SBI reported net income for the fourth quarter that beat the average analyst estimate. FOURTH QUARTER RESULTS
Net income 64.5 billion rupees, +80% y/y, estimate 61.70 billion (Bloomberg Consensus)
Gross non-performing assets 4.98% vs. 4.77% q/q
Provisions 110.5 billion rupees, +6.9% q/q
Provision for loan losses 99.1 billion rupees vs. 22.9 billion rupees q/q
Interest income 651 billion rupees, +3.9% y/y
Interest expense 380.3 billion rupees, -4.7% y/y
Other income 162.3 billion rupees, +22% y/y
Dividend per share 4 rupees

*Dhanuka Agritech Ltd.* | *CMP* Rs. 917 | *M Cap* Rs. 4271 Cr | *52 W H/L* 936/428
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 275.6 Cr (-6.8% QoQ, 21.1% YoY) vs expectation of Rs. 267.5 Cr, QoQ Rs. 295.7 Cr, YoY Rs. 227.6 Cr
EBIDTA came at Rs. 64.6 Cr (28.7% QoQ, 41.2% YoY) vs expectation of Rs. 51.6 Cr, QoQ Rs. 50.2 Cr, YoY Rs. 45.8 Cr
EBITDA Margin came at 23.5% vs expectation of 19.3%, QoQ 17%, YoY 20.1%
Adj. PAT came at Rs. 48.6 Cr vs expectation of Rs. 44.4 Cr, QoQ Rs. 40 Cr, YoY Rs. 39 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 20x FY22E EPS

*State Bank of India Ltd.* | *CMP* Rs. 390 | *M Cap* Rs. 348060 Cr | *52 W H/L* 428/149
(Nirmal Bang Retail Research)
*Result is marginally ahead of expectations*
Net Interest Income came at Rs. 27071 Cr vs expectation of Rs. 28853 Cr, YoY Rs. 22767 Cr, QoQ Rs. 28820 Cr
Non Interest Income came at Rs. 16225 Cr vs expectation of Rs. 11538 Cr, YoY Rs. 13346 Cr, QoQ Rs. 9246 Cr
PBP came at Rs. 19700 Cr vs expectation of Rs. 18699 Cr, YoY Rs. 15734 Cr, QoQ Rs. 17333 Cr
Provisions came at Rs. 11051 Cr vs expectation of Rs. 10864 Cr, YoY Rs. 13495 Cr, QoQ Rs. 10342 Cr
Adj. PAT came at Rs. 6451 Cr vs expectation of Rs. 6166 Cr, YoY Rs. 3581 Cr, QoQ Rs. 5196 Cr
Gross NPA came at Rs. 126389 Cr vs QoQ Rs. 128827 Cr at 4.98% vs QoQ 5.44% (proforma)
Net NPA came at Rs. 36810 Cr vs QoQ Rs. 42863 Cr at 1.5% vs QoQ 1.81% (proforma)
Gross slippages are at Rs. 22050 Cr (in line with guidance of Rs. 20,000 Cr)
SMA1 and 2 figure came at 11519cr vs QoQ 17946cr
Quarter EPS is Rs. 7
Share is trading at P/E of 11.7x FY22E EPS & 1.2x trailing P/Adj. BV

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*South Indian Bank Ltd.* | *CMP* Rs. 11 | *M Cap* Rs. 2325 Cr | *52 W H/L* 11/5
(Nirmal Bang Retail Research)
*Result continued to remain weak*
Net Interest Income came at Rs. 561 Cr vs YoY Rs. 596 Cr, QoQ Rs. 596 Cr
Non Interest Income came at Rs. 390 Cr vs YoY Rs. 394 Cr, QoQ Rs. 270 Cr
PBP came at Rs. 423 Cr vs YoY Rs. 533 Cr, QoQ Rs. 377 Cr
Provisions came at Rs. 412 Cr vs YoY Rs. 724 Cr, QoQ Rs. 499 Cr
Adj. PAT came at Rs. 7 Cr vs YoY Rs. -144 Cr, QoQ Rs. -92 Cr
Collection efficiency has been reducing even before the onset of second wave of covid from 98% in Jan to 95% in Feb to 91% in March.
Gross NPA came at Rs. 4143 Cr vs QoQ Rs. 4606 Cr (proforma) at 6.97% vs QoQ 7.27%
Net NPA came at Rs. 2735 Cr vs QoQ Rs. 2667 Cr (proforma) at 4.71% vs QoQ 4.21%
PCR remains low at just 34% vs QoQ 42%.
Slippages came at Rs. 2122 Cr vs QoQ Rs. 1379 Cr (proforma) with slippage ratio of 14.6% vs QoQ 8.7%
Quarter EPS is Rs. 0
Share is trading at P/E of 6.1x FY22E EPS & 0.8x trailing P/Adj. BV

*UNITED SPIRITS LTD.* | *CMP* Rs. 572 | *M Cap* Rs. 41542 Cr | *52 W H/L* 662/488
(Nirmal Bang Retail Research)
Volumes came at 7.7% vs QoQ -0.9%, YoY -13.30%
*Result ahead of expectation*
Revenue from Operations came at Rs. 2224.4 Cr (-10.6% QoQ, 11.6% YoY) vs expectation of Rs. 2117.8 Cr, QoQ Rs. 2488.7 Cr, YoY Rs. 1993.8 Cr
EBIDTA came at Rs. 411.8 Cr (7.3% QoQ, 51.7% YoY) vs expectation of Rs. 347.7 Cr, QoQ Rs. 383.8 Cr, YoY Rs. 271.4 Cr
EBITDA Margin came at 18.5% vs expectation of 16.4%, QoQ 15.4%, YoY 13.6% Higher EBITDA margin QoQ is mainly on account of lower Ad spend, Gross margin QoQ declined marginally
Adj. PAT came at Rs. 243.7 Cr vs expectation of Rs. 185.8 Cr, QoQ Rs. 229.9 Cr, YoY Rs. 22.6 Cr
Quarter EPS is Rs. 3.4
Share is trading at P/E of 44x FY22E EPS

Dividend Updates

👉🏻Rishiroop Ltd Board recommends dividend of Rs. 1.20

👉🏻State Bank of India Board recommends Dividend of Rs. 4

👉🏻Dhanuka Agritech Ltd Board recommends dividend of Rs. 2

👉🏻Super Sales India Ltd Board recommends Final Dividend of Rs. 2.50

👉🏻Hindalco Industries Ltd Board recommends Dividend of Rs. 3

👉🏻Sandhar Technologies Ltd Board recommends Final Dividend of Rs. 1

👉🏻Wheels India Ltd Board recommends Dividend of Rs. 1

👉🏻Manaksia Coated Metals & Industries Ltd Board approves dividend of Rs. 0.03

👉🏻JSW Steel Ltd board recommends final dividend of Rs. 6.50

👉🏻Dr. Lal PathLabs Ltd board recommends final dividend of Rs. 8

👉🏻Shree Cement Ltd board recommends final dividend of Rs. 60

👉🏻Aarti Surfactants Ltd board recommends final dividend of Rs. 3

👉🏻The Dharamsi Morarji Chemical Company Limited board recommends final dividend of Rs. 0.50

👉🏻Hitech Corporation Ltd Board recommends Dividend of Rs. 1

👉🏻Crompton Greaves Consumer Electricals Ltd Board recommends Dividend of Rs. 2.50

👉🏻Container Corporation of India Ltd Board recommends Final Dividend of Rs. 2

👉🏻Kabra ExtrusionTechnik Ltd board recommends dividend of Rs. 2.50

👉🏻Elgi Equipments Ltd board recommends dividend of Rs. 0.80

Dividend Updates

👉🏻Bosch Ltd Board recommends dividend of Rs. 115

👉🏻Relaxo Footwears Limited board recommends final dividend of Rs. 2.50

👉🏻Acrysil Ltd Board recommends Final Dividend of Rs. 1.20

👉🏻Electrosteel Castings Limited board recommends dividend of Rs. 0.25

👉🏻Ultramarine & Pigments Limited board recommends dividend of Rs. 5

👉🏻Zee Entertainment Enterprises Ltd Board approves Dividend of Rs. 2.50

👉🏻KNR Constructions Ltd Board recommends Final Dividend of Rs. 0.25

👉🏻EPL Ltd board recommends final dividend of Rs. 2.05

👉🏻DISA India Ltd Board recommends Final Dividend of Rs. 10

👉🏻Havells India Ltd board recommends final dividend of Rs. 3.50 for FY21

👉🏻Hindustan Petroleum Corporation Ltd Board recommends Final Dividend of Rs. 22.75

👉🏻Meghmani Organochem Ltd board recommends dividend of Rs. 1.40

👉🏻JK Lakshmi Cement Ltd board recommends final dividend of Rs. 3.75

👉🏻Torrent Power Ltd board recommends final dividend of Rs. 5.50

🎯Definition of Time frame

➡️Positional Calls are for 1 month to 3 months

➡️ Mid Term Calls are for 3 months to 6 months

➡️ Delivery Calls are for 12 months or more

➡️Intraday is for same day

➡️BTST or STBT is for T+1 day

➡️Investment call are for more than 1 year

➡️SHORT TERM calls are for 3 days to 1 month

➡️HERO or ZERO calls are till weekly expiry.


➡️BUY calls are always CASH Levels

➡️SELL calls are always FUT Levels

ALL SL are on closing basis except Intraday Calls.

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