*Alembic Pharmaceuticals Ltd.* | *CMP* Rs. 909 | *M Cap* Rs. 17868 Cr | *52 W H/L* 1150/864
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1326 Cr (3.6% QoQ, -1.1% YoY) vs expectation of Rs. 1259.1 Cr, QoQ Rs. 1280.4 Cr, YoY Rs. 1341.3 Cr
EBIDTA came at Rs. 235.9 Cr (-31% QoQ, -42.1% YoY) vs expectation of Rs. 321.8 Cr, QoQ Rs. 341.7 Cr, YoY Rs. 407.4 Cr
EBITDA Margin came at 17.8% vs expectation of 25.6%, QoQ 26.7%, YoY 30.4%
Adj. PAT came at Rs. 158.3 Cr vs expectation of Rs. 222.7 Cr, QoQ Rs. 242.5 Cr, YoY Rs. 293.2 Cr
Quarter EPS is Rs. 8.1
Share is trading at P/E of 19x FY22E EPS
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1326 Cr (3.6% QoQ, -1.1% YoY) vs expectation of Rs. 1259.1 Cr, QoQ Rs. 1280.4 Cr, YoY Rs. 1341.3 Cr
EBIDTA came at Rs. 235.9 Cr (-31% QoQ, -42.1% YoY) vs expectation of Rs. 321.8 Cr, QoQ Rs. 341.7 Cr, YoY Rs. 407.4 Cr
EBITDA Margin came at 17.8% vs expectation of 25.6%, QoQ 26.7%, YoY 30.4%
Adj. PAT came at Rs. 158.3 Cr vs expectation of Rs. 222.7 Cr, QoQ Rs. 242.5 Cr, YoY Rs. 293.2 Cr
Quarter EPS is Rs. 8.1
Share is trading at P/E of 19x FY22E EPS
*Mahindra & Mahindra Financial Services Ltd. -S* | *CMP* Rs. 151 | *M Cap* Rs. 18657 Cr | *52 W H/L* 224/113
(Nirmal Bang Retail Research)
*Result is below expectations*
NII came at Rs. 1122 Cr vs expectation of Rs. 1572 Cr, YoY Rs. 1345 Cr, QoQ Rs. 1475 Cr
PBP came at Rs. 749 Cr vs expectation of Rs. 925 Cr, YoY Rs. 1045 Cr, QoQ Rs. 1057 Cr
Provision came at Rs. 2819 Cr vs expectation of Rs. 912 Cr, YoY Rs. 843 Cr, QoQ Rs. 886 Cr
Co made additional contingent provision of Rs. 393 Cr during Q1.
Contingent provisions are at Rs. 2709 Cr (3.4%) vs QoQ Rs. 2414 Cr
PAT (After MI) came at Rs. -1529 Cr vs expectation of Rs. 190 Cr, YoY Rs. 156 Cr, QoQ Rs. 150 Cr
O/s Loan Book came at Rs. 78955 Cr vs YoY Rs. 81436 Cr, QoQ Rs. 81689 Cr
Gross NPA (%) came at 15.5% vs QoQ 9%
Net NPA (%) came at 7.8% vs QoQ 3.97%
Co expects provision reversals for 80-90% of loan contracts over Q3/Q4 F22.
Restructured book is at Rs. 2172 Cr (2.8%)
Quarter EPS is Rs. -12.4
Share is trading at P/E of 9.3x FY23E EPS & 2.6x trailing P/Adj. BV
(Nirmal Bang Retail Research)
*Result is below expectations*
NII came at Rs. 1122 Cr vs expectation of Rs. 1572 Cr, YoY Rs. 1345 Cr, QoQ Rs. 1475 Cr
PBP came at Rs. 749 Cr vs expectation of Rs. 925 Cr, YoY Rs. 1045 Cr, QoQ Rs. 1057 Cr
Provision came at Rs. 2819 Cr vs expectation of Rs. 912 Cr, YoY Rs. 843 Cr, QoQ Rs. 886 Cr
Co made additional contingent provision of Rs. 393 Cr during Q1.
Contingent provisions are at Rs. 2709 Cr (3.4%) vs QoQ Rs. 2414 Cr
PAT (After MI) came at Rs. -1529 Cr vs expectation of Rs. 190 Cr, YoY Rs. 156 Cr, QoQ Rs. 150 Cr
O/s Loan Book came at Rs. 78955 Cr vs YoY Rs. 81436 Cr, QoQ Rs. 81689 Cr
Gross NPA (%) came at 15.5% vs QoQ 9%
Net NPA (%) came at 7.8% vs QoQ 3.97%
Co expects provision reversals for 80-90% of loan contracts over Q3/Q4 F22.
Restructured book is at Rs. 2172 Cr (2.8%)
Quarter EPS is Rs. -12.4
Share is trading at P/E of 9.3x FY23E EPS & 2.6x trailing P/Adj. BV
*Kirloskar Ferrous Industries Ltd.* | *CMP* Rs. 298 | *M Cap* Rs. 4102 Cr | *52 W H/L* 299/72
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 822.8 Cr (9.9% QoQ, 286.2% YoY) vs QoQ Rs. 748.7 Cr, YoY Rs. 213 Cr
EBIDTA came at Rs. 211.5 Cr (8.1% QoQ, 1731.3% YoY) vs QoQ Rs. 195.7 Cr, YoY Rs. 11.6 Cr
EBITDA Margin came at 25.7% vs QoQ 26.1%, YoY 5.4%
Adj. PAT came at Rs. 139.5 Cr vs QoQ Rs. 135.3 Cr, YoY Rs. -17.1 Cr
Quarter EPS is Rs. 10.1
Share is trading at P/E of 8.9x TTM EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 822.8 Cr (9.9% QoQ, 286.2% YoY) vs QoQ Rs. 748.7 Cr, YoY Rs. 213 Cr
EBIDTA came at Rs. 211.5 Cr (8.1% QoQ, 1731.3% YoY) vs QoQ Rs. 195.7 Cr, YoY Rs. 11.6 Cr
EBITDA Margin came at 25.7% vs QoQ 26.1%, YoY 5.4%
Adj. PAT came at Rs. 139.5 Cr vs QoQ Rs. 135.3 Cr, YoY Rs. -17.1 Cr
Quarter EPS is Rs. 10.1
Share is trading at P/E of 8.9x TTM EPS
*Phillips Carbon Black Ltd.* | *CMP* Rs. 253 | *M Cap* Rs. 4101 Cr | *52 W H/L* 253/95
(Nirmal Bang Retail Research)
*Result declining* Gross margin declined
Revenue from Operations came at Rs. 1003.9 Cr (15.8% QoQ, 179.2% YoY) vs QoQ Rs. 866.7 Cr, YoY Rs. 359.5 Cr
EBIDTA came at Rs. 157.6 Cr (-12.4% QoQ, 313.7% YoY) vs QoQ Rs. 180 Cr, YoY Rs. 38.1 Cr
EBITDA Margin came at 15.7% vs QoQ 20.8%, YoY 10.6%
Adj. PAT came at Rs. 104.3 Cr vs QoQ Rs. 127.4 Cr, YoY Rs. 2.3 Cr
Quarter EPS is Rs. 6.1
Share is trading at P/E of 9.5x FY22E EPS.
(Nirmal Bang Retail Research)
*Result declining* Gross margin declined
Revenue from Operations came at Rs. 1003.9 Cr (15.8% QoQ, 179.2% YoY) vs QoQ Rs. 866.7 Cr, YoY Rs. 359.5 Cr
EBIDTA came at Rs. 157.6 Cr (-12.4% QoQ, 313.7% YoY) vs QoQ Rs. 180 Cr, YoY Rs. 38.1 Cr
EBITDA Margin came at 15.7% vs QoQ 20.8%, YoY 10.6%
Adj. PAT came at Rs. 104.3 Cr vs QoQ Rs. 127.4 Cr, YoY Rs. 2.3 Cr
Quarter EPS is Rs. 6.1
Share is trading at P/E of 9.5x FY22E EPS.
*Navin Fluorine International Ltd.* | *CMP* Rs. 3864 | *M Cap* Rs. 19121 Cr | *52 W H/L* 4000/1692
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 326.5 Cr (-2.9% QoQ, 51.9% YoY) vs expectation of Rs. 337.8 Cr, QoQ Rs. 336.4 Cr, YoY Rs. 214.9 Cr
EBIDTA came at Rs. 77.8 Cr (-7.7% QoQ, 44.5% YoY) vs expectation of Rs. 88.5 Cr, QoQ Rs. 84.2 Cr, YoY Rs. 53.8 Cr
EBITDA Margin came at 23.8% vs expectation of 26.2%, QoQ 25%, YoY 25%
Adj. PAT came at Rs. 55.9 Cr vs expectation of Rs. 64.2 Cr, QoQ Rs. 59.3 Cr, YoY Rs. 56 Cr
Quarter EPS is Rs. 11.3
Share is trading at P/E of 68.4x FY22E EPS
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 326.5 Cr (-2.9% QoQ, 51.9% YoY) vs expectation of Rs. 337.8 Cr, QoQ Rs. 336.4 Cr, YoY Rs. 214.9 Cr
EBIDTA came at Rs. 77.8 Cr (-7.7% QoQ, 44.5% YoY) vs expectation of Rs. 88.5 Cr, QoQ Rs. 84.2 Cr, YoY Rs. 53.8 Cr
EBITDA Margin came at 23.8% vs expectation of 26.2%, QoQ 25%, YoY 25%
Adj. PAT came at Rs. 55.9 Cr vs expectation of Rs. 64.2 Cr, QoQ Rs. 59.3 Cr, YoY Rs. 56 Cr
Quarter EPS is Rs. 11.3
Share is trading at P/E of 68.4x FY22E EPS
*Coromandel International Ltd.* | *CMP* Rs. 873 | *M Cap* Rs. 25612 Cr | *52 W H/L* 956/682
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3663.9 Cr (28.3% QoQ, 14% YoY) vs expectation of Rs. 3677.5 Cr, QoQ Rs. 2856 Cr, YoY Rs. 3213.2 Cr
EBIDTA came at Rs. 483.1 Cr (85.1% QoQ, 17.1% YoY) vs expectation of Rs. 415.9 Cr, QoQ Rs. 261 Cr, YoY Rs. 412.5 Cr
EBITDA Margin came at 13.2% vs expectation of 11.3%, QoQ 9.1%, YoY 12.8%
Adj. PAT came at Rs. 337.8 Cr vs expectation of Rs. 277.2 Cr, QoQ Rs. 155.9 Cr, YoY Rs. 250.6 Cr
Quarter EPS is Rs. 11.5
Share is trading at P/E of 17.4x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3663.9 Cr (28.3% QoQ, 14% YoY) vs expectation of Rs. 3677.5 Cr, QoQ Rs. 2856 Cr, YoY Rs. 3213.2 Cr
EBIDTA came at Rs. 483.1 Cr (85.1% QoQ, 17.1% YoY) vs expectation of Rs. 415.9 Cr, QoQ Rs. 261 Cr, YoY Rs. 412.5 Cr
EBITDA Margin came at 13.2% vs expectation of 11.3%, QoQ 9.1%, YoY 12.8%
Adj. PAT came at Rs. 337.8 Cr vs expectation of Rs. 277.2 Cr, QoQ Rs. 155.9 Cr, YoY Rs. 250.6 Cr
Quarter EPS is Rs. 11.5
Share is trading at P/E of 17.4x FY22E EPS
*Kotak Mahindra Bank Ltd.* | *CMP* Rs. 1741 | *M Cap* Rs. 345134 Cr | *52 W H/L* 2049/1231
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Net Interest Income came at Rs. 3942 Cr vs expectation of Rs. 3969 Cr, YoY Rs. 3724 Cr, QoQ Rs. 3843 Cr
Non Interest Income came at Rs. 1583 Cr vs expectation of Rs. 1501 Cr, YoY Rs. 774 Cr, QoQ Rs. 1950 Cr
PBP came at Rs. 3121 Cr vs expectation of Rs. 2859 Cr, YoY Rs. 2624 Cr, QoQ Rs. 3407 Cr
Provisions came at Rs. 935 Cr vs expectation of Rs. 799 Cr, YoY Rs. 962 Cr, QoQ Rs. 1179 Cr
Adj. PAT came at Rs. 1642 Cr vs expectation of Rs. 1383 Cr, YoY Rs. 1244 Cr, QoQ Rs. 1682 Cr
Gross NPA came at Rs. 7932 Cr vs QoQ Rs. 7426 Cr at 3.56% vs QoQ 3.25% (expectation was for 3.15%)
Net NPA came at Rs. 2792 Cr vs QoQ Rs. 2705 Cr at 1.28% vs QoQ 1.21%
Restructured book is at Rs. 552 Cr (0.25%) vs QoQ Rs. 435 Cr.
SMA 2 is at Rs. 430 Cr vs QoQ Rs. 110 Cr (0.2%).
COVID related provisions as at June 30, 2021 were maintained at Rs. 1,279 Cr (0.6%).
Quarter EPS (Standalone) is Rs. 8.6 & Quarter EPS (Consolidated) is Rs. 12.6
Share is trading at P/E of 27.9x FY23E EPS & 4.2x trailing P/Adj. BV (adj. for subsidiaries)
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Net Interest Income came at Rs. 3942 Cr vs expectation of Rs. 3969 Cr, YoY Rs. 3724 Cr, QoQ Rs. 3843 Cr
Non Interest Income came at Rs. 1583 Cr vs expectation of Rs. 1501 Cr, YoY Rs. 774 Cr, QoQ Rs. 1950 Cr
PBP came at Rs. 3121 Cr vs expectation of Rs. 2859 Cr, YoY Rs. 2624 Cr, QoQ Rs. 3407 Cr
Provisions came at Rs. 935 Cr vs expectation of Rs. 799 Cr, YoY Rs. 962 Cr, QoQ Rs. 1179 Cr
Adj. PAT came at Rs. 1642 Cr vs expectation of Rs. 1383 Cr, YoY Rs. 1244 Cr, QoQ Rs. 1682 Cr
Gross NPA came at Rs. 7932 Cr vs QoQ Rs. 7426 Cr at 3.56% vs QoQ 3.25% (expectation was for 3.15%)
Net NPA came at Rs. 2792 Cr vs QoQ Rs. 2705 Cr at 1.28% vs QoQ 1.21%
Restructured book is at Rs. 552 Cr (0.25%) vs QoQ Rs. 435 Cr.
SMA 2 is at Rs. 430 Cr vs QoQ Rs. 110 Cr (0.2%).
COVID related provisions as at June 30, 2021 were maintained at Rs. 1,279 Cr (0.6%).
Quarter EPS (Standalone) is Rs. 8.6 & Quarter EPS (Consolidated) is Rs. 12.6
Share is trading at P/E of 27.9x FY23E EPS & 4.2x trailing P/Adj. BV (adj. for subsidiaries)
*Ramkrishna Forgings Ltd.* | *CMP* Rs. 816 | *M Cap* Rs. 2609 Cr | *52 W H/L* 816/141
(Nirmal Bang Retail Research)
*Result improved* Margin improved QoQ
Revenue from Operations came at Rs. 417.1 Cr (-19.9% QoQ, 267.1% YoY) vs QoQ Rs. 520.4 Cr, YoY Rs. 113.6 Cr
EBIDTA came at Rs. 95.8 Cr (-9.8% QoQ, -2109.4% YoY) vs QoQ Rs. 106.1 Cr, YoY Rs. -4.8 Cr
EBITDA Margin came at 23% vs QoQ 20.4%, YoY -4.2%
Adj. PAT came at Rs. 24.7 Cr vs QoQ Rs. 33.9 Cr, YoY Rs. -29.5 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 23.2x FY22E EPS
(Nirmal Bang Retail Research)
*Result improved* Margin improved QoQ
Revenue from Operations came at Rs. 417.1 Cr (-19.9% QoQ, 267.1% YoY) vs QoQ Rs. 520.4 Cr, YoY Rs. 113.6 Cr
EBIDTA came at Rs. 95.8 Cr (-9.8% QoQ, -2109.4% YoY) vs QoQ Rs. 106.1 Cr, YoY Rs. -4.8 Cr
EBITDA Margin came at 23% vs QoQ 20.4%, YoY -4.2%
Adj. PAT came at Rs. 24.7 Cr vs QoQ Rs. 33.9 Cr, YoY Rs. -29.5 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 23.2x FY22E EPS
Live webinar on "Rupee Outlook" by Mr. Harihar Krishnamoorthy, Treasurer and Head for Global Markets, FirstRand Bank with Ms. Hiral Dadia, Anchor and Editor.
Click here to join: https://youtu.be/zJo5yfn-wW0
Click here to join: https://youtu.be/zJo5yfn-wW0
YouTube
Mr. Harihar Krishnamoorthy, Treasurer and Head for Global Markets, FirstRand Bank in conversation wi
Rupee Outlook
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: Jul 27, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_4Mo17ojDQUyqIxHFOG9RJQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: Jul 27, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_4Mo17ojDQUyqIxHFOG9RJQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video Communications
Welcome! You are invited to join a webinar: Morning Market Update. After registering, you will receive a confirmation email about…
IDBI BANK: GOVT, RBI IN TALKS TO GIVE REGULATORY RELAXATION FOR POTENTIAL BUYER OF BANK - ET NOW
SRIKALAHASTHI PIPES LTD - WORK TO COMPLETE COMMISSIONING OF NEW BLAST FURNACE TO INCREASE CAPACITY FROM 3,00,000 TPA TO 4,00,000 TPA
IPOs in August
1. Exxaro Tiles
Dates : First Week August
Issue Size : Approx 160 Crores
2. Nuvoco Vistas (Nirma Group’s cement arm)
Dates: 2nd Week August
Issue Size : Approx 5000 Crores
1. Exxaro Tiles
Dates : First Week August
Issue Size : Approx 160 Crores
2. Nuvoco Vistas (Nirma Group’s cement arm)
Dates: 2nd Week August
Issue Size : Approx 5000 Crores
Kotak Bank Q1 First Cut – Stable Asset Quality …Results inline
· Q1 Net profit Rs1642cr (up 32% YoY) – Expectation Rs1563cr
· Provision Rs935cr (down 3% YoY) - expectation Rs959cr
· GNPA 3.56% vs 3.25% (QoQ) – Expectation 3.4%
· NPA 1.28% vs 1.21% (QoQ)- expectation 1.2%
· NII Rs3942cr (up 5.9% YoY)- expectation Rs4012cr
· Q1 Net profit Rs1642cr (up 32% YoY) – Expectation Rs1563cr
· Provision Rs935cr (down 3% YoY) - expectation Rs959cr
· GNPA 3.56% vs 3.25% (QoQ) – Expectation 3.4%
· NPA 1.28% vs 1.21% (QoQ)- expectation 1.2%
· NII Rs3942cr (up 5.9% YoY)- expectation Rs4012cr