*Asian Paints – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive for long term*
*_Volume growth of 48% yoy was the key highlight of the quarter. This the second consecutive quarter wherein the company has reported stellar volume growth (30% in Q3). Per management they are gaining market share from both organised and unorganised players_*
The stock is trading at 65xFY22 E consensus earnings
Q4 was a bumper quarter with 48% volume growth, even post factoring the lock down of 10 days last year, the growth is upwards of 30%, which was much ahead of industry growth. The company not only gaining market share from unorganised and regional players but from organised biggies which is impressive. During the quarter, growth was back in urban region as well. In addition, large projects/institutional business has seen strong uptick in activity during the quarter. International business also witnessed broad based growth (up 22% yoy, except Ethiopia and Indonesia)
Like the industry, the company is also witnessing inflationary pressures in raw materials, however it has restrained from taking any price hikes in Q4, *the company has taken 2.8% hike in April* and might take more in future, as the input prices continue to inch upwards. *Given, the increase in covid cases, the demand might be muted in near term, however, we believe the company is well positioned to capture the recovery cycle as and when it happens*. The improvement in home improvement segments (both Kitchen and Bath) would also help the company in better profitability as both segments are on breakeven levels.
*Outlook – Positive for long term*
*_Volume growth of 48% yoy was the key highlight of the quarter. This the second consecutive quarter wherein the company has reported stellar volume growth (30% in Q3). Per management they are gaining market share from both organised and unorganised players_*
The stock is trading at 65xFY22 E consensus earnings
Q4 was a bumper quarter with 48% volume growth, even post factoring the lock down of 10 days last year, the growth is upwards of 30%, which was much ahead of industry growth. The company not only gaining market share from unorganised and regional players but from organised biggies which is impressive. During the quarter, growth was back in urban region as well. In addition, large projects/institutional business has seen strong uptick in activity during the quarter. International business also witnessed broad based growth (up 22% yoy, except Ethiopia and Indonesia)
Like the industry, the company is also witnessing inflationary pressures in raw materials, however it has restrained from taking any price hikes in Q4, *the company has taken 2.8% hike in April* and might take more in future, as the input prices continue to inch upwards. *Given, the increase in covid cases, the demand might be muted in near term, however, we believe the company is well positioned to capture the recovery cycle as and when it happens*. The improvement in home improvement segments (both Kitchen and Bath) would also help the company in better profitability as both segments are on breakeven levels.
*Cadila Healthcare – Business Update – Nirmal Bang Sec.*
*Overall the deal looks positive*
Cadila Healthcare has sold its Animal Healthcare Established Markets Undertaking to Multiples Alternate Asset Management (consortium including Canada Pension Plan Investment and RARE Enterprises) for lumpsum consideration of Rs 2921 cr
FY20 audited sales was Rs 513 cr and EBITDA was Rs 88 cr; FY21 provisional sales are Rs 600 cr (*implying 4.9x EV/Sales) and Rs 150 cr EBITDA. The business doesn’t have any debt.
Cadila would still retain one component of Animal healthcare for regulated markets however the business is under development and would take 3-4 yrs to commercialise
The company would use the proceeds to pare down debt on the books and to grow other businesses.
*Overall the deal looks positive*
Cadila Healthcare has sold its Animal Healthcare Established Markets Undertaking to Multiples Alternate Asset Management (consortium including Canada Pension Plan Investment and RARE Enterprises) for lumpsum consideration of Rs 2921 cr
FY20 audited sales was Rs 513 cr and EBITDA was Rs 88 cr; FY21 provisional sales are Rs 600 cr (*implying 4.9x EV/Sales) and Rs 150 cr EBITDA. The business doesn’t have any debt.
Cadila would still retain one component of Animal healthcare for regulated markets however the business is under development and would take 3-4 yrs to commercialise
The company would use the proceeds to pare down debt on the books and to grow other businesses.
*BSE Ltd.* | *CMP* Rs. 735 | *M Cap* Rs. 3309 Cr | *52 W H/L* 735/372
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 152.2 Cr (26.2% QoQ, 27.2% YoY) vs expectation of Rs. 131.2 Cr, QoQ Rs. 120.6 Cr, YoY Rs. 119.6 Cr
EBIDTA came at Rs. 37.3 Cr (1585.5% QoQ, 709.8% YoY) vs expectation of Rs. 32.5 Cr, QoQ Rs. 2.2 Cr, YoY Rs. 4.6 Cr
EBITDA Margin came at 24.5% vs expectation of 24.7%, QoQ 1.8%, YoY 3.8%
Adj. PAT came at Rs. 32.6 Cr vs expectation of Rs. 31.4 Cr, QoQ Rs. 32.4 Cr, YoY Rs. -1.3 Cr
Quarter EPS is Rs. 7.2
Share is trading at P/E of 18x FY22E EPS
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 152.2 Cr (26.2% QoQ, 27.2% YoY) vs expectation of Rs. 131.2 Cr, QoQ Rs. 120.6 Cr, YoY Rs. 119.6 Cr
EBIDTA came at Rs. 37.3 Cr (1585.5% QoQ, 709.8% YoY) vs expectation of Rs. 32.5 Cr, QoQ Rs. 2.2 Cr, YoY Rs. 4.6 Cr
EBITDA Margin came at 24.5% vs expectation of 24.7%, QoQ 1.8%, YoY 3.8%
Adj. PAT came at Rs. 32.6 Cr vs expectation of Rs. 31.4 Cr, QoQ Rs. 32.4 Cr, YoY Rs. -1.3 Cr
Quarter EPS is Rs. 7.2
Share is trading at P/E of 18x FY22E EPS
*SHIPPING CORPORATION OF INDIA LTD.* | *CMP* Rs. 115 | *M Cap* Rs. 5357 Cr | *52 W H/L* 135/39
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 875.4 Cr (4.1% QoQ, -33.4% YoY) vs QoQ Rs. 841.2 Cr, YoY Rs. 1313.8 Cr
EBIDTA came at Rs. 223.2 Cr (-1.1% QoQ, -26.5% YoY) vs QoQ Rs. 225.7 Cr, YoY Rs. 303.8 Cr
EBITDA Margin came at 25.5% vs QoQ 26.8%, YoY 23.1%
Adj. PAT came at Rs. 82 Cr vs QoQ Rs. 131.6 Cr, YoY Rs. 111.1 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 7.7x TTM EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 875.4 Cr (4.1% QoQ, -33.4% YoY) vs QoQ Rs. 841.2 Cr, YoY Rs. 1313.8 Cr
EBIDTA came at Rs. 223.2 Cr (-1.1% QoQ, -26.5% YoY) vs QoQ Rs. 225.7 Cr, YoY Rs. 303.8 Cr
EBITDA Margin came at 25.5% vs QoQ 26.8%, YoY 23.1%
Adj. PAT came at Rs. 82 Cr vs QoQ Rs. 131.6 Cr, YoY Rs. 111.1 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 7.7x TTM EPS
Bitcoin plunges 17% after Elon Musk tweet on Tesla not accepting cryptocurrency https://www.livemint.com/companies/news/bitcoin-plunges-17-after-elon-musk-tweet-on-tesla-not-accepting-cryptocurrency-11620873189800.html
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mint
Bitcoin plunges 17% after Elon Musk tweets on Tesla not accepting cryptocurrency
The price of the world's largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in just under two hours following the tweet
Biggest triggers for Indian businesses ahead:-
1..Internet in the hands of most Indians.
2. Emerging B2C brands.
The cumulative effect of it is beyond massive.
1..Internet in the hands of most Indians.
2. Emerging B2C brands.
The cumulative effect of it is beyond massive.
3 recent decisions:
1. India has restricted American Express and Diners Club from adding new customers because they flouted rules & refused to store financial data in India.
2. European Union announced that it will revive stalled trade talks with India (after 8 years)
3. Huawei and ZTE excluded from 5G trials in India. China called the decision unfair.
1. India has restricted American Express and Diners Club from adding new customers because they flouted rules & refused to store financial data in India.
2. European Union announced that it will revive stalled trade talks with India (after 8 years)
3. Huawei and ZTE excluded from 5G trials in India. China called the decision unfair.
Top 10 Companies with highest Foreign holding:
HDFC (72.78%)
Zee Entertainment (64.15%)
Shriram Transport Finance (61.01%)
Apollo Hospitals (54.51%)
Axis Bank (51.43%)
IndusInd Bank (50.91%)
ICICI Bank (47.78%)
Kotak Mahindra Bank (44.23%)
PVR (42.6%)
Redington (42%)
HDFC (72.78%)
Zee Entertainment (64.15%)
Shriram Transport Finance (61.01%)
Apollo Hospitals (54.51%)
Axis Bank (51.43%)
IndusInd Bank (50.91%)
ICICI Bank (47.78%)
Kotak Mahindra Bank (44.23%)
PVR (42.6%)
Redington (42%)
RBI cancels United Co-operative Bank's licence
https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-cancels-united-co-operative-banks-licence/articleshow/82607367.cms
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https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-cancels-united-co-operative-banks-licence/articleshow/82607367.cms
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The Economic Times
RBI cancels United Co-operative Bank's licence
The bank ceases to carry on banking business with effect from the On liquidation, every depositor is entitled to receive deposit insurance claims up to Rs 5 lakh.
*Vedanta Ltd.* | *CMP* Rs. 282 | *M Cap* Rs. 104825 Cr | *52 W H/L* 282/77
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 28206 Cr (24.1% QoQ, 42.8% YoY) vs expectation of Rs. 24968.8 Cr, QoQ Rs. 22735 Cr, YoY Rs. 19755 Cr
EBIDTA came at Rs. 9037 Cr (16.5% QoQ, 98.5% YoY) vs expectation of Rs. 8862.6 Cr, QoQ Rs. 7757 Cr, YoY Rs. 4552 Cr
EBITDA Margin came at 32% vs expectation of 35.5%, QoQ 34.1%, YoY 23%
Adj. PAT came at Rs. 7205 Cr vs expectation of Rs. 3988.8 Cr, QoQ Rs. 3299 Cr, YoY Rs. 4611 Cr
Quarter EPS is Rs. 19.4
Share is trading at P/E of 8.9x FY22E EPS
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 28206 Cr (24.1% QoQ, 42.8% YoY) vs expectation of Rs. 24968.8 Cr, QoQ Rs. 22735 Cr, YoY Rs. 19755 Cr
EBIDTA came at Rs. 9037 Cr (16.5% QoQ, 98.5% YoY) vs expectation of Rs. 8862.6 Cr, QoQ Rs. 7757 Cr, YoY Rs. 4552 Cr
EBITDA Margin came at 32% vs expectation of 35.5%, QoQ 34.1%, YoY 23%
Adj. PAT came at Rs. 7205 Cr vs expectation of Rs. 3988.8 Cr, QoQ Rs. 3299 Cr, YoY Rs. 4611 Cr
Quarter EPS is Rs. 19.4
Share is trading at P/E of 8.9x FY22E EPS
*Indian Energy Exchange Ltd.* | *CMP* Rs. 398 | *M Cap* Rs. 11922 Cr | *52 W H/L* 398/140
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 95 Cr (11.8% QoQ, 37% YoY) vs expectation of Rs. 96.1 Cr, QoQ Rs. 85 Cr, YoY Rs. 69.3 Cr
EBIDTA came at Rs. 80.8 Cr (12.1% QoQ, 49.3% YoY) vs expectation of Rs. 81.3 Cr, QoQ Rs. 72.1 Cr, YoY Rs. 54.2 Cr
EBITDA Margin came at 85.1% vs expectation of 84.6%, QoQ 84.8%, YoY 78.1%
Adj. PAT came at Rs. 63.8 Cr vs expectation of Rs. 64.5 Cr, QoQ Rs. 60.1 Cr, YoY Rs. 47.2 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 47.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 95 Cr (11.8% QoQ, 37% YoY) vs expectation of Rs. 96.1 Cr, QoQ Rs. 85 Cr, YoY Rs. 69.3 Cr
EBIDTA came at Rs. 80.8 Cr (12.1% QoQ, 49.3% YoY) vs expectation of Rs. 81.3 Cr, QoQ Rs. 72.1 Cr, YoY Rs. 54.2 Cr
EBITDA Margin came at 85.1% vs expectation of 84.6%, QoQ 84.8%, YoY 78.1%
Adj. PAT came at Rs. 63.8 Cr vs expectation of Rs. 64.5 Cr, QoQ Rs. 60.1 Cr, YoY Rs. 47.2 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 47.8x FY22E EPS
Bulk Deal as on 12-05-21
Bajaj Hindustan
+ 1.10 Crore @ 13.45 Ramlal Kanwarlal Jain
Cyient
+ 6 Lk @ 769.97 Cyient Associate Stock Option Scheme
Venkeys
+ 1.13 Lk @ 1976.35 Navodaya Enterprises
Bajaj Hindustan
+ 1.10 Crore @ 13.45 Ramlal Kanwarlal Jain
Cyient
+ 6 Lk @ 769.97 Cyient Associate Stock Option Scheme
Venkeys
+ 1.13 Lk @ 1976.35 Navodaya Enterprises
*Polycab India Ltd.* | *CMP* Rs. 1543 | *M Cap* Rs. 23011 Cr | *52 W H/L* 1585/624
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 3037.4 Cr (8.5% QoQ, 42.6% YoY) vs expectation of Rs. 2775.2 Cr, QoQ Rs. 2798.8 Cr, YoY Rs. 2129.4 Cr
EBIDTA came at Rs. 421.2 Cr (12.1% QoQ, 40.1% YoY) vs expectation of Rs. 373.9 Cr, QoQ Rs. 375.8 Cr, YoY Rs. 300.6 Cr
EBITDA Margin came at 13.9% vs expectation of 13.5%, QoQ 13.4%, YoY 14.1%
Adj. PAT came at Rs. 281.4 Cr vs expectation of Rs. 259.1 Cr, QoQ Rs. 262.5 Cr, YoY Rs. 213.9 Cr
Quarter EPS is Rs. 18.9
Share is trading at P/E of 25.2x FY22E EPS
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 3037.4 Cr (8.5% QoQ, 42.6% YoY) vs expectation of Rs. 2775.2 Cr, QoQ Rs. 2798.8 Cr, YoY Rs. 2129.4 Cr
EBIDTA came at Rs. 421.2 Cr (12.1% QoQ, 40.1% YoY) vs expectation of Rs. 373.9 Cr, QoQ Rs. 375.8 Cr, YoY Rs. 300.6 Cr
EBITDA Margin came at 13.9% vs expectation of 13.5%, QoQ 13.4%, YoY 14.1%
Adj. PAT came at Rs. 281.4 Cr vs expectation of Rs. 259.1 Cr, QoQ Rs. 262.5 Cr, YoY Rs. 213.9 Cr
Quarter EPS is Rs. 18.9
Share is trading at P/E of 25.2x FY22E EPS
*Vardhman Special Steels Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 772 Cr | *52 W H/L* 218/40
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 334.5 Cr (16.3% QoQ, 62.6% YoY) vs QoQ Rs. 287.7 Cr, YoY Rs. 205.7 Cr
EBIDTA came at Rs. 52.3 Cr (32.5% QoQ, 230.6% YoY) vs QoQ Rs. 39.4 Cr, YoY Rs. 15.8 Cr
EBITDA Margin came at 15.6% vs QoQ 13.7%, YoY 7.7%
Adj. PAT came at Rs. 26.4 Cr vs QoQ Rs. 21.7 Cr, YoY Rs. 3.6 Cr
Quarter EPS is Rs. 6.5
Share is trading at P/E of 17.5x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 334.5 Cr (16.3% QoQ, 62.6% YoY) vs QoQ Rs. 287.7 Cr, YoY Rs. 205.7 Cr
EBIDTA came at Rs. 52.3 Cr (32.5% QoQ, 230.6% YoY) vs QoQ Rs. 39.4 Cr, YoY Rs. 15.8 Cr
EBITDA Margin came at 15.6% vs QoQ 13.7%, YoY 7.7%
Adj. PAT came at Rs. 26.4 Cr vs QoQ Rs. 21.7 Cr, YoY Rs. 3.6 Cr
Quarter EPS is Rs. 6.5
Share is trading at P/E of 17.5x TTM EPS