. 996 cr
provision came at rs. 504 cr vs expectation of rs. 277 cr, yoy rs. 557 cr, qoq rs. 445 cr
provision was high as co made covid provisions of rs. 350 cr during the qtr taking total contingent provisions to rs. 1100 cr (1.4% of aum)
pat came at rs. 243 cr vs expectation of rs. 456 cr, yoy rs. 43 cr, qoq rs. 409 cr
aum came at rs. 76529 cr vs yoy rs. 66943 cr, qoq rs. 75813 cr
disbursement came at rs. 8071 cr vs yoy rs. 5663 cr, qoq rs. 7926 cr
gross npa (%) came at 3.96% vs qoq 3.75%
net npa (%) came at 2.21% vs qoq 2.27%
quarter eps is rs. 3
share is trading at p/e of 21.1x fy22e eps & 4.9x trailing p/bv

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MARKET WIZARD NEWSLETTER ISSUE 9.pdf
1.8 MB
MARKET WIZARD NEWSLETTER ISSUE 9

Fundamental Stocks

▶️ Star Cements
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Technical Stocks

▶️ Himatsingka Seida Limited
▶️ Kolte Patil Developers Limited
▶️ Mishra Dhatu Nigam Limited
▶️ Monte Carlo Fashion Limited
▶️ Raymond Limited

TEAM MARKET WIZARD
*Avenue Supermarts Ltd.* | *CMP* Rs. 2889 | *M Cap* Rs. 187126 Cr | *52 W H/L* 3330/1900
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 7411.7 Cr (-1.7% QoQ, 18.5% YoY) vs expectation of Rs. 7477.3 Cr, QoQ Rs. 7542 Cr, YoY Rs. 6255.9 Cr
EBIDTA came at Rs. 612.7 Cr (-11.1% QoQ, 46.8% YoY) vs expectation of Rs. 573.1 Cr, QoQ Rs. 689.1 Cr, YoY Rs. 417.3 Cr
EBITDA Margin came at 8.3% vs expectation of 7.7%, QoQ 9.1%, YoY 6.7%
Adj. PAT came at Rs. 413.9 Cr vs expectation of Rs. 370.5 Cr, QoQ Rs. 447 Cr, YoY Rs. 271.3 Cr
Quarter EPS is Rs. 6.4
Share is trading at P/E of 95x FY22E EPS

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DRDO developed anti-COViD drug 2-DG comes in powder form in sachet; is taken orally by dissolving it in water: Defence Ministry

DRDO's 2-DG drug accumulates in virus infected cells; prevents virus growth by stopping viral synthesis, energy production: Defence Ministry

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▪️BANDHAN BANK Q4 : Gross NPA down to 6.81 % from 7.12 % PROFORMA (QOQ)

Net NPA up To 3.51 % from 2.36 % Proforma (QOQ)

Provision Jumps 50 % to Rs 1594 cr (QOQ)

▪️Bandhan Bank Q4 : Net Profit Down 80 % to Rs 103 cr (YOY)

NII up 5 % to Rs 1757 cr

▪️AVENUE SUPERMART Q4 : Net Profit Up 52 % to Rs 414 cr (YOY)

Revenue Up 18 % to Rs 7411 cr

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*Trading Tweaks*

*List of securities shortlisted in ASM Framework w.e.f. May 10, 2021*

1. Praj Industries Ltd*
2. Advance Metering Technology Ltd
3. BSL Ltd
4. Essar Shipping Ltd
5. Shahlon Silk Industries Ltd
6. Shetron Ltd

*List of securities which shall continue in ASM framework but shall be moved to respective Lower Stage ASM w.e.f. May 10, 2021*

1. Captain Pipes Ltd
2. Cian Healthcare Ltd

*List of securities moving out of ASM Framework w.e.f. May 10, 2021*

1. Goa Carbon Ltd
2. HFCL Ltd
3. Khadim India Ltd
4. Mcleod Russel India Ltd
5. Satin Creditcare Network Ltd
6. Securekloud Technologies Ltd
7. Setco Automotive Ltd
8. Som Distilleries & Breweries Ltd
9. Sree Rayalaseema Hi-Strength Hypo Ltd
10. Sterlite Technologies Ltd
11. Tribhovandas Bhimji Zaveri Ltd
12. Vascon Engineers Ltd
13. Deccan Health Care Ltd
14. HLE Glascoat Ltd
15. Jetking Infotrain Ltd
16. Jonjua Overseas Ltd
17. Sanblue Corporation Ltd
18. Sarup Industries Ltd
19. Sylph Education Solutions Ltd
20. Bal Pharma Ltd*
21. Choksi Laboratories Ltd*
22. Hazoor Multi Projects Ltd*
23. Megasoft Ltd*
24. Refnol Resins & Chemicals Ltd*
25. Sicagen India Ltd*
26. Sunil Healthcare Ltd*
27. Vista Pharmaceuticals Ltd*
28. Vivimed Labs Ltd*
29. Shukra Pharmaceuticals Ltd*
30. Parmax Pharma Ltd*
31. Viji Finance Ltd*
32. B.A.G. Films and Media Ltd*
33. Hindustan Bio Sciences Ltd*
34. Dynamic Industries Ltd*
35. Haldyn Glass Ltd*
36. Piccadily Sugar & Allied Industries Ltd*

*List of securities shortlisted in Short Term 5/15/30 Days ASM Framework w.e.f. May 10, 2021*

1. Bajaj Healthcare Ltd
2. B & A Ltd
3. Saven Technologies Ltd
4. Kanchi Karpooram Ltd
5. Vivid Global Industries Ltd
6. Vaswani Industries Ltd*
7. EID Parry India Ltd*
8. GTL Ltd*
9. Somi Conveyor Beltings Ltd*
10. Dish TV India Ltd*
11. R Systems International Ltd*
12. Indraprastha Medical Corporation Ltd*
13. Nureca Limited*

*List of securities which shall continue in Short Term 5/15/30 Days ASM framework but shall be moved to respective higher Stage ASM w.e.f. May 10, 2021*

1. Available Finance Ltd
2. OTCO International Ltd
3. Garware Synthetics Ltd

*List of securities moving out of Short Term ASM Framework w.e.f. May 10, 2021*

1. Ashapura Minechem Ltd
2. Bharat Rasayan Ltd
3. Biofil Chemicals & Pharmaceuticals Ltd
4. Chemfab Alkalis Ltd
5. Cochin Minerals & Rutiles Ltd
6. Daikaffil Chemicals India Ltd
7. Insilco Ltd
8. Jyoti Resins & Adhesives Ltd
9. KPT Industries Ltd
10. Mangalam Organics Ltd
11. Parnax Lab Ltd
12. Sky Industries Ltd
13. Vippy Spinpro Ltd
14. Shish Industries Ltd**
15. Expo Gas Containers Ltd**
16. Pharmaids Pharmaceuticals Ltd**
17. Garnet International Ltd**
18. Shahlon Silk Industries Ltd*

*Graded Surveillance Measure (GSM) - List of securities moving into their respective GSM Stages with effect from May 10, 2021*

1. SHEKHAWATI POLY-YARN LTD. - Moved to GSM Stage 1
2. QUADRANT TELEVENTURES LIMITED - Moved to GSM Stage 1
3. ZENITH STEEL PIPES AND INDUSTRIES LIMITED - Moved to GSM Stage 2
4. VANDANA KNITWEAR LTD. - Moved to GSM Stage 3

*CHANGE IN CIRCUIT FILTER with effect from May 10, 2021.*

1. Coffee Day Enterprises Ltd – 20%
2. 3P Land Holdings Ltd – 10%
3. Bajaj Hindusthan Sugar Ltd – 10%
4. Ozone World Ltd – 10%
5. BSL Ltd – 10%
6. Apcotex Industries Ltd – 10%
7. Ambica Agarbathies & Aroma Industries Ltd – 10%
8. Dynacons Systems & Solutions Ltd – 10%
9. Bansal Roofing Products Ltd – 10%
10. Advance Metering Technology Ltd – 5%
11. La Tim Metal & Industries Ltd – 5%
12. Zee Media Corporation Ltd – 5%
13. Available Finance Ltd – 2%
14. Arunjyoti Bio Ventures Ltd – 2%
15. Dolphin Medical Services Ltd – 2%


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*CSB Bank Ltd.* | *CMP* Rs. 258 | *M Cap* Rs. 4476 Cr | *52 W H/L* 280/109
(Nirmal Bang Retail Research)
*Result is ok* - Strong performance on NII growth marred by elevated opex
Net Interest Income came at Rs. 276 Cr vs YoY Rs. 158 Cr, QoQ Rs. 251 Cr
Non Interest Income came at Rs. 112 Cr vs YoY Rs. 87 Cr, QoQ Rs. 117 Cr
Opex came at Rs. 259 Cr vs YoY Rs. 137 Cr, QoQ Rs. 185 Cr
The bank is planning to add close to 200 branches in FY 22 compared to 101 branches in FY21. Total branhes as on date stand at 514.
Cost to income for the qtr stood at 66.8% vs YoY 56.2%, QoQ 50.4%
PBP came at Rs. 129 Cr vs YoY Rs. 107 Cr, QoQ Rs. 182 Cr
Provisions came at Rs. 71 Cr (1.9%) vs YoY Rs. 84 Cr (3.3%), QoQ Rs. 111 Cr (2.9%)
Total contingent provisions stand at Rs. 102 Cr (0.7% of AUM).
Adj. PAT came at Rs. 43 Cr vs YoY Rs. -60 Cr, QoQ Rs. 53 Cr
Slippages came at Rs. 188 Cr vs QoQ (non proforma) Rs. 0 Cr with slippage ratio of 5.21% vs QoQ 0%
Gross NPA came at Rs. 393 Cr vs QoQ (non proforma) Rs. 235 Cr at 2.68% vs QoQ 1.77%
Net NPA came at Rs. 169 Cr vs QoQ (non proforma) Rs. 90 Cr at 1.17% vs QoQ 0.68%
Quarter EPS is Rs. 2.5
Share is trading at 2.2x trailing P/Adj. BV


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