*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

*Aegis Logistics Ltd.* | *CMP* Rs. 320 | *M Cap* Rs. 11232 Cr | *52 W H/L* 394/181
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 678.1 Cr (-32.9% QoQ, 6.5% YoY) vs expectation of Rs. 996.9 Cr, QoQ Rs. 1011.2 Cr, YoY Rs. 636.4 Cr
EBIDTA came at Rs. 105.1 Cr (4.9% QoQ, 56.1% YoY) vs expectation of Rs. 116.5 Cr, QoQ Rs. 100.2 Cr, YoY Rs. 67.4 Cr
EBITDA Margin came at 15.5% vs expectation of 11.7%, QoQ 9.9%, YoY 10.6%
Adj. PAT came at Rs. 66.6 Cr vs expectation of Rs. 69.6 Cr, QoQ Rs. 65.4 Cr, YoY Rs. 29.8 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 28.9x FY22E EPS

*Jindal Stainless (Hisar) Ltd.* | *CMP* Rs. 286 | *M Cap* Rs. 6750 Cr | *52 W H/L* 295/67
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 2512.2 Cr (-8.9% QoQ, 238.2% YoY) vs QoQ Rs. 2758.5 Cr, YoY Rs. 742.9 Cr
EBIDTA came at Rs. 382 Cr (4.9% QoQ, 862.2% YoY) vs QoQ Rs. 364.1 Cr, YoY Rs. 39.7 Cr
EBITDA Margin came at 15.2% vs QoQ 13.2%, YoY 5.3%
Adj. PAT came at Rs. 239.6 Cr vs QoQ Rs. 225.9 Cr, YoY Rs. -49.7 Cr
Quarter EPS is Rs. 10.2
Share is trading at EV/EBITDA of 7.2x FY23E EBITDA

*JK Lakshmi Cement Ltd. - S* | *CMP* Rs. 735 | *M Cap* Rs. 8645 Cr | *52 W H/L* 734.7/243
(Nirmal Bang Retail Research)
*Result is below expectation*
Revenue from Operations came at Rs. 1231.5 Cr (-6.8% QoQ, 49.2% YoY) vs expectation of Rs. 1126.1 Cr, QoQ Rs. 1322 Cr, YoY Rs. 825.2 Cr
EBIDTA came at Rs. 216.1 Cr (-19.3% QoQ, 50.7% YoY) vs expectation of Rs. 220.7 Cr, QoQ Rs. 267.9 Cr, YoY Rs. 143.3 Cr
EBITDA Margin came at 17.5% vs expectation of 19.6%, QoQ 20.3%, YoY 17.4%
Adj. PAT came at Rs. 118.7 Cr vs expectation of Rs. 113.1 Cr, QoQ Rs. 167.4 Cr, YoY Rs. 44.4 Cr
Quarter EPS is Rs. 10.1
Share is trading at EV/EBITDA of 8.62 FY23E EBITDA

*Vaibhav Global Ltd.* | *CMP* Rs. 798 | *M Cap* Rs. 13024 Cr | *52 W H/L* 1058/261
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 682 Cr (2.4% QoQ, 23.9% YoY) vs QoQ Rs. 665.9 Cr, YoY Rs. 550.4 Cr
EBIDTA came at Rs. 91.2 Cr (16.5% QoQ, 24.1% YoY) vs QoQ Rs. 78.3 Cr, YoY Rs. 73.5 Cr
EBITDA Margin came at 13.4% vs QoQ 11.8%, YoY 13.4%
Adj. PAT came at Rs. 98.7 Cr vs QoQ Rs. 56 Cr, YoY Rs. 52.9 Cr
Quarter EPS is Rs. 6
Share is trading at P/E of 41x TTM EPS

*Parag Milk Foods Ltd.* | *CMP* Rs. 141 | *M Cap* Rs. 1345 Cr | *52 W H/L* 158/84
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 438.4 Cr (0.9% QoQ, 0.7% YoY) vs QoQ Rs. 434.3 Cr, YoY Rs. 435.6 Cr
EBIDTA came at Rs. 44.9 Cr (143.7% QoQ, 51.2% YoY) vs QoQ Rs. 18.4 Cr, YoY Rs. 29.7 Cr
EBITDA Margin came at 10.2% vs QoQ 4.2%, YoY 6.8%
Adj. PAT came at Rs. 17.5 Cr vs QoQ Rs. -9.6 Cr, YoY Rs. 3.2 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 16.4x FY22E EPS

*DFM Foods Ltd.* | *CMP* Rs. 401 | *M Cap* Rs. 2016 Cr | *52 W H/L* 454/170
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 110.5 Cr (-16.6% QoQ, -3.9% YoY) vs QoQ Rs. 132.5 Cr, YoY Rs. 114.9 Cr
EBIDTA came at Rs. 1.2 Cr (-81.4% QoQ, -91.8% YoY) vs QoQ Rs. 6.5 Cr, YoY Rs. 14.8 Cr
EBITDA Margin came at 1.1% vs QoQ 4.9%, YoY 12.9%
Adj. PAT came at Rs. -1.7 Cr vs QoQ Rs. 0.9 Cr, YoY Rs. 8 Cr
Quarter EPS is Rs. -0.3

*OBEROI REALTY LTD.* | *CMP* Rs. 690 | *M Cap* Rs. 25089 Cr | *52 W H/L* 729/331
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 284.3 Cr (-64% QoQ, 140.8% YoY) vs expectation of Rs. 444 Cr, QoQ Rs. 790.1 Cr, YoY Rs. 118 Cr
EBIDTA came at Rs. 124.9 Cr (-66.6% QoQ, 115.5% YoY) vs expectation of Rs. 236.9 Cr, QoQ Rs. 373.5 Cr, YoY Rs. 57.9 Cr
EBITDA Margin came at 43.9% vs expectation of 53.4%, QoQ 47.3%, YoY 49.1%
Adj. PAT came at Rs. 80.6 Cr vs expectation of Rs. 155.1 Cr, QoQ Rs. 286.9 Cr, YoY Rs. 28.1 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 24.4x FY22E EPS

*KSB Ltd.* | *CMP* Rs. 1075 | *M Cap* Rs. 3742 Cr | *52 W H/L* 1114/425
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 303 Cr (-20.6% QoQ, 38.4% YoY) vs QoQ Rs. 381.6 Cr, YoY Rs. 218.9 Cr
EBIDTA came at Rs. 39.3 Cr (-36.6% QoQ, 189% YoY) vs QoQ Rs. 62 Cr, YoY Rs. 13.6 Cr
EBITDA Margin came at 13% vs QoQ 16.2%, YoY 6.2%
Adj. PAT came at Rs. 27.2 Cr vs QoQ Rs. 43.9 Cr, YoY Rs. 8.2 Cr
Quarter EPS is Rs. 7.8
Share is trading at P/E of 24.8x FY22E EPS

Tech Mahindra Ltd.
(Nirmal Bang Retail Research)
*Outlook – Positive*
Management indicates of growing double digit growth on organic basis and Ebit to be in the range of 15%.Growth will be broad based across all sectors. Q1FY22 Ebit margin stood at 15.2% management indicates of improving margin in coming quarter. Supply side talent issue & Travel expense coming back will be offset by higher growth, Higher productivity with automation, higher offshoring .
• TCV came at $ 815 Mn(Communication $352 mn , Enterprise $463 mn ) large deal win continue to be robust and pipeline is strong
• Company has posted a good growth of CC QoQ coming in at 3.9% . Growth was supported by growth in communication business which grew by 2.9% in cc terms inspite of seasonality in mobility business, Enterprise business grew by 4.5% in cc terms .Dollar revenue came at $ 1383.6 Mn,(4.1% QoQ, 14.6% YoY)
• EBIT Margin came at 15.2% vs QoQ 16.5%. Salary hike , visa cost, seasonal decline in mobility business led to dip in margin which was offset by higher operating leverage and higher efficiency. Management indicates of improving margins in coming qtr
• Total Employees stand at 126263 (+5209 employees QoQ)
• Tax rate was lower to 24% vs 32% QoQ . FY22 tax rate will be in the range of 24-26%
• Adj. PAT came at Rs. 1353.2 Cr Quarter EPS is Rs. 14
• Stock is trading at P/E of 18.8x FY22E EPS

*Indus Towers Ltd.* | *CMP* Rs. 222 | *M Cap* Rs. 59828 Cr | *52 W H/L* 283/150
(Nirmal Bang Retail Research)
*Result marginally ahead of expectation*
Revenue from Operations came at Rs. 6797 Cr (4.7% QoQ, 315.6% YoY) vs expectation of Rs. 6648.3 Cr, QoQ Rs. 6491.8 Cr, YoY Rs. 1635.4 Cr
EBIDTA came at Rs. 3528.5 Cr (3.4% QoQ, 323.8% YoY) vs expectation of Rs. 3466.2 Cr, QoQ Rs. 3412.3 Cr, YoY Rs. 832.6 Cr
EBITDA Margin came at 51.9% vs expectation of 52.1%, QoQ 52.6%, YoY 50.9%
Adj. PAT came at Rs. 1415.3 Cr vs expectation of Rs. 1320.3 Cr, QoQ Rs. 1363.7 Cr, YoY Rs. 703.6 Cr
Quarter EPS is Rs. 5.3
Share is trading at P/E of 11.1x FY22E EPS

*Home First Finance Ltd. - S* | *CMP* Rs. 565 | *M Cap* Rs. 4944 Cr | *52 W H/L* 640/440
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 62.3 Cr vs YoY Rs. 50.4 Cr, QoQ Rs. 54.9 Cr
PBP came at Rs. 60.7 Cr vs YoY Rs. 57.2 Cr, QoQ Rs. 50.9 Cr
Provision came at Rs. 13 Cr vs YoY Rs. 4.5 Cr, QoQ Rs. 8.3 Cr
PAT came at Rs. 35.1 Cr vs YoY Rs. 38.6 Cr, QoQ Rs. 31.3 Cr
AUM came at Rs. 4294.3 Cr vs YoY Rs. 3622.5 Cr, QoQ Rs. 4141.1 Cr
Disbursements came at Rs. 304.6 Cr vs YoY Rs. 52.8 Cr, QoQ Rs. 451.8 Cr
Gross NPA (%) came at 1.9% vs QoQ 1.8%
Net NPA (%) came at 1.4% vs QoQ 1.2%
Bounce rates have improved in July to 16.1% from 18.3% in Q1. They were at 17.3% in Q4 and at ~10% levels pre-covid.
Collection Efficiency was at 98.5% in March, it dipped to 94.0% in May and has risen to 97.6% in June.
1+ DPD increased to 8.9% vs QoQ 6.2% (1+ DPD for Aavas increase to 12.7% vs QoQ 6.4%)
Quarter EPS is Rs. 4
Share is trading at 3.5x trailing P/BV

*SRF – Q4FY21 Concall – Nirmal Bang Sec.*
*Outlook – Positive in Long Term*
*Managment maintained growth guidance in Chemical Division to 15-20% Decline in margin in Chemical Division is short term*

The stock is trading at 34x FY22E consensus earnings

*_Specialty Chemical Business_*
_Chemicals_
• Rev grew by 58%
• Higher sales from exports and domestic markets
• The second wave of COVID-19 induced lockdowns resulted in disruption of supply chains, leading to an overall increase in raw material prices and export freight across geographies - *the management believes that increase in raw material prices is temporary phenomena and should normalise going forward*
• Commenced 2 dedicated facilities at Dahej
• Focus on expanding Pharma product profile
• Launched 2 new products
• Moving up the value chain by accelerating qualifications of new molecules in both Agro and Pharmaceuticals sectors, capacity utilization of newly commissioned plants to remain in focus
• Working on key campaigns to be run in the next few quarters
• *FY22E Guidance – Maintain 15-20% growth rate*

_Fluoro_
• Higher sales volumes in the refrigerants and the blends segment, especially from the export markets
• Uptick in Auto sales led to higher offtake in R-134a revenues
• Expect demand to grow further in coming quarters
• Domestic market in Q1 witnessed lower offtake induced by localized lockdowns
• *New Capex* - Integrated expansion of the Fluorocarbon based Refrigerant capacity at an investment of ~ Rs. 550 crore - – 40% of the component is the key raw material of the product (fluoro) to be manufactured
• Production of passenger vehicles in India significantly higher when compared with CPLY
• Demand and production volumes in the AC market also witnessed a spike; _even China and Developed market cant put up new capacities_
• Pharma segment continued to do well in Q1
• *Outlook* - Demand and production volumes in the AC market also witnessed a spike
• Focusing on expanding in new markets / geographies and product offerings, ramping up sales from refrigerants and blends
• *Guidance* - Expect higher capacity utilisation which would aid margins due to operating leverage

*_Packaging Films_*
• Segment continues to perform well, despite impact of COVID-19 second wave on domestic markets – due to New capacities that came on-stream in Hungary and Thailand
• Launched 2 new products
• Surge in export freight rates impacted adversely
• In Q1 FY22, demand for BOPET films was subdued, while demand for BOPP films remained healthy
• *Globally, several new lines are scheduled to commence in BOPET and BOPP – to impact industry margins in the future*
• Re-emergence of COVID-19 in ASEAN region could affect Thailand performance
• Unrest in South Africa in July will impact Q2 performance of the business

*_Technical Textiles_*
• Segment reported a significantly improved performance on account of: Improved demand in the Nylon Tyre Cord, Belting Fabrics and Polyester Industrial Yarn segments and Re-structuring of margin profile with long-term customers
• International capacities being rebalanced due to certain capacity closures, providing positive NTCF trends
• Higher operating leverage and cost optimization by capacity rationalization across various plants
• Other sub-segments of Technical Textiles Business expected to make a significant contribution to the overall performance