TVS Motor Company has launched its iQube Electric scooter. TVS iQube Electric is a green and connected, fun to ride urban scooter powered by an advanced electric drivetrain and next-gen TVS SmartXonnect platform. TVS iQube Electric is a blend of an advanced electric drivetrain and the next-gen TVS SmartXonnect platform.
TVS iQube Electric ecosystem is built around digital platforms that enable the customers to have the convenience of booking and paying for the vehicle online, along with getting assured contactless deliveries. TVS iQube Electric is equipped with a 4.4 kW electric motor to deliver high power and efficiency with no transmission loss. The scooter has a max speed of 78 kmph and traverses 75 kms with a full charge.
TVS iQube Electric ecosystem is built around digital platforms that enable the customers to have the convenience of booking and paying for the vehicle online, along with getting assured contactless deliveries. TVS iQube Electric is equipped with a 4.4 kW electric motor to deliver high power and efficiency with no transmission loss. The scooter has a max speed of 78 kmph and traverses 75 kms with a full charge.
Result Highlights
NMDC Ltd.: Net Revenue at Rs. 6847.6 crore, Rs. 3187.3 crore YoY, Rs. 4355.1 crore QoQ (+114.8% YoY, +57.2% QoQ). EBITDA at Rs. 4240.3 crore, Rs. 1487.7 crore YoY, Rs. 2766.8 crore QoQ (+185% YoY, +53.3% QoQ). EBITDA Margin at 61.9%, +1525 bps YoY and +-161 bps QoQ. Net Profit at Rs. 2834.7 crore, Rs. 316.2 crore YoY, Rs. 2158.2 crore QoQ (+796.6% YoY, +31.3% QoQ).
Bharat Electronics Ltd.: Net Revenue at Rs. 6917.5 crore, Rs. 5816.8 crore YoY, Rs. 2320.4 crore QoQ (+18.9% YoY, +198.1% QoQ). EBITDA at Rs. 1980.9 crore, Rs. 1494.0 crore YoY, Rs. 456.2 crore QoQ (+32.6% YoY, +334.2% QoQ). EBITDA Margin at 28.6%, +295 bps YoY and +897 bps QoQ. Net Profit at Rs. 1368.2 crore, Rs. 1047.0 crore YoY, Rs. 278.5 crore QoQ (+30.7% YoY, +391.3% QoQ). Ashika
ITI Ltd.: Net Revenue at Rs. 1266.3 crore, Rs. 650.5 crore YoY, Rs. 496.9 crore QoQ (+94.7% YoY, +154.9% QoQ). EBITDA at Rs. 179.2 crore, Rs. 69.5 crore YoY, Rs. 9.4 crore QoQ (+158% YoY, +1804.6% QoQ). EBITDA Margin at 14.2%, +347 bps YoY and +1226 bps QoQ. Net Profit at Rs. 201.3 crore, Rs. 33.1 crore YoY, Rs. -31.8 crore QoQ.
Avanti Feeds Ltd.: Net Revenue at Rs. 1098.1 crore, Rs. 1034.8 crore YoY, Rs. 915.4 crore QoQ (+6.1% YoY, +20% QoQ). EBITDA at Rs. 85.4 crore, Rs. 124.6 crore YoY, Rs. 92.2 crore QoQ (-31.5% YoY, -7.4% QoQ). EBITDA Margin at 7.8%, -426 bps YoY and -229 bps QoQ. Net Profit at Rs. 70.2 crore, Rs. 98.7 crore YoY, Rs. 86.2 crore QoQ (-28.9% YoY, -18.6% QoQ). Ashika
Sobha Ltd.: Net Revenue at Rs. 553.4 crore, Rs. 910.1 crore YoY, Rs. 684.4 crore QoQ (-39.2% YoY, -19.1% QoQ). EBITDA at Rs. 149.7 crore, Rs. 254.5 crore YoY, Rs. 178.6 crore QoQ (-41.2% YoY, -16.2% QoQ). EBITDA Margin at 27.1%, -91 bps YoY and 96 bps QoQ. Net Profit at Rs. 17.9 crore, Rs. 50.7 crore YoY, Rs. 21.6 crore QoQ (-64.7% YoY, -17.1% QoQ).
NMDC Ltd.: Net Revenue at Rs. 6847.6 crore, Rs. 3187.3 crore YoY, Rs. 4355.1 crore QoQ (+114.8% YoY, +57.2% QoQ). EBITDA at Rs. 4240.3 crore, Rs. 1487.7 crore YoY, Rs. 2766.8 crore QoQ (+185% YoY, +53.3% QoQ). EBITDA Margin at 61.9%, +1525 bps YoY and +-161 bps QoQ. Net Profit at Rs. 2834.7 crore, Rs. 316.2 crore YoY, Rs. 2158.2 crore QoQ (+796.6% YoY, +31.3% QoQ).
Bharat Electronics Ltd.: Net Revenue at Rs. 6917.5 crore, Rs. 5816.8 crore YoY, Rs. 2320.4 crore QoQ (+18.9% YoY, +198.1% QoQ). EBITDA at Rs. 1980.9 crore, Rs. 1494.0 crore YoY, Rs. 456.2 crore QoQ (+32.6% YoY, +334.2% QoQ). EBITDA Margin at 28.6%, +295 bps YoY and +897 bps QoQ. Net Profit at Rs. 1368.2 crore, Rs. 1047.0 crore YoY, Rs. 278.5 crore QoQ (+30.7% YoY, +391.3% QoQ). Ashika
ITI Ltd.: Net Revenue at Rs. 1266.3 crore, Rs. 650.5 crore YoY, Rs. 496.9 crore QoQ (+94.7% YoY, +154.9% QoQ). EBITDA at Rs. 179.2 crore, Rs. 69.5 crore YoY, Rs. 9.4 crore QoQ (+158% YoY, +1804.6% QoQ). EBITDA Margin at 14.2%, +347 bps YoY and +1226 bps QoQ. Net Profit at Rs. 201.3 crore, Rs. 33.1 crore YoY, Rs. -31.8 crore QoQ.
Avanti Feeds Ltd.: Net Revenue at Rs. 1098.1 crore, Rs. 1034.8 crore YoY, Rs. 915.4 crore QoQ (+6.1% YoY, +20% QoQ). EBITDA at Rs. 85.4 crore, Rs. 124.6 crore YoY, Rs. 92.2 crore QoQ (-31.5% YoY, -7.4% QoQ). EBITDA Margin at 7.8%, -426 bps YoY and -229 bps QoQ. Net Profit at Rs. 70.2 crore, Rs. 98.7 crore YoY, Rs. 86.2 crore QoQ (-28.9% YoY, -18.6% QoQ). Ashika
Sobha Ltd.: Net Revenue at Rs. 553.4 crore, Rs. 910.1 crore YoY, Rs. 684.4 crore QoQ (-39.2% YoY, -19.1% QoQ). EBITDA at Rs. 149.7 crore, Rs. 254.5 crore YoY, Rs. 178.6 crore QoQ (-41.2% YoY, -16.2% QoQ). EBITDA Margin at 27.1%, -91 bps YoY and 96 bps QoQ. Net Profit at Rs. 17.9 crore, Rs. 50.7 crore YoY, Rs. 21.6 crore QoQ (-64.7% YoY, -17.1% QoQ).
INVESTMENT THESIS
J.B. Chemicals & Pharmaceuticals Ltd (JBCP) is one of the fastest growing company in the IPM on the back of its brand and therapy focused strategy. Its strong domestic franchisee (>85% sales from 5 mega brands: Cilacar & Nicardia in Cardiac and Metrogyl & Rantac in Gastro-Intestinal) enjoy enormous brand equity which allows them to earn >35% EBITDA margins.
While unwinding of erst-while promoter’s transactions provide a permanent shift in base, EBITDA margins likely to be supported at the current levels on account to productivity improvements and renewed focus on CMO, US generics and Russia business.
We valued JBCP using SOTP based methodology; valuing Domestic franchisee at 7x FY23E EV/Sales and Exports business at 4x FY23E EV/Sales given their inherent quality. We thus initiate coverage on JBCP with BUY rating and target price of INR 2,000 which is ~33% upside on CMP. At our target price, JBCP is available at 26x FY23E PER; on the CMP JBCP trades at 20x FY23E PER.
JBCP to solidify base in leadership brands; growth to be driven by new areas
* JBCP has consistently outperformed the IPM on the back of its 5 mega brand groups contributing >85% of its domestic sales. JBCP has posted superior growth in these mega brands where it has >50% market share.
* With the new management in place post acquisition by KKR, as per us the growth will be led by higher MR productivity (10-12%), new therapys (Nephro & Pediateric divisions) and increased pace of launches in key chronic therapies.
EBITDA margins likely to sustain; War-chest ready for an inorganic acquisition
* Renewed focus on higher margins segments such as CMO, US generics and Russia business under the new management to be margin accretive, as per us improvements should be visible post H2FY22.
* Beyond productivity gains, there is a permanent shift in EBITDA margin base with unwinding of related party transactions (>200bps).
* JBCP’s positioning in terms of cash balances and current investments (INR 706crs for FY21), superior free cash flow generations (INR 350crs for FY22E) and lower debt levels give it significant war chest to pursue inorganic acquisitions
Superior execution in the domestic segment; deserving of higher multiples
* Dominant legacy brands in the domestic market ensures strong stream of cashflows enabling the high pedigree management to pursue new growth initiatives in CRAMs, US generics and Russia with renewed focus.
* Domestic franchisee (>85% from mega brands) enjoy enormous brand equity which allows them to earn >35% EBITDA margins. We believe it is deserving of much higher multiples, thus valuing at 7x FY23E EV/Sales while export business at 4x FY23E EV/Sales.
* We thus initiate coverage on JBCP with Buy rating and target price of INR 2,000 which is ~33% upside on CMP. At our target price, JBCP is available at 26x FY23E PER; on the CMP JBCP trades at 20x FY23E PER.
J.B. Chemicals & Pharmaceuticals Ltd (JBCP) is one of the fastest growing company in the IPM on the back of its brand and therapy focused strategy. Its strong domestic franchisee (>85% sales from 5 mega brands: Cilacar & Nicardia in Cardiac and Metrogyl & Rantac in Gastro-Intestinal) enjoy enormous brand equity which allows them to earn >35% EBITDA margins.
While unwinding of erst-while promoter’s transactions provide a permanent shift in base, EBITDA margins likely to be supported at the current levels on account to productivity improvements and renewed focus on CMO, US generics and Russia business.
We valued JBCP using SOTP based methodology; valuing Domestic franchisee at 7x FY23E EV/Sales and Exports business at 4x FY23E EV/Sales given their inherent quality. We thus initiate coverage on JBCP with BUY rating and target price of INR 2,000 which is ~33% upside on CMP. At our target price, JBCP is available at 26x FY23E PER; on the CMP JBCP trades at 20x FY23E PER.
JBCP to solidify base in leadership brands; growth to be driven by new areas
* JBCP has consistently outperformed the IPM on the back of its 5 mega brand groups contributing >85% of its domestic sales. JBCP has posted superior growth in these mega brands where it has >50% market share.
* With the new management in place post acquisition by KKR, as per us the growth will be led by higher MR productivity (10-12%), new therapys (Nephro & Pediateric divisions) and increased pace of launches in key chronic therapies.
EBITDA margins likely to sustain; War-chest ready for an inorganic acquisition
* Renewed focus on higher margins segments such as CMO, US generics and Russia business under the new management to be margin accretive, as per us improvements should be visible post H2FY22.
* Beyond productivity gains, there is a permanent shift in EBITDA margin base with unwinding of related party transactions (>200bps).
* JBCP’s positioning in terms of cash balances and current investments (INR 706crs for FY21), superior free cash flow generations (INR 350crs for FY22E) and lower debt levels give it significant war chest to pursue inorganic acquisitions
Superior execution in the domestic segment; deserving of higher multiples
* Dominant legacy brands in the domestic market ensures strong stream of cashflows enabling the high pedigree management to pursue new growth initiatives in CRAMs, US generics and Russia with renewed focus.
* Domestic franchisee (>85% from mega brands) enjoy enormous brand equity which allows them to earn >35% EBITDA margins. We believe it is deserving of much higher multiples, thus valuing at 7x FY23E EV/Sales while export business at 4x FY23E EV/Sales.
* We thus initiate coverage on JBCP with Buy rating and target price of INR 2,000 which is ~33% upside on CMP. At our target price, JBCP is available at 26x FY23E PER; on the CMP JBCP trades at 20x FY23E PER.
India Pesticides IPO:
APPLY FOR REASONABLE LISTING GAINS AND LONG TERM
Positives:
Experienced Promoters
Growth oriented company
Positive Cash flow despite regular capex
Debt free company
Reasonable valuations with 41% ROE
India Pesticides IPO:
Negatives:
Highly Competitive Business
Small size company
High dependency on China for raw materials
APPLY FOR REASONABLE LISTING GAINS AND LONG TERM
Positives:
Experienced Promoters
Growth oriented company
Positive Cash flow despite regular capex
Debt free company
Reasonable valuations with 41% ROE
India Pesticides IPO:
Negatives:
Highly Competitive Business
Small size company
High dependency on China for raw materials
Auro Lab 141❤️
New 52wk High
Got entry at 78 - 81 - 84 - 88 - 91
Average Buy is 84.4
New 52wk High
Got entry at 78 - 81 - 84 - 88 - 91
Average Buy is 84.4
Market Wizard
BUMPER MID TERM CALL BUY RAMA STEEL AT CMP OF 77 - 78 AND DIPS TILL 72 SL 69 TARGETS:- 80 - 81 - 82 - 83 - 84 - 85 - 86 - 87+ ABOVE 87 WE CAN SEE 91 - 97 - 104 - 111+ DISCLAIMER:- I am not SEBI Registered. Please consult your financial advisor before investing.…
RAMASTEEL 111.8❤️❤️❤️
UC LOCKED 😍🔒
UC LOCKED 😍🔒
Market Wizard
📊MARKET WIZARD 📢NEWSLETTER ISSUE 13 UPDATES 🎯Fundamental Stocks🎯 ▶️Lincoln Pharmaceuticals Ltd - 291.9 ▶️TV 18 Broadcast Ltd - 42.6 ▶️Triton Valves Ltd - 1080 ▶️Cerebra Integrated Technologies Ltd - 57 🎯Technical Stocks🎯 ▶️Agri-Tech (India) Ltd - 46.4…
SIMPLEX INFRA 45.5❤️❤️
UC LOCKED 😍🔒
UC LOCKED 😍🔒
Market Wizard
Mid Term Bumper Funda Call Buy IMFA (Indian Metals Ferrow Alloys) at CMP of 440.5 - 443 and dips till 422 Sl 410 Targets:- 448 - 451 - 455 - 458 - 462 - 466 - 472 - 480+ Above that we can see 496 - 510 - 525 - 555 - 590 - 630+ Disclaimer:- I am not SEBI…
IMFA 578.5❤️❤️❤️
NEW 52 WEEK HIGH
NEW 52 WEEK HIGH