*Craftsman Automation Q1FY22 Concall Update*
(Nirmal Bang Securities)
*Outlook: Positive*
• Revenue came at Rs. 435 Cr (-19% QoQ, 167% YoY)
# Auto Powertrain (53% mix) revenue declined by 19% QoQ against CV industry’s (50% segment share) decline of 60% QoQ & balance 50% segment share coming from Tractor, PVs and Construction Equipment.
# Auto Aluminum Products (18% mix) declined by 33% QoQ in line with 2W industry decline of ~30% QoQ.
# Industrial & Engg Products (29% mix) declined by 7% QoQ
• Share of cylinder block & heads within auto powertrain is 60%.
• Steel & Aluminum increased QoQ by 15% & 11% and impacted gross margins by 130 bps QoQ (at 55.4% vs QoQ 56.7%) as co was not able to pass on the increase during the qtr.
• From July, Aluminum Products segment has moved to monthly pass through of RM costs just like the powertrain segment.
• Capacity utilization even during good qtr of Q4FY21 was at 70% and was at 55% during Q1FY22. Co has created good capacities and so there will be operating leverage once demand picks up.
• Co does not expect a strong bounceback from MHCV industry during FY22 although the Powertrain segment will grow by 20% in FY22 (adjusted for increase in RM costs).
• Co will run out of capacities in Auto Aluminum in FY23 as it has been able to add new PV clients (apart from mostly 2W clients traditionally). Thus going forward contribution from PVs could be the same as 2W by FY23/24. Co expects incremental revenue of Rs. 250 Cr from these new orders.
• EVevolution will be positive for Auto Aluminum Products as all new platforms will involve aluminum instead of steel.
• Storage solutions revenue for Q1 was ~Rs. 50 Cr against Rs. 104 Cr for entire FY21.
• Debt will reduce by 200 Cr in FY22. Capex will remain at 130-150 Cr (maintenance capex) as has been the case since last 2 years. Industrial & Engg segment does not require much capex.
• New truck sales in developed markets is slowly starting to shift towards EVs & hybrids and thus the co will take its time to carefully undertake capex in powertrain business in future. (although exports of auto powertrain is just 2% of co’s total revenue)
Stock is trading at P/E of 21x Q4FY21 anualised EPS
(Nirmal Bang Securities)
*Outlook: Positive*
• Revenue came at Rs. 435 Cr (-19% QoQ, 167% YoY)
# Auto Powertrain (53% mix) revenue declined by 19% QoQ against CV industry’s (50% segment share) decline of 60% QoQ & balance 50% segment share coming from Tractor, PVs and Construction Equipment.
# Auto Aluminum Products (18% mix) declined by 33% QoQ in line with 2W industry decline of ~30% QoQ.
# Industrial & Engg Products (29% mix) declined by 7% QoQ
• Share of cylinder block & heads within auto powertrain is 60%.
• Steel & Aluminum increased QoQ by 15% & 11% and impacted gross margins by 130 bps QoQ (at 55.4% vs QoQ 56.7%) as co was not able to pass on the increase during the qtr.
• From July, Aluminum Products segment has moved to monthly pass through of RM costs just like the powertrain segment.
• Capacity utilization even during good qtr of Q4FY21 was at 70% and was at 55% during Q1FY22. Co has created good capacities and so there will be operating leverage once demand picks up.
• Co does not expect a strong bounceback from MHCV industry during FY22 although the Powertrain segment will grow by 20% in FY22 (adjusted for increase in RM costs).
• Co will run out of capacities in Auto Aluminum in FY23 as it has been able to add new PV clients (apart from mostly 2W clients traditionally). Thus going forward contribution from PVs could be the same as 2W by FY23/24. Co expects incremental revenue of Rs. 250 Cr from these new orders.
• EVevolution will be positive for Auto Aluminum Products as all new platforms will involve aluminum instead of steel.
• Storage solutions revenue for Q1 was ~Rs. 50 Cr against Rs. 104 Cr for entire FY21.
• Debt will reduce by 200 Cr in FY22. Capex will remain at 130-150 Cr (maintenance capex) as has been the case since last 2 years. Industrial & Engg segment does not require much capex.
• New truck sales in developed markets is slowly starting to shift towards EVs & hybrids and thus the co will take its time to carefully undertake capex in powertrain business in future. (although exports of auto powertrain is just 2% of co’s total revenue)
Stock is trading at P/E of 21x Q4FY21 anualised EPS
*Tata Elxsi Ltd.* | *CMP* Rs. 4487 | *M Cap* Rs. 27909 Cr | *52 W H/L* 4500/870
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 558.3 Cr (7.7% QoQ, 39.4% YoY) CC $ revenue grew by 6.3% vs QoQ Rs. 518.4 Cr, YoY Rs. 400.5 Cr
EBIDTA came at Rs. 150 Cr (-10.7% QoQ, 61.8% YoY) vs QoQ Rs. 168 Cr, YoY Rs. 92.7 Cr
*Lower EBITDA QoQ is on account of Rs 33cr special one time bonus to employee*
EBITDA Margin came at 26.9% vs QoQ 32.4%, YoY 23.1%
Adj. PAT came at Rs. 113.4 Cr vs QoQ Rs. 115.2 Cr, YoY Rs. 68.9 Cr
Quarter EPS is Rs. 18.2
Share is trading at P/E of 52x FY23 EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 558.3 Cr (7.7% QoQ, 39.4% YoY) CC $ revenue grew by 6.3% vs QoQ Rs. 518.4 Cr, YoY Rs. 400.5 Cr
EBIDTA came at Rs. 150 Cr (-10.7% QoQ, 61.8% YoY) vs QoQ Rs. 168 Cr, YoY Rs. 92.7 Cr
*Lower EBITDA QoQ is on account of Rs 33cr special one time bonus to employee*
EBITDA Margin came at 26.9% vs QoQ 32.4%, YoY 23.1%
Adj. PAT came at Rs. 113.4 Cr vs QoQ Rs. 115.2 Cr, YoY Rs. 68.9 Cr
Quarter EPS is Rs. 18.2
Share is trading at P/E of 52x FY23 EPS
*Larsen & Toubro Infotech Ltd.* | *CMP* Rs. 4417 | *M Cap* Rs. 77209 Cr | *52 W H/L* 4500/2117
(Nirmal Bang Retail Research)
CC QoQ came at 4.8% vs expectation of 3.6%, QoQ 4.4%, YoY -4.7%
*Result is above expectation*
Dollar revenue came at $ 470.2 Mn,(5.1% QoQ, 20.5% YoY) vs expectation of $ 464.1 Mn, QoQ $ 447.4 Mn, YoY $ 390.3 Mn
Net sales came at Rs. 3462.5 Cr (5.9% QoQ, 17.4% YoY) vs expectation of Rs. 3432.8 Cr, QoQ Rs. 3269.4 Cr, YoY Rs. 2949.2 Cr
EBIT came at Rs. 567.9 Cr (-10.3% QoQ, 10.5% YoY) vs expectation of Rs. 567 Cr, QoQ Rs. 632.9 Cr, YoY Rs. 513.9 Cr
EBIT Margin came at 16.4% vs expectation of 16.5%, QoQ 19.4%, YoY 17.4%
Adj. PAT came at Rs. 496 Cr vs expectation of Rs. 481.5 Cr, QoQ Rs. 545.2 Cr, YoY Rs. 416.6 Cr
Quarter EPS is Rs. 28.4
Stock is trading at P/E of 35.2x FY22E EPS
(Nirmal Bang Retail Research)
CC QoQ came at 4.8% vs expectation of 3.6%, QoQ 4.4%, YoY -4.7%
*Result is above expectation*
Dollar revenue came at $ 470.2 Mn,(5.1% QoQ, 20.5% YoY) vs expectation of $ 464.1 Mn, QoQ $ 447.4 Mn, YoY $ 390.3 Mn
Net sales came at Rs. 3462.5 Cr (5.9% QoQ, 17.4% YoY) vs expectation of Rs. 3432.8 Cr, QoQ Rs. 3269.4 Cr, YoY Rs. 2949.2 Cr
EBIT came at Rs. 567.9 Cr (-10.3% QoQ, 10.5% YoY) vs expectation of Rs. 567 Cr, QoQ Rs. 632.9 Cr, YoY Rs. 513.9 Cr
EBIT Margin came at 16.4% vs expectation of 16.5%, QoQ 19.4%, YoY 17.4%
Adj. PAT came at Rs. 496 Cr vs expectation of Rs. 481.5 Cr, QoQ Rs. 545.2 Cr, YoY Rs. 416.6 Cr
Quarter EPS is Rs. 28.4
Stock is trading at P/E of 35.2x FY22E EPS
BIG POSITIVE for COTTON TEXTILE
US Senate passes bill to ban all products from China's Xinjiang.
Textiles (specially cotton)
Xinjiang Province:
~Produces 80% of China's cotton.
~35% market share in apparel exports of the global trade.
Textile Industry:Big step forward
ICIL:
Rodtep would lead to 4 pc gains per quarter. They have accrued it for Q4 and Q1 so 3 quarter gains would be 12 pc.
Gokaldas has booked 2 pc Rodtep in Q4. So it would improve liquidity in big way
Nahar Spinning
PRECOT
Loyal Textile
Maris spinner
KALLAM TEXTILE
Winsome Textile
Gokaldas Exports
US Senate passes bill to ban all products from China's Xinjiang.
Textiles (specially cotton)
Xinjiang Province:
~Produces 80% of China's cotton.
~35% market share in apparel exports of the global trade.
Textile Industry:Big step forward
ICIL:
Rodtep would lead to 4 pc gains per quarter. They have accrued it for Q4 and Q1 so 3 quarter gains would be 12 pc.
Gokaldas has booked 2 pc Rodtep in Q4. So it would improve liquidity in big way
Nahar Spinning
PRECOT
Loyal Textile
Maris spinner
KALLAM TEXTILE
Winsome Textile
Gokaldas Exports
*Cyient Ltd.* | *CMP* Rs. 948 | *M Cap* Rs. 10437 Cr | *52 W H/L* 948/249
(Nirmal Bang Retail Research)
Dollar revenue came at $ 143.5 mn vs expectation of $ 143 mn, QoQ $ 149.9 mn, YoY $ 130.6 mn
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1058.2 Cr (-3.2% QoQ, 6.7% YoY) vs expectation of Rs. 1062.4 Cr, QoQ Rs. 1093.1 Cr, YoY Rs. 991.7 Cr
EBIDTA came at Rs. 186.4 Cr (20.6% QoQ, 89% YoY) vs expectation of Rs. 189.5 Cr, QoQ Rs. 154.6 Cr, YoY Rs. 98.6 Cr
EBITDA Margin came at 17.6% vs expectation of 17.8%, QoQ 14.1%, YoY 9.9%
Adj. PAT came at Rs. 115 Cr vs expectation of Rs. 107.6 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 81.4 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 22.6x FY22E EPS
(Nirmal Bang Retail Research)
Dollar revenue came at $ 143.5 mn vs expectation of $ 143 mn, QoQ $ 149.9 mn, YoY $ 130.6 mn
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1058.2 Cr (-3.2% QoQ, 6.7% YoY) vs expectation of Rs. 1062.4 Cr, QoQ Rs. 1093.1 Cr, YoY Rs. 991.7 Cr
EBIDTA came at Rs. 186.4 Cr (20.6% QoQ, 89% YoY) vs expectation of Rs. 189.5 Cr, QoQ Rs. 154.6 Cr, YoY Rs. 98.6 Cr
EBITDA Margin came at 17.6% vs expectation of 17.8%, QoQ 14.1%, YoY 9.9%
Adj. PAT came at Rs. 115 Cr vs expectation of Rs. 107.6 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 81.4 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 22.6x FY22E EPS
Market Wizard
Super Duper Bumper Short Term Stock Buy Manaksia Steel at CMP of 26.8 - 27.2 and dips till 24 Sl 22 Targets:- 28 - 28.5 - 29 - 30 - 31 - 32+ Above 32 we can see 34 - 36 Disclaimer:- I am not SEBI Registered. Please consult your financial advisor before…
MANAKSIA STEEL 34.35❤️❤️
UC LOCKED
UC LOCKED
Market Wizard
📑 Ⓜ️ARKET WIZARD 🌐 NEWSLETTER ISSUE 18 UPDATES 📊📊 FUNDAMENTAL STOCKS 📍SUNDARAM BRAKES LINING LTD ADDED AT 432.5 📍ALEMBIC PHARMACEUTICALS LTD AT 984 📍 BOMBAY BUMRAH TRADING CORPORATION - SPECIAL PICK ADDED AT 1280 📍 VOLTAS LIMITED ADDED AT 1015 📈📉 TECHNICAL…
GANESH HOUSING 130.95❤️❤️
UC LOCKED
UC LOCKED
Market Wizard
Mid Term Bumper Call Buy Eco Recycling (BSE - 530643) at CMP of 56 - 57 and dips of 50. Sl 45 Targets:- 60 - 62 - 64 - 66 - 68 - 70+ Above 70 we can see 74 - 80+ Disclaimer:- I am not SEBI Registered. Please consult your financial advisor before investing.…
ECO RECYCLING 81.35❤️❤️
UC LOCKED
UC LOCKED