Zerodha Valuations -

September 2020 - They did an ESOP buyback at Rs 7000 Cr valuation

May 2021 - Planning ESOP buyback at 14496 Cr valuation

Very Interesting...

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On

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*Heidelberg Cement India Ltd.* | *CMP* Rs. 253 | *M Cap* Rs. 5728 Cr | *52 W H/L* 256/146
(Nirmal Bang Retail Research)
*Result above expectation*
Revenue from Operations came at Rs. 600 Cr (0.8% QoQ, 17.7% YoY) vs expectation of Rs. 628 Cr, QoQ Rs. 595.3 Cr, YoY Rs. 509.8 Cr
Volume stood at 1.25 mnt vs QoQ 1.27 mnt, YoY 1.09 mnt
Realisation came at Rs. 4642.57 Cr vs QoQ Rs. 4668.64 Cr, YoY Rs. 4672.39 Cr
EBIDTA came at Rs. 152.1 Cr (26.5% QoQ, 19.4% YoY) vs expectation of Rs. 129.6 Cr, QoQ Rs. 120.2 Cr, YoY Rs. 127.3 Cr
EBITDA Margin came at 25.3% vs expectation of 20.6%, QoQ 20.2%, YoY 25%
Adj. PAT came at Rs. 140 Cr vs expectation of Rs. 72.7 Cr, QoQ Rs. 63.6 Cr, YoY Rs. 66.3 Cr
EBITDA/Tonne came at Rs. 1,214.86 vs QoQ Rs. 947.28, YoY Rs. 1,168.26
Quarter EPS is Rs. 6.2
Share is trading at P/E of 18.9x FY22E EPS

*Excel Industries Ltd.* | *CMP* Rs. 1167 | *M Cap* Rs. 1470 Cr | *52 W H/L* 1212/535
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 218.7 Cr (2.4% QoQ, 30.3% YoY) vs QoQ Rs. 213.6 Cr, YoY Rs. 167.8 Cr
EBIDTA came at Rs. 38.7 Cr (-2.5% QoQ, 80% YoY) vs QoQ Rs. 39.6 Cr, YoY Rs. 21.5 Cr
EBITDA Margin came at 17.7% vs QoQ 18.6%, YoY 12.8%
Adj. PAT came at Rs. 20.1 Cr vs QoQ Rs. 26.2 Cr, YoY Rs. 12.5 Cr
Quarter EPS is Rs. 16
Share is trading at P/E of 23.4x TTM EPS

*Glenmark Pharmaceuticals Ltd.* | *CMP* Rs. 607 | *M Cap* Rs. 17130 Cr | *52 W H/L* 640/331
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 2860 Cr (2.6% QoQ, 3.3% YoY) vs expectation of Rs. 2850.7 Cr, QoQ Rs. 2786.8 Cr, YoY Rs. 2767.5 Cr
EBIDTA came at Rs. 523.4 Cr (-1.3% QoQ, 12.4% YoY) vs expectation of Rs. 532 Cr, QoQ Rs. 530.1 Cr, YoY Rs. 465.7 Cr
EBITDA Margin came at 18.3% vs expectation of 18.7%, QoQ 19%, YoY 16.8%
Adj. PAT came at Rs. 233.9 Cr vs expectation of Rs. 238.9 Cr, QoQ Rs. 234.8 Cr, YoY Rs. 187.4 Cr
Quarter EPS is Rs. 8.3
Share is trading at P/E of 17.2x FY22E EPS

*V-Mart Retail Ltd.* | *CMP* Rs. 2701 | *M Cap* Rs. 5321 Cr | *52 W H/L* 3129/1510
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 351.9 Cr (-25.1% QoQ, 5.8% YoY) vs expectation of Rs. 359.6 Cr, QoQ Rs. 470 Cr, YoY Rs. 332.7 Cr
EBIDTA came at Rs. 33.6 Cr (-67.7% QoQ, 20.5% YoY) vs expectation of Rs. 28.1 Cr, QoQ Rs. 103.8 Cr, YoY Rs. 27.8 Cr
EBITDA Margin came at 9.5% vs expectation of 7.8%, QoQ 22.1%, YoY 8.4%
Adj. PAT came at Rs. -1.5 Cr vs expectation of Rs. -7.8 Cr, QoQ Rs. 47.9 Cr, YoY Rs. -8.4 Cr
Quarter EPS is Rs. -0.7
Share is trading at P/E of 65.3x FY22E EPS

*ASSOCIATED ALCOHOLS & BREWERIES LTD.* | *CMP* Rs. 465 | *M Cap* Rs. 842 Cr | *52 W H/L* 465/184
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 126.3 Cr (-17.4% QoQ, -4.5% YoY) vs QoQ Rs. 153 Cr, YoY Rs. 132.2 Cr
EBIDTA came at Rs. 24 Cr (-33.2% QoQ, 45.4% YoY) vs QoQ Rs. 36 Cr, YoY Rs. 16.5 Cr
EBITDA Margin came at 19% vs QoQ 23.5%, YoY 12.5%
Adj. PAT came at Rs. 15.1 Cr vs QoQ Rs. 24.9 Cr, YoY Rs. 10.7 Cr
Quarter EPS is Rs. 8.3
Share is trading at P/E of 14.5x TTM EPS

*Sumitomo Chemical India Ltd.* | *CMP* Rs. 313 | *M Cap* Rs. 15622 Cr | *52 W H/L* 339/219
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 534.3 Cr (-4.7% QoQ, 19.9% YoY) vs expectation of Rs. 478.5 Cr, QoQ Rs. 560.9 Cr, YoY Rs. 445.8 Cr
EBIDTA came at Rs. 71.3 Cr (-8.6% QoQ, 69.9% YoY) vs expectation of Rs. 58.1 Cr, QoQ Rs. 78 Cr, YoY Rs. 42 Cr
EBITDA Margin came at 13.4% vs expectation of 12.1%, QoQ 13.9%, YoY 9.4%
Adj. PAT came at Rs. 54.1 Cr vs expectation of Rs. 36.9 Cr, QoQ Rs. 54.1 Cr, YoY Rs. 24.1 Cr
Quarter EPS is Rs. 1.1
Share is trading at P/E of 40.6x FY22E EPS

*SMS Pharmaceuticals Ltd.* | *CMP* Rs. 165 | *M Cap* Rs. 1398 Cr | *52 W H/L* 165/36
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 171.3 Cr (15.1% QoQ, 77.6% YoY) vs QoQ Rs. 148.9 Cr, YoY Rs. 96.5 Cr
EBIDTA came at Rs. 41.1 Cr (19.2% QoQ, 185% YoY) vs QoQ Rs. 34.5 Cr, YoY Rs. 14.4 Cr
EBITDA Margin came at 24% vs QoQ 23.2%, YoY 14.9%
Adj. PAT came at Rs. 22.2 Cr vs QoQ Rs. 21.4 Cr, YoY Rs. 6.4 Cr
Quarter EPS is Rs. 2.6
Share is trading at P/E of 22.7x TTM EPS

*GMM Pfaudler Ltd. (Standalone + MAVAG for like to like comparison)* | *CMP* Rs. 4840 | *M Cap* Rs. 7066 Cr | *52 W H/L* 6914/3306
(Nirmal Bang Retail Research)
*Result has improved* Result is adjusted to various one off
Revenue from Operations came at Rs. 214.7 Cr (6.4% QoQ, 62.9% YoY) vs QoQ Rs. 201.8 Cr, YoY Rs. 131.8 Cr
EBIDTA came at Rs. 57.8 Cr (37.8% QoQ, 157.2% YoY) vs QoQ Rs. 41.9 Cr, YoY Rs. 22.5 Cr
EBITDA Margin came at 26.9% vs QoQ 20.8%, YoY 17.1%
Adj. PAT came at Rs. 36.2 Cr vs QoQ Rs. 23.2 Cr, YoY Rs. 11.6 Cr
Quarter EPS is Rs. 24.8
Pfaudler was consolidated only for months of Feb & Mar. Including this the combined revenue was Rs. 471 Cr, EBITDA was Rs. 75.5 Cr with margin of 16.0% and PAT was Rs. 57 Cr (before Minority interest)
Share is trading at P/E of 44x FY22 EPS

*City Union Bank Ltd.* | *CMP* Rs. 174 | *M Cap* Rs. 12856 Cr | *52 W H/L* 200/116
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Net Interest Income came at Rs. 429 Cr vs expectation of Rs. 483 Cr, YoY Rs. 419 Cr, QoQ Rs. 489 Cr (impacted on account of write back of interest and interest on interest)
Non Interest Income came at Rs. 145 Cr vs expectation of Rs. 165 Cr, YoY Rs. 179 Cr, QoQ Rs. 230 Cr
PBP came at Rs. 285 Cr vs expectation of Rs. 394 Cr, YoY Rs. 335 Cr, QoQ Rs. 458 Cr
Provisions came at Rs. 239 Cr vs expectation of Rs. 256 Cr, YoY Rs. 450 Cr, QoQ Rs. 219 Cr
Adj. PAT came at Rs. 111 Cr vs expectation of Rs. 128 Cr, YoY Rs. -95 Cr, QoQ Rs. 170 Cr
Gross NPA came at Rs. 1893 Cr vs QoQ (non proforma) Rs. 1072 Cr at 5.11% vs QoQ 2.94%
*Net NPA came at Rs. 1075 Cr vs QoQ (proforma) Rs. 1230 Cr at 2.97% vs QoQ 3.37%*
Quarter EPS is Rs. 1.5
Share is trading at P/E of 16.9x FY22E EPS & 2.7x trailing P/Adj. BV

*RSWM Ltd.* | *CMP* Rs. 238 | *M Cap* Rs. 562 Cr | *52 W H/L* 249/57
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 835.5 Cr (15.9% QoQ, 36.5% YoY) vs QoQ Rs. 721.1 Cr, YoY Rs. 612 Cr
EBIDTA came at Rs. 111.3 Cr (19.9% QoQ, 134.8% YoY) vs QoQ Rs. 92.8 Cr, YoY Rs. 47.4 Cr
EBITDA Margin came at 13.3% vs QoQ 12.9%, YoY 7.7%
Adj. PAT came at Rs. 71.4 Cr vs QoQ Rs. 30.6 Cr, YoY Rs. -5.2 Cr
Quarter EPS is Rs. 30.2
Share is trading at P/E of 27x TTM EPS

*Jagran Prakashan Ltd.* | *CMP* Rs. 57 | *M Cap* Rs. 1524 Cr | *52 W H/L* 68/30
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 406.4 Cr (0.9% QoQ, -8.8% YoY) vs QoQ Rs. 402.6 Cr, YoY Rs. 445.6 Cr
EBIDTA came at Rs. 89.8 Cr (-30.5% QoQ, 65.5% YoY) vs QoQ Rs. 129.3 Cr, YoY Rs. 54.3 Cr
EBITDA Margin came at 22.1% vs QoQ 32.1%, YoY 12.2%
Adj. PAT came at Rs. 43.6 Cr vs QoQ Rs. 82.6 Cr, YoY Rs. 11.2 Cr
Quarter EPS is Rs. 1.6
Share is trading at P/E of 6.2x FY22E EPS

*Onmobile Global Ltd.* | *CMP* Rs. 128 | *M Cap* Rs. 1340 Cr | *52 W H/L* 134/27
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 130.7 Cr (-6.5% QoQ, -10.5% YoY) vs QoQ Rs. 139.8 Cr, YoY Rs. 146 Cr (Revenues witnessed a drop mainly from Europe due to covid)
EBIDTA came at Rs. 16.1 Cr (-7.7% QoQ, 38.2% YoY) vs QoQ Rs. 17.5 Cr, YoY Rs. 11.7 Cr
EBITDA Margin came at 12.3% vs QoQ 12.5%, YoY 8%
Adj. PAT came at Rs. 10.3 Cr vs QoQ Rs. 11.3 Cr, YoY Rs. 9.7 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 32.4x TTM EPS

*Nazara Technologies Ltd.* | *CMP* Rs. 1720 | *M Cap* Rs. 5246 Cr | *52 W H/L* 2027/1413
(Nirmal Bang Retail Research)
*Result has declined QoQ*
Revenue from Operations came at Rs. 123.3 Cr (-5.4% QoQ, 41.7% YoY) vs QoQ Rs. 130.4 Cr, YoY Rs. 87 Cr
EBIDTA came at Rs. 11.7 Cr (-56.8% QoQ, 2399.8% YoY) vs QoQ Rs. 27.1 Cr, YoY Rs. 0.5 Cr
EBITDA Margin came at 9.5% vs QoQ 20.8%, YoY 0.5%
Adj. PAT came at Rs. 3.2 Cr vs QoQ Rs. 10.1 Cr, YoY Rs. -3.2 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 395.8x TTM EPS

Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: May 29, 2021 11:30 AM India
Topic: June Month Outlook

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Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: Today, 11:30 AM India
Topic: June Month Outlook

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_rA3A3hfbR2a81KtKfRO6jg


After registering, you will receive a confirmation email containing information about joining the webinar.