*Sunflag Iron & Steel Company Ltd.* | *CMP* Rs. 82 | *M Cap* Rs. 1475 Cr | *52 W H/L* 93/27
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 555.4 Cr (-14.3% QoQ, 33% YoY) vs QoQ Rs. 648.2 Cr, YoY Rs. 417.5 Cr
EBIDTA came at Rs. 98.3 Cr (23.6% QoQ, 94% YoY) vs QoQ Rs. 79.6 Cr, YoY Rs. 50.7 Cr
EBITDA Margin came at 17.7% vs QoQ 12.3%, YoY 12.1%
Adj. PAT came at Rs. 72.5 Cr vs QoQ Rs. 46.9 Cr, YoY Rs. 44 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 11.1x TTM EPS

*Dollar Industries Ltd.* | *CMP* Rs. 343 | *M Cap* Rs. 1945 Cr | *52 W H/L* 343/98
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 308.3 Cr (-1.1% QoQ, 29.7% YoY) vs QoQ Rs. 311.8 Cr, YoY Rs. 237.7 Cr
EBIDTA came at Rs. 31.1 Cr (-27.9% QoQ, 48.3% YoY) vs QoQ Rs. 43.2 Cr, YoY Rs. 21 Cr
EBITDA Margin came at 10.1% vs QoQ 13.8%, YoY 8.8%
Adj. PAT came at Rs. 18.7 Cr vs QoQ Rs. 27.8 Cr, YoY Rs. 12.2 Cr
Quarter EPS is Rs. 3.3
Share is trading at P/E of 17.4x FY22E EPS

*Affle (India) Ltd.* | *CMP* Rs. 5225 | *M Cap* Rs. 13951 Cr | *52 W H/L* 6287/1290
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 141.5 Cr (-6% QoQ, 76.8% YoY) vs QoQ Rs. 150.5 Cr, YoY Rs. 80 Cr
EBIDTA came at Rs. 34.2 Cr (-10.9% QoQ, 69.7% YoY) vs QoQ Rs. 38.4 Cr, YoY Rs. 20.2 Cr
EBITDA Margin came at 24.2% vs QoQ 25.5%, YoY 25.2%
Adj. PAT came at Rs. 58.5 Cr vs QoQ Rs. 30.6 Cr, YoY Rs. 15.3 Cr (Higher PAT is on account of higher Other Income)
Quarter EPS is Rs. 21.9
Share is trading at P/E of 103.1x FY22E EPS

*Sheela Foam Ltd.* | *CMP* Rs. 2103 | *M Cap* Rs. 10263 Cr | *52 W H/L* 2382/1222
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 732.7 Cr (-11.3% QoQ, 45.3% YoY) vs QoQ Rs. 825.9 Cr, YoY Rs. 504.1 Cr
EBIDTA came at Rs. 84.1 Cr (-41.6% QoQ, 13.8% YoY) vs QoQ Rs. 143.9 Cr, YoY Rs. 73.9 Cr
EBITDA Margin came at 11.5% vs QoQ 17.4%, YoY 14.7%
Adj. PAT came at Rs. 58.4 Cr vs QoQ Rs. 99.3 Cr, YoY Rs. 43.7 Cr
Quarter EPS is Rs. 12
Share is trading at P/E of 34.3x FY22E EPS

*SH Kelkar – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Neutral for near term*

The stock is trading at 15.5x FY22E consensus earnings

• Q4 was impacted due to Covid disruptions however growth momentum is expected to continue as demand is recovering across customer segments
• The company has witnessed normalisation in demand and enquiries in both domestic and international markets
• CFF delivered healthy performance on the back of steady demand. Situation in Europe is improving – expect whole region to open by July-August.
• Maintain long term sales growth cagr of 12% however difficult to give any short-term guidance. *Q1 is expected to soft and growth is likely to resume from Q2 onwards*
• CFS + Nova – would grow by 10% CAGR
• *Gross margins are expected to maintain at ~42-43% in FY22 however it is likely to improve to 45% over 5 yrs*
• The company has been appointed as an exclusive distributor for Isobionics Santalol in India. This new fragrance ingredient is an alternative to sandalwood oil and is produced from renewable sources. Sandalwood market in India is Rs 100cr+. This deal can give further boost to growth
• *Fragrance Division* - The Company saw improved wins from existing and new large and mid-sized FMCG customers in the domestic markets. In addition, normalisation in demand across domestic and international markets assisted growth. Higher operating leverage resulted in improved yoy profitability performance
• *Flavour Division* - The segment witnessed steady offtake in domestic and European markets during the quarter. *Though margins during the quarter were impacted, the Company anticipates Qo-Q improvement, going forward*
• By investing small amount like Rs 4-5 cr can increase capacity by 30-40%. The company doesn’t need large capex

👉 *LIC’s* increased the stake in the following companies

1. Rail Vikas Nigam Ltd

2. New India Assurance

3. Bajaj Auto

4. Tata Communications

5. Jammu and Kashmir Bank

6. Adani Total Gas

7. Alembic Pharmaceuticals

8. PI Industries

9. Aurobindo Pharma

10. Biocon

Week Ahead 🎪🎪🎪

-India to release GDP figures (Monday)
-RBI monetary policy on June 4th
-US jobs report and worldwide manufacturing and services PMIs
-US stock markets will be closed on Monday for the Memorial Day holiday

⚡Three stories to begin your day:

1. Nokia refused Android
2. Yahoo refused Google
3. 97% of the Indians refused Stock Markets

And you all know what happened...

Government to increase minimum air fares by around 13-15% for domestic flights w.e.f June 1.

Air fares were capped since May 2020. Government has raised air fares two times already in 2021

Jindal Poly Q4FY21

Q4 Revenue 1,150 Cr Vs. 882 Cr YoY Vs. 1,069 Cr QoQ

FY21 Revenue: 4,082 Cr Vs. 3,546 Cr

Q4FY21 PAT: 230 Cr Vs. 139 Cr YoY Vs. 183 Cr QoQ

FY21 PAT: 788 Cr Vs. 489 Cr

EPS Q4: 52.6 Vs. 31.8 Vs. 41.8

EPS FY21: 180.6 Vs. 111.6

Net Ocf: 911 Cr Vs. 368 Cr.

Debt paid around 550 Cr.

Recommended INR 2 Per share as an dividend of FY21.

View: Very strong quarterly performance

*Time Technoplast Ltd.* | *CMP* Rs. 87 | *M Cap* Rs. 1967 Cr | *52 W H/L* 92/28
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 951.2 Cr (13.9% QoQ, 3.8% YoY) vs QoQ Rs. 834.8 Cr, YoY Rs. 916.1 Cr
EBIDTA came at Rs. 129.1 Cr (15% QoQ, 9.3% YoY) vs QoQ Rs. 112.3 Cr, YoY Rs. 118 Cr
EBITDA Margin came at 13.6% vs QoQ 13.4%, YoY 12.9%
Adj. PAT came at Rs. 52.2 Cr vs QoQ Rs. 38.5 Cr, YoY Rs. 38.3 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 9.2x FY22E EPS

*KEI Industries Ltd.* | *CMP* Rs. 624 | *M Cap* Rs. 5610 Cr | *52 W H/L* 639/268
(Nirmal Bang Retail Research)
*Result inline with expectation*
Revenue from Operations came at Rs. 1246.3 Cr (8.1% QoQ, -1% YoY) vs expectation of Rs. 1222.5 Cr, QoQ Rs. 1152.9 Cr, YoY Rs. 1258.5 Cr
EBIDTA came at Rs. 141.6 Cr (10.4% QoQ, 16.2% YoY) vs expectation of Rs. 136.3 Cr, QoQ Rs. 128.3 Cr, YoY Rs. 121.8 Cr
EBITDA Margin came at 11.4% vs expectation of 11.1%, QoQ 11.1%, YoY 9.7%
Adj. PAT came at Rs. 90.1 Cr vs expectation of Rs. 90.3 Cr, QoQ Rs. 79.7 Cr, YoY Rs. 62 Cr
Quarter EPS is Rs. 10
Share is trading at P/E of 17x FY22E EPS

*Suprajit Engineering Ltd.* | *CMP* Rs. 264 | *M Cap* Rs. 3693 Cr | *52 W H/L* 310/107
(Nirmal Bang Retail Research)
*Result inline with expectation*
Revenue from Operations came at Rs. 513 Cr (1.1% QoQ, 31.9% YoY) vs expectation of Rs. 484.9 Cr, QoQ Rs. 507.3 Cr, YoY Rs. 389 Cr
EBIDTA came at Rs. 81.7 Cr (-5.4% QoQ, 48.8% YoY) vs expectation of Rs. 78 Cr, QoQ Rs. 86.4 Cr, YoY Rs. 54.9 Cr
EBITDA Margin came at 15.9% vs expectation of 16.1%, QoQ 17%, YoY 14.1%
Adj. PAT came at Rs. 57.5 Cr vs expectation of Rs. 48.6 Cr, QoQ Rs. 51.6 Cr, YoY Rs. 30.4 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 21.2x FY22E EPS

*ITD Cementation India Ltd.* | *CMP* Rs. 81 | *M Cap* Rs. 1385 Cr | *52 W H/L* 94/35
(Nirmal Bang Retail Research)
*Result is ahead of expectation*
Revenue from Operations came at Rs. 983.9 Cr (24.3% QoQ, 33% YoY) vs expectation of Rs. 920.9 Cr, QoQ Rs. 791.7 Cr, YoY Rs. 739.6 Cr
EBIDTA came at Rs. 113.8 Cr (60.4% QoQ, 35.2% YoY) vs expectation of Rs. 87.6 Cr, QoQ Rs. 70.9 Cr, YoY Rs. 84.2 Cr
EBITDA Margin came at 11.6% vs expectation of 9.5%, QoQ 9%, YoY 11.4%
Adj. PAT came at Rs. 52.5 Cr vs expectation of Rs. 35.9 Cr, QoQ Rs. 30 Cr, YoY Rs. 35.5 Cr
Quarter EPS is Rs. 3.1
Share is trading at P/E of 9.9x FY22E EPS

*Force Motors Ltd.* | *CMP* Rs. 1249 | *M Cap* Rs. 1624 Cr | *52 W H/L* 1560/806
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 612.5 Cr (24.7% QoQ, -6.3% YoY) vs QoQ Rs. 491.2 Cr, YoY Rs. 653.8 Cr
EBIDTA came at Rs. -36.2 Cr (-226% QoQ, -148.9% YoY) vs QoQ Rs. 28.7 Cr, YoY Rs. 74 Cr
EBITDA Margin came at -5.9% vs QoQ 5.8%, YoY 11.3%
Adj. PAT came at Rs. -53.7 Cr vs QoQ Rs. -19 Cr, YoY Rs. 25.6 Cr
Quarter EPS is Rs. -41.3
Share is trading at P/E of -13.1x TTM EPS

*Jindal Poly Films Ltd.* | *CMP* Rs. 856 | *M Cap* Rs. 3749 Cr | *52 W H/L* 941/273
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 1150.9 Cr (7.7% QoQ, 29% YoY) vs QoQ Rs. 1069 Cr, YoY Rs. 892.2 Cr
EBIDTA came at Rs. 243.6 Cr (-19.8% QoQ, 16.8% YoY) vs QoQ Rs. 303.6 Cr, YoY Rs. 208.6 Cr
EBITDA Margin came at 21.2% vs QoQ 28.4%, YoY 23.4%
Adj. PAT came at Rs. 230.9 Cr vs QoQ Rs. 197.2 Cr, YoY Rs. 165.9 Cr (Higher PAT is on account of higher other Income and negative finance cost)
Quarter EPS is Rs. 52.7
Share is trading at P/E of 4.7x TTM EPS

Money Market Update

The rupee ended at 72.43 against the U.S. Dollar on Friday as compared to Thursday's closing of 72.59.

*Ashika Global Market Update*

SGX NIFTY: -44(15419) @7:05 am *Considering Friday’s closing of 15463
DOW: +64(+0.19%)
DOW FUTURES: +16(+0.04%)
HANGSENG: -92(-0.32%)
SHANGHAI COMP: -14(-0.38%)
NIKKEI: -207(-0.733)

GOLD COMEX(USD/toz): 1907.10(+0.09%)
SILVER COMEX (USD/toz): 28.08(+0.22%)
LME COPPER(USD/MT): 10258.00(+0.36%)
LME ZINC(USD/MT): 3060.00(-0.03%)
LME ALUMINIUM(USD/MT): 2483.00(+0.08%)
BRENT CRUDE(USD/bbl): 68.75(+0.04%)
WTI CRUDE OIL(USD/bbl): 66.42(+0.15%)

USDINR: 72.43(-0.21%)
DOLLAR INDEX: 90.09(+0.06%)
US 10YRS BOND YIELD: 1.58%
INDIA 10YRS BOND YIELD: 6.00%

FII: +913
DII: +1275
FII F&O: +536
BSE CASH SEGMENT TRADED VALUE (Rs Crs): 5386
NSE CASH SEGMENT TRADED VALUE(Rs Crs): 74361
NSE ADVANCE/ DECLINE: 769/1206 (0.63)

Securities in Ban Period: SUNTV

Ashika

Paytm Ipo : The board of One97 Communications, Paytm's parent firm, gives in-principle approval for an IPO, setting the stage for what is likely to be one of India's largest public offerings.Reports

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