*FINOLEX INDUSTRIES LTD.* | *CMP* Rs. 174 | *M Cap* Rs. 10775 Cr | *52 W H/L* 177/87
(Nirmal Bang Retail Research)
*Result ok*
*Higher than expected Sales and Profit is on account of PVC business whereas Pipe and fitting business has seen decline QoQ*
Revenue from Operations came at Rs. 1249.3 Cr (17.1% QoQ, 63.1% YoY) vs expectation of Rs. 1124.7 Cr, QoQ Rs. 1066.9 Cr, YoY Rs. 766.1 Cr
EBIDTA came at Rs. 410.1 Cr (18.3% QoQ, 294% YoY) vs expectation of Rs. 284.1 Cr, QoQ Rs. 346.7 Cr, YoY Rs. 104.1 Cr
EBITDA Margin came at 32.8% vs expectation of 25.3%, QoQ 32.5%, YoY 13.6%
Adj. PAT came at Rs. 298.8 Cr vs expectation of Rs. 202.4 Cr, QoQ Rs. 259.4 Cr, YoY Rs. 58.7 Cr
Quarter EPS is Rs. 4.8
Share is trading at P/E of 23.1x FY22E EPS

*Technocraft Industries (India) Ltd.* | *CMP* Rs. 477 | *M Cap* Rs. 1167 Cr | *52 W H/L* 499/211
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 384.8 Cr (14.7% QoQ, 9.5% YoY) vs QoQ Rs. 335.4 Cr, YoY Rs. 351.5 Cr
EBIDTA came at Rs. 69.1 Cr (34.7% QoQ, 28.1% YoY) vs QoQ Rs. 51.3 Cr, YoY Rs. 54 Cr
EBITDA Margin came at 18% vs QoQ 15.3%, YoY 15.3%
Adj. PAT came at Rs. 31.5 Cr vs QoQ Rs. 35.8 Cr, YoY Rs. 18.1 Cr (Lower PAT is on account of lower other income)
Quarter EPS is Rs. 12.9
Share is trading at P/E of 9.8x TTM EPS

*MSTC Ltd.* | *CMP* Rs. 270 | *M Cap* Rs. 1901 Cr | *52 W H/L* 400/117
(Nirmal Bang Retail Research)
*Result Improved*
E-commerce revenue Came at Rs.84.32 vs QoQ Rs.58.83 YoY Rs.51.01cr and EBIT came at Rs.83.80cr vs QoQ Rs.50.55cr YoY Rs.51.01cr
Revenue from Operations came at Rs. 311.2 Cr (96.9% QoQ, 60.5% YoY) vs QoQ Rs. 158 Cr, YoY Rs. 193.8 Cr
EBIDTA came at Rs. 81 Cr (34.4% QoQ, 32.3% YoY) vs QoQ Rs. 60.3 Cr, YoY Rs. 61.3 Cr
EBITDA Margin came at 26% vs QoQ 38.2%, YoY 31.6%
Adj. PAT came at Rs. 75.8 Cr vs QoQ Rs. 11.1 Cr, YoY Rs. 4.7 Cr (Higher PAT is also on account of Negative Tax)
Quarter EPS is Rs. 10.8
Share is trading at P/E of 16.8x TTM EPS

*Ahluwalia Contracts (India) Ltd.* | *CMP* Rs. 329 | *M Cap* Rs. 2201 Cr | *52 W H/L* 339/193
(Nirmal Bang Retail Research)
*Result is ahead of expectation*
Revenue from Operations came at Rs. 761.7 Cr (42.1% QoQ, 38.7% YoY) vs expectation of Rs. 628.4 Cr, QoQ Rs. 536.1 Cr, YoY Rs. 549.2 Cr
EBIDTA came at Rs. 69.8 Cr (120.4% QoQ, 204% YoY) vs expectation of Rs. 45.2 Cr, QoQ Rs. 31.7 Cr, YoY Rs. 23 Cr
EBITDA Margin came at 9.2% vs expectation of 7.2%, QoQ 5.9%, YoY 4.2%
Adj. PAT came at Rs. 37.1 Cr vs expectation of Rs. 23.7 Cr, QoQ Rs. 14.7 Cr, YoY Rs. 6.1 Cr
Quarter EPS is Rs. 5.5
Share is trading at P/E of 15.7x FY22E EPS

*Repco Home Finance Ltd. -S* | *CMP* Rs. 368 | *M Cap* Rs. 2302 Cr | *52 W H/L* 378/90
(Nirmal Bang Retail Research)
*Result is marginally below expectations* - Asset quality is on expected lines although loan/disbursement growth is much lower than peers indicating loss of market share
NII came at Rs. 147.7 Cr vs expectation of Rs. 148.2 Cr, YoY Rs. 131.7 Cr, QoQ Rs. 152.3 Cr
PBP came at Rs. 118.8 Cr vs expectation of Rs. 125.3 Cr, YoY Rs. 104.1 Cr, QoQ Rs. 130.1 Cr
Provision came at Rs. 29.2 Cr vs expectation of Rs. 14.5 Cr, YoY Rs. 40.3 Cr, QoQ Rs. 22.2 Cr
PAT came at Rs. 63.2 Cr vs expectation of Rs. 77.4 Cr, YoY Rs. 42.5 Cr, QoQ Rs. 81.5 Cr
Loan Book came at Rs. 12121 Cr vs YoY Rs. 11826 Cr, QoQ Rs. 12059 Cr
Loan Sanctioned came at Rs. 645.9 Cr vs YoY Rs. 632.1 Cr, QoQ Rs. 650 Cr
Disbursement came at Rs. 640.4 Cr vs YoY Rs. 602 Cr, QoQ Rs. 551.7 Cr
Gross NPA came at Rs. 446.1 Cr vs QoQ Rs. 518.5 Cr at 3.7% vs QoQ 4.3%
Net NPA came at 2.2% vs QoQ 1.9%, YoY 2.8%
Quarter EPS is Rs. 10.1
Share is trading at P/E of 7.2x FY22E EPS & 1.1x trailing P/BV

*HINDUSTAN COPPER LTD.* | *CMP* Rs. 154 | *M Cap* Rs. 14907 Cr | *52 W H/L* 197/28
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 522.2 Cr (-3% QoQ, 255.6% YoY) vs QoQ Rs. 538.4 Cr, YoY Rs. 146.8 Cr
EBIDTA came at Rs. 255.6 Cr (17.8% QoQ, -161.9% YoY) vs QoQ Rs. 216.9 Cr, YoY Rs. -412.8 Cr (EBITDA after adjusting for one off w/off )
EBITDA Margin came at 48.9% vs QoQ 40.3%, YoY -281.1%
Adj. PAT came at Rs. 188.4 Cr vs QoQ Rs. 108.2 Cr, YoY Rs. -514.6 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 44.5x TTM EPS

*NCL Industries Ltd.* | *CMP* Rs. 234 | *M Cap* Rs. 1058 Cr | *52 W H/L* 234/67
(Nirmal Bang Retail Research)
*Result Declined*
Revenue from Operations came at Rs. 405.2 Cr (9.7% QoQ, 64.1% YoY) vs QoQ Rs. 369.5 Cr, YoY Rs. 246.9 Cr
EBIDTA came at Rs. 65.1 Cr (-9.2% QoQ, 189.9% YoY) vs QoQ Rs. 71.7 Cr, YoY Rs. 22.5 Cr
EBITDA Margin came at 16.1% vs QoQ 19.4%, YoY 9.1%
Adj. PAT came at Rs. 29 Cr vs QoQ Rs. 41.6 Cr, YoY Rs. 7.7 Cr
Quarter EPS is Rs. 6.4
Share is trading at P/E of 7.3x TTM EPS