Result Highlights
Bajaj Finance Ltd.: NII at Rs. 4488.4 crore, +8.1% YoY and -3.6% QoQ. Net Profit at Rs. 1002.4 crore, +4.2% YoY and -25.6% QoQ.
Asian Paints Ltd.: Net Revenue at Rs. 5585.4 crore, +91.1% YoY and -16% QoQ. EBITDA at Rs. 913.6 crore, +88.7% YoY and -30.7% QoQ. EBITDA Margin at 16.4%, -21 bps YoY and -346 bps QoQ. Net Profit at Rs. 574.3 crore, +161.5% YoY and -34% QoQ. Ashika
ICICI Prudential Life Insurance Company Ltd.: Net Revenue at Rs. 16724.1 crore, -12.2% YoY and -14.8% QoQ. Net Profit at Rs. -185.3 crore, Rs. 286.9 crore YoY, Rs. 62.5 crore QoQ.
Syngene International Ltd.: Net Revenue at Rs. 594.4 crore, +41% YoY and -9.7% QoQ. EBITDA at Rs. 164.9 crore, +32.4% YoY and -23.4% QoQ. EBITDA Margin at 27.7%, -179 bps YoY and -496 bps QoQ. Net Profit at Rs. 77.3 crore, +33.3% YoY and -51.9% QoQ.
ICICI Securities Ltd.: Net Revenue at Rs. 745.3 crore, +36.5% YoY and +0.8% QoQ. EBITDA at Rs. 470.5 crore, +59.3% YoY and -3.1% QoQ. EBITDA Margin at 63.1%, +904 bps YoY and -258 bps QoQ. Net Profit at Rs. 310.7 crore, +60.9% YoY and -5.7% QoQ.
CRISIL Ltd.: Net Revenue at Rs. 528.5 crore, +12% YoY and +6.7% QoQ. EBITDA at Rs. 139.3 crore, +19.8% YoY and +9.3% QoQ. EBITDA Margin at 26.4%, +172 bps YoY and +61 bps QoQ. Net Profit at Rs. 100.8 crore, +51.9% YoY and +20.7% QoQ.
DCM Shriram Ltd.: Net Revenue at Rs. 2007.8 crore, +5% YoY and -8.3% QoQ. EBITDA at Rs. 282.9 crore, +70.6% YoY and -21.6% QoQ. EBITDA Margin at 14.1%, +542 bps YoY and -237 bps QoQ. Net Profit at Rs. 157.9 crore, +126.1% YoY and -31.9% QoQ.
Shyam Metalics And Energy Ltd.: Net Revenue at Rs. 2465.0 crore, +170.3% YoY and +4.9% QoQ. EBITDA at Rs. 687.6 crore, +352.7% YoY and +9.7% QoQ. EBITDA Margin at 27.9%, +1124 bps YoY and +123 bps QoQ. Net Profit at Rs. 458.0 crore, +469.9% YoY and +18.1% QoQ.
Jubilant Ingrevia Ltd.: Net Revenue at Rs. 1144.6 crore, +67.3% QoQ. EBITDA at Rs. 281.5 crore, +140.4% QoQ. EBITDA Margin at 24.6%, +748 bps QoQ. Net Profit at Rs. 168.3 crore, +209.5% QoQ.
TV18 Broadcast Ltd.: Net Revenue at Rs. 1155.0 crore, +48.9% YoY and -14.3% QoQ. EBITDA at Rs. 187.5 crore, +323% YoY and -32.7% QoQ. EBITDA Margin at 16.2%, +1052 bps YoY and -443 bps QoQ. Net Profit at Rs. 162.4 crore, Rs. 1.9 crore YoY and -35.3% QoQ.
Network 18 Media & Investments Ltd.: Net Revenue at Rs. 1214.4 crore, +50.5% YoY and -14.2% QoQ. EBITDA at Rs. 188.3 crore, +587.5% YoY and -32.3% QoQ. EBITDA Margin at 15.5%, +1211 bps YoY and -417 bps QoQ. Net Profit at Rs. 121.5 crore, Rs. -60.6 crore YoY and -41% QoQ.
Newgen Software Technologies Ltd.: Net Revenue at Rs. 159.5 crore, +20.8% YoY and -20.2% QoQ. EBITDA at Rs. 22.8 crore, +46.2% YoY and -65.7% QoQ. EBITDA Margin at 14.3%, +248 bps YoY and -1892 bps QoQ. Net Profit at Rs. 21.6 crore, +136.8% YoY and -59% QoQ.
JSW Ispat Special Products Ltd.: Net Revenue at Rs. 1462.2 crore, +145.9% YoY and -1% QoQ. EBITDA at Rs. 178.7 crore, Rs. -35.3 crore YoY and -13.1% QoQ. EBITDA Margin at 12.2%, +1817 bps YoY and -170 bps QoQ. Net Profit at Rs. 63.3 crore, Rs. -154.1 crore YoY and -31.9% QoQ.
Thirumalai Chemicals Ltd.: Net Revenue at Rs. 397.1 crore, +249.9% YoY and +2.7% QoQ. EBITDA at Rs. 102.0 crore, Rs. -13.4 crore YoY and -12.9% QoQ. EBITDA Margin at 25.7%, +3746 bps YoY and -459 bps QoQ. Net Profit at Rs. 65.1 crore, Rs. -20.1 crore YoY and -23.1% QoQ.
Mangalam Organics Ltd.: Net Revenue at Rs. 105.7 crore, +117.1% YoY and +10.1% QoQ. EBITDA at Rs. 23.4 crore, +83.8% YoY and -51.6% QoQ. EBITDA Margin at 22.2%, -401 bps YoY and -2821 bps QoQ. Net Profit at Rs. 15.0 crore, +91.5% YoY and -54.6% QoQ.
Ashika Result Highlights
Bajaj Finserv Ltd.: Net Revenue at Rs. 13949.5 crore, -1.7% YoY and -9.3% QoQ. EBITDA at Rs. 13949.5 crore, +174.2% YoY and +200.6% QoQ. EBITDA Margin at 100%, +6415 bps YoY and +6984 bps QoQ. Net Profit at Rs. 1432.7 crore, -25.5% YoY and -17.9% QoQ.
Bajaj Finance Ltd.: NII at Rs. 4488.4 crore, +8.1% YoY and -3.6% QoQ. Net Profit at Rs. 1002.4 crore, +4.2% YoY and -25.6% QoQ.
Asian Paints Ltd.: Net Revenue at Rs. 5585.4 crore, +91.1% YoY and -16% QoQ. EBITDA at Rs. 913.6 crore, +88.7% YoY and -30.7% QoQ. EBITDA Margin at 16.4%, -21 bps YoY and -346 bps QoQ. Net Profit at Rs. 574.3 crore, +161.5% YoY and -34% QoQ. Ashika
ICICI Prudential Life Insurance Company Ltd.: Net Revenue at Rs. 16724.1 crore, -12.2% YoY and -14.8% QoQ. Net Profit at Rs. -185.3 crore, Rs. 286.9 crore YoY, Rs. 62.5 crore QoQ.
Syngene International Ltd.: Net Revenue at Rs. 594.4 crore, +41% YoY and -9.7% QoQ. EBITDA at Rs. 164.9 crore, +32.4% YoY and -23.4% QoQ. EBITDA Margin at 27.7%, -179 bps YoY and -496 bps QoQ. Net Profit at Rs. 77.3 crore, +33.3% YoY and -51.9% QoQ.
ICICI Securities Ltd.: Net Revenue at Rs. 745.3 crore, +36.5% YoY and +0.8% QoQ. EBITDA at Rs. 470.5 crore, +59.3% YoY and -3.1% QoQ. EBITDA Margin at 63.1%, +904 bps YoY and -258 bps QoQ. Net Profit at Rs. 310.7 crore, +60.9% YoY and -5.7% QoQ.
CRISIL Ltd.: Net Revenue at Rs. 528.5 crore, +12% YoY and +6.7% QoQ. EBITDA at Rs. 139.3 crore, +19.8% YoY and +9.3% QoQ. EBITDA Margin at 26.4%, +172 bps YoY and +61 bps QoQ. Net Profit at Rs. 100.8 crore, +51.9% YoY and +20.7% QoQ.
DCM Shriram Ltd.: Net Revenue at Rs. 2007.8 crore, +5% YoY and -8.3% QoQ. EBITDA at Rs. 282.9 crore, +70.6% YoY and -21.6% QoQ. EBITDA Margin at 14.1%, +542 bps YoY and -237 bps QoQ. Net Profit at Rs. 157.9 crore, +126.1% YoY and -31.9% QoQ.
Shyam Metalics And Energy Ltd.: Net Revenue at Rs. 2465.0 crore, +170.3% YoY and +4.9% QoQ. EBITDA at Rs. 687.6 crore, +352.7% YoY and +9.7% QoQ. EBITDA Margin at 27.9%, +1124 bps YoY and +123 bps QoQ. Net Profit at Rs. 458.0 crore, +469.9% YoY and +18.1% QoQ.
Jubilant Ingrevia Ltd.: Net Revenue at Rs. 1144.6 crore, +67.3% QoQ. EBITDA at Rs. 281.5 crore, +140.4% QoQ. EBITDA Margin at 24.6%, +748 bps QoQ. Net Profit at Rs. 168.3 crore, +209.5% QoQ.
TV18 Broadcast Ltd.: Net Revenue at Rs. 1155.0 crore, +48.9% YoY and -14.3% QoQ. EBITDA at Rs. 187.5 crore, +323% YoY and -32.7% QoQ. EBITDA Margin at 16.2%, +1052 bps YoY and -443 bps QoQ. Net Profit at Rs. 162.4 crore, Rs. 1.9 crore YoY and -35.3% QoQ.
Network 18 Media & Investments Ltd.: Net Revenue at Rs. 1214.4 crore, +50.5% YoY and -14.2% QoQ. EBITDA at Rs. 188.3 crore, +587.5% YoY and -32.3% QoQ. EBITDA Margin at 15.5%, +1211 bps YoY and -417 bps QoQ. Net Profit at Rs. 121.5 crore, Rs. -60.6 crore YoY and -41% QoQ.
Newgen Software Technologies Ltd.: Net Revenue at Rs. 159.5 crore, +20.8% YoY and -20.2% QoQ. EBITDA at Rs. 22.8 crore, +46.2% YoY and -65.7% QoQ. EBITDA Margin at 14.3%, +248 bps YoY and -1892 bps QoQ. Net Profit at Rs. 21.6 crore, +136.8% YoY and -59% QoQ.
JSW Ispat Special Products Ltd.: Net Revenue at Rs. 1462.2 crore, +145.9% YoY and -1% QoQ. EBITDA at Rs. 178.7 crore, Rs. -35.3 crore YoY and -13.1% QoQ. EBITDA Margin at 12.2%, +1817 bps YoY and -170 bps QoQ. Net Profit at Rs. 63.3 crore, Rs. -154.1 crore YoY and -31.9% QoQ.
Thirumalai Chemicals Ltd.: Net Revenue at Rs. 397.1 crore, +249.9% YoY and +2.7% QoQ. EBITDA at Rs. 102.0 crore, Rs. -13.4 crore YoY and -12.9% QoQ. EBITDA Margin at 25.7%, +3746 bps YoY and -459 bps QoQ. Net Profit at Rs. 65.1 crore, Rs. -20.1 crore YoY and -23.1% QoQ.
Mangalam Organics Ltd.: Net Revenue at Rs. 105.7 crore, +117.1% YoY and +10.1% QoQ. EBITDA at Rs. 23.4 crore, +83.8% YoY and -51.6% QoQ. EBITDA Margin at 22.2%, -401 bps YoY and -2821 bps QoQ. Net Profit at Rs. 15.0 crore, +91.5% YoY and -54.6% QoQ.
Ashika Result Highlights
Bajaj Finserv Ltd.: Net Revenue at Rs. 13949.5 crore, -1.7% YoY and -9.3% QoQ. EBITDA at Rs. 13949.5 crore, +174.2% YoY and +200.6% QoQ. EBITDA Margin at 100%, +6415 bps YoY and +6984 bps QoQ. Net Profit at Rs. 1432.7 crore, -25.5% YoY and -17.9% QoQ.
Havells India Ltd.: Net Revenue at Rs. 2610.0 crore, +75.9% YoY and -21.8% QoQ. EBITDA at Rs. 355.3 crore, +170% YoY and -30.1% QoQ. EBITDA Margin at 13.6%, +474 bps YoY and -161 bps QoQ. Net Profit at Rs. 235.8 crore, +268.5% YoY and -22.4% QoQ. Ashika
Gland Pharma Ltd.: Net Revenue at Rs. 1153.9 crore, +30.5% YoY and +30% QoQ. EBITDA at Rs. 436.3 crore, +5.7% YoY and +33.1% QoQ. EBITDA Margin at 37.8%, -886 bps YoY and +90 bps QoQ. Net Profit at Rs. 350.7 crore, +11.8% YoY and +34.7% QoQ.
Jubilant FoodWorks Ltd.: Net Revenue at Rs. 893.2 crore, +130% YoY and -13.9% QoQ. EBITDA at Rs. 212.3 crore, +764.2% YoY and -15.3% QoQ. EBITDA Margin at 23.8%, +1744 bps YoY and -37 bps QoQ. Net Profit at Rs. 69.1 crore, Rs. -74.5 crore YoY, Rs. 105.3 crore QoQ.
Polycab India Ltd.: Net Revenue at Rs. 1880.5 crore, +92.6% YoY and -38.1% QoQ. EBITDA at Rs. 139.3 crore, +142.4% YoY and -66.9% QoQ. EBITDA Margin at 7.4%, +152 bps YoY and -646 bps QoQ. Net Profit at Rs. 75.3 crore, -36% YoY and -73.4% QoQ.
Supreme Industries Ltd.: Net Revenue at Rs. 1342.1 crore, +27.3% YoY and -35.6% QoQ. EBITDA at Rs. 222.0 crore, +89.6% YoY and -56.4% QoQ. EBITDA Margin at 16.5%, +543 bps YoY and -791 bps QoQ. Net Profit at Rs. 170.2 crore, +319.8% YoY and -62.2% QoQ.
Schaeffler India Ltd.: Net Revenue at Rs. 1232.9 crore, +180.9% YoY and -6.4% QoQ. EBITDA at Rs. 206.3 crore, Rs. -19.8 crore YoY, Rs. 212.9 crore QoQ. Net Profit at Rs. 128.1 crore, Rs. -42.5 crore YoY, Rs. 139.5 crore QoQ.
Mahindra CIE Automotive Ltd.: Net Revenue at Rs. 2042.5 crore, +177.7% YoY and -6.7% QoQ. EBITDA at Rs. 259.8 crore, Rs. -96.3 crore YoY, Rs. 286.8 crore QoQ. Net Profit at Rs. 136.2 crore, Rs. -128.7 crore YoY, Rs. 10.1 crore QoQ.
Lakshmi Machine Works Ltd.: Net Revenue at Rs. 457.6 crore, +171.1% YoY and -33.1% QoQ. EBITDA at Rs. 7.2 crore, Rs. -28.1 crore YoY, Rs. 44.1 crore QoQ. Net Profit at Rs. -9.6 crore, Rs. -21.6 crore YoY, Rs. 26.0 crore QoQ.
Rallis India Ltd.: Net Revenue at Rs. 740.5 crore, +11.7% YoY and +57.1% QoQ. EBITDA at Rs. 121.6 crore, -5.3% YoY and +585.9% QoQ. EBITDA Margin at 16.4%, -294 bps YoY and +1265 bps QoQ. Net Profit at Rs. 82.3 crore, -10.4% YoY and +914% QoQ.
Ceat Ltd.: Net Revenue at Rs. 1906.4 crore, +70.2% YoY and -16.7% QoQ. EBITDA at Rs. 166.2 crore, +62.9% YoY and -36.3% QoQ. EBITDA Margin at 8.7%, -39 bps YoY and -268 bps QoQ. Net Profit at Rs. 23.1 crore, Rs. -35.2 crore YoY and -84.9% QoQ.
Hathway Cable & Datacom Ltd.: Net Revenue at Rs. 441.3 crore, +5.2% YoY and +0.6% QoQ. EBITDA at Rs. 109.8 crore, -7.1% YoY and -3.3% QoQ. EBITDA Margin at 24.9%, -329 bps YoY and -100 bps QoQ. Net Profit at Rs. 48.4 crore, -26.7% YoY and -32.9% QoQ.
Gland Pharma Ltd.: Net Revenue at Rs. 1153.9 crore, +30.5% YoY and +30% QoQ. EBITDA at Rs. 436.3 crore, +5.7% YoY and +33.1% QoQ. EBITDA Margin at 37.8%, -886 bps YoY and +90 bps QoQ. Net Profit at Rs. 350.7 crore, +11.8% YoY and +34.7% QoQ.
Jubilant FoodWorks Ltd.: Net Revenue at Rs. 893.2 crore, +130% YoY and -13.9% QoQ. EBITDA at Rs. 212.3 crore, +764.2% YoY and -15.3% QoQ. EBITDA Margin at 23.8%, +1744 bps YoY and -37 bps QoQ. Net Profit at Rs. 69.1 crore, Rs. -74.5 crore YoY, Rs. 105.3 crore QoQ.
Polycab India Ltd.: Net Revenue at Rs. 1880.5 crore, +92.6% YoY and -38.1% QoQ. EBITDA at Rs. 139.3 crore, +142.4% YoY and -66.9% QoQ. EBITDA Margin at 7.4%, +152 bps YoY and -646 bps QoQ. Net Profit at Rs. 75.3 crore, -36% YoY and -73.4% QoQ.
Supreme Industries Ltd.: Net Revenue at Rs. 1342.1 crore, +27.3% YoY and -35.6% QoQ. EBITDA at Rs. 222.0 crore, +89.6% YoY and -56.4% QoQ. EBITDA Margin at 16.5%, +543 bps YoY and -791 bps QoQ. Net Profit at Rs. 170.2 crore, +319.8% YoY and -62.2% QoQ.
Schaeffler India Ltd.: Net Revenue at Rs. 1232.9 crore, +180.9% YoY and -6.4% QoQ. EBITDA at Rs. 206.3 crore, Rs. -19.8 crore YoY, Rs. 212.9 crore QoQ. Net Profit at Rs. 128.1 crore, Rs. -42.5 crore YoY, Rs. 139.5 crore QoQ.
Mahindra CIE Automotive Ltd.: Net Revenue at Rs. 2042.5 crore, +177.7% YoY and -6.7% QoQ. EBITDA at Rs. 259.8 crore, Rs. -96.3 crore YoY, Rs. 286.8 crore QoQ. Net Profit at Rs. 136.2 crore, Rs. -128.7 crore YoY, Rs. 10.1 crore QoQ.
Lakshmi Machine Works Ltd.: Net Revenue at Rs. 457.6 crore, +171.1% YoY and -33.1% QoQ. EBITDA at Rs. 7.2 crore, Rs. -28.1 crore YoY, Rs. 44.1 crore QoQ. Net Profit at Rs. -9.6 crore, Rs. -21.6 crore YoY, Rs. 26.0 crore QoQ.
Rallis India Ltd.: Net Revenue at Rs. 740.5 crore, +11.7% YoY and +57.1% QoQ. EBITDA at Rs. 121.6 crore, -5.3% YoY and +585.9% QoQ. EBITDA Margin at 16.4%, -294 bps YoY and +1265 bps QoQ. Net Profit at Rs. 82.3 crore, -10.4% YoY and +914% QoQ.
Ceat Ltd.: Net Revenue at Rs. 1906.4 crore, +70.2% YoY and -16.7% QoQ. EBITDA at Rs. 166.2 crore, +62.9% YoY and -36.3% QoQ. EBITDA Margin at 8.7%, -39 bps YoY and -268 bps QoQ. Net Profit at Rs. 23.1 crore, Rs. -35.2 crore YoY and -84.9% QoQ.
Hathway Cable & Datacom Ltd.: Net Revenue at Rs. 441.3 crore, +5.2% YoY and +0.6% QoQ. EBITDA at Rs. 109.8 crore, -7.1% YoY and -3.3% QoQ. EBITDA Margin at 24.9%, -329 bps YoY and -100 bps QoQ. Net Profit at Rs. 48.4 crore, -26.7% YoY and -32.9% QoQ.
*Hindustan Zinc Ltd.* | *CMP* Rs. 340 | *M Cap* Rs. 143661 Cr | *52 W H/L* 362/182
(Nirmal Bang Retail Research)
Minned Metal Production came at 0.22 Mnt vs QoQ 0.29 Mnt, YoY 0.20 Mnt
*Result is in line with expectations*
Revenue from Operations came at Rs. 6531 Cr (-6% QoQ, 63.7% YoY) vs expectation of Rs. 5712.6 Cr, QoQ Rs. 6947 Cr, YoY Rs. 3989 Cr
EBIDTA came at Rs. 3558 Cr (-8.2% QoQ, 125.8% YoY) vs expectation of Rs. 3129.5 Cr, QoQ Rs. 3875 Cr, YoY Rs. 1576 Cr
EBITDA Margin came at 54.5% vs expectation of 54.8%, QoQ 55.8%, YoY 39.5%
EBITDA/Tonne came at Rs. 160995 Cr vs QoQ Rs 134549 Cr, YoY Rs 78020 Cr
Adj. PAT came at Rs. 1983 Cr vs expectation of Rs. 2197.3 Cr, QoQ Rs. 2481 Cr, YoY Rs. 1359 Cr
Quarter EPS is Rs. 4.7
Share is trading at EV/EBITDA of 8.68 FY23E EBITDA
(Nirmal Bang Retail Research)
Minned Metal Production came at 0.22 Mnt vs QoQ 0.29 Mnt, YoY 0.20 Mnt
*Result is in line with expectations*
Revenue from Operations came at Rs. 6531 Cr (-6% QoQ, 63.7% YoY) vs expectation of Rs. 5712.6 Cr, QoQ Rs. 6947 Cr, YoY Rs. 3989 Cr
EBIDTA came at Rs. 3558 Cr (-8.2% QoQ, 125.8% YoY) vs expectation of Rs. 3129.5 Cr, QoQ Rs. 3875 Cr, YoY Rs. 1576 Cr
EBITDA Margin came at 54.5% vs expectation of 54.8%, QoQ 55.8%, YoY 39.5%
EBITDA/Tonne came at Rs. 160995 Cr vs QoQ Rs 134549 Cr, YoY Rs 78020 Cr
Adj. PAT came at Rs. 1983 Cr vs expectation of Rs. 2197.3 Cr, QoQ Rs. 2481 Cr, YoY Rs. 1359 Cr
Quarter EPS is Rs. 4.7
Share is trading at EV/EBITDA of 8.68 FY23E EBITDA
*Heidelberg Cement India Ltd.* | *CMP* Rs. 268 | *M Cap* Rs. 6073 Cr | *52 W H/L* 285/172
(Nirmal Bang Retail Research)
*Result is above expectation*
Revenue from Operations came at Rs. 555.9 Cr (-7.3% QoQ, 36.4% YoY) vs expectation of Rs. 490.8 Cr, QoQ Rs. 600 Cr, YoY Rs. 407.7 Cr
Sales volume came at 1.18 mnt vs QoQ 1.25 mnt, YoY 0.86 mnt
Realisation/Tonne came at Rs 4664.24 Cr vs QoQ Rs 4642.57 Cr, YoY Rs 4740.61
EBIDTA came at Rs. 131.1 Cr (-13.8% QoQ, 21% YoY) vs expectation of Rs. 110.6 Cr, QoQ Rs. 152.2 Cr, YoY Rs. 108.3 Cr
EBITDA Margin came at 23.6% vs expectation of 22.5%, QoQ 25.4%, YoY 26.6%
EBITDA/Tonne came at Rs 1111.02 Cr vs QoQ Rs 1215.26 Cr, YoY Rs 1264.06 Cr
Adj. PAT came at Rs. 68.7 Cr vs expectation of Rs. 61 Cr, QoQ Rs. 140 Cr, YoY Rs. 48.9 Cr
Quarter EPS is Rs. 3
Share is trading at EV/EBITDA of 8.9 FY24E EBITDA
(Nirmal Bang Retail Research)
*Result is above expectation*
Revenue from Operations came at Rs. 555.9 Cr (-7.3% QoQ, 36.4% YoY) vs expectation of Rs. 490.8 Cr, QoQ Rs. 600 Cr, YoY Rs. 407.7 Cr
Sales volume came at 1.18 mnt vs QoQ 1.25 mnt, YoY 0.86 mnt
Realisation/Tonne came at Rs 4664.24 Cr vs QoQ Rs 4642.57 Cr, YoY Rs 4740.61
EBIDTA came at Rs. 131.1 Cr (-13.8% QoQ, 21% YoY) vs expectation of Rs. 110.6 Cr, QoQ Rs. 152.2 Cr, YoY Rs. 108.3 Cr
EBITDA Margin came at 23.6% vs expectation of 22.5%, QoQ 25.4%, YoY 26.6%
EBITDA/Tonne came at Rs 1111.02 Cr vs QoQ Rs 1215.26 Cr, YoY Rs 1264.06 Cr
Adj. PAT came at Rs. 68.7 Cr vs expectation of Rs. 61 Cr, QoQ Rs. 140 Cr, YoY Rs. 48.9 Cr
Quarter EPS is Rs. 3
Share is trading at EV/EBITDA of 8.9 FY24E EBITDA
China's Shandong provincial govt issues document to cap 2021 total crude steel output at 76.5 million tons - sources
24mt production cut announced in China in 2HCY21
24mt production cut announced in China in 2HCY21
AGR Judgment -
Supreme Court bench headed by Justice LN Rao likely to pronounce judgment tmrw on Airtel, Voda-Idea plea seeking adjustment of AGR demand after accounting for "arithmetic errors".
Time - 10.30am
Supreme Court bench headed by Justice LN Rao likely to pronounce judgment tmrw on Airtel, Voda-Idea plea seeking adjustment of AGR demand after accounting for "arithmetic errors".
Time - 10.30am
Bulk Deal as on 22-07-21
GSS Infotech
- 93 K @ 81.55 Anjali Fabrics Ltd
Indo National
- 20 K @ 1036.08 Indo National Ltd
Kakatiya Cement Sugar & Ind Ltd
+ 97 K @ 253.5 Tushar Rameshchandra Mehta
- 97 K @ 253.5 M T Corporation
S S Securities
+ 6 Lk @ 138.9 Xchanging Solution
Vishal Fabrics
+ 5.29 Lk @ 100 Cresta Fund Ltd
GSS Infotech
- 93 K @ 81.55 Anjali Fabrics Ltd
Indo National
- 20 K @ 1036.08 Indo National Ltd
Kakatiya Cement Sugar & Ind Ltd
+ 97 K @ 253.5 Tushar Rameshchandra Mehta
- 97 K @ 253.5 M T Corporation
S S Securities
+ 6 Lk @ 138.9 Xchanging Solution
Vishal Fabrics
+ 5.29 Lk @ 100 Cresta Fund Ltd
*IIFL Securities Ltd.* | *CMP* Rs. 114 | *M Cap* Rs. 3453 Cr | *52 W H/L* 126/36
(Nirmal Bang Retail Research)
*Result is flat*
Revenue came at Rs. 250.6 Cr (5.2% QoQ, 67.3% YoY) vs QoQ Rs. 238.1 Cr, YoY Rs. 149.8 Cr
EBIDTA came at Rs. 97.8 Cr (-0.7% QoQ, 95% YoY) vs QoQ Rs. 98.4 Cr, YoY Rs. 50.1 Cr
EBITDA Margin came at 39% vs QoQ 41.3%, YoY 33.5%
Adj. PAT came at Rs. 68.8 Cr vs QoQ Rs. 77.3 Cr, YoY Rs. 41.5 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 13.9x TTM EPS
(Nirmal Bang Retail Research)
*Result is flat*
Revenue came at Rs. 250.6 Cr (5.2% QoQ, 67.3% YoY) vs QoQ Rs. 238.1 Cr, YoY Rs. 149.8 Cr
EBIDTA came at Rs. 97.8 Cr (-0.7% QoQ, 95% YoY) vs QoQ Rs. 98.4 Cr, YoY Rs. 50.1 Cr
EBITDA Margin came at 39% vs QoQ 41.3%, YoY 33.5%
Adj. PAT came at Rs. 68.8 Cr vs QoQ Rs. 77.3 Cr, YoY Rs. 41.5 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 13.9x TTM EPS
*South Indian Bank Ltd.* | *CMP* Rs. 12 | *M Cap* Rs. 2559 Cr | *52 W H/L* 14/6
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 542 Cr vs expectation of Rs. 589 Cr, YoY Rs. 587 Cr, QoQ Rs. 561 Cr
Non Interest Income came at Rs. 435 Cr vs expectation of Rs. 272 Cr, YoY Rs. 285 Cr, QoQ Rs. 390 Cr
PBP came at Rs. 512 Cr vs expectation of Rs. 374 Cr, YoY Rs. 404 Cr, QoQ Rs. 423 Cr
Provisions came at Rs. 498 Cr vs expectation of Rs. 363 Cr, YoY Rs. 293 Cr, QoQ Rs. 412 Cr
Adj. PAT came at Rs. 10 Cr vs expectation of Rs. 15 Cr, YoY Rs. 82 Cr, QoQ Rs. 7 Cr
PAT is higher because of higher non-interest income
Gross NPA came at Rs. 4677 Cr vs QoQ Rs. 4143 Cr at 8.02% vs QoQ 6.97%
Net NPA came at Rs. 2855 Cr vs QoQ Rs. 2735 Cr at 5.05% vs QoQ 4.71%
Quarter EPS is Rs. 0.0
Share is trading at P/E of 5.5x FY23E EPS & 0.9x trailing P/Adj. BV
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 542 Cr vs expectation of Rs. 589 Cr, YoY Rs. 587 Cr, QoQ Rs. 561 Cr
Non Interest Income came at Rs. 435 Cr vs expectation of Rs. 272 Cr, YoY Rs. 285 Cr, QoQ Rs. 390 Cr
PBP came at Rs. 512 Cr vs expectation of Rs. 374 Cr, YoY Rs. 404 Cr, QoQ Rs. 423 Cr
Provisions came at Rs. 498 Cr vs expectation of Rs. 363 Cr, YoY Rs. 293 Cr, QoQ Rs. 412 Cr
Adj. PAT came at Rs. 10 Cr vs expectation of Rs. 15 Cr, YoY Rs. 82 Cr, QoQ Rs. 7 Cr
PAT is higher because of higher non-interest income
Gross NPA came at Rs. 4677 Cr vs QoQ Rs. 4143 Cr at 8.02% vs QoQ 6.97%
Net NPA came at Rs. 2855 Cr vs QoQ Rs. 2735 Cr at 5.05% vs QoQ 4.71%
Quarter EPS is Rs. 0.0
Share is trading at P/E of 5.5x FY23E EPS & 0.9x trailing P/Adj. BV
Securities in Ban For Trade Date 23-July-2021:
CADILLHC
CANBANK
IBULHSGFIN
NATIONALALUM
SUNTV
*Added - No*
*Deleted-NMDC*
CADILLHC
CANBANK
IBULHSGFIN
NATIONALALUM
SUNTV
*Added - No*
*Deleted-NMDC*
*CSB Bank Q1FY22 Concall Update*
(Nirmal Bang Securities)
*# Asset quality deteriorates although is of transitory nature*
*# Growth momentum takes a pause*
*Outlook: Neutral in near term; Positive in long term*
*Asset Quality deteriorates*
• Credit cost came at at 2.9% vs QoQ 2.1% and YoY 2.0%.
• GNPA came at Rs. 686 Cr vs QoQ Rs. 393 Cr at 4.9% vs QoQ 2.7%. Increase in GNPA is mainly because of increase in Gold slippages. CSB is optimistic of recovering the same without much losses/haircuts. The lockdowns and intermittent holidays impacted both fresh pledges and releases. However Gold NPA recovery trend is gaining traction every month with April being at 20%, May at 46% and June at 62%.
• Slippages came at Rs. 435 Cr vs QoQ Rs. 188 Cr with slippage ratio of 12.6% vs QoQ 5.2%. Slippages worth Rs. 337 Cr were from Gold alone. Thus Rs. 98 Cr of non-gold slippages translates to slippage ratio of 4.2% (for comparison sake, HDFC Bank was at 2.5% in Q1).
• MTM loss on gold auction of Rs. 43 Cr during Q1 was at just Rs. 1 Cr
• Normally when auction notice is given, more than 90% of customers repay while co auctions for the remaining clients. In current scenario when client’s incomes are hit and there are no social functions, clients don’t feel the urgency to reclaim their gold by repaying loans.
• Slippages from gold book are expected to normalize from Q2 onwards as SMA gold book is at just Rs. 354 Cr against Rs. 954 Cr in March.
• Non-gold SMA book stands at around Rs. 485 Cr vs QoQ Rs. 385 Cr.
• Restructured advances is at 0.48% and constitutes mainly of SME loans.
• Contingent provisions stand at Rs. 106 Cr (75 bps)
*Advances growth takes a pause*
• Advances were at Rs. 14,863 Cr (+23% YoY, -3% QoQ). Decline in loans was mostly due to degrowth in Gold Loans which declined by -8% QoQ. Gold loan mix declined to 38% vs QoQ 40%. Non Gold loans were flat QoQ and increased by 12% YoY.
• Many 2W dealers are still closed so demand will take time. Same is the case with MSMEs.
• Only once lockdown restrictions are removed and small businesses restart their operations, demand for gold loans would again emerge strongly.
• *Disbursements run-rate is currently at just 30% of Q4 levels. This would mean a temporary deceleration of growth in loan book for the Sep qtr to ~15% YoY levels (as per our estimate), a departure from the robust 26% YoY and 9% QoQ growth witnessed during Q4FY21. We expect CSB to subsequently accelerate loan growth again to 20% plus levels by Q4FY22.*
• The bank is targeting to grow advances in excess of 25% CAGR over next 3-4 years.
*Other highlights*
• Ticket size in gold is 1.3 lacs and in SME is 2 Cr.
• Corporate book yield is at 9.5% and incremental yield is at 8-8.5%.
• CSB opened 3 branches (net) during Q1 and plans to open 50 branches during Q2. (earlier guidance of 200 during FY22).
• Management expects C/I to remain at below 50% levels (47.7% in Q1).
• CASA stands at 33.1% vs QoQ 32.2% and YoY 29.2%.
Stock is trading at P/E of 13.5x FY23E EPS & 3.2x trailing P/Adj. BV
(Nirmal Bang Securities)
*# Asset quality deteriorates although is of transitory nature*
*# Growth momentum takes a pause*
*Outlook: Neutral in near term; Positive in long term*
*Asset Quality deteriorates*
• Credit cost came at at 2.9% vs QoQ 2.1% and YoY 2.0%.
• GNPA came at Rs. 686 Cr vs QoQ Rs. 393 Cr at 4.9% vs QoQ 2.7%. Increase in GNPA is mainly because of increase in Gold slippages. CSB is optimistic of recovering the same without much losses/haircuts. The lockdowns and intermittent holidays impacted both fresh pledges and releases. However Gold NPA recovery trend is gaining traction every month with April being at 20%, May at 46% and June at 62%.
• Slippages came at Rs. 435 Cr vs QoQ Rs. 188 Cr with slippage ratio of 12.6% vs QoQ 5.2%. Slippages worth Rs. 337 Cr were from Gold alone. Thus Rs. 98 Cr of non-gold slippages translates to slippage ratio of 4.2% (for comparison sake, HDFC Bank was at 2.5% in Q1).
• MTM loss on gold auction of Rs. 43 Cr during Q1 was at just Rs. 1 Cr
• Normally when auction notice is given, more than 90% of customers repay while co auctions for the remaining clients. In current scenario when client’s incomes are hit and there are no social functions, clients don’t feel the urgency to reclaim their gold by repaying loans.
• Slippages from gold book are expected to normalize from Q2 onwards as SMA gold book is at just Rs. 354 Cr against Rs. 954 Cr in March.
• Non-gold SMA book stands at around Rs. 485 Cr vs QoQ Rs. 385 Cr.
• Restructured advances is at 0.48% and constitutes mainly of SME loans.
• Contingent provisions stand at Rs. 106 Cr (75 bps)
*Advances growth takes a pause*
• Advances were at Rs. 14,863 Cr (+23% YoY, -3% QoQ). Decline in loans was mostly due to degrowth in Gold Loans which declined by -8% QoQ. Gold loan mix declined to 38% vs QoQ 40%. Non Gold loans were flat QoQ and increased by 12% YoY.
• Many 2W dealers are still closed so demand will take time. Same is the case with MSMEs.
• Only once lockdown restrictions are removed and small businesses restart their operations, demand for gold loans would again emerge strongly.
• *Disbursements run-rate is currently at just 30% of Q4 levels. This would mean a temporary deceleration of growth in loan book for the Sep qtr to ~15% YoY levels (as per our estimate), a departure from the robust 26% YoY and 9% QoQ growth witnessed during Q4FY21. We expect CSB to subsequently accelerate loan growth again to 20% plus levels by Q4FY22.*
• The bank is targeting to grow advances in excess of 25% CAGR over next 3-4 years.
*Other highlights*
• Ticket size in gold is 1.3 lacs and in SME is 2 Cr.
• Corporate book yield is at 9.5% and incremental yield is at 8-8.5%.
• CSB opened 3 branches (net) during Q1 and plans to open 50 branches during Q2. (earlier guidance of 200 during FY22).
• Management expects C/I to remain at below 50% levels (47.7% in Q1).
• CASA stands at 33.1% vs QoQ 32.2% and YoY 29.2%.
Stock is trading at P/E of 13.5x FY23E EPS & 3.2x trailing P/Adj. BV
*Can Fin Homes Ltd. -S* | *CMP* Rs. 544 | *M Cap* Rs. 7244 Cr | *52 W H/L* 620/356
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Asset quality details are awaited
NII came at Rs. 181 Cr vs YoY Rs. 191 Cr, QoQ Rs. 186 Cr
PBP came at Rs. 153 Cr vs expectation of Rs. 164 Cr, YoY Rs. 170 Cr, QoQ Rs. 150 Cr
Provision came at Rs. 7 Cr vs expectation of Rs. 12 Cr, YoY Rs. 44 Cr, QoQ Rs. 8 Cr
PAT came at Rs. 109 Cr vs expectation of Rs. 109 Cr, YoY Rs. 93 Cr, QoQ Rs. 103 Cr
Quarter EPS is Rs. 8.2
Share is trading at P/E of 13x FY23E EPS & 2.7x trailing P/BV
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Asset quality details are awaited
NII came at Rs. 181 Cr vs YoY Rs. 191 Cr, QoQ Rs. 186 Cr
PBP came at Rs. 153 Cr vs expectation of Rs. 164 Cr, YoY Rs. 170 Cr, QoQ Rs. 150 Cr
Provision came at Rs. 7 Cr vs expectation of Rs. 12 Cr, YoY Rs. 44 Cr, QoQ Rs. 8 Cr
PAT came at Rs. 109 Cr vs expectation of Rs. 109 Cr, YoY Rs. 93 Cr, QoQ Rs. 103 Cr
Quarter EPS is Rs. 8.2
Share is trading at P/E of 13x FY23E EPS & 2.7x trailing P/BV
*Persistent Systems Ltd.* | *CMP* Rs. 2829 | *M Cap* Rs. 21621 Cr | *52 W H/L* 3016/708
(Nirmal Bang Retail Research)
Dollar revenue came at $ 166.2 mn vs expectation of $ 162 mn, QoQ $ 152.8 mn, YoY $ 131 mn
*Result is marginally above expectations*
Revenue from Operations came at Rs. 1229.9 Cr (10.5% QoQ, 24.1% YoY) vs expectation of Rs. 1184.2 Cr, QoQ Rs. 1113.4 Cr, YoY Rs. 991.4 Cr
EBIDTA came at Rs. 201.4 Cr (6.9% QoQ, 38.1% YoY) vs expectation of Rs. 201.8 Cr, QoQ Rs. 188.3 Cr, YoY Rs. 145.8 Cr
EBITDA Margin came at 16.4% vs expectation of 17%, QoQ 16.9%, YoY 14.7%
Adj. PAT came at Rs. 151.2 Cr vs expectation of Rs. 146.3 Cr, QoQ Rs. 137.8 Cr, YoY Rs. 90 Cr
Quarter EPS is Rs. 19.8
Share is trading at P/E of 37.3x FY22E EPS
(Nirmal Bang Retail Research)
Dollar revenue came at $ 166.2 mn vs expectation of $ 162 mn, QoQ $ 152.8 mn, YoY $ 131 mn
*Result is marginally above expectations*
Revenue from Operations came at Rs. 1229.9 Cr (10.5% QoQ, 24.1% YoY) vs expectation of Rs. 1184.2 Cr, QoQ Rs. 1113.4 Cr, YoY Rs. 991.4 Cr
EBIDTA came at Rs. 201.4 Cr (6.9% QoQ, 38.1% YoY) vs expectation of Rs. 201.8 Cr, QoQ Rs. 188.3 Cr, YoY Rs. 145.8 Cr
EBITDA Margin came at 16.4% vs expectation of 17%, QoQ 16.9%, YoY 14.7%
Adj. PAT came at Rs. 151.2 Cr vs expectation of Rs. 146.3 Cr, QoQ Rs. 137.8 Cr, YoY Rs. 90 Cr
Quarter EPS is Rs. 19.8
Share is trading at P/E of 37.3x FY22E EPS
*Hindustan Zinc Concall Update*
*Outlook – Neutral*
*Sector Update:*
• After zinc prices hit 3 yrs high of $3085 a ton early, the prices since then declined due to growing worrying about inflation and the news from US Fed that state will start selling metals including zinc in the coming months. However, zinc prices have recovered since then and according to International lead-zinc study group, global demand for refined zinc is forecasted to rise by 4.3% to 13.78 mnt this year.
• Power shortage in China could affect zinc smelting capacities to 1.2 mnt.
• On domestic front zinc demand galvanising has been key driving force for construction infrastructure and automobiles. Increase in demand is expected from transport and highway sector.
*Company Update:*
• Mined metal production during the quarter was up 9% yoy to 0.22 mt on account of higher ore production.
• Management has maintained its mined metal production guidance for FY22 in the range of 1025-1050 kt and saleable silver production at 720 tonnes.
• The company aims to increase profitability of its operations that reduces downtime as well as overall costs.
• Higher EBITDA and PAT yoy was on account of higher volumes and higher LME prices.
• The management keeps its capex and cost guidance intact for FY22 due to upward pressure on commodity prices.
• Avg coal cost for the quarter was Rs 7100 vs Rs 6700 Last quarter which led to increase in cost along with higher diesel and cement prices.
*Expansion and Capex Guidance:*
• The company looks to expand its capacity from 1.2mt to 1.35mnt with Fumer coming in.
• Debt maturity starts from this year with 1000cr maturing in the current year.
• Tax guidance of 30% for FY22
Share is trading at EV/EBITDA of 8.5FY23E EBITDA
*Outlook – Neutral*
*Sector Update:*
• After zinc prices hit 3 yrs high of $3085 a ton early, the prices since then declined due to growing worrying about inflation and the news from US Fed that state will start selling metals including zinc in the coming months. However, zinc prices have recovered since then and according to International lead-zinc study group, global demand for refined zinc is forecasted to rise by 4.3% to 13.78 mnt this year.
• Power shortage in China could affect zinc smelting capacities to 1.2 mnt.
• On domestic front zinc demand galvanising has been key driving force for construction infrastructure and automobiles. Increase in demand is expected from transport and highway sector.
*Company Update:*
• Mined metal production during the quarter was up 9% yoy to 0.22 mt on account of higher ore production.
• Management has maintained its mined metal production guidance for FY22 in the range of 1025-1050 kt and saleable silver production at 720 tonnes.
• The company aims to increase profitability of its operations that reduces downtime as well as overall costs.
• Higher EBITDA and PAT yoy was on account of higher volumes and higher LME prices.
• The management keeps its capex and cost guidance intact for FY22 due to upward pressure on commodity prices.
• Avg coal cost for the quarter was Rs 7100 vs Rs 6700 Last quarter which led to increase in cost along with higher diesel and cement prices.
*Expansion and Capex Guidance:*
• The company looks to expand its capacity from 1.2mt to 1.35mnt with Fumer coming in.
• Debt maturity starts from this year with 1000cr maturing in the current year.
• Tax guidance of 30% for FY22
Share is trading at EV/EBITDA of 8.5FY23E EBITDA
*Ultratech Cement Concall Update*
*Outlook – Positive*
*Amid seasonal slowdown, FY22 outlook for demand growth is strong. Rural firing. Urban supported by low interest rate and government subsidies. Strong infrastructure push is supportive. Multiple levers - Roads (completion rate rose to 37km in Jun), Metros, new spend on Health infrastructure (Rs210bn allocated), airport, smart cities, etc. Expect pent-up demand to kick in as monsoon recedes.*
• Q1 ended with 6-8% increase in pricing, Q2 direction yet to evolve. In Q1, East and South pricing up 10%, West up 7-10%, North up 3-6%
• Expansion of 19.5mt of capacity on track for delivery by end of FY23. Guidance for 3.2mt in Q2 FY22, 3.5mt in Q1 FY23 and another 12mt for balance 9M of FY23.
*Other details*
• Capacity utilisation in Q1 came down to 73% from 93% in Q4 with the impact of Wave 2. July utilisation softer as well seasonally.
• Margins are protected as they are able to pass on inflation. Margin can increase as inflation turns or volume grows. Currently facing significant high coke/ coal inflation, no clear signal for reversal yet.
Share is trading at EV/EBITDA of 16.4 FY23E EBITDA
*Outlook – Positive*
*Amid seasonal slowdown, FY22 outlook for demand growth is strong. Rural firing. Urban supported by low interest rate and government subsidies. Strong infrastructure push is supportive. Multiple levers - Roads (completion rate rose to 37km in Jun), Metros, new spend on Health infrastructure (Rs210bn allocated), airport, smart cities, etc. Expect pent-up demand to kick in as monsoon recedes.*
• Q1 ended with 6-8% increase in pricing, Q2 direction yet to evolve. In Q1, East and South pricing up 10%, West up 7-10%, North up 3-6%
• Expansion of 19.5mt of capacity on track for delivery by end of FY23. Guidance for 3.2mt in Q2 FY22, 3.5mt in Q1 FY23 and another 12mt for balance 9M of FY23.
*Other details*
• Capacity utilisation in Q1 came down to 73% from 93% in Q4 with the impact of Wave 2. July utilisation softer as well seasonally.
• Margins are protected as they are able to pass on inflation. Margin can increase as inflation turns or volume grows. Currently facing significant high coke/ coal inflation, no clear signal for reversal yet.
Share is trading at EV/EBITDA of 16.4 FY23E EBITDA
*ICICI Lombard General Insurance Co. Ltd. - S* | *CMP* Rs. 1544 | *M Cap* Rs. 70198 Cr | *52 W H/L* 1626/1200
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Premiums earned came at Rs. 2705.8 Cr vs expectation of Rs. 2582.8 Cr, YoY Rs. 2323.8 Cr, QoQ Rs. 2616.2 Cr
PBT came at Rs. 201.5 Cr vs expectation of Rs. 468.1 Cr, YoY Rs. 531 Cr, QoQ Rs. 450.1 Cr
PAT came at Rs. 151.6 Cr vs expectation of Rs. 351.1 Cr, YoY Rs. 398.1 Cr, QoQ Rs. 345.7 Cr
Combined Ratio came at 121.3% vs QoQ 101.8%
Current qtr includes impact of Covid claims on health book of Rs. 602 Cr as against Rs. 20 Cr YoY and Rs. 339 Cr in entire FY21.
Quarter EPS is Rs. 3.3
Share is trading at P/E of 34.6x FY23E EPS & 9.3x trailing P/BV
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Premiums earned came at Rs. 2705.8 Cr vs expectation of Rs. 2582.8 Cr, YoY Rs. 2323.8 Cr, QoQ Rs. 2616.2 Cr
PBT came at Rs. 201.5 Cr vs expectation of Rs. 468.1 Cr, YoY Rs. 531 Cr, QoQ Rs. 450.1 Cr
PAT came at Rs. 151.6 Cr vs expectation of Rs. 351.1 Cr, YoY Rs. 398.1 Cr, QoQ Rs. 345.7 Cr
Combined Ratio came at 121.3% vs QoQ 101.8%
Current qtr includes impact of Covid claims on health book of Rs. 602 Cr as against Rs. 20 Cr YoY and Rs. 339 Cr in entire FY21.
Quarter EPS is Rs. 3.3
Share is trading at P/E of 34.6x FY23E EPS & 9.3x trailing P/BV
*Avenue Supermart (Dmart) – Analyst Meet Update – Nirmal Bang Sec.*
*Outlook – Positive for long term*
The stock is trading at 89x FY23E consensus earnings
• Two years and older DMart stores did ~91% of the last 15 days’ sales in the month of June 2021 as compared to June 2019
• Mix changed due to restrictions on sale of non-food items
• During FY20-21, opened 22 new stores and converted 2 stores into Fulfilment Centers for Avenue E-Commerce Limited (due to paucity of time to open separate FCs there)
• Business became more efficient as people made lower trips but bought more
• Last 15 days of June were very encouraging
• Continued expansion of stores – which temporarily impacted the fixed asset turnover
• Avenue E-Commerce
o Doubled revenues
o Mostly Mumbai city, started in other cities now
o Long way to go
• There is huge scope for pent up demand for non-essential goods
• Not really threatened with upcoming competition – they are coming coz of huge demand…no one is coming with cutting prices and are still not able to match Dmart’s prices yet
• Won’t offer free home delivery ever – but limited the upper side of delivery charges
• Real Estate – prices have not gone down much but deals happened fast
• Targeting 37 stores to open in FY22
*Outlook – Positive for long term*
The stock is trading at 89x FY23E consensus earnings
• Two years and older DMart stores did ~91% of the last 15 days’ sales in the month of June 2021 as compared to June 2019
• Mix changed due to restrictions on sale of non-food items
• During FY20-21, opened 22 new stores and converted 2 stores into Fulfilment Centers for Avenue E-Commerce Limited (due to paucity of time to open separate FCs there)
• Business became more efficient as people made lower trips but bought more
• Last 15 days of June were very encouraging
• Continued expansion of stores – which temporarily impacted the fixed asset turnover
• Avenue E-Commerce
o Doubled revenues
o Mostly Mumbai city, started in other cities now
o Long way to go
• There is huge scope for pent up demand for non-essential goods
• Not really threatened with upcoming competition – they are coming coz of huge demand…no one is coming with cutting prices and are still not able to match Dmart’s prices yet
• Won’t offer free home delivery ever – but limited the upper side of delivery charges
• Real Estate – prices have not gone down much but deals happened fast
• Targeting 37 stores to open in FY22
*Indiamart Intermesh Ltd.* | *CMP* Rs. 7017 | *M Cap* Rs. 21321 Cr | *52 W H/L* 9952/2041
(Nirmal Bang Retail Research)
Deferred Revenue came at Rs. 715 Cr vs QoQ Rs. 726 Cr, YoY Rs. 628 Cr
*Result is ok*
Revenue from Operations came at Rs. 181.6 Cr (1.1% QoQ, 18.6% YoY) vs QoQ Rs. 179.7 Cr, YoY Rs. 153.1 Cr
EBIDTA came at Rs. 88.6 Cr (3.7% QoQ, 20.9% YoY) vs QoQ Rs. 85.4 Cr, YoY Rs. 73.3 Cr
EBITDA Margin came at 48.8% vs QoQ 47.5%, YoY 47.9%
Adj. PAT came at Rs. 87.9 Cr vs QoQ Rs. 55.7 Cr, YoY Rs. 74.1 Cr
Quarter EPS is Rs. 28.9
Share is trading at P/E of 61x FY22E EPS
(Nirmal Bang Retail Research)
Deferred Revenue came at Rs. 715 Cr vs QoQ Rs. 726 Cr, YoY Rs. 628 Cr
*Result is ok*
Revenue from Operations came at Rs. 181.6 Cr (1.1% QoQ, 18.6% YoY) vs QoQ Rs. 179.7 Cr, YoY Rs. 153.1 Cr
EBIDTA came at Rs. 88.6 Cr (3.7% QoQ, 20.9% YoY) vs QoQ Rs. 85.4 Cr, YoY Rs. 73.3 Cr
EBITDA Margin came at 48.8% vs QoQ 47.5%, YoY 47.9%
Adj. PAT came at Rs. 87.9 Cr vs QoQ Rs. 55.7 Cr, YoY Rs. 74.1 Cr
Quarter EPS is Rs. 28.9
Share is trading at P/E of 61x FY22E EPS
CEAT Ltd Q1FY22 Con-call Update
(Nirmal Bang Retail Research)
Outlook: *Long Term Positive*
Company is in process of passing on increase in cost
• Volumes degrew by 21% QoQ but increased on a 70% YoY basis
• The company saw a mid single digit growth in volumes in Exports but OEM segments saw a decline of 30% in volumes and 20% decline in Replacement segment on a sequential basis
• Blended raw material cost went up by 12% on a per kg basis on a sequential basis leading to a contraction of 306 bps in gross margins
• Impact of raw material price increase in Q1 was 12% and the company had a 3-4% price hike passed to the customers and Raw material cost increase in Q2 will increase further by 3-4% and further 4-5% price hikes in the coming months
• Revenue for Q1 is at 35% for truck segment, , 2W at 25%, Pc at 15% and the remaining from all other categories
• The company has tied up with Tata Power to set up a captive solar power plant, with 10 megawatt capacity, for its tyre manufacturing unit in Bhandup, Maharashtra.
• The demand is seeing an uptick in the PC and 2W segment in the month of June but truck segment is still seeing low demand.
• Despite the ramp up of capacity in the three facilities, the company had cost saving initiatives which led to decline of 4% in employee cost and 23.2% in other expenses
• The company had project capex of Rs.182 Cr during Q1FY22 and another Rs. 39 Cr on long term cost saving and energy saving capital proposals. For the year, capex is expected to be around Rs. 1000 Cr and Rs. 150 Cr as maintenance capex
• The company’s consolidated debt increased by Rs. 368Cr in Q1 and expected to go further up during the year. Debt/equity at 0.53x compared to 0.69x YoY and 0.42x QoQ
• The PCR plant has a 20000/ day capacity in Chennai which will further increase in coming quarters
Share is trading at P/E of 15.5x FY22EPS
(Nirmal Bang Retail Research)
Outlook: *Long Term Positive*
Company is in process of passing on increase in cost
• Volumes degrew by 21% QoQ but increased on a 70% YoY basis
• The company saw a mid single digit growth in volumes in Exports but OEM segments saw a decline of 30% in volumes and 20% decline in Replacement segment on a sequential basis
• Blended raw material cost went up by 12% on a per kg basis on a sequential basis leading to a contraction of 306 bps in gross margins
• Impact of raw material price increase in Q1 was 12% and the company had a 3-4% price hike passed to the customers and Raw material cost increase in Q2 will increase further by 3-4% and further 4-5% price hikes in the coming months
• Revenue for Q1 is at 35% for truck segment, , 2W at 25%, Pc at 15% and the remaining from all other categories
• The company has tied up with Tata Power to set up a captive solar power plant, with 10 megawatt capacity, for its tyre manufacturing unit in Bhandup, Maharashtra.
• The demand is seeing an uptick in the PC and 2W segment in the month of June but truck segment is still seeing low demand.
• Despite the ramp up of capacity in the three facilities, the company had cost saving initiatives which led to decline of 4% in employee cost and 23.2% in other expenses
• The company had project capex of Rs.182 Cr during Q1FY22 and another Rs. 39 Cr on long term cost saving and energy saving capital proposals. For the year, capex is expected to be around Rs. 1000 Cr and Rs. 150 Cr as maintenance capex
• The company’s consolidated debt increased by Rs. 368Cr in Q1 and expected to go further up during the year. Debt/equity at 0.53x compared to 0.69x YoY and 0.42x QoQ
• The PCR plant has a 20000/ day capacity in Chennai which will further increase in coming quarters
Share is trading at P/E of 15.5x FY22EPS
*ndian Energy Exchange Ltd.* | *CMP* Rs. 446 | *M Cap* Rs. 13360 Cr | *52 W H/L* 446/170
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 90.5 Cr (-4.8% QoQ, 36.4% YoY) vs expectation of Rs. 92.2 Cr, QoQ Rs. 95 Cr, YoY Rs. 66.3 Cr
EBIDTA came at Rs. 76.6 Cr (-5.3% QoQ, 56.5% YoY) vs expectation of Rs. 76.1 Cr, QoQ Rs. 80.8 Cr, YoY Rs. 48.9 Cr
EBITDA Margin came at 84.7% vs expectation of 82.6%, QoQ 85.1%, YoY 73.8%
Adj. PAT came at Rs. 63.6 Cr vs expectation of Rs. 60.6 Cr, QoQ Rs. 63.8 Cr, YoY Rs. 42.9 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 51.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 90.5 Cr (-4.8% QoQ, 36.4% YoY) vs expectation of Rs. 92.2 Cr, QoQ Rs. 95 Cr, YoY Rs. 66.3 Cr
EBIDTA came at Rs. 76.6 Cr (-5.3% QoQ, 56.5% YoY) vs expectation of Rs. 76.1 Cr, QoQ Rs. 80.8 Cr, YoY Rs. 48.9 Cr
EBITDA Margin came at 84.7% vs expectation of 82.6%, QoQ 85.1%, YoY 73.8%
Adj. PAT came at Rs. 63.6 Cr vs expectation of Rs. 60.6 Cr, QoQ Rs. 63.8 Cr, YoY Rs. 42.9 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 51.7x FY22E EPS
*Tanla Platforms Ltd.* | *CMP* Rs. 977 | *M Cap* Rs. 13291 Cr | *52 W H/L* 1030/88
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 626.4 Cr (-3.4% QoQ, 37.5% YoY) vs QoQ Rs. 648.6 Cr, YoY Rs. 455.5 Cr
EBIDTA came at Rs. 134.5 Cr (0.3% QoQ, 79.4% YoY) vs QoQ Rs. 134 Cr, YoY Rs. 75 Cr
EBITDA Margin came at 21.5% vs QoQ 20.7%, YoY 16.5%
Adj. PAT came at Rs. 104.5 Cr vs QoQ Rs. 102.5 Cr, YoY Rs. 78.6 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 34.8x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 626.4 Cr (-3.4% QoQ, 37.5% YoY) vs QoQ Rs. 648.6 Cr, YoY Rs. 455.5 Cr
EBIDTA came at Rs. 134.5 Cr (0.3% QoQ, 79.4% YoY) vs QoQ Rs. 134 Cr, YoY Rs. 75 Cr
EBITDA Margin came at 21.5% vs QoQ 20.7%, YoY 16.5%
Adj. PAT came at Rs. 104.5 Cr vs QoQ Rs. 102.5 Cr, YoY Rs. 78.6 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 34.8x TTM EPS