*Acrysil Ltd.* | *CMP* Rs. 348 | *M Cap* Rs. 929 Cr | *52 W H/L* 398/59
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 100.6 Cr (15% QoQ, 56.4% YoY) vs QoQ Rs. 87.5 Cr, YoY Rs. 64.4 Cr
EBIDTA came at Rs. 20.3 Cr (0.5% QoQ, 105.7% YoY) vs QoQ Rs. 20.2 Cr, YoY Rs. 9.9 Cr
EBITDA Margin came at 20.2% vs QoQ 23.1%, YoY 15.3%
Adj. PAT came at Rs. 13.1 Cr vs QoQ Rs. 12.1 Cr, YoY Rs. 3.9 Cr
Quarter EPS is Rs. 4.9
Share is trading at P/E of 23.7x TTM EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 100.6 Cr (15% QoQ, 56.4% YoY) vs QoQ Rs. 87.5 Cr, YoY Rs. 64.4 Cr
EBIDTA came at Rs. 20.3 Cr (0.5% QoQ, 105.7% YoY) vs QoQ Rs. 20.2 Cr, YoY Rs. 9.9 Cr
EBITDA Margin came at 20.2% vs QoQ 23.1%, YoY 15.3%
Adj. PAT came at Rs. 13.1 Cr vs QoQ Rs. 12.1 Cr, YoY Rs. 3.9 Cr
Quarter EPS is Rs. 4.9
Share is trading at P/E of 23.7x TTM EPS
*Relaxo Footwears Ltd.* | *CMP* Rs. 1020 | *M Cap* Rs. 25341 Cr | *52 W H/L* 1020/578
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 747.7 Cr (11.3% QoQ, 38.3% YoY) vs expectation of Rs. 724.4 Cr, QoQ Rs. 672 Cr, YoY Rs. 540.6 Cr
EBIDTA came at Rs. 162.9 Cr (9.5% QoQ, 69.3% YoY) vs expectation of Rs. 149.5 Cr, QoQ Rs. 148.7 Cr, YoY Rs. 96.2 Cr
EBITDA Margin came at 21.8% vs expectation of 20.6%, QoQ 22.1%, YoY 17.8%
Adj. PAT came at Rs. 102.2 Cr vs expectation of Rs. 92.4 Cr, QoQ Rs. 90.1 Cr, YoY Rs. 51.8 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 81x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 747.7 Cr (11.3% QoQ, 38.3% YoY) vs expectation of Rs. 724.4 Cr, QoQ Rs. 672 Cr, YoY Rs. 540.6 Cr
EBIDTA came at Rs. 162.9 Cr (9.5% QoQ, 69.3% YoY) vs expectation of Rs. 149.5 Cr, QoQ Rs. 148.7 Cr, YoY Rs. 96.2 Cr
EBITDA Margin came at 21.8% vs expectation of 20.6%, QoQ 22.1%, YoY 17.8%
Adj. PAT came at Rs. 102.2 Cr vs expectation of Rs. 92.4 Cr, QoQ Rs. 90.1 Cr, YoY Rs. 51.8 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 81x FY22E EPS
*IIFL Wealth Q4FY21 Concall Update*
(Nirmal Bang Securities)
*Steady growth to continue; rising mix of Recurring Revenue to gradually increase ROE*
*Outlook: Neutral due to stretched valuations*
*ARR (Annual Recurring Revenue* (63% of revenue)
• Revenue grew 4.3% QoQ to Rs 161 Cr
• Total Assets (Wealth + AMC) increased 12.7% QoQ & 63% YoY to Rs. 1,01,969 Cr
• AMC AUM increased 15% QoQ to Rs. 37,372 Cr. Of this AUM, Rs. 11,196 Cr s from PMS; Rs. 2476 Cr is from MF and Rs. 23,700 Cr is from AIF. (AIF typically has lesser yields than PMS and MF but higher than Wealth business).
• Revenue mix of ARR segment has increased from 40% in FY19 to 63% in FY21 and is likely to increase to 75% in future.
*Transactional / Brokerage Revenue* (37% of revenue)
• Revenue grew 23.4% QoQ to Rs 105 Cr
• Brokerage Assets declined -4.5% QoQ & 11% YoY to Rs. 1,05,074 Cr
*Consolidated Operations*
• Co is planning to sell its office location and lease it back which will provide some capital that can be utilized to give a one time dividend.
• This sale of office should result in reduction in Networth which will also contribute to increase in ROE.
_Networth of Rs 2830 Cr split up:-_
• NBFC: 1130 Cr
• Wealth Management: 500 Cr
• Asset Management: 390 Cr
• Goodwill: 370 Cr
• Intangibles: 150 Cr
• Fixed Assets: 290 Cr
*Guidance*
• Co is expecting Rs. 20k Cr inflows during FY22 spread equally between the 2 segments.
• Co expects total AUM growing by 19% in FY22 and by 16% in FY23.
• C/I to reduce to 50% over time. (from 53.0% in Q4FY21)
• (C/I today in wealth is 57% and in Asset Management is 50%)
• Profit to reach Rs 450 Cr in FY22 & Rs 525 Cr in FY23.
• ROE to increase to 15% in FY22 and to 19-20% in FY23. (from 14.2% in Q4FY21)
• Dividend payout to remain at 60-80%.
Stock is trading at P/E of 28x TTM EPS against 31x for Nippon Asset Management which has much higher ROE of 22% (vs 14% for IIFL Wealth)
(Nirmal Bang Securities)
*Steady growth to continue; rising mix of Recurring Revenue to gradually increase ROE*
*Outlook: Neutral due to stretched valuations*
*ARR (Annual Recurring Revenue* (63% of revenue)
• Revenue grew 4.3% QoQ to Rs 161 Cr
• Total Assets (Wealth + AMC) increased 12.7% QoQ & 63% YoY to Rs. 1,01,969 Cr
• AMC AUM increased 15% QoQ to Rs. 37,372 Cr. Of this AUM, Rs. 11,196 Cr s from PMS; Rs. 2476 Cr is from MF and Rs. 23,700 Cr is from AIF. (AIF typically has lesser yields than PMS and MF but higher than Wealth business).
• Revenue mix of ARR segment has increased from 40% in FY19 to 63% in FY21 and is likely to increase to 75% in future.
*Transactional / Brokerage Revenue* (37% of revenue)
• Revenue grew 23.4% QoQ to Rs 105 Cr
• Brokerage Assets declined -4.5% QoQ & 11% YoY to Rs. 1,05,074 Cr
*Consolidated Operations*
• Co is planning to sell its office location and lease it back which will provide some capital that can be utilized to give a one time dividend.
• This sale of office should result in reduction in Networth which will also contribute to increase in ROE.
_Networth of Rs 2830 Cr split up:-_
• NBFC: 1130 Cr
• Wealth Management: 500 Cr
• Asset Management: 390 Cr
• Goodwill: 370 Cr
• Intangibles: 150 Cr
• Fixed Assets: 290 Cr
*Guidance*
• Co is expecting Rs. 20k Cr inflows during FY22 spread equally between the 2 segments.
• Co expects total AUM growing by 19% in FY22 and by 16% in FY23.
• C/I to reduce to 50% over time. (from 53.0% in Q4FY21)
• (C/I today in wealth is 57% and in Asset Management is 50%)
• Profit to reach Rs 450 Cr in FY22 & Rs 525 Cr in FY23.
• ROE to increase to 15% in FY22 and to 19-20% in FY23. (from 14.2% in Q4FY21)
• Dividend payout to remain at 60-80%.
Stock is trading at P/E of 28x TTM EPS against 31x for Nippon Asset Management which has much higher ROE of 22% (vs 14% for IIFL Wealth)
*USHA MARTIN LTD.* | *CMP* Rs. 55 | *M Cap* Rs. 1670 Cr | *52 W H/L* 58/13
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 652.9 Cr (18.8% QoQ, 26.9% YoY) vs QoQ Rs. 549.8 Cr, YoY Rs. 514.7 Cr
EBIDTA came at Rs. 103 Cr (52.1% QoQ, 101.1% YoY) vs QoQ Rs. 67.7 Cr, YoY Rs. 51.2 Cr
EBITDA Margin came at 15.8% vs QoQ 12.3%, YoY 10%
Adj. PAT came at Rs. 67.8 Cr vs QoQ Rs. 37.4 Cr, YoY Rs. 0.4 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 11.2x TTM EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 652.9 Cr (18.8% QoQ, 26.9% YoY) vs QoQ Rs. 549.8 Cr, YoY Rs. 514.7 Cr
EBIDTA came at Rs. 103 Cr (52.1% QoQ, 101.1% YoY) vs QoQ Rs. 67.7 Cr, YoY Rs. 51.2 Cr
EBITDA Margin came at 15.8% vs QoQ 12.3%, YoY 10%
Adj. PAT came at Rs. 67.8 Cr vs QoQ Rs. 37.4 Cr, YoY Rs. 0.4 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 11.2x TTM EPS
https://youtu.be/D_jsreLEFGo
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YouTube
Mr. Daniel Siluk, MD & Portfolio Manager, Kapstream Capital in conversation with Ms.Hiral Dadia
Economy Outlook Here are our social media handles. Request you to follow us and stay connected for more updates:LinkedIn: https://www.linkedin.com/company/ni...
*Zee Entertainment Enterprises Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 18346 Cr | *52 W H/L* 261/135
(Nirmal Bang Retail Research)
*Result is marginally ahead of expectations*
Revenue from Operations came at Rs. 1965.8 Cr (-28% QoQ, 0.8% YoY) vs expectation of Rs. 2086.6 Cr, QoQ Rs. 2729.4 Cr, YoY Rs. 1951.1 Cr
EBIDTA came at Rs. 561.6 Cr (-11.1% QoQ, -199.8% YoY) vs expectation of Rs. 517.1 Cr, QoQ Rs. 631.8 Cr, YoY Rs. -562.6 Cr
EBITDA Margin came at 28.6% vs expectation of 24.8%, QoQ 23.1%, YoY -28.8%
Adj. PAT came at Rs. 301.9 Cr vs expectation of Rs. 327.9 Cr, QoQ Rs. 399.9 Cr, YoY Rs. -653 Cr
Quarter EPS is Rs. 3.1
Share is trading at P/E of 11.9x FY22E EPS
(Nirmal Bang Retail Research)
*Result is marginally ahead of expectations*
Revenue from Operations came at Rs. 1965.8 Cr (-28% QoQ, 0.8% YoY) vs expectation of Rs. 2086.6 Cr, QoQ Rs. 2729.4 Cr, YoY Rs. 1951.1 Cr
EBIDTA came at Rs. 561.6 Cr (-11.1% QoQ, -199.8% YoY) vs expectation of Rs. 517.1 Cr, QoQ Rs. 631.8 Cr, YoY Rs. -562.6 Cr
EBITDA Margin came at 28.6% vs expectation of 24.8%, QoQ 23.1%, YoY -28.8%
Adj. PAT came at Rs. 301.9 Cr vs expectation of Rs. 327.9 Cr, QoQ Rs. 399.9 Cr, YoY Rs. -653 Cr
Quarter EPS is Rs. 3.1
Share is trading at P/E of 11.9x FY22E EPS
*KNR Construction Ltd.* | *CMP* Rs. 217 | *M Cap* Rs. 6103 Cr | *52 W H/L* 242/90
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 935.8 Cr (36.4% QoQ, 38.5% YoY) vs expectation of Rs. 813.6 Cr, QoQ Rs. 686.3 Cr, YoY Rs. 675.6 Cr
EBIDTA came at Rs. 182.2 Cr (34.7% QoQ, 24.1% YoY) vs expectation of Rs. 155.2 Cr, QoQ Rs. 135.3 Cr, YoY Rs. 146.9 Cr
EBITDA Margin came at 19.5% vs expectation of 19.1%, QoQ 19.7%, YoY 21.7%
Adj. PAT came at Rs. 77 Cr vs expectation of Rs. 83.7 Cr, QoQ Rs. 77.6 Cr, YoY Rs. 67.2 Cr Lower PAT in Q4FY21 is on account of higher Tax and lower other Income
Quarter EPS is Rs. 2.7
Share is trading at P/E of 13.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 935.8 Cr (36.4% QoQ, 38.5% YoY) vs expectation of Rs. 813.6 Cr, QoQ Rs. 686.3 Cr, YoY Rs. 675.6 Cr
EBIDTA came at Rs. 182.2 Cr (34.7% QoQ, 24.1% YoY) vs expectation of Rs. 155.2 Cr, QoQ Rs. 135.3 Cr, YoY Rs. 146.9 Cr
EBITDA Margin came at 19.5% vs expectation of 19.1%, QoQ 19.7%, YoY 21.7%
Adj. PAT came at Rs. 77 Cr vs expectation of Rs. 83.7 Cr, QoQ Rs. 77.6 Cr, YoY Rs. 67.2 Cr Lower PAT in Q4FY21 is on account of higher Tax and lower other Income
Quarter EPS is Rs. 2.7
Share is trading at P/E of 13.3x FY22E EPS
*EPL Ltd.* | *CMP* Rs. 248 | *M Cap* Rs. 7826 Cr | *52 W H/L* 319/158
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 810.2 Cr (5.6% QoQ, 17.6% YoY) vs expectation of Rs. 779.3 Cr, QoQ Rs. 767.1 Cr, YoY Rs. 688.9 Cr
EBIDTA came at Rs. 139.8 Cr (-11.8% QoQ, 0.9% YoY) vs expectation of Rs. 155.6 Cr, QoQ Rs. 158.5 Cr, YoY Rs. 138.5 Cr
EBITDA Margin came at 17.3% vs expectation of 20%, QoQ 20.7%, YoY 20.1%
Adj. PAT came at Rs. 56.8 Cr vs expectation of Rs. 66.7 Cr, QoQ Rs. 70.9 Cr, YoY Rs. 48.6 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 23.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 810.2 Cr (5.6% QoQ, 17.6% YoY) vs expectation of Rs. 779.3 Cr, QoQ Rs. 767.1 Cr, YoY Rs. 688.9 Cr
EBIDTA came at Rs. 139.8 Cr (-11.8% QoQ, 0.9% YoY) vs expectation of Rs. 155.6 Cr, QoQ Rs. 158.5 Cr, YoY Rs. 138.5 Cr
EBITDA Margin came at 17.3% vs expectation of 20%, QoQ 20.7%, YoY 20.1%
Adj. PAT came at Rs. 56.8 Cr vs expectation of Rs. 66.7 Cr, QoQ Rs. 70.9 Cr, YoY Rs. 48.6 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 23.7x FY22E EPS
*Havells India Ltd.* | *CMP* Rs. 1072 | *M Cap* Rs. 67131 Cr | *52 W H/L* 1238/447
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 3331.2 Cr (5.2% QoQ, 50.3% YoY) vs expectation of Rs. 3122.4 Cr, QoQ Rs. 3165.9 Cr, YoY Rs. 2216.1 Cr
EBIDTA came at Rs. 505.7 Cr (-0.5% QoQ, 106.1% YoY) vs expectation of Rs. 446.4 Cr, QoQ Rs. 508.1 Cr, YoY Rs. 245.3 Cr
EBITDA Margin came at 15.2% vs expectation of 14.3%, QoQ 16%, YoY 11.1%
Adj. PAT came at Rs. 302.3 Cr vs expectation of Rs. 298.5 Cr, QoQ Rs. 349.1 Cr, YoY Rs. 177.2 Cr Company has higher tax in Q4FY21
Quarter EPS is Rs. 4.8
Share is trading at P/E of 57.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 3331.2 Cr (5.2% QoQ, 50.3% YoY) vs expectation of Rs. 3122.4 Cr, QoQ Rs. 3165.9 Cr, YoY Rs. 2216.1 Cr
EBIDTA came at Rs. 505.7 Cr (-0.5% QoQ, 106.1% YoY) vs expectation of Rs. 446.4 Cr, QoQ Rs. 508.1 Cr, YoY Rs. 245.3 Cr
EBITDA Margin came at 15.2% vs expectation of 14.3%, QoQ 16%, YoY 11.1%
Adj. PAT came at Rs. 302.3 Cr vs expectation of Rs. 298.5 Cr, QoQ Rs. 349.1 Cr, YoY Rs. 177.2 Cr Company has higher tax in Q4FY21
Quarter EPS is Rs. 4.8
Share is trading at P/E of 57.3x FY22E EPS
Based on complaint by JK Paper, DGTR might extend the antidumping duty on uncoated copier paper
#JKPaper
#JKPaper
NATCO PHARMA AND ALEMBIC PHARMA SAID TO PRODUCE TREATMENT FOR BLACK FUNGUL DISEASE
India is the fastest growing major steel market in terms of production. Here are country-wise YoY growth rates as on March 2021
India +23.9%
China +19%
Iran +11%
Germany +10.5%
Russia +9.4%
Turkey +9.2%
India accounted for ~6% of global steel production
China is ~55%
India +23.9%
China +19%
Iran +11%
Germany +10.5%
Russia +9.4%
Turkey +9.2%
India accounted for ~6% of global steel production
China is ~55%
Go Airlines Chairman says ‘This is an ideal time to invest in low-cost airlines’..
Also says As investors recognize that people are tired of being shut in, we believe that there is going to be a big travel boom after the pandemic. The IPO will place us perfectly when the market rebounds.
Also says As investors recognize that people are tired of being shut in, we believe that there is going to be a big travel boom after the pandemic. The IPO will place us perfectly when the market rebounds.
#BSWebExclusive | SBI Q4 preview: Analysts see 65-115% YoY PAT growth on lower provisions. However, given the second wave of #Covid19, analysts would track the management’s asset quality outlook, and growth in loan book, reports @nikita_vashisht
https://t.co/uNS4We1dTW
https://t.co/uNS4We1dTW
Business-Standard
SBI Q4 preview: Analysts see 65-115% YoY PAT growth on lower provisions
Emkay Global feels that SBI's slippages may remain moderate with limited non-performing assets (NPAs) in retail and no lumpy corporate barring Srei
BOSCH: DECLARED DIVIDEND OF RUPEES 115/SHARE
BOSCH: Q4 REVENUE 32.2B RUPEES VS 22.37B (YOY)
BOSCH: Q4 CONS NET PROFIT 4.82B RUPEES VS 809M (YOY); EST 3.3B I 1.84B (QOQ)
BOSCH: Q4 REVENUE 32.2B RUPEES VS 22.37B (YOY)
BOSCH: Q4 CONS NET PROFIT 4.82B RUPEES VS 809M (YOY); EST 3.3B I 1.84B (QOQ)
HPCL: Q4 SL NET PROFIT 30.18B RUPEES VS 268M (YOY); EST 15B | 23.5B (QOQ) || Q4 REVENUE 849.05B RUPEES VS 713B (YOY)
HPCL: CO RECOMMENDED FINAL EQUITY DIVIDEND OF 22.75 RUPEES PER SHARE
HPCL: AVG GRM DURING FY ENDED MARCH 31 AT $3.86 PER BBL VS $1.02 PER BBL (YOY)
HPCL: CO RECOMMENDED FINAL EQUITY DIVIDEND OF 22.75 RUPEES PER SHARE
HPCL: AVG GRM DURING FY ENDED MARCH 31 AT $3.86 PER BBL VS $1.02 PER BBL (YOY)
FII and DII Trading activities as on 20May2021
FII F&O (Net)+3006.17Cr
FII INDEX FUTURES-960.9Cr
FII INDEX OPTIONS+5879.47Cr
FII STOCK FUTURES-1896.71Cr
FII STOCK OPTIONS-15.69Cr
FII CASH+71.04Cr
DII CASH-876.06Cr
FII F&O (Net)+3006.17Cr
FII INDEX FUTURES-960.9Cr
FII INDEX OPTIONS+5879.47Cr
FII STOCK FUTURES-1896.71Cr
FII STOCK OPTIONS-15.69Cr
FII CASH+71.04Cr
DII CASH-876.06Cr
Securities in Ban For Trade Date 21-MAY-2021:
BHEL
CADILAHC
JINDALSTEEL
NATIONALALUM
PNB
SAIL
*Added BHEL,JINDALSTEEL,PNB*
*Deleted NO*
BHEL
CADILAHC
JINDALSTEEL
NATIONALALUM
PNB
SAIL
*Added BHEL,JINDALSTEEL,PNB*
*Deleted NO*
Tax return due date extended
Individual - form 31 July to 30 September
Tax audit filing - form 30 sept to 31 oct
Audit tax returns - form 31 oct to 30 nov
Q4 TDs return filing form 31 May to 30 June
Individual - form 31 July to 30 September
Tax audit filing - form 30 sept to 31 oct
Audit tax returns - form 31 oct to 30 nov
Q4 TDs return filing form 31 May to 30 June
Bosch - Q4FY21 (Audited – Cons)
CMP: 15,838
Revenue from operations 3,216 Crs
2,236 Cr (43.81%) YoY | 3,030 Cr (6.18%) QoQ
Year ending revenue: 9,716 Cr Vs. 9,841 Cr (-1.31%)
Net Profit of 481.9 Cr
81.1 Cr (493.51%) YoY 184.2 Cr (161.13%) QoQ
Year ending Net profit: 482 Cr Vs. 650 Cr (-25.84%)
EPS (in Rs.) 163.8
27.4 YoY | 62.5 QoQ
Year ending EPS: 163.4 Vs. 220.8
View: Result is above expectation and very strong. YoY revenue significantly up and profit multifold in YoY. QoQ position is also sound.
Business Updates & Highlights
EBITDA (Cons.) in Q4FY21 was around INR 619.1 Cr Vs. 341.1 Cr in Q4FY20 Vs. 356.4 Cr in Q3FY21 therefore up by 81.4% in YoY and 73.8% up in QoQ. EBITDA margin in Q4FY21 was around 19.2% Vs. 15.2% in YoY Vs. 11.7% in QoQ therefore EBITDA margin improved by 400 bps in YoY and 750 bps in QoQ.
Q4FY21: Total revenue of Bosch Limited’s Mobility Solutions Business sector increased by 56.6 percent in the quarter ending on March 31, 2021. Within this business sector, total revenue of the Powertrain Solutions division increased by 65.6 percent. The Two-Wheeler and Powersports along with Automotive Aftermarket witnessed a continued growth during the quarter.
FY21: Company Mobility Solutions business sector increased by 2.4 percent in 2020-21. The Powertrain Solutions division registered an increase of 1.8 percent. Business beyond Mobility solutions has recorded a decline of 11.7 percent
Total investments in 2020-21 amounted to INR 246 crores with major spend on the expansion of Adugodi campus into a smart campus.
Bosch Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 20, 2021, inter alia, has
recommended a Dividend of INR 115/- (Indian Rupee One Hundred and Fifteen only) per equity share of Rs. 10 each, for the financial year ended March 31, 2021
Financial
ROE and ROCE is around 11% and 14% respectively and book value per share is around INR 3,140 and share is currently trading at 5.1x of its book value. Company is currently trading at annualized PE (forward PE) of around 33 which is fair as per Industry benchmark. Promoter holding in the company is around 79.5% which is very strong and stable. FIIs and DIIs hold around 4.3% and 16.1% respectively Operating cash flows as of March 2021 was around 715 Cr Vs. 1,336 Cr in March 2020. The good thing is company is virtually debt free.
Recommendation / Share view Share price high 16,900 (52 week) and now 15,900. Bosch is a leading supplier of technology and services in the areas of Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Additionally, Bosch has in India the largest development center outside Germany, for end to end engineering and technology solutions. The Bosch Group operates in India through twelve companies: Bosch Limited – the flagship company of the Bosch Group in India.
Position: Share strong support price is INR 14,500. Long term investor should continue with the company and any correction will give good opportunity to enter. Target in long term can be 20K++
Opportunities
- Despite the pandemic in the year 2020 starting and Q1 and Q2 was almost washed out. Company has strongly come back in remaining two quarters Q3 and Q4. Strong Quarterly and yearly performance, in this quarter PAT more than double and margin also improved.
Bosch businesses beyond Mobility Solutions, the company has a two-pronged approach. On one hand, Bosch continues to bring-in ‘Fit for market’ products and solutions while on the other, the company will increase its ‘Go to Market’ footprint using both offline and digital platforms. Scaling up E-commerce activities will remain one of the key initiatives in FY2021-22.
To develop new business opportunities on the back of the profound technological and ecological changes currently occurring, Bosch is combining the internet of things (IoT) with artificial intelligence (AI) and is concentrating on electromobility.
CMP: 15,838
Revenue from operations 3,216 Crs
2,236 Cr (43.81%) YoY | 3,030 Cr (6.18%) QoQ
Year ending revenue: 9,716 Cr Vs. 9,841 Cr (-1.31%)
Net Profit of 481.9 Cr
81.1 Cr (493.51%) YoY 184.2 Cr (161.13%) QoQ
Year ending Net profit: 482 Cr Vs. 650 Cr (-25.84%)
EPS (in Rs.) 163.8
27.4 YoY | 62.5 QoQ
Year ending EPS: 163.4 Vs. 220.8
View: Result is above expectation and very strong. YoY revenue significantly up and profit multifold in YoY. QoQ position is also sound.
Business Updates & Highlights
EBITDA (Cons.) in Q4FY21 was around INR 619.1 Cr Vs. 341.1 Cr in Q4FY20 Vs. 356.4 Cr in Q3FY21 therefore up by 81.4% in YoY and 73.8% up in QoQ. EBITDA margin in Q4FY21 was around 19.2% Vs. 15.2% in YoY Vs. 11.7% in QoQ therefore EBITDA margin improved by 400 bps in YoY and 750 bps in QoQ.
Q4FY21: Total revenue of Bosch Limited’s Mobility Solutions Business sector increased by 56.6 percent in the quarter ending on March 31, 2021. Within this business sector, total revenue of the Powertrain Solutions division increased by 65.6 percent. The Two-Wheeler and Powersports along with Automotive Aftermarket witnessed a continued growth during the quarter.
FY21: Company Mobility Solutions business sector increased by 2.4 percent in 2020-21. The Powertrain Solutions division registered an increase of 1.8 percent. Business beyond Mobility solutions has recorded a decline of 11.7 percent
Total investments in 2020-21 amounted to INR 246 crores with major spend on the expansion of Adugodi campus into a smart campus.
Bosch Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 20, 2021, inter alia, has
recommended a Dividend of INR 115/- (Indian Rupee One Hundred and Fifteen only) per equity share of Rs. 10 each, for the financial year ended March 31, 2021
Financial
ROE and ROCE is around 11% and 14% respectively and book value per share is around INR 3,140 and share is currently trading at 5.1x of its book value. Company is currently trading at annualized PE (forward PE) of around 33 which is fair as per Industry benchmark. Promoter holding in the company is around 79.5% which is very strong and stable. FIIs and DIIs hold around 4.3% and 16.1% respectively Operating cash flows as of March 2021 was around 715 Cr Vs. 1,336 Cr in March 2020. The good thing is company is virtually debt free.
Recommendation / Share view Share price high 16,900 (52 week) and now 15,900. Bosch is a leading supplier of technology and services in the areas of Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Additionally, Bosch has in India the largest development center outside Germany, for end to end engineering and technology solutions. The Bosch Group operates in India through twelve companies: Bosch Limited – the flagship company of the Bosch Group in India.
Position: Share strong support price is INR 14,500. Long term investor should continue with the company and any correction will give good opportunity to enter. Target in long term can be 20K++
Opportunities
- Despite the pandemic in the year 2020 starting and Q1 and Q2 was almost washed out. Company has strongly come back in remaining two quarters Q3 and Q4. Strong Quarterly and yearly performance, in this quarter PAT more than double and margin also improved.
Bosch businesses beyond Mobility Solutions, the company has a two-pronged approach. On one hand, Bosch continues to bring-in ‘Fit for market’ products and solutions while on the other, the company will increase its ‘Go to Market’ footprint using both offline and digital platforms. Scaling up E-commerce activities will remain one of the key initiatives in FY2021-22.
To develop new business opportunities on the back of the profound technological and ecological changes currently occurring, Bosch is combining the internet of things (IoT) with artificial intelligence (AI) and is concentrating on electromobility.