*Indian Oil Corporation Ltd.* | *CMP* Rs. 105 | *M Cap* Rs. 98849 Cr | *52 W H/L* 118/71
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 118670.5 Cr (-4.1% QoQ, 90.2% YoY) vs expectation of Rs. 128958.3 Cr, QoQ Rs. 123714 Cr, YoY Rs. 62396.6 Cr
EBIDTA came at Rs. 10986.1 Cr (-18.6% QoQ, 99.3% YoY) vs expectation of Rs. 8641.3 Cr, QoQ Rs. 13501.8 Cr, YoY Rs. 5512.3 Cr
EBITDA Margin came at 9.3% vs expectation of 6.7%, QoQ 10.9%, YoY 8.8%
Adj. PAT came at Rs. 5941.4 Cr vs expectation of Rs. 4110.5 Cr, QoQ Rs. 8781.3 Cr, YoY Rs. 1910.8 Cr
Quarter EPS is Rs. 6.3
Share is trading at P/E of 6.2x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 118670.5 Cr (-4.1% QoQ, 90.2% YoY) vs expectation of Rs. 128958.3 Cr, QoQ Rs. 123714 Cr, YoY Rs. 62396.6 Cr
EBIDTA came at Rs. 10986.1 Cr (-18.6% QoQ, 99.3% YoY) vs expectation of Rs. 8641.3 Cr, QoQ Rs. 13501.8 Cr, YoY Rs. 5512.3 Cr
EBITDA Margin came at 9.3% vs expectation of 6.7%, QoQ 10.9%, YoY 8.8%
Adj. PAT came at Rs. 5941.4 Cr vs expectation of Rs. 4110.5 Cr, QoQ Rs. 8781.3 Cr, YoY Rs. 1910.8 Cr
Quarter EPS is Rs. 6.3
Share is trading at P/E of 6.2x FY22E EPS
*Dr. Lal Pathlabs Ltd.* | *CMP* Rs. 3772 | *M Cap* Rs. 31438 Cr | *52 W H/L* 3772/1737
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 606.6 Cr (40.7% QoQ, 128% YoY) vs expectation of Rs. 449.7 Cr, QoQ Rs. 431 Cr, YoY Rs. 266 Cr
EBIDTA came at Rs. 189 Cr (54.9% QoQ, 291.3% YoY) vs expectation of Rs. 130.7 Cr, QoQ Rs. 122 Cr, YoY Rs. 48.3 Cr
EBITDA Margin came at 31.2% vs expectation of 29.1%, QoQ 28.3%, YoY 18.2%
Adj. PAT came at Rs. 131.2 Cr vs expectation of Rs. 90.8 Cr, QoQ Rs. 83.4 Cr, YoY Rs. 28.4 Cr
Quarter EPS is Rs. 15.7
Share is trading at P/E of 86x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 606.6 Cr (40.7% QoQ, 128% YoY) vs expectation of Rs. 449.7 Cr, QoQ Rs. 431 Cr, YoY Rs. 266 Cr
EBIDTA came at Rs. 189 Cr (54.9% QoQ, 291.3% YoY) vs expectation of Rs. 130.7 Cr, QoQ Rs. 122 Cr, YoY Rs. 48.3 Cr
EBITDA Margin came at 31.2% vs expectation of 29.1%, QoQ 28.3%, YoY 18.2%
Adj. PAT came at Rs. 131.2 Cr vs expectation of Rs. 90.8 Cr, QoQ Rs. 83.4 Cr, YoY Rs. 28.4 Cr
Quarter EPS is Rs. 15.7
Share is trading at P/E of 86x FY22E EPS
*LIC Housing Finance Q1FY22 Concall Update*
(Nirmal Bang Securities)
*Asset quality continues to disappoint in retail as well as developer loans*
*Outlook: Negative in near term*
• *GNPA came at 5.9% vs QoQ 4.1%. Retail GNPA is at 5.6% and Developer GNPA at 24.4% vs QoQ 18.0%.*
• Individual Housing GNPA is at 2.6% vs QoQ 1.9%, LAP at 11.0%, Individual commercial loans at 18.9%
• *Apart from GNPA of 24.4% (Rs. 3889 Cr) in developer loans, the restructured developer loans are at Rs. 4700 Cr or 30%. Thus almost 54.4% of the developer book is under stress. (Developer book is Rs. 15.6k Cr and is 7% of total AUM).*
• *NNPA came at 3.9% vs QoQ 2.7%. PCR was at 33%. Historical average PCR has been at 50%.*
• Stage 2+3 loans increased to 11.3% vs QoQ 10.3% YoY 6.8%. We were expecting this to be stable but it has risen by 100 bps QoQ. (Historically Stage 2+3 was at 5.9% in FY19 and 4.6% in FY18).
• Collection efficiency for June 2021 stood at 98% for standard customers. (not provided for overall book)
• Co believes individual GNPA will reduce as recoveries will improve in coming months.
• Co does not expect higher slippages going forward. However due to lower PCR, we expect credit cost to remain elevated in FY22.
• Loan Book came at Rs. 232,548 Cr, +11% YoY.
• Individual loans +11% YoY at Rs. 2,16,947 Cr, Project loans +6.5% YoY (Rs. 15601 Cr).
• Loan mix remained stable YoY with Retail Home Loans at 77% mix, Retail LAP & others at 16% mix and Project Loans at 7% mix.
• Disbursement came at Rs. 8652 Cr, +97% YoY & -61% QoQ.
• Individual disbursements +147% YoY at 8415 Cr, Project disbursements +49% YoY at Rs. 237 Cr.
• Disbursal ticket size increased to Rs. 25.5 lacs vs YoY Rs. 24 lacs.
• Incremental salaried mix is at 91% and Self Employed at 9%.
• Employee exp will increase by 15% YoY apart from a one-time exceptional increase in Q1.
Share is trading at P/E of 8.7x FY23E EPS & 1.0x trailing P/BV
(Nirmal Bang Securities)
*Asset quality continues to disappoint in retail as well as developer loans*
*Outlook: Negative in near term*
• *GNPA came at 5.9% vs QoQ 4.1%. Retail GNPA is at 5.6% and Developer GNPA at 24.4% vs QoQ 18.0%.*
• Individual Housing GNPA is at 2.6% vs QoQ 1.9%, LAP at 11.0%, Individual commercial loans at 18.9%
• *Apart from GNPA of 24.4% (Rs. 3889 Cr) in developer loans, the restructured developer loans are at Rs. 4700 Cr or 30%. Thus almost 54.4% of the developer book is under stress. (Developer book is Rs. 15.6k Cr and is 7% of total AUM).*
• *NNPA came at 3.9% vs QoQ 2.7%. PCR was at 33%. Historical average PCR has been at 50%.*
• Stage 2+3 loans increased to 11.3% vs QoQ 10.3% YoY 6.8%. We were expecting this to be stable but it has risen by 100 bps QoQ. (Historically Stage 2+3 was at 5.9% in FY19 and 4.6% in FY18).
• Collection efficiency for June 2021 stood at 98% for standard customers. (not provided for overall book)
• Co believes individual GNPA will reduce as recoveries will improve in coming months.
• Co does not expect higher slippages going forward. However due to lower PCR, we expect credit cost to remain elevated in FY22.
• Loan Book came at Rs. 232,548 Cr, +11% YoY.
• Individual loans +11% YoY at Rs. 2,16,947 Cr, Project loans +6.5% YoY (Rs. 15601 Cr).
• Loan mix remained stable YoY with Retail Home Loans at 77% mix, Retail LAP & others at 16% mix and Project Loans at 7% mix.
• Disbursement came at Rs. 8652 Cr, +97% YoY & -61% QoQ.
• Individual disbursements +147% YoY at 8415 Cr, Project disbursements +49% YoY at Rs. 237 Cr.
• Disbursal ticket size increased to Rs. 25.5 lacs vs YoY Rs. 24 lacs.
• Incremental salaried mix is at 91% and Self Employed at 9%.
• Employee exp will increase by 15% YoY apart from a one-time exceptional increase in Q1.
Share is trading at P/E of 8.7x FY23E EPS & 1.0x trailing P/BV
GOVT APPROVES PLI FOR ITI, TEJAS NETWORKS, HFCL, DIXON PROPOSALS II TOTAL PLI SCHEME OUTLAY WAS RS 12,195 CR - TV
SAIL MAY RAISE PRICES OF LONG, FLAT PRODUCTS BY AT LEAST INR1000/TON FROM AUG 1-SOURCE
GOVERNMENT PERMITS 100% FDI IN OIL PSUS APPROVED FOR DISINVESTMENT; TO AID BPCL SALE
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This month marks up a successful completion of our 1 year journey with Market Wizard Premium Group
Throughout this one year , many new members joined, many left, some availed monthly Membership and some availed Yearly Membership.
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Members those who want to avail membership for August following are the charges:
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Good Afternoon to all Members
This month marks up a successful completion of our 1 year journey with Market Wizard Premium Group
Throughout this one year , many new members joined, many left, some availed monthly Membership and some availed Yearly Membership.
On our successful completion of 1 year we have introduced some offers for those who want to avail our Quarterly Membership and Yearly Membership.
Members those who want to avail membership for August following are the charges:
Monthly - 1k
Quarterly - 3k
Yearly - 9k
Group Discounts (On Member's Request)
Group of 5 members - 4k (Monthly)
Group of 5 members- 12k (Quarterly)
Incase of Group of 5 members all the members are requested to fill the form.
Revision of Charges from September month and onwards :
Monthly - 1.5k
Quarterly- 4k
Yearly - 15k
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📢PLS READ IT VERY CAREFULLY BEFORE AGREEING
1️⃣No phone calls or personal message to the admins.
2️⃣No chit-chat shall be entertained in the group.
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6️⃣We are not responsible for any of your profit or loss trade at ur own risk.All calls are for educational purpose only
We are not SEBI registered.
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⛔Note:- Entry and Exit should be taken by members choice.
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1️⃣1️⃣The Above post is for educational purposes only.
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📢PLS READ IT VERY CAREFULLY BEFORE AGREEING
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3️⃣No sure shot on any calls.
4️⃣Profit / loss not guaranteed.
5️⃣Those who want to became crorepati in overnight please stay away from the group.
6️⃣We are not responsible for any of your profit or loss trade at ur own risk.All calls are for educational purpose only
We are not SEBI registered.
7️⃣Anyone found violating any of the above rules shall be expelled from the group and the amount so received shall not be refunded.
8️⃣Book profits as per your comfort
9️⃣SL shall be given... Exiting at stoploss or not is your decision.
⛔Note:- Entry and Exit should be taken by members choice.
⛔DISCLAIMER*
1️⃣0️⃣ I am not #SEBI registered.
1️⃣1️⃣The Above post is for educational purposes only.
1️⃣2️⃣Take any actions at your own risk only.
1️⃣3️⃣Incase of losses we will not compensate for any loss nor will refund you the membership fees incase you want to leave the group and discontinue our services.
1️⃣4️⃣The membership fees shall be payable between 23rd to 30th of the month, and the payment should be received before the designated day , incase of non payment no reminder shall be given and you will be removed from the group.
1️⃣5️⃣Tips / Advice / Suggestions (or any other similar terms ) , on any stock shall not be given which you are holding.It will not be a discussion forum but will be only be a paid service group where we will give our calls and stoploss.
1️⃣6️⃣We will hold the exclusive rights in respect of the calls shared in the group.If anyone found or reported to be sharing the calls shared by us in other paid groups he shall be expelled from the group.No amount shall be refunded.
1️⃣7️⃣There is NO REFUND POLICY in whatever case it may be.
1️⃣8️⃣we don't provide any payment bill or payment receipt
1️⃣9️⃣The last few targets in a particular call are aggressive.Waiting for them is at your own personal decision. You can book profits early as per your comforts.
2️⃣0️⃣All types of calls will be of different types and from all market caps will be shared as normal. Quantity of calls will be more to satisfy all types of members. You trade on call which suits your trading style and risk appetite
2️⃣1️⃣If anyone wants to avail the services in the middle of the month then also he will be liable to pay the complete fees of 1k.No proportionate amount on the number of days pending / any sort of discount will not be given.
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To avail the paid services of our group , everyone needs to do the following set of activities :
1) Everyone needs to fill in the Google Forms with the correct and accueate details.The form needs to be read carefully and then give upon your consent.
2)Pay us the fees of Rs.1000 each month either through Google Pay or Bank Transfers(details of payment are attached in the Google Form)
3) Upon completion of payment , take a screenshot of the acknowledgement and send it to us.It can be sent to the admin on the following numbers on the WhatsApp or Telegram :
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📢PLS READ IT VERY CAREFULLY BEFORE AGREEING
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2️⃣No chit-chat shall be entertained in the group.
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4️⃣Profit / loss not guaranteed.
5️⃣Those who want…
📢PLS READ IT VERY CAREFULLY BEFORE AGREEING
1️⃣No phone calls or personal message to the admins.
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4️⃣Profit / loss not guaranteed.
5️⃣Those who want…
*Gokaldas Exports Ltd.* | *CMP* Rs. 196 | *M Cap* Rs. 840 Cr | *52 W H/L* 226/39
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 242.5 Cr (-34.5% QoQ, 3.7% YoY) vs QoQ Rs. 369.9 Cr, YoY Rs. 233.9 Cr
EBIDTA came at Rs. 13.2 Cr (-52.7% QoQ, -40% YoY) vs QoQ Rs. 27.9 Cr, YoY Rs. 22 Cr
EBITDA Margin came at 5.4% vs QoQ 7.5%, YoY 9.4%
Adj. PAT came at Rs. -2.5 Cr vs QoQ Rs. 16 Cr, YoY Rs. -4.3 Cr
Quarter EPS is Rs. -0.6
Share is trading at P/E of 17.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 242.5 Cr (-34.5% QoQ, 3.7% YoY) vs QoQ Rs. 369.9 Cr, YoY Rs. 233.9 Cr
EBIDTA came at Rs. 13.2 Cr (-52.7% QoQ, -40% YoY) vs QoQ Rs. 27.9 Cr, YoY Rs. 22 Cr
EBITDA Margin came at 5.4% vs QoQ 7.5%, YoY 9.4%
Adj. PAT came at Rs. -2.5 Cr vs QoQ Rs. 16 Cr, YoY Rs. -4.3 Cr
Quarter EPS is Rs. -0.6
Share is trading at P/E of 17.3x FY22E EPS
*UPL Ltd.* | *CMP* Rs. 806 | *M Cap* Rs. 61573 Cr | *52 W H/L* 865/399
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 8515 Cr (-33.5% QoQ, 8.7% YoY) vs expectation of Rs. 8554.9 Cr, QoQ Rs. 12796 Cr, YoY Rs. 7833 Cr
EBIDTA came at Rs. 1737 Cr (-38.8% QoQ, 1.9% YoY) vs expectation of Rs. 1937.3 Cr, QoQ Rs. 2839 Cr, YoY Rs. 1704 Cr
EBITDA Margin came at 20.4% vs expectation of 22.6%, QoQ 22.2%, YoY 21.8%
Adj. PAT came at Rs. 740 Cr vs expectation of Rs. 680.8 Cr, QoQ Rs. 1143 Cr, YoY Rs. 576 Cr
Quarter EPS is Rs. 9.7
Share is trading at P/E of 15.5x FY22E EPS
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 8515 Cr (-33.5% QoQ, 8.7% YoY) vs expectation of Rs. 8554.9 Cr, QoQ Rs. 12796 Cr, YoY Rs. 7833 Cr
EBIDTA came at Rs. 1737 Cr (-38.8% QoQ, 1.9% YoY) vs expectation of Rs. 1937.3 Cr, QoQ Rs. 2839 Cr, YoY Rs. 1704 Cr
EBITDA Margin came at 20.4% vs expectation of 22.6%, QoQ 22.2%, YoY 21.8%
Adj. PAT came at Rs. 740 Cr vs expectation of Rs. 680.8 Cr, QoQ Rs. 1143 Cr, YoY Rs. 576 Cr
Quarter EPS is Rs. 9.7
Share is trading at P/E of 15.5x FY22E EPS
*Rossari Biotech Ltd.* | *CMP* Rs. 1236 | *M Cap* Rs. 6791 Cr | *52 W H/L* 1349/664
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 231.1 Cr (5.9% QoQ, 111.1% YoY) vs QoQ Rs. 218.2 Cr, YoY Rs. 109.5 Cr
EBIDTA came at Rs. 37.1 Cr (5.4% QoQ, 56.3% YoY) vs QoQ Rs. 35.2 Cr, YoY Rs. 23.7 Cr
EBITDA Margin came at 16.1% vs QoQ 16.1%, YoY 21.7%
Adj. PAT came at Rs. 24.5 Cr vs QoQ Rs. 22.4 Cr, YoY Rs. 15.5 Cr
Quarter EPS is Rs. 4.5
Share is trading at P/E of 59.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 231.1 Cr (5.9% QoQ, 111.1% YoY) vs QoQ Rs. 218.2 Cr, YoY Rs. 109.5 Cr
EBIDTA came at Rs. 37.1 Cr (5.4% QoQ, 56.3% YoY) vs QoQ Rs. 35.2 Cr, YoY Rs. 23.7 Cr
EBITDA Margin came at 16.1% vs QoQ 16.1%, YoY 21.7%
Adj. PAT came at Rs. 24.5 Cr vs QoQ Rs. 22.4 Cr, YoY Rs. 15.5 Cr
Quarter EPS is Rs. 4.5
Share is trading at P/E of 59.8x FY22E EPS
*JK Paper Ltd.* | *CMP* Rs. 261 | *M Cap* Rs. 4650 Cr | *52 W H/L* 274/86
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 720.1 Cr (-19.8% QoQ, 53.5% YoY) vs QoQ Rs. 898.2 Cr, YoY Rs. 469.2 Cr
EBIDTA came at Rs. 190.3 Cr (-16.7% QoQ, 204.2% YoY) vs QoQ Rs. 228.4 Cr, YoY Rs. 62.6 Cr
EBITDA Margin came at 26.4% vs QoQ 25.4%, YoY 13.3%
Adj. PAT came at Rs. 104 Cr vs QoQ Rs. 135.8 Cr, YoY Rs. 3.5 Cr
Quarter EPS is Rs. 5.8
Share is trading at P/E of 10.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 720.1 Cr (-19.8% QoQ, 53.5% YoY) vs QoQ Rs. 898.2 Cr, YoY Rs. 469.2 Cr
EBIDTA came at Rs. 190.3 Cr (-16.7% QoQ, 204.2% YoY) vs QoQ Rs. 228.4 Cr, YoY Rs. 62.6 Cr
EBITDA Margin came at 26.4% vs QoQ 25.4%, YoY 13.3%
Adj. PAT came at Rs. 104 Cr vs QoQ Rs. 135.8 Cr, YoY Rs. 3.5 Cr
Quarter EPS is Rs. 5.8
Share is trading at P/E of 10.3x FY22E EPS
*Cholamandalam Investment & Finance Company Ltd. -S* | *CMP* Rs. 476 | *M Cap* Rs. 39043 Cr | *52 W H/L* 601/197
(Nirmal Bang Retail Research)
*Result is below expectations*
NII came at Rs. 1363 Cr vs expectation of Rs. 1318 Cr, YoY Rs. 983 Cr, QoQ Rs. 1342 Cr
PBP came at Rs. 993 Cr vs expectation of Rs. 928 Cr, YoY Rs. 637 Cr, QoQ Rs. 828 Cr
Provision came at Rs. 552 Cr vs expectation of Rs. 379 Cr, YoY Rs. 56 Cr, QoQ Rs. 504 Cr
PAT came at Rs. 327 Cr vs expectation of Rs. 394 Cr, YoY Rs. 431 Cr, QoQ Rs. 243 Cr
AUM came at Rs. 75763 Cr vs YoY Rs. 70826 Cr, QoQ Rs. 76529 Cr
Disbursement came at Rs. 3635 Cr vs YoY Rs. 3589 Cr, QoQ Rs. 8071 Cr
Gross NPA (%) came at 6.79% vs QoQ 3.96%
Net NPA (%) came at 3.87% vs QoQ 2.21%
Restructured book stands at 5.44%
Contingent provisions are at Rs. 700 Cr (0.9%)
Quarter EPS is Rs. 4
Share is trading at P/E of 15x FY23E EPS & 4x trailing P/BV
(Nirmal Bang Retail Research)
*Result is below expectations*
NII came at Rs. 1363 Cr vs expectation of Rs. 1318 Cr, YoY Rs. 983 Cr, QoQ Rs. 1342 Cr
PBP came at Rs. 993 Cr vs expectation of Rs. 928 Cr, YoY Rs. 637 Cr, QoQ Rs. 828 Cr
Provision came at Rs. 552 Cr vs expectation of Rs. 379 Cr, YoY Rs. 56 Cr, QoQ Rs. 504 Cr
PAT came at Rs. 327 Cr vs expectation of Rs. 394 Cr, YoY Rs. 431 Cr, QoQ Rs. 243 Cr
AUM came at Rs. 75763 Cr vs YoY Rs. 70826 Cr, QoQ Rs. 76529 Cr
Disbursement came at Rs. 3635 Cr vs YoY Rs. 3589 Cr, QoQ Rs. 8071 Cr
Gross NPA (%) came at 6.79% vs QoQ 3.96%
Net NPA (%) came at 3.87% vs QoQ 2.21%
Restructured book stands at 5.44%
Contingent provisions are at Rs. 700 Cr (0.9%)
Quarter EPS is Rs. 4
Share is trading at P/E of 15x FY23E EPS & 4x trailing P/BV
*Bandhan Bank Ltd.* | *CMP* Rs. 291 | *M Cap* Rs. 46870 Cr | *52 W H/L*
(Nirmal Bang Retail Research)
*Result is in line with expectations*
Net Interest Income came at Rs. 2114 Cr vs expectation of Rs. 1922 Cr, YoY Rs. 1812 Cr, QoQ Rs. 1757 Cr
Non Interest Income came at Rs. 533 Cr vs expectation of Rs. 569 Cr, YoY Rs. 387 Cr, QoQ Rs. 787 Cr
PBP came at Rs. 1871 Cr vs expectation of Rs. 1713 Cr, YoY Rs. 1584 Cr, QoQ Rs. 1729 Cr
Provisions came at Rs. 1375 Cr vs expectation of Rs. 1481 Cr, YoY Rs. 849 Cr, QoQ Rs. 1594 Cr
Adj. PAT came at Rs. 373 Cr vs expectation of Rs. 319 Cr, YoY Rs. 550 Cr, QoQ Rs. 103 Cr
Gross NPA came at Rs. 6440.4 Cr vs QoQ Rs. 5757.8 Cr at 8.18% vs QoQ 6.81%
Net NPA came at Rs. 2458 Cr vs QoQ Rs. 2861 Cr at 3.29% vs QoQ 3.51%
Restructured book is at Rs. 4661 Cr (5.8%) carrying PCR of Rs. 529 Cr
Out of the stressed assets of GNPA + Restructured (14.0% of loans); 21% of customers are non-paying.
SMA book increased to 12.5% vs QoQ 5.3%
Contingent provisions are at just Rs. 323 Cr (0.4%)
Overall CE - Collection Efficiency deteriorated from 96% in March to 80% in June.
Non-MFI CE was at 98% in March and is at 96% in June.
MFI CE has deteriorated significantly from 95% in March to 72% in June.
June CE in MFI for Assam was worst at 49%, WB at 73% and ROI at 85%. Covid restrictions were imposed till mid July in Assam & WB which resulted in lower CE.
Quarter EPS is Rs. 2.3
Share is trading at P/E 9.1x FY23E EPS and trailing P/Adj BV of 3.1x
(Nirmal Bang Retail Research)
*Result is in line with expectations*
Net Interest Income came at Rs. 2114 Cr vs expectation of Rs. 1922 Cr, YoY Rs. 1812 Cr, QoQ Rs. 1757 Cr
Non Interest Income came at Rs. 533 Cr vs expectation of Rs. 569 Cr, YoY Rs. 387 Cr, QoQ Rs. 787 Cr
PBP came at Rs. 1871 Cr vs expectation of Rs. 1713 Cr, YoY Rs. 1584 Cr, QoQ Rs. 1729 Cr
Provisions came at Rs. 1375 Cr vs expectation of Rs. 1481 Cr, YoY Rs. 849 Cr, QoQ Rs. 1594 Cr
Adj. PAT came at Rs. 373 Cr vs expectation of Rs. 319 Cr, YoY Rs. 550 Cr, QoQ Rs. 103 Cr
Gross NPA came at Rs. 6440.4 Cr vs QoQ Rs. 5757.8 Cr at 8.18% vs QoQ 6.81%
Net NPA came at Rs. 2458 Cr vs QoQ Rs. 2861 Cr at 3.29% vs QoQ 3.51%
Restructured book is at Rs. 4661 Cr (5.8%) carrying PCR of Rs. 529 Cr
Out of the stressed assets of GNPA + Restructured (14.0% of loans); 21% of customers are non-paying.
SMA book increased to 12.5% vs QoQ 5.3%
Contingent provisions are at just Rs. 323 Cr (0.4%)
Overall CE - Collection Efficiency deteriorated from 96% in March to 80% in June.
Non-MFI CE was at 98% in March and is at 96% in June.
MFI CE has deteriorated significantly from 95% in March to 72% in June.
June CE in MFI for Assam was worst at 49%, WB at 73% and ROI at 85%. Covid restrictions were imposed till mid July in Assam & WB which resulted in lower CE.
Quarter EPS is Rs. 2.3
Share is trading at P/E 9.1x FY23E EPS and trailing P/Adj BV of 3.1x
*Jindal Saw Ltd. - S* | *CMP* Rs. 139 | *M Cap* Rs. 4445 Cr | *52 W H/L* 148/54
(Nirmal Bang Retail Research)
*Result ok*
Volume came at 0.62 mnt vs QoQ 0.74 mnt, YoY 0.39 mnt
Revenue from Operations came at Rs. 2417.4 Cr (-23.9% QoQ, 79.6% YoY) vs QoQ Rs. 3175.8 Cr, YoY Rs. 1346 Cr
Realisation/T came at Rs 38740 Cr vs QoQ 42881 Cr, YoY Rs 34214 Cr
EBIDTA came at Rs. 354.5 Cr (-9.6% QoQ, 134.7% YoY) vs QoQ Rs. 392.2 Cr, YoY Rs. 151.1 Cr
EBITDA/T came at Rs 5682 Cr vs QoQ Rs 5295 Cr, YoY Rs 3840 Cr
EBITDA Margin came at 14.7% vs QoQ 12.3%, YoY 11.2%
Adj. PAT came at Rs. 148.3 Cr vs QoQ Rs. 176.4 Cr, YoY Rs. 10 Cr
Quarter EPS is Rs. 4.6
Share is trading at EV/EBITDA of 5.12x FY23E EBITDA
(Nirmal Bang Retail Research)
*Result ok*
Volume came at 0.62 mnt vs QoQ 0.74 mnt, YoY 0.39 mnt
Revenue from Operations came at Rs. 2417.4 Cr (-23.9% QoQ, 79.6% YoY) vs QoQ Rs. 3175.8 Cr, YoY Rs. 1346 Cr
Realisation/T came at Rs 38740 Cr vs QoQ 42881 Cr, YoY Rs 34214 Cr
EBIDTA came at Rs. 354.5 Cr (-9.6% QoQ, 134.7% YoY) vs QoQ Rs. 392.2 Cr, YoY Rs. 151.1 Cr
EBITDA/T came at Rs 5682 Cr vs QoQ Rs 5295 Cr, YoY Rs 3840 Cr
EBITDA Margin came at 14.7% vs QoQ 12.3%, YoY 11.2%
Adj. PAT came at Rs. 148.3 Cr vs QoQ Rs. 176.4 Cr, YoY Rs. 10 Cr
Quarter EPS is Rs. 4.6
Share is trading at EV/EBITDA of 5.12x FY23E EBITDA
*Shriram Transport Finance Ltd. -S* | *CMP* Rs. 1391 | *M Cap* Rs. 37146 Cr | *52 W H/L* 1535/556
(Nirmal Bang Retail Research)
*Result has improved* - Asset quality stress seems to be managed well compared to peers and is of transient nature.
NII came at Rs. 2150 Cr vs expectation of Rs. 2163 Cr, YoY Rs. 1874 Cr, QoQ Rs. 2206 Cr
PBP came at Rs. 1674 Cr vs expectation of Rs. 1531 Cr, YoY Rs. 1495 Cr, QoQ Rs. 1662 Cr
Provision came at Rs. 1440 Cr vs expectation of Rs. 823 Cr, YoY Rs. 1065 Cr, QoQ Rs. 724 Cr
PAT came at Rs. 170 Cr vs expectation of Rs. 548 Cr, YoY Rs. 320 Cr, QoQ Rs. 755 Cr
AUM came at Rs. 119301 Cr vs YoY Rs. 111756 Cr, QoQ Rs. 117243 Cr
Gross NPA came at Rs. 9658 Cr vs QoQ Rs. 8295 Cr at 8.2% vs QoQ 7.1% (Chola declined to 6.8% vs QoQ 4.0%)
Net NPA came at Rs. 5394 Cr vs QoQ Rs. 4807 Cr at 4.7% vs QoQ 4.2% (Chola declined to 3.9% vs QoQ 2.2%)
Restructured book is at Rs. 343 Cr (0.3%) vs 5.4% in case of Chola
Contingent provisions seem healthy at Rs. 2852 Cr (2.4%) compared to 0.9% for Chola
Collections for the months of April 2021, May 2021 and June 2021 were 92 %, 87% and 94% of the Demand respectively
Quarter EPS is Rs. 6.4
Share is trading at P/E of 9.4x FY23E EPS & 1.7x trailing P/BV
(Nirmal Bang Retail Research)
*Result has improved* - Asset quality stress seems to be managed well compared to peers and is of transient nature.
NII came at Rs. 2150 Cr vs expectation of Rs. 2163 Cr, YoY Rs. 1874 Cr, QoQ Rs. 2206 Cr
PBP came at Rs. 1674 Cr vs expectation of Rs. 1531 Cr, YoY Rs. 1495 Cr, QoQ Rs. 1662 Cr
Provision came at Rs. 1440 Cr vs expectation of Rs. 823 Cr, YoY Rs. 1065 Cr, QoQ Rs. 724 Cr
PAT came at Rs. 170 Cr vs expectation of Rs. 548 Cr, YoY Rs. 320 Cr, QoQ Rs. 755 Cr
AUM came at Rs. 119301 Cr vs YoY Rs. 111756 Cr, QoQ Rs. 117243 Cr
Gross NPA came at Rs. 9658 Cr vs QoQ Rs. 8295 Cr at 8.2% vs QoQ 7.1% (Chola declined to 6.8% vs QoQ 4.0%)
Net NPA came at Rs. 5394 Cr vs QoQ Rs. 4807 Cr at 4.7% vs QoQ 4.2% (Chola declined to 3.9% vs QoQ 2.2%)
Restructured book is at Rs. 343 Cr (0.3%) vs 5.4% in case of Chola
Contingent provisions seem healthy at Rs. 2852 Cr (2.4%) compared to 0.9% for Chola
Collections for the months of April 2021, May 2021 and June 2021 were 92 %, 87% and 94% of the Demand respectively
Quarter EPS is Rs. 6.4
Share is trading at P/E of 9.4x FY23E EPS & 1.7x trailing P/BV