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*Bajaj Auto July 2021 Sales – In line with expectation*
(Nirmal Bang Retail Research)
Total Sales came at 369116 units vs expectation of 378244 units, YoY 255832 units (44%) and MoM 346136 units (7%)

*Maruti Suzuki July 2021 Sales – in line with expectation*
(Nirmal Bang Retail Research)
Total Sales (Domestic+Exports) came at 162462 units vs expectation of 160218 units, YoY 108064 units (50%) and MoM 147368 units (10%)

*Housing Development Finance Corporation Ltd. -S* | *CMP* Rs. 2438 | *M Cap* Rs. 440243 Cr | *52 W H/L* 2938/1623
(Nirmal Bang Retail Research)
*Result is above expectations* due to healthy collection efficiency for the month of June
Interest income came at Rs. 10523.4 Cr, YoY Rs. 10790.7 Cr, QoQ Rs. 10446 Cr
NII came at Rs. 4001.4 Cr, YoY Rs. 2973.6 Cr, QoQ Rs. 3880.1 Cr
Profit on sale of Investments came at Rs. 251.7 Cr, YoY Rs. 1241.2 Cr, QoQ Rs. 0 Cr
PBP came at Rs. 4590.6 Cr vs expectation of Rs. 3916 Cr, YoY Rs. 3467.2 Cr, QoQ Rs. 3470.2 Cr
Provision came at Rs. 686 Cr vs expectation of Rs. 838.8 Cr, YoY Rs. 1199 Cr, QoQ Rs. 719 Cr
PAT came at Rs. 3000.7 Cr vs expectation of Rs. 2605.1 Cr, YoY Rs. 3051.5 Cr, QoQ Rs. 3179.8 Cr
O/s Loan Book came at Rs. 574136 Cr vs YoY Rs. 531555 Cr, QoQ Rs. 569894 Cr
Gross NPA (%) came at 2.24% vs QoQ 1.98%
Net NPA (%) came at 1.01% vs QoQ 0.96%
*The overall collection efficiency ratio for individual loans has improved during the month of June 21 to pre-COVID levels. The collection efficiency for individual loans on a cumulative basis in June 2021 stood at 98.3% compared to 98.0% in March 2021*
Quarter EPS is Rs. 16.6
Share is trading at P/E of 28.7x FY23E EPS & 3.9x trailing P/BV

*Varun Beverages Ltd.* | *CMP* Rs. 805 | *M Cap* Rs. 34859 Cr | *52 W H/L* 919/430
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 2483 Cr (10.8% QoQ, 51.4% YoY) vs expectation of Rs. 2212.7 Cr, QoQ Rs. 2240.9 Cr, YoY Rs. 1640.2 Cr
EBIDTA came at Rs. 570.8 Cr (49.6% QoQ, 51.1% YoY) vs expectation of Rs. 511.2 Cr, QoQ Rs. 381.6 Cr, YoY Rs. 377.7 Cr
EBITDA Margin came at 23% vs expectation of 23.1%, QoQ 17%, YoY 23%
Adj. PAT came at Rs. 308.2 Cr vs expectation of Rs. 236.6 Cr, QoQ Rs. 129.3 Cr, YoY Rs. 140.8 Cr
Quarter EPS is Rs. 7.1
Share is trading at P/E of 37.2x FY22E EPS

*Cholamandalam Q1FY22 Concall Update*
(Nirmal Bang Securities)

*Deterioration in asset quality is transient; expect improvement from next qtr*

*Outlook: Positive in long term*

• The result is below expectations on account of deterioration in asset quality as many Southern & Eastern states were under lockdowns in June which impacted collections as well as disbursements.
• Provision came at Rs. 552 Cr (2.9%) vs expectation of Rs. 379 Cr (2.0%), YoY Rs. 56 Cr (0.3%), QoQ Rs. 504 Cr (2.6%)
• GNPA came at 6.79% vs QoQ 3.96%. 80% customers of GNPA customers are honouring July months dues.
• Restructured book stands at 5.44%. Almost 60% of customers have paid last 2 installments.
• Contingent provisions are at Rs. 700 Cr (0.9%).
• Co is aiming to restrict credit cost to below that of last year (i.e. 1.7%).
• NCR and TN are the biggest business areas for the co.
• AUM came at Rs. 75763 Cr (+7% YoY, -1% QoQ).
• Disbursement came at Rs. 3635 Cr vs YoY Rs. 3589 Cr, QoQ Rs. 8071 Cr. Co is confident of growing its disbursements at 10-15% higher than industry growth. Also MHCV industry growth trends for the month of July are healthy.
• Liquidity is at Rs. 16,400 Cr.

Stock is trading at P/E of 15x FY23E EPS & 4x trailing P/BV

*Britannia – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*

The stock is trading at 39.8x FY23E consensus earnings

• Continue to gain market share
• This time Rural was hit badly
• Crude oil prices have moved up though palm oil has started correcting
• As a company, were cautious in price increases but aggressive on cost efficiencies, hemce improved profitability despite the inflationary pressures (of around 6-7% + 1-2% on account of higher fuel cost)
• *Will continue to drive cost efficiencies & take judicious price increases, to manage profitability*
• Nepal continues to grow in double digit – 26% yoy
• Milk collection is 50k a day now, 2x of last year
• 90% there on field in terms of marketing
• Prices hikes have already been negated by inflation
• Have already applied under PLI scheme

Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: Aug 3, 2021 08:45 AM India
Topic: Morning Market Update

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_bkto-lRbRe6KwH6y49jlYg


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*NMDC*: Iron Ore production for July came at 3.06 mnt up by 3% MoM, 40% YoY
Sales volume for July came at 3.29 mnt up by 3% MoM, 28% YoY

*Emami Ltd.* | *CMP* Rs. 569 | *M Cap* Rs. 25293 Cr | *52 W H/L* 579/235
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 661 Cr (-9.6% QoQ, 37.3% YoY) vs expectation of Rs. 643 Cr, QoQ Rs. 730.8 Cr, YoY Rs. 481.3 Cr
EBIDTA came at Rs. 169.7 Cr (4.2% QoQ, 38% YoY) vs expectation of Rs. 154.8 Cr, QoQ Rs. 162.8 Cr, YoY Rs. 123 Cr
EBITDA Margin came at 25.7% vs expectation of 24.1%, QoQ 22.3%, YoY 25.5%
Adj. PAT came at Rs. 77.8 Cr vs expectation of Rs. 93.4 Cr, QoQ Rs. 87.7 Cr, YoY Rs. 39.6 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 36.2x FY22E EPS

*Kalyani Steels Ltd.* | *CMP* Rs. 458 | *M Cap* Rs. 2000 Cr | *52 W H/L* 466/197
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 389.7 Cr (3.3% QoQ, 221.6% YoY) vs QoQ Rs. 377.2 Cr, YoY Rs. 121.2 Cr
EBIDTA came at Rs. 95.7 Cr (-7.8% QoQ, 569.4% YoY) vs QoQ Rs. 103.8 Cr, YoY Rs. 14.3 Cr
EBITDA Margin came at 24.6% vs QoQ 27.5%, YoY 11.8%
Adj. PAT came at Rs. 69.9 Cr vs QoQ Rs. 75.9 Cr, YoY Rs. 8.8 Cr
Quarter EPS is Rs. 16
Share is trading at P/E of 8x TTM EPS

*Ashok Leyland July 2021 Sales – Marginally below expectation*
(Nirmal Bang Retail Research)
Total Sales came at 8650 units vs expectation of 9750 units, YoY 4775 units (81%) and MoM 6448 units (34%)

*Mahindra & Mahindra July 2021 Sales – In line with expectation*
(Nirmal Bang Retail Research)
Auto segment came at 42983 units vs expectation of 35087 units, YoY 25678 units (67%) and MoM 32964 units (30%)
Tractor segment came at 27229 units vs expectation of 31684 units, YoY 25402 units (7%) and MoM 48222 units (-44%)
Total Sales (Auto+Tractors) came at 70212 units vs expectation of 66771 units, YoY 51080 units (37%) and MoM 81186 units (-14%)

*TVS Motor July 2021 Sales – In line with expectation*
(Nirmal Bang Retail Research)
Total Sales (2W+3W) came at 278855 units vs expectation of 284350 units, YoY 252744 units (10%) and MoM 251886 units (11%)

*Carborundum Universal Ltd.* | *CMP* Rs. 717 | *M Cap* Rs. 13595 Cr | *52 W H/L* 717/232
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 711.6 Cr (-5.9% QoQ, 58.3% YoY) vs expectation of Rs. 731.5 Cr, QoQ Rs. 756.6 Cr, YoY Rs. 449.6 Cr
EBIDTA came at Rs. 118.2 Cr (-25.4% QoQ, 172.5% YoY) vs expectation of Rs. 122.8 Cr, QoQ Rs. 158.5 Cr, YoY Rs. 43.4 Cr
EBITDA Margin came at 16.6% vs expectation of 16.8%, QoQ 20.9%, YoY 9.6%
Adj. PAT came at Rs. 77.1 Cr vs expectation of Rs. 78.6 Cr, QoQ Rs. 104.9 Cr, YoY Rs. 19.7 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 38.5x FY22E EPS

*Atul Auto July 2021 Sales – continued to remain weak*
(Nirmal Bang Retail Research)
Sales came at 1305 vs YoY 1241 units (5%) and MoM 724 units (80%)