Institutional volumes higher owing to FTSE & Sensex rebalancing... Tata Steel and SBI card block deal👆

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*Indostar Capital Finance Q4FY21 Concall Update*
(Nirmal Bang Securities)

*Outlook: Neutral*

> *Elevated stressed book as on FY21 on top of second covid wave shall keep provisions elevated*
> *Business transformation will take long time (beyond FY23) to translate into higher return ratios*

• Gross NPA (%) came at 4.4% vs QoQ 2.8%. CV GNPA stood at 8.1% vs YoY 6.2%. While Corporate GNPA was nil.
• Net NPA (%) came at 2.1% vs QoQ 1.8%
• Restructured book stands at Rs. 314 Cr (4.7%)
• Total additional Covid-19 provisions carried are Rs 400 cr (4.8%) which are sufficient to handle the adverse impact of second wave.
• Affordable HL yield is at 14%.
• Brookefield now holds 52% stake post fund infusion a year back which has strengthened the co.
• Deep Jaggi has brought in the concept of low cost new branches with the help of digitisation where the break-even happens in 8-9 months.
*Co has made a 5 year aspirational plan from FY22-26*
1. Co aims to build a 100% retail business and wind down the wholesale business. Wholesale book is 22% mix today. It will reduce to 10% mix by FY22 end.
2. Co aims to grow the retail business by 7-8x in the next 5 years. Steady state NIMs should be at 8% in the retail business with 3% ROA and 15-20% ROE.
3. Affordable housing AUM is now at 1k cr. Co aims to grow this business fast by infusing more capital in this subsidiary and targets to reach 5k cr in next 4 years.
4. *Strengthened top management team:* Co has recruited Ravi Kumar as CV Business head who joined in April from Chola (20 yrs); Arvind as Collection Head comes from Aditya Birla & Chola; Deep Jaggi comes from HDB Financial (10 years) and Chola (5 years).
5. Co is building a separate collection vertical.

Share is trading at P/E of 24.6x FY22E EPS & 1.3x trailing P/BV

*PSP Projects Ltd.* | *CMP* Rs. 441 | *M Cap* Rs. 1588 Cr | *52 W H/L* 531/337
(Nirmal Bang Retail Research)
*Result in line with expectation*
Revenue from Operations came at Rs. 500.7 Cr (28.3% QoQ, 9.7% YoY) vs expectation of Rs. 515.1 Cr, QoQ Rs. 390.2 Cr, YoY Rs. 456.4 Cr
EBIDTA came at Rs. 62.1 Cr (32.2% QoQ, 22.8% YoY) vs expectation of Rs. 64.4 Cr, QoQ Rs. 46.9 Cr, YoY Rs. 50.5 Cr
EBITDA Margin came at 12.4% vs expectation of 12.5%, QoQ 12%, YoY 11.1%
Adj. PAT came at Rs. 40.7 Cr vs expectation of Rs. 40.3 Cr, QoQ Rs. 30.7 Cr, YoY Rs. 34.3 Cr
Quarter EPS is Rs. 11.3
Share is trading at P/E of 10.5x FY22E EPS

*Ruchira Papers Ltd.* | *CMP* Rs. 86 | *M Cap* Rs. 209 Cr | *52 W H/L* 89/43
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 141 Cr (20.5% QoQ, 31.2% YoY) vs QoQ Rs. 117 Cr, YoY Rs. 107.5 Cr
EBIDTA came at Rs. 16.8 Cr (216.1% QoQ, 212.6% YoY) vs QoQ Rs. 5.3 Cr, YoY Rs. 5.4 Cr
EBITDA Margin came at 11.9% vs QoQ 4.5%, YoY 5%
Adj. PAT came at Rs. 9.9 Cr vs QoQ Rs. 0.4 Cr, YoY Rs. 0.6 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 41.5x TTM EPS

*Gujarat Fluorochemicals Ltd.* | *CMP* Rs. 1145 | *M Cap* Rs. 12578 Cr | *52 W H/L* 1199/335
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 840.3 Cr (32.5% QoQ, 32.8% YoY) vs QoQ Rs. 634.2 Cr, YoY Rs. 632.7 Cr
EBIDTA came at Rs. 196.1 Cr (38.3% QoQ, 716.6% YoY) vs QoQ Rs. 141.8 Cr, YoY Rs. 24 Cr
EBITDA Margin came at 23.3% vs QoQ 22.4%, YoY 3.8%
Adj. PAT came at Rs. 110.3 Cr vs QoQ Rs. -480.4 Cr, YoY Rs. 28.5 Cr (Last quarter loss was on account of Tax w/back)
Quarter EPS is Rs. 10
Share is trading at P/E of 26.6x FY22E EPS

*Kokuyo Camlin Ltd.* | *CMP* Rs. 69 | *M Cap* Rs. 688 Cr | *52 W H/L* 75/50
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 132.1 Cr (31% QoQ, -8.5% YoY) vs QoQ Rs. 100.8 Cr, YoY Rs. 144.4 Cr
EBIDTA came at Rs. 11.1 Cr (43.1% QoQ, 72.4% YoY) vs QoQ Rs. 7.7 Cr, YoY Rs. 6.4 Cr
EBITDA Margin came at 8.4% vs QoQ 7.7%, YoY 4.4%
Adj. PAT came at Rs. 5 Cr vs QoQ Rs. 1.3 Cr, YoY Rs. -0.3 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of -47x TTM EPS

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*News Update*:

TRAI Releases March Subscribers Data. In March

Airtel Added 40,55,109

VodafoneIdea added 10,88,792

While Reliance Jio added 79, 18,129 subscribers.

*Fintechs are becoming Banks faster than Banks are becoming Fintechs*

*Are fintechs cutting the bank partner cord*?

Fintechs have always relied on their bank partners to enable them because banks have the one precious and unattainable thing that fintechs can never get their hands on: a banking license. Without this partnership “cord” that extends the bank’s charter to the fintech, many fintechs are like a cool gadget with no batteries. Regulators insisted on these partnerships because banks understand what the regulators want and fintechs supposedly don’t…until now. Some fintechs in the US are pursuing or have obtained their own banking licenses, effectively cutting their bank partner cords, and this trend is gaining traction...

Regulators are now warming up to the idea of granting banking licenses to fintechs because they offer innovative services that are demonstrably beneficial to consumers. Also, some fintechs are more mature now and are better equipped to comply with the heavy regulation and oversight that comes with having a banking license. What this cord-cutting means for fintechs is less dependency, higher margins, and a wider range of offerings. Banks therefore need to up their game in order to stay competitive.

Government operationalises national Helpline 155260 to combat cybercrime losses, all you need to know - https://www.moneycontrol.com/news/india/government-operationalises-national-helpline-155260-to-combat-cybercrime-losses-all-you-need-to-know-7050761.html