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*Ajanta Pharma Ltd.* | *CMP* Rs. 22394 | *M Cap* Rs. 193779 Cr | *52 W H/L* 22394/1422
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 748 Cr (-1.2% QoQ, 11.9% YoY) vs expectation of Rs. 757.5 Cr, QoQ Rs. 756.8 Cr, YoY Rs. 668.2 Cr
EBIDTA came at Rs. 220.2 Cr (-15.1% QoQ, -1.3% YoY) vs expectation of Rs. 249.1 Cr, QoQ Rs. 259.4 Cr, YoY Rs. 223.2 Cr
EBITDA Margin came at 29.4% vs expectation of 32.9%, QoQ 34.3%, YoY 33.4%
Adj. PAT came at Rs. 173.8 Cr vs expectation of Rs. 167 Cr, QoQ Rs. 159.3 Cr, YoY Rs. 147.8 Cr
Quarter EPS is Rs. 20.1
Share is trading at P/E of 267.1x FY22E EPS

*Dhanuka Agritech Ltd.* | *CMP* Rs. 1002 | *M Cap* Rs. 4667 Cr | *52 W H/L* 1054/658
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 363.8 Cr (32% QoQ, -2.7% YoY) vs expectation of Rs. 360.1 Cr, QoQ Rs. 275.6 Cr, YoY Rs. 373.8 Cr
EBIDTA came at Rs. 61.1 Cr (-5.4% QoQ, -6.4% YoY) vs expectation of Rs. 65.4 Cr, QoQ Rs. 64.6 Cr, YoY Rs. 65.3 Cr
EBITDA Margin came at 16.8% vs expectation of 18.2%, QoQ 23.5%, YoY 17.5%
Adj. PAT came at Rs. 48.6 Cr vs expectation of Rs. 51.7 Cr, QoQ Rs. 48.6 Cr, YoY Rs. 51.8 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 20.7x FY22E EPS

Government to Allow 100% FDI Under Auto Route for State Oil Co. Sale

· Government will allow 100% foreign direct investment without any prior approval in case of a strategic sale of a state-run company in the oil and gas sector

· The govt reviewed the FDI policy on petroleum and natural gas sector and amended it, according to the document

· The change will take effect from the date on which a notification will be issued under India’s foreign exchange management act

Bulk Deal as on 29-07-21

Apollo Tricoat
+ 2. Lk @ 1650 Fumistic Gaming LLP

Bhagiradha Chemical
- 88 K @ 680 Vivekanand Kantamaneni

Garware Hitech Film
+ 1.41 Lk @ 1405 Ashish Ramchandra Kacholia

India Bulls HSG
+ 33.91 Lk @ 278.44 Societe Generale

Karur Vysya Bank
+ 50 Lk @ 46.51 Yesha Developers LLP
- 50 Lk @ 46.51 Santon Developers LLP

Scan Steels
- 3 Lk @ 55.4 Altius Finserve Pvt Ltd

Tatva Chintan
+ 6.5 Lk @ 2171.74 Plutus Wealth Management LLP

Ujjivan Financial
- 10.25 Lk @ 240.01 Aberdeen Asian Smaller Companies

Veto Switchgear
+ 1.01 Lk @ 144.96 M/S Prarthana Enterprises

Vishal Fabrics
+ 4 Lk @ 117.9 Cresta Fund Ltd

*Deepak Nitrite Ltd.* | *CMP* Rs. 1900 | *M Cap* Rs. 25915 Cr | *52 W H/L* 1998/523
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1526.2 Cr (4.3% QoQ, 126.3% YoY) vs expectation of Rs. 1403.9 Cr, QoQ Rs. 1463.2 Cr, YoY Rs. 674.5 Cr
EBIDTA came at Rs. 451.5 Cr (-0.7% QoQ, 148.6% YoY) vs expectation of Rs. 397.5 Cr, QoQ Rs. 454.7 Cr, YoY Rs. 181.6 Cr
EBITDA Margin came at 29.6% vs expectation of 28.3%, QoQ 31.1%, YoY 26.9%
Adj. PAT came at Rs. 302.6 Cr vs expectation of Rs. 259.4 Cr, QoQ Rs. 290.1 Cr, YoY Rs. 99 Cr
Quarter EPS is Rs. 22.2
Share is trading at P/E of 26.8x FY22E EPS

*Ajanta Pharma Ltd.* | *CMP* Rs. 2394 | *M Cap* Rs. 20716 Cr | *52 W H/L* 2394/1422
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 748 Cr (-1.2% QoQ, 11.9% YoY) vs expectation of Rs. 757.5 Cr, QoQ Rs. 756.8 Cr, YoY Rs. 668.2 Cr
EBIDTA came at Rs. 220.2 Cr (-15.1% QoQ, -1.3% YoY) vs expectation of Rs. 249.1 Cr, QoQ Rs. 259.4 Cr, YoY Rs. 223.2 Cr
EBITDA Margin came at 29.4% vs expectation of 32.9%, QoQ 34.3%, YoY 33.4%
Adj. PAT came at Rs. 173.8 Cr vs expectation of Rs. 167 Cr, QoQ Rs. 159.3 Cr, YoY Rs. 147.8 Cr
Quarter EPS is Rs. 20.1
Share is trading at P/E of 28.6x FY22E EPS

*Shoppers Stop Ltd.* | *CMP* Rs. 267 | *M Cap* Rs. 2920 Cr | *52 W H/L* 270/142
(Nirmal Bang Retail Research)
*Result inline*
Revenue from Operations came at Rs. 201.1 Cr (-70% QoQ, 272.9% YoY) vs expectation of Rs. 170.6 Cr, QoQ Rs. 671.2 Cr, YoY Rs. 53.9 Cr
EBIDTA came at Rs. -62.8 Cr (-165.7% QoQ, -38.7% YoY) vs expectation of Rs. -69.8 Cr, QoQ Rs. 95.6 Cr, YoY Rs. -102.4 Cr
EBITDA Margin came at -31.2% vs expectation of -40.9%, QoQ 14.2%, YoY -189.9%
Adj. PAT came at Rs. -117.7 Cr vs expectation of Rs. -136.6 Cr, QoQ Rs. -24.7 Cr, YoY Rs. -115.1 Cr
Quarter EPS is Rs. -10.8

*Shriram City Union Finance Ltd. -S* | *CMP* Rs. 1812 | *M Cap* Rs. 11960 Cr | *52 W H/L* 1963/645
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Asset quality details are awaited
NII came at Rs. 920 Cr, YoY Rs. 874 Cr, QoQ Rs. 928 Cr
PBP came at Rs. 569 Cr vs expectation of Rs. 580 Cr, YoY Rs. 567 Cr, QoQ Rs. 552 Cr
Provision came at Rs. 290 Cr (3.9%) vs expectation of Rs. 250 Cr (3.4%), YoY Rs. 310 Cr (4.4%), QoQ Rs. 164 Cr (2.2%)
PAT came at Rs. 208 Cr vs expectation of Rs. 243 Cr, YoY Rs. 192 Cr, QoQ Rs. 282 Cr
Quarter EPS is Rs. 31.5
Share is trading at P/E of 8.5x FY23E EPS & 1.4x trailing P/BV

*Motilal Oswal Financial Services Ltd. -C* | *CMP* Rs. 1060 | *M Cap* Rs. 15553 Cr | *52 W H/L* 1179/538
(Nirmal Bang Retail Research)

*Result has declined* Mainly due to QoQ decline in AMC segment which forms the largest component of SOTP value.
AMC division witnessed QoQ revenue / EBITDA decline of -17% / -22%
_In comparison_
HDFC AMC: +1% / -4%
Nippon Life AMC: 0% / +7%
UTI AMC: +19% /+19%

MOFS AMC’s AUM & Market share details are awaited

_Segmental Revenue_
Broking came at Rs. 512 Cr vs YoY Rs. 343 Cr, QoQ Rs. 513 Cr
Fund based acitivity came at Rs. 111 Cr vs YoY Rs. 149 Cr, QoQ Rs. 303 Cr
Asset management came at Rs. 205 Cr vs YoY Rs. 150 Cr, QoQ Rs. 248 Cr
Investment banking came at Rs. 1 Cr vs YoY Rs. 0 Cr, QoQ Rs. 0 Cr
Home Finance came at Rs. 137 Cr vs YoY Rs. 133 Cr, QoQ Rs. 139 Cr
Total income came at Rs. 899 Cr vs YoY Rs. 726 Cr, QoQ Rs. 1141 Cr

Segmental Results
Broking came at Rs. 115 Cr vs YoY Rs. 84 Cr, QoQ Rs. 112 Cr
Fund based acitivity came at Rs. 104 Cr vs YoY Rs. 140 Cr, QoQ Rs. 295 Cr
Asset management came at Rs. 78 Cr vs YoY Rs. 42 Cr, QoQ Rs. 100 Cr
Investment banking came at Rs. -2 Cr vs YoY Rs. -5 Cr, QoQ Rs. -4 Cr
Home Finance came at Rs. 11 Cr vs YoY Rs. 24 Cr, QoQ Rs. 34 Cr
PBT came at Rs. 286 Cr vs YoY Rs. 190 Cr, QoQ Rs. 546 Cr
PAT (After MI) came at Rs. 221 Cr vs YoY Rs. 167 Cr, QoQ Rs. 448 Cr

Quarter EPS is Rs. 15.2

Share is trading at P/E of 19.4x FY23E EPS & 3.3x trailing P/BV

Correction *Stove Kraft Ltd.* | *CMP* Rs. 771 | *M Cap* Rs. 2513 Cr | *52 W H/L* 814/400
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 214.2 Cr (-9% QoQ, 132.7% YoY) vs QoQ Rs. 235.4 Cr, YoY Rs. 92.1 Cr
EBIDTA came at Rs. 20.2 Cr (-20% QoQ, 110.1% YoY) vs QoQ Rs. 25.2 Cr, YoY Rs. 9.6 Cr
EBITDA Margin came at 9.4% vs QoQ 10.7%, YoY 10.4%
Adj. PAT came at Rs. 13.5 Cr vs QoQ Rs. 19.2 Cr, YoY Rs. 1.6 Cr
Quarter EPS is Rs. 4.2

*TVS Motor Company Ltd.* | *CMP* Rs. 562 | *M Cap* Rs. 26700 Cr | *52 W H/L* 666/385
(Nirmal Bang Retail Research)
*Result marginally below expectation* Gross margin remain stable
No. of Vehicles sold 657758 vs QoQ 927579, YoY 266933
Revenue from Operations came at Rs. 3934.4 Cr (-26.1% QoQ, 174.8% YoY) vs expectation of Rs. 3880.2 Cr, QoQ Rs. 5321.9 Cr, YoY Rs. 1431.7 Cr
EBIDTA came at Rs. 273.8 Cr (-48.9% QoQ, -660.8% YoY) vs expectation of Rs. 318.5 Cr, QoQ Rs. 536.1 Cr, YoY Rs. -48.8 Cr
EBITDA Margin came at 7% vs expectation of 8.2%, QoQ 10.1%, YoY -3.4%
Adj. PAT came at Rs. 53.2 Cr vs expectation of Rs. 125 Cr, QoQ Rs. 289.2 Cr, YoY Rs. -139.1 Cr
Quarter EPS is Rs. 1.1
Share is trading at P/E of 25.8x FY22E EPS

*Firstsource Solutions Ltd.* | *CMP* Rs. 201 | *M Cap* Rs. 14003 Cr | *52 W H/L* 243/41
(Nirmal Bang Retail Research)
Dollar revenue came at $ 201.3 mn vs QoQ $ 199.9 mn, YoY $ 140.7 mn
Constant Currency YoY came at 38.5% vs, QoQ 31.7%, YoY 1.6%
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1484.8 Cr (1.5% QoQ, 39.8% YoY) vs expectation of Rs. 1487.2 Cr, QoQ Rs. 1462.8 Cr, YoY Rs. 1062.2 Cr
EBIDTA came at Rs. 238.1 Cr (1.7% QoQ, 42.8% YoY) vs expectation of Rs. 237.5 Cr, QoQ Rs. 234.2 Cr, YoY Rs. 166.8 Cr
EBITDA Margin came at 16% vs expectation of 16%, QoQ 16%, YoY 15.7%
Adj. PAT came at Rs. 134.5 Cr vs expectation of Rs. 139.1 Cr, QoQ Rs. 156.6 Cr, YoY Rs. 88.7 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 25.1x FY22E EPS

*Raymond Ltd.* | *CMP* Rs. 453 | *M Cap* Rs. 3016 Cr | *52 W H/L* 474/233
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 825.7 Cr (-39.5% QoQ, 406.1% YoY) vs QoQ Rs. 1365.7 Cr, YoY Rs. 163.2 Cr
EBIDTA came at Rs. -29.4 Cr (-119% QoQ, -88% YoY) vs QoQ Rs. 154.9 Cr, YoY Rs. -245.1 Cr
EBITDA Margin came at -3.6% vs QoQ 11.3%, YoY -150.2%
Adj. PAT came at Rs. -113.5 Cr vs QoQ Rs. 56.5 Cr, YoY Rs. -242.2 Cr
Quarter EPS is Rs. -17
Share is trading at P/E of 44.2x FY22E EPS

*CONTAINER CORPORATION OF INDIA LTD.* | *CMP* Rs. 630 | *M Cap* Rs. 38386 Cr | *52 W H/L* 748/351
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 1807.5 Cr (-6.8% QoQ, 52% YoY) vs expectation of Rs. 1728 Cr, QoQ Rs. 1939.3 Cr, YoY Rs. 1189.1 Cr
EBIDTA came at Rs. 433.5 Cr (129.4% QoQ, 172.6% YoY) vs expectation of Rs. 351.5 Cr, QoQ Rs. 189 Cr, YoY Rs. 159 Cr
EBITDA Margin came at 24% vs expectation of 20.3%, QoQ 9.7%, YoY 13.4%
Adj. PAT came at Rs. 254.9 Cr vs expectation of Rs. 197.9 Cr, QoQ Rs. 99.5 Cr, YoY Rs. 61.7 Cr
Quarter EPS is Rs. 4.2
Share is trading at P/E of 35.5x FY22E EPS