*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
*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
After registering, you will receive a confirmation email containing information about joining the webinar.
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
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…
*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
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
(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
(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%)
(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%)
(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%)
(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
(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%)
(Nirmal Bang Retail Research)
Sales came at 1305 vs YoY 1241 units (5%) and MoM 724 units (80%)
Daily Market Highlights | 2nd August 2021 📊
NIFTY50: ₹15,885.15 | +0.77%
Top Gainers 📈
TITAN: +3.58%
SHREECEM: +3.52%
BPCL: +3.05%
ADANIPORTS: +2.93%
EICHERMOT: +2.89%
Top Losers 📉
UPL: -2.25%
TATASTEEL: -1.49%
BAJAJFINSV: -0.62%
BAJFINANCE: -0.41%
TECHM: -0.29%
NIFTY50: ₹15,885.15 | +0.77%
Top Gainers 📈
TITAN: +3.58%
SHREECEM: +3.52%
BPCL: +3.05%
ADANIPORTS: +2.93%
EICHERMOT: +2.89%
Top Losers 📉
UPL: -2.25%
TATASTEEL: -1.49%
BAJAJFINSV: -0.62%
BAJFINANCE: -0.41%
TECHM: -0.29%