*Redington (India) Ltd.* | *CMP* Rs. 183 | *M Cap* Rs. 7122 Cr | *52 W H/L* 203/79
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 15503.9 Cr (-8.7% QoQ, 22.4% YoY) vs expectation of Rs. 15118.7 Cr, QoQ Rs. 16980.8 Cr, YoY Rs. 12666.7 Cr
EBIDTA came at Rs. 424.7 Cr (0.1% QoQ, 74.2% YoY) vs expectation of Rs. 278.1 Cr, QoQ Rs. 424.1 Cr, YoY Rs. 243.8 Cr
EBITDA Margin came at 2.7% vs expectation of 1.8%, QoQ 2.5%, YoY 1.9%
Adj. PAT came at Rs. 302.5 Cr vs expectation of Rs. 162 Cr, QoQ Rs. 195.6 Cr, YoY Rs. 122.8 Cr
Quarter EPS is Rs. 7.8
Share is trading at P/E of 9.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 15503.9 Cr (-8.7% QoQ, 22.4% YoY) vs expectation of Rs. 15118.7 Cr, QoQ Rs. 16980.8 Cr, YoY Rs. 12666.7 Cr
EBIDTA came at Rs. 424.7 Cr (0.1% QoQ, 74.2% YoY) vs expectation of Rs. 278.1 Cr, QoQ Rs. 424.1 Cr, YoY Rs. 243.8 Cr
EBITDA Margin came at 2.7% vs expectation of 1.8%, QoQ 2.5%, YoY 1.9%
Adj. PAT came at Rs. 302.5 Cr vs expectation of Rs. 162 Cr, QoQ Rs. 195.6 Cr, YoY Rs. 122.8 Cr
Quarter EPS is Rs. 7.8
Share is trading at P/E of 9.3x FY22E EPS
Bulk Deal as on 27-05-21
Adani Enterprises
- 72.09 Lk @ 1323.97 Integrated Core Strategies (Asia) Pte
Adani Total Gas
- 62.87 Lk @ 1349.97 Integrated Core Strategies (Asia) Pte
Adani Transmission
- 61.65 Lk @ 1434.8 Integrated Core Strategies (Asia) Pte
Bharat Electronics
- 2.85 Crore @ 148.43 Integrated Core Strategies (Asia) Pte
Cholomandal Investment & Finance
- 78.75 Lk @ 537.32 Integrated Core Strategies (Asia) Pte
Globus Spirits
- 6 Lk @ 342.16 Templeton Strategic Emerging Fund
Prakash Pipes
- 1.55 Lk @ 168.33 Amarjoti Vanijya LLP
Rupa & Company
+ 4 Lk @ 331Abakkus Emerging Opportunities Fund
+ 15 Lk @ 331 GMO Emerging Markets Fund
- 25.83 Lk @ 336.6 Girika Advisory Services LLP
Take Solutions
- 15.71 Lk @ 72.22 Shriram Group Executive Welfare Trust
Zee Entertainment
+ 2.31 Crore @ 209.88 Integrated Core Strategies (Asia) Pte
+ 48.90 Lk @ 209.35 Societe Generale
Adani Enterprises
- 72.09 Lk @ 1323.97 Integrated Core Strategies (Asia) Pte
Adani Total Gas
- 62.87 Lk @ 1349.97 Integrated Core Strategies (Asia) Pte
Adani Transmission
- 61.65 Lk @ 1434.8 Integrated Core Strategies (Asia) Pte
Bharat Electronics
- 2.85 Crore @ 148.43 Integrated Core Strategies (Asia) Pte
Cholomandal Investment & Finance
- 78.75 Lk @ 537.32 Integrated Core Strategies (Asia) Pte
Globus Spirits
- 6 Lk @ 342.16 Templeton Strategic Emerging Fund
Prakash Pipes
- 1.55 Lk @ 168.33 Amarjoti Vanijya LLP
Rupa & Company
+ 4 Lk @ 331Abakkus Emerging Opportunities Fund
+ 15 Lk @ 331 GMO Emerging Markets Fund
- 25.83 Lk @ 336.6 Girika Advisory Services LLP
Take Solutions
- 15.71 Lk @ 72.22 Shriram Group Executive Welfare Trust
Zee Entertainment
+ 2.31 Crore @ 209.88 Integrated Core Strategies (Asia) Pte
+ 48.90 Lk @ 209.35 Societe Generale
*Gujarat Pipavav Port Ltd.* | *CMP* Rs. 108 | *M Cap* Rs. 5221 Cr | *52 W H/L* 118/55
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 193.4 Cr (-2.5% QoQ, 19.4% YoY) vs expectation of Rs. 199.5 Cr, QoQ Rs. 198.4 Cr, YoY Rs. 161.9 Cr
EBIDTA came at Rs. 115.5 Cr (5% QoQ, 15% YoY) vs expectation of Rs. 118.2 Cr, QoQ Rs. 110 Cr, YoY Rs. 100.4 Cr
EBITDA Margin came at 59.7% vs expectation of 59.3%, QoQ 55.5%, YoY 62%
Adj. PAT came at Rs. 65.3 Cr vs expectation of Rs. 66.2 Cr, QoQ Rs. 54.3 Cr, YoY Rs. 47.9 Cr
Quarter EPS is Rs. 1.4
Share is trading at P/E of 17.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 193.4 Cr (-2.5% QoQ, 19.4% YoY) vs expectation of Rs. 199.5 Cr, QoQ Rs. 198.4 Cr, YoY Rs. 161.9 Cr
EBIDTA came at Rs. 115.5 Cr (5% QoQ, 15% YoY) vs expectation of Rs. 118.2 Cr, QoQ Rs. 110 Cr, YoY Rs. 100.4 Cr
EBITDA Margin came at 59.7% vs expectation of 59.3%, QoQ 55.5%, YoY 62%
Adj. PAT came at Rs. 65.3 Cr vs expectation of Rs. 66.2 Cr, QoQ Rs. 54.3 Cr, YoY Rs. 47.9 Cr
Quarter EPS is Rs. 1.4
Share is trading at P/E of 17.8x FY22E EPS
*Elecon Engineering Company Ltd.* | *CMP* Rs. 103 | *M Cap* Rs. 1156 Cr | *52 W H/L* 109/18
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 350.1 Cr (18.2% QoQ, 30.4% YoY) vs QoQ Rs. 296.1 Cr, YoY Rs. 268.5 Cr
EBIDTA came at Rs. 73.5 Cr (31.4% QoQ, 160.1% YoY) vs QoQ Rs. 56 Cr, YoY Rs. 28.3 Cr
EBITDA Margin came at 21% vs QoQ 18.9%, YoY 10.5%
Adj. PAT came at Rs. 31.6 Cr vs QoQ Rs. 24.7 Cr, YoY Rs. 70.2 Cr
Quarter EPS is Rs. 2.8
Share is trading at P/E of 20.1x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 350.1 Cr (18.2% QoQ, 30.4% YoY) vs QoQ Rs. 296.1 Cr, YoY Rs. 268.5 Cr
EBIDTA came at Rs. 73.5 Cr (31.4% QoQ, 160.1% YoY) vs QoQ Rs. 56 Cr, YoY Rs. 28.3 Cr
EBITDA Margin came at 21% vs QoQ 18.9%, YoY 10.5%
Adj. PAT came at Rs. 31.6 Cr vs QoQ Rs. 24.7 Cr, YoY Rs. 70.2 Cr
Quarter EPS is Rs. 2.8
Share is trading at P/E of 20.1x TTM EPS
*Eicher Motors Ltd.* | *CMP* Rs. 2605 | *M Cap* Rs. 71195 Cr | *52 W H/L* 3036/1451
(Nirmal Bang Retail Research)
No. of Vehicles Sold 222771 vs QoQ 212470,YoY 174499
*Result is marginally below expectation*
Revenue from Operations came at Rs. 2940.3 Cr (4% QoQ, 33.2% YoY) vs expectation of Rs. 2932.1 Cr, QoQ Rs. 2828.3 Cr, YoY Rs. 2208.2 Cr
EBIDTA came at Rs. 634.4 Cr (-5.6% QoQ, 46.8% YoY) vs expectation of Rs. 670.7 Cr, QoQ Rs. 672 Cr, YoY Rs. 432.2 Cr
EBITDA Margin came at 21.6% vs expectation of 22.9%, QoQ 23.8%, YoY 19.6%
Adj. PAT came at Rs. 526.1 Cr vs expectation of Rs. 556.8 Cr, QoQ Rs. 532.6 Cr, YoY Rs. 304.3 Cr
Quarter EPS is Rs. 19.3
Share is trading at P/E of 29.7x FY22E EPS
(Nirmal Bang Retail Research)
No. of Vehicles Sold 222771 vs QoQ 212470,YoY 174499
*Result is marginally below expectation*
Revenue from Operations came at Rs. 2940.3 Cr (4% QoQ, 33.2% YoY) vs expectation of Rs. 2932.1 Cr, QoQ Rs. 2828.3 Cr, YoY Rs. 2208.2 Cr
EBIDTA came at Rs. 634.4 Cr (-5.6% QoQ, 46.8% YoY) vs expectation of Rs. 670.7 Cr, QoQ Rs. 672 Cr, YoY Rs. 432.2 Cr
EBITDA Margin came at 21.6% vs expectation of 22.9%, QoQ 23.8%, YoY 19.6%
Adj. PAT came at Rs. 526.1 Cr vs expectation of Rs. 556.8 Cr, QoQ Rs. 532.6 Cr, YoY Rs. 304.3 Cr
Quarter EPS is Rs. 19.3
Share is trading at P/E of 29.7x FY22E EPS
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: May 28, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_r1XBO9owR661A1t7y7crew
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: May 28, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_r1XBO9owR661A1t7y7crew
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video Communications
Welcome! You are invited to join a webinar: Morning Market Update. After registering, you will receive a confirmation email about…
*Goodyear India Ltd.* | *CMP* Rs. 930 | *M Cap* Rs. 2148 Cr | *52 W H/L* 1202/674
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 569.3 Cr (10.7% QoQ, 51.8% YoY) vs QoQ Rs. 514.3 Cr, YoY Rs. 375 Cr
EBIDTA came at Rs. 67.5 Cr (-9.3% QoQ, 188.3% YoY) vs QoQ Rs. 74.4 Cr, YoY Rs. 23.4 Cr
EBITDA Margin came at 11.8% vs QoQ 14.5%, YoY 6.2%
Adj. PAT came at Rs. 43.2 Cr vs QoQ Rs. 49 Cr, YoY Rs. 12.7 Cr
Quarter EPS is Rs. 18.7
Share is trading at P/E of 15.8x TTM EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 569.3 Cr (10.7% QoQ, 51.8% YoY) vs QoQ Rs. 514.3 Cr, YoY Rs. 375 Cr
EBIDTA came at Rs. 67.5 Cr (-9.3% QoQ, 188.3% YoY) vs QoQ Rs. 74.4 Cr, YoY Rs. 23.4 Cr
EBITDA Margin came at 11.8% vs QoQ 14.5%, YoY 6.2%
Adj. PAT came at Rs. 43.2 Cr vs QoQ Rs. 49 Cr, YoY Rs. 12.7 Cr
Quarter EPS is Rs. 18.7
Share is trading at P/E of 15.8x TTM EPS
*Strides Pharma – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive for Medium to Long term*
The stock is trading at 20x FY22E consensus earnings
FY21
• Witnessed lower footfalls at pharmacies and lower elective surgeries in hospitals throughout FY21 leading to lower prescription generation specifically in US, UK and Europe
• Weak demand for certain products in the acute portfolio, winter portfolio a complete washout in FY21 due to absence of flu season
• The disruptions in manufacturing operations during the first wave had significantly depleted the safety stocks on the key products. This necessitated the company to increase air-shipments in H2 to minimize FTS and maintain customer advocacy despite very high freight rates
• FY21 saw significant cost increases attributable to manufacturing disruptions and cost escalations with logistics cost increasing by Rs 80 cr and FTS increasing by Rs 49.3 cr YoY
• Re-inspection of Puducherry site has not yet occurred due to COVID-19 related travel delays
• Validation batches of Sputnik commenced in late May from newly commissioned facility, expect large scale facility to be on track in July in spite of COVID challenges and expected to be in the market with product as previously announced by October
• *Have 400mn jabs deal for Sputnik V – just started validation batches – would be over by June*
• Expect all capex at Stelis to be completed in FY22
• *Higher Freight costs have impacted the margins. These higher costs are likely to continue in near future also*
US
• US revenues at $58m for Q4FY21, up 46% YoY and 10% QoQ
• Base molecules continue to witness healthy traction, new product launches and VA business bolsters growth momentum for the US business offsetting the price erosion impacts
• Winter portfolio continued to be impacted as there was no flu season in the US
• Since April’20, it has filed 11 ANDAs and received approval for 16 ANDAs in the US. Launched 6 products in FY21
• *Expect filing momentum to pick up in FY22*
• *Price erosions continue to happen even in Q4 as well*
Other regulated Markets
• Other regulated markets Q4FY21 revenues at $37m up 20% YoY
• Performance in Q4FY21 temporary impacted due to decline in retail prescription for Rx and OTC products and weak hospital demand owing to 2nd COVID-19 wave in UK and Europe
• Long term growth outlook for other regulated markets continues to be robust. Healthy order book and portfolio expansion to drive growth in FY22
• In other regulated markets Strides filed 18 products and received 16 new product approvals
Emerging markets
• Emerging markets revenues for Q4FY21 at $29m up 107% YoY
• Growth in institutional business driven by TLD which was commercialized in H2FY21
• Africa business delivered healthy performance despite COVID-19 related headwinds
*Outlook – Positive for Medium to Long term*
The stock is trading at 20x FY22E consensus earnings
FY21
• Witnessed lower footfalls at pharmacies and lower elective surgeries in hospitals throughout FY21 leading to lower prescription generation specifically in US, UK and Europe
• Weak demand for certain products in the acute portfolio, winter portfolio a complete washout in FY21 due to absence of flu season
• The disruptions in manufacturing operations during the first wave had significantly depleted the safety stocks on the key products. This necessitated the company to increase air-shipments in H2 to minimize FTS and maintain customer advocacy despite very high freight rates
• FY21 saw significant cost increases attributable to manufacturing disruptions and cost escalations with logistics cost increasing by Rs 80 cr and FTS increasing by Rs 49.3 cr YoY
• Re-inspection of Puducherry site has not yet occurred due to COVID-19 related travel delays
• Validation batches of Sputnik commenced in late May from newly commissioned facility, expect large scale facility to be on track in July in spite of COVID challenges and expected to be in the market with product as previously announced by October
• *Have 400mn jabs deal for Sputnik V – just started validation batches – would be over by June*
• Expect all capex at Stelis to be completed in FY22
• *Higher Freight costs have impacted the margins. These higher costs are likely to continue in near future also*
US
• US revenues at $58m for Q4FY21, up 46% YoY and 10% QoQ
• Base molecules continue to witness healthy traction, new product launches and VA business bolsters growth momentum for the US business offsetting the price erosion impacts
• Winter portfolio continued to be impacted as there was no flu season in the US
• Since April’20, it has filed 11 ANDAs and received approval for 16 ANDAs in the US. Launched 6 products in FY21
• *Expect filing momentum to pick up in FY22*
• *Price erosions continue to happen even in Q4 as well*
Other regulated Markets
• Other regulated markets Q4FY21 revenues at $37m up 20% YoY
• Performance in Q4FY21 temporary impacted due to decline in retail prescription for Rx and OTC products and weak hospital demand owing to 2nd COVID-19 wave in UK and Europe
• Long term growth outlook for other regulated markets continues to be robust. Healthy order book and portfolio expansion to drive growth in FY22
• In other regulated markets Strides filed 18 products and received 16 new product approvals
Emerging markets
• Emerging markets revenues for Q4FY21 at $29m up 107% YoY
• Growth in institutional business driven by TLD which was commercialized in H2FY21
• Africa business delivered healthy performance despite COVID-19 related headwinds
*Fine Organic Industries Ltd.* | *CMP* Rs. 3238 | *M Cap* Rs. 9941 Cr | *52 W H/L* 3470/1852
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 322.9 Cr (7.9% QoQ, 30.6% YoY) vs expectation of Rs. 314.1 Cr, QoQ Rs. 299.3 Cr, YoY Rs. 247.3 Cr
EBIDTA came at Rs. 48.4 Cr (2.5% QoQ, -15.6% YoY) vs expectation of Rs. 53.2 Cr, QoQ Rs. 47.2 Cr, YoY Rs. 57.3 Cr
EBITDA Margin came at 15% vs expectation of 16.9%, QoQ 15.8%, YoY 23.2%
Adj. PAT came at Rs. 31.8 Cr vs expectation of Rs. 33.4 Cr, QoQ Rs. 28.7 Cr, YoY Rs. 34.4 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 48.5x FY22E EPS
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 322.9 Cr (7.9% QoQ, 30.6% YoY) vs expectation of Rs. 314.1 Cr, QoQ Rs. 299.3 Cr, YoY Rs. 247.3 Cr
EBIDTA came at Rs. 48.4 Cr (2.5% QoQ, -15.6% YoY) vs expectation of Rs. 53.2 Cr, QoQ Rs. 47.2 Cr, YoY Rs. 57.3 Cr
EBITDA Margin came at 15% vs expectation of 16.9%, QoQ 15.8%, YoY 23.2%
Adj. PAT came at Rs. 31.8 Cr vs expectation of Rs. 33.4 Cr, QoQ Rs. 28.7 Cr, YoY Rs. 34.4 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 48.5x FY22E EPS
*Metropolis Healthcare ltd.* | *CMP* Rs. 2300 | *M Cap* Rs. 11753 Cr | *52 W H/L* 2605/1242
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 291.7 Cr (6.2% QoQ, 40.9% YoY) vs expectation of Rs. 289.8 Cr, QoQ Rs. 274.8 Cr, YoY Rs. 207 Cr
EBIDTA came at Rs. 96.4 Cr (11.3% QoQ, 87.5% YoY) vs expectation of Rs. 89.3 Cr, QoQ Rs. 86.6 Cr, YoY Rs. 51.4 Cr
EBITDA Margin came at 33% vs expectation of 30.8%, QoQ 31.5%, YoY 24.8%
Adj. PAT came at Rs. 61.3 Cr vs expectation of Rs. 60.3 Cr, QoQ Rs. 58.6 Cr, YoY Rs. 33.2 Cr
Quarter EPS is Rs. 12
Share is trading at P/E of 53.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 291.7 Cr (6.2% QoQ, 40.9% YoY) vs expectation of Rs. 289.8 Cr, QoQ Rs. 274.8 Cr, YoY Rs. 207 Cr
EBIDTA came at Rs. 96.4 Cr (11.3% QoQ, 87.5% YoY) vs expectation of Rs. 89.3 Cr, QoQ Rs. 86.6 Cr, YoY Rs. 51.4 Cr
EBITDA Margin came at 33% vs expectation of 30.8%, QoQ 31.5%, YoY 24.8%
Adj. PAT came at Rs. 61.3 Cr vs expectation of Rs. 60.3 Cr, QoQ Rs. 58.6 Cr, YoY Rs. 33.2 Cr
Quarter EPS is Rs. 12
Share is trading at P/E of 53.7x FY22E EPS
*Hawkins Cookers Ltd.* | *CMP* Rs. 5959 | *M Cap* Rs. 3158 Cr | *52 W H/L* 6201/3950
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 243.4 Cr (5.3% QoQ, 66.8% YoY) vs QoQ Rs. 231.1 Cr, YoY Rs. 146 Cr
EBIDTA came at Rs. 32.2 Cr (-1.4% QoQ, 121% YoY) vs QoQ Rs. 32.6 Cr, YoY Rs. 14.6 Cr
EBITDA Margin came at 13.2% vs QoQ 14.1%, YoY 10%
Adj. PAT came at Rs. 24 Cr vs QoQ Rs. 24.2 Cr, YoY Rs. 9.4 Cr
Quarter EPS is Rs. 45.2
Share is trading at P/E of 39.2x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 243.4 Cr (5.3% QoQ, 66.8% YoY) vs QoQ Rs. 231.1 Cr, YoY Rs. 146 Cr
EBIDTA came at Rs. 32.2 Cr (-1.4% QoQ, 121% YoY) vs QoQ Rs. 32.6 Cr, YoY Rs. 14.6 Cr
EBITDA Margin came at 13.2% vs QoQ 14.1%, YoY 10%
Adj. PAT came at Rs. 24 Cr vs QoQ Rs. 24.2 Cr, YoY Rs. 9.4 Cr
Quarter EPS is Rs. 45.2
Share is trading at P/E of 39.2x TTM EPS
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Disclaimer : We are not SEBI Registered. Please consult your financial advisor before investing.
All the posts appearing in the channel are only for educational and informational purposes.
ALL RIGHTS RESERVED!!!