*PI Industries Ltd.* | *CMP* Rs. 2709 | *M Cap* Rs. 41101 Cr | *52 W H/L* 2734/1426
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 1197.1 Cr (3% QoQ, 40% YoY) vs expectation of Rs. 1120.7 Cr, QoQ Rs. 1162.1 Cr, YoY Rs. 855.2 Cr
EBIDTA came at Rs. 227.3 Cr (-17.5% QoQ, 22% YoY) vs expectation of Rs. 254.8 Cr, QoQ Rs. 275.5 Cr, YoY Rs. 186.3 Cr
EBITDA Margin came at 19% vs expectation of 22.7%, QoQ 23.7%, YoY 21.8%
Adj. PAT came at Rs. 179.8 Cr vs expectation of Rs. 188.8 Cr, QoQ Rs. 195.4 Cr, YoY Rs. 110.7 Cr
Quarter EPS is Rs. 11.9
Share is trading at P/E of 44.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 1197.1 Cr (3% QoQ, 40% YoY) vs expectation of Rs. 1120.7 Cr, QoQ Rs. 1162.1 Cr, YoY Rs. 855.2 Cr
EBIDTA came at Rs. 227.3 Cr (-17.5% QoQ, 22% YoY) vs expectation of Rs. 254.8 Cr, QoQ Rs. 275.5 Cr, YoY Rs. 186.3 Cr
EBITDA Margin came at 19% vs expectation of 22.7%, QoQ 23.7%, YoY 21.8%
Adj. PAT came at Rs. 179.8 Cr vs expectation of Rs. 188.8 Cr, QoQ Rs. 195.4 Cr, YoY Rs. 110.7 Cr
Quarter EPS is Rs. 11.9
Share is trading at P/E of 44.8x FY22E EPS
*Ujjivan Small Finance Bank Ltd.* | *CMP* Rs. 31 | *M Cap* Rs. 5289 Cr | *52 W H/L* 45/25
(Nirmal Bang Retail Research)
*Result continued to remain weak*
Net Interest Income came at Rs. 368.1 Cr vs YoY Rs. 466.6 Cr, QoQ Rs. 432.3 Cr
Non Interest Income came at Rs. 117.3 Cr vs YoY Rs. 72.2 Cr, QoQ Rs. 100.4 Cr
PBP came at Rs. 158.7 Cr vs YoY Rs. 190.6 Cr, QoQ Rs. 203.8 Cr
Provisions came at Rs. -25.2 Cr vs YoY Rs. 96.9 Cr, QoQ Rs. 583.5 Cr
Co is carrying Rs. 172 Cr of contingent provisions (1.2%)
Adj. PAT came at Rs. 136.5 Cr vs YoY Rs. 73.1 Cr, QoQ Rs. -278.8 Cr
Gross NPA came at Rs. 1070.6 Cr vs QoQ Rs. 658.7 Cr at 7.07% vs QoQ 4.83%
Net NPA came at Rs. 424.6 Cr vs QoQ Rs. 279.6 Cr at 2.93% vs QoQ 2.05%
PAR>0 book stood at 15.0% against QoQ 16.2% . Improvement seems weak considering economic activity was very strong in Q4FY21. With the second wave, Q1FY22 performance is likely to get impacted.
PAR 0-90 book constitutes 7.9%
Quarter EPS is Rs. 0.8
Share is trading at P/E 12.1x FY22E EPS and trailing P/Adj BV of 2.1x
(Nirmal Bang Retail Research)
*Result continued to remain weak*
Net Interest Income came at Rs. 368.1 Cr vs YoY Rs. 466.6 Cr, QoQ Rs. 432.3 Cr
Non Interest Income came at Rs. 117.3 Cr vs YoY Rs. 72.2 Cr, QoQ Rs. 100.4 Cr
PBP came at Rs. 158.7 Cr vs YoY Rs. 190.6 Cr, QoQ Rs. 203.8 Cr
Provisions came at Rs. -25.2 Cr vs YoY Rs. 96.9 Cr, QoQ Rs. 583.5 Cr
Co is carrying Rs. 172 Cr of contingent provisions (1.2%)
Adj. PAT came at Rs. 136.5 Cr vs YoY Rs. 73.1 Cr, QoQ Rs. -278.8 Cr
Gross NPA came at Rs. 1070.6 Cr vs QoQ Rs. 658.7 Cr at 7.07% vs QoQ 4.83%
Net NPA came at Rs. 424.6 Cr vs QoQ Rs. 279.6 Cr at 2.93% vs QoQ 2.05%
PAR>0 book stood at 15.0% against QoQ 16.2% . Improvement seems weak considering economic activity was very strong in Q4FY21. With the second wave, Q1FY22 performance is likely to get impacted.
PAR 0-90 book constitutes 7.9%
Quarter EPS is Rs. 0.8
Share is trading at P/E 12.1x FY22E EPS and trailing P/Adj BV of 2.1x
*Gujarat Alkalies & Chemicals Ltd.* | *CMP* Rs. 433 | *M Cap* Rs. 3180 Cr | *52 W H/L* 469/302
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 671.4 Cr (3.3% QoQ, 8% YoY) vs QoQ Rs. 650.2 Cr, YoY Rs. 621.6 Cr
EBIDTA came at Rs. 96.5 Cr (22.7% QoQ, 20.8% YoY) vs QoQ Rs. 78.6 Cr, YoY Rs. 79.9 Cr
EBITDA Margin came at 14.4% vs QoQ 12.1%, YoY 12.8%
Adj. PAT came at Rs. 34.7 Cr vs QoQ Rs. 33.2 Cr, YoY Rs. 11.4 Cr
Lower PAT growth as compared to EBITDA QoQ is on account of lower other Income.
Quarter EPS is Rs. 4.7
Share is trading at P/E of 19.2x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 671.4 Cr (3.3% QoQ, 8% YoY) vs QoQ Rs. 650.2 Cr, YoY Rs. 621.6 Cr
EBIDTA came at Rs. 96.5 Cr (22.7% QoQ, 20.8% YoY) vs QoQ Rs. 78.6 Cr, YoY Rs. 79.9 Cr
EBITDA Margin came at 14.4% vs QoQ 12.1%, YoY 12.8%
Adj. PAT came at Rs. 34.7 Cr vs QoQ Rs. 33.2 Cr, YoY Rs. 11.4 Cr
Lower PAT growth as compared to EBITDA QoQ is on account of lower other Income.
Quarter EPS is Rs. 4.7
Share is trading at P/E of 19.2x TTM EPS
*Glaxosmithkline Pharmaceuticals Ltd.* | *CMP* Rs. 1516 | *M Cap* Rs. 25677 Cr | *52 W H/L* 1808/1190
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 813.8 Cr (-5.1% QoQ, 4.9% YoY) vs expectation of Rs. 818.1 Cr, QoQ Rs. 857.2 Cr, YoY Rs. 775.8 Cr
EBIDTA came at Rs. 170.9 Cr (-16.8% QoQ, -1.5% YoY) vs expectation of Rs. 172.9 Cr, QoQ Rs. 205.5 Cr, YoY Rs. 173.6 Cr
EBITDA Margin came at 21% vs expectation of 21.1%, QoQ 24%, YoY 22.4%
Adj. PAT came at Rs. 133.3 Cr vs expectation of Rs. 126.4 Cr, QoQ Rs. 146 Cr, YoY Rs. 126.8 Cr
Quarter EPS is Rs. 7.9
Share is trading at P/E of 39.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 813.8 Cr (-5.1% QoQ, 4.9% YoY) vs expectation of Rs. 818.1 Cr, QoQ Rs. 857.2 Cr, YoY Rs. 775.8 Cr
EBIDTA came at Rs. 170.9 Cr (-16.8% QoQ, -1.5% YoY) vs expectation of Rs. 172.9 Cr, QoQ Rs. 205.5 Cr, YoY Rs. 173.6 Cr
EBITDA Margin came at 21% vs expectation of 21.1%, QoQ 24%, YoY 22.4%
Adj. PAT came at Rs. 133.3 Cr vs expectation of Rs. 126.4 Cr, QoQ Rs. 146 Cr, YoY Rs. 126.8 Cr
Quarter EPS is Rs. 7.9
Share is trading at P/E of 39.7x FY22E EPS
*Aarti Industries Ltd.* | *CMP* Rs. 1746 | *M Cap* Rs. 30421 Cr | *52 W H/L* 1815/850
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
*Gross Margin remain Stable QoQ, higher other expenses led to decline in EBITDA margin*
Revenue from Operations came at Rs. 1209.4 Cr (1.9% QoQ, 12.4% YoY) vs expectation of Rs. 1247.8 Cr, QoQ Rs. 1186.8 Cr, YoY Rs. 1076.2 Cr
EBIDTA came at Rs. 260.3 Cr (-8.7% QoQ, 18.9% YoY) vs expectation of Rs. 296.5 Cr, QoQ Rs. 285 Cr, YoY Rs. 218.9 Cr
EBITDA Margin came at 21.5% vs expectation of 23.8%, QoQ 24%, YoY 20.3%
Adj. PAT came at Rs. 139.3 Cr vs expectation of Rs. 178.7 Cr, QoQ Rs. 165.3 Cr, YoY Rs. 110.4 Cr
Quarter EPS is Rs. 8
Share is trading at P/E of 43.4x FY22E EPS
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
*Gross Margin remain Stable QoQ, higher other expenses led to decline in EBITDA margin*
Revenue from Operations came at Rs. 1209.4 Cr (1.9% QoQ, 12.4% YoY) vs expectation of Rs. 1247.8 Cr, QoQ Rs. 1186.8 Cr, YoY Rs. 1076.2 Cr
EBIDTA came at Rs. 260.3 Cr (-8.7% QoQ, 18.9% YoY) vs expectation of Rs. 296.5 Cr, QoQ Rs. 285 Cr, YoY Rs. 218.9 Cr
EBITDA Margin came at 21.5% vs expectation of 23.8%, QoQ 24%, YoY 20.3%
Adj. PAT came at Rs. 139.3 Cr vs expectation of Rs. 178.7 Cr, QoQ Rs. 165.3 Cr, YoY Rs. 110.4 Cr
Quarter EPS is Rs. 8
Share is trading at P/E of 43.4x FY22E EPS
Route Mobile Concall Update
*Outlook – Positive*
Management guides for a revenue growth of 20% organically in FY22. Volume growth would be 10-15%. Focus would be majority towards improving gross margin . Q4FY21 gross margin improved to 22% vs 18% QoQ owing passing on DLT charges to customers which had taken a hit last quarter. Gross margin of 22% is sustainable . With change in product mix management aspires to reach gross margin of 25%.
Share is trading at P/E of 54x FY22E EPS
*Outlook – Positive*
Management guides for a revenue growth of 20% organically in FY22. Volume growth would be 10-15%. Focus would be majority towards improving gross margin . Q4FY21 gross margin improved to 22% vs 18% QoQ owing passing on DLT charges to customers which had taken a hit last quarter. Gross margin of 22% is sustainable . With change in product mix management aspires to reach gross margin of 25%.
Share is trading at P/E of 54x FY22E EPS
*Minda Corporation Ltd.* | *CMP* Rs. 111 | *M Cap* Rs. 2642 Cr | *52 W H/L* 114/54
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 794.1 Cr (7.3% QoQ, 13.8% YoY) vs expectation of Rs. 740.7 Cr, QoQ Rs. 739.8 Cr, YoY Rs. 697.9 Cr
Gross Profit Margins came at 36.8% vs QoQ 37.3%, YoY 39.2%
EBIDTA came at Rs. 89 Cr (8.8% QoQ, 131.1% YoY) vs expectation of Rs. 79.2 Cr, QoQ Rs. 81.8 Cr, YoY Rs. 38.5 Cr
EBITDA Margin came at 11.2% vs expectation of 10.7%, QoQ 11.1%, YoY 5.5%
Adj. PAT came at Rs. 54.6 Cr vs expectation of Rs. 45.2 Cr, QoQ Rs. 49.5 Cr, YoY Rs. -6.5 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 14.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 794.1 Cr (7.3% QoQ, 13.8% YoY) vs expectation of Rs. 740.7 Cr, QoQ Rs. 739.8 Cr, YoY Rs. 697.9 Cr
Gross Profit Margins came at 36.8% vs QoQ 37.3%, YoY 39.2%
EBIDTA came at Rs. 89 Cr (8.8% QoQ, 131.1% YoY) vs expectation of Rs. 79.2 Cr, QoQ Rs. 81.8 Cr, YoY Rs. 38.5 Cr
EBITDA Margin came at 11.2% vs expectation of 10.7%, QoQ 11.1%, YoY 5.5%
Adj. PAT came at Rs. 54.6 Cr vs expectation of Rs. 45.2 Cr, QoQ Rs. 49.5 Cr, YoY Rs. -6.5 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 14.7x FY22E EPS
*Torrent Pharmaceuticals Ltd.* | *CMP* Rs. 2731 | *M Cap* Rs. 46215 Cr | *52 W H/L* 3040/2232
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1937 Cr (-2.9% QoQ, -0.5% YoY) vs expectation of Rs. 1996.8 Cr, QoQ Rs. 1995 Cr, YoY Rs. 1946 Cr
EBIDTA came at Rs. 582 Cr (-4.1% QoQ, 6.2% YoY) vs expectation of Rs. 586.1 Cr, QoQ Rs. 607 Cr, YoY Rs. 548 Cr
EBITDA Margin came at 30% vs expectation of 29.4%, QoQ 30.4%, YoY 28.2%
Adj. PAT came at Rs. 324 Cr vs expectation of Rs. 273.1 Cr, QoQ Rs. 297 Cr, YoY Rs. 314 Cr
Quarter EPS is Rs. 19.1
Share is trading at P/E of 33.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1937 Cr (-2.9% QoQ, -0.5% YoY) vs expectation of Rs. 1996.8 Cr, QoQ Rs. 1995 Cr, YoY Rs. 1946 Cr
EBIDTA came at Rs. 582 Cr (-4.1% QoQ, 6.2% YoY) vs expectation of Rs. 586.1 Cr, QoQ Rs. 607 Cr, YoY Rs. 548 Cr
EBITDA Margin came at 30% vs expectation of 29.4%, QoQ 30.4%, YoY 28.2%
Adj. PAT came at Rs. 324 Cr vs expectation of Rs. 273.1 Cr, QoQ Rs. 297 Cr, YoY Rs. 314 Cr
Quarter EPS is Rs. 19.1
Share is trading at P/E of 33.3x FY22E EPS
Super Duper Techno Funda Mid Term Call
Buy Agarind at CMP of 205 - 206 and dips till 195
Sl 187
Targets:- 210 - 213 - 216 - 219 - 222 - 226 - 230+
Above 230 we can see 240 - 255 +
Disclaimer:- I am not SEBI Registered.please consult your financial advisor before investing
BSE - 531921
NSE - 3389
Buy Agarind at CMP of 205 - 206 and dips till 195
Sl 187
Targets:- 210 - 213 - 216 - 219 - 222 - 226 - 230+
Above 230 we can see 240 - 255 +
Disclaimer:- I am not SEBI Registered.please consult your financial advisor before investing
BSE - 531921
NSE - 3389
Short Term Aggressive Call
Buy Astron Paper at CMP of 41.9 - 42.5 and dips of 40
Sl 38
Targets:- 44 - 45 - 46 - 47 - 48 - 49 - 50+
Above 50 we can see 53 - 56 - 60+
Disclaimer:- I am not SEBI Registered. Please consult your financial advisor before investing.
Buy Astron Paper at CMP of 41.9 - 42.5 and dips of 40
Sl 38
Targets:- 44 - 45 - 46 - 47 - 48 - 49 - 50+
Above 50 we can see 53 - 56 - 60+
Disclaimer:- I am not SEBI Registered. Please consult your financial advisor before investing.