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HOS

*Karur Vysya Bank Ltd.* | *CMP* Rs. 47 | *M Cap* Rs. 3784 Cr | *52 W H/L* 65/29
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Net Interest Income came at Rs. 638 Cr vs expectation of Rs. 618 Cr, YoY Rs. 562 Cr, QoQ Rs. 613 Cr
Non Interest Income came at Rs. 220 Cr vs expectation of Rs. 226 Cr, YoY Rs. 317 Cr, QoQ Rs. 216 Cr
PBP came at Rs. 429 Cr vs expectation of Rs. 346 Cr, YoY Rs. 474 Cr, QoQ Rs. 250 Cr
Provisions came at Rs. 264 Cr vs expectation of Rs. 214 Cr, YoY Rs. 338 Cr, QoQ Rs. 71 Cr
Adj. PAT came at Rs. 109 Cr vs expectation of Rs. 108 Cr, YoY Rs. 106 Cr, QoQ Rs. 104 Cr
Gross NPA came at Rs. 4168 Cr vs QoQ Rs. 4143 Cr at 7.97% vs QoQ 7.85%
Net NPA came at Rs. 1845 Cr vs QoQ Rs. 1719 Cr at 3.69% vs QoQ 3.41%
Quarter EPS is Rs. 1.4
Share is trading at P/E of 5x FY23E EPS & 0.7x trailing P/Adj. BV

*H.G. Infra Engineering Ltd.* | *CMP* Rs. 591 | *M Cap* Rs. 3852 Cr | *52 W H/L* 591/151
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 911.7 Cr (-11.3% QoQ, 206% YoY) vs QoQ Rs. 1027.8 Cr, YoY Rs. 297.9 Cr
EBIDTA came at Rs. 151.6 Cr (-9% QoQ, 208.5% YoY) vs QoQ Rs. 166.5 Cr, YoY Rs. 49.1 Cr
EBITDA Margin came at 16.6% vs QoQ 16.2%, YoY 16.5%
Adj. PAT came at Rs. 88.9 Cr vs QoQ Rs. 97.7 Cr, YoY Rs. 15.1 Cr
Quarter EPS is Rs. 13.6
Share is trading at P/E of 13.5x TTM EPS

*Bosch Ltd.* | *CMP* Rs. 15014 | *M Cap* Rs. 44281 Cr | *52 W H/L* 16900/11265
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 2443.5 Cr (-24.1% QoQ, 146.4% YoY) vs expectation of Rs. 2221.8 Cr, QoQ Rs. 3217.7 Cr, YoY Rs. 991.5 Cr
EBIDTA came at Rs. 306.6 Cr (-50.5% QoQ, -400.4% YoY) vs expectation of Rs. 213.7 Cr, QoQ Rs. 619.1 Cr, YoY Rs. -102.1 Cr
EBITDA Margin came at 12.5% vs expectation of 9.6%, QoQ 19.2%, YoY -10.3%
Adj. PAT came at Rs. 259.8 Cr vs expectation of Rs. 196.8 Cr, QoQ Rs. 482 Cr, YoY Rs. 76.7 Cr
Quarter EPS is Rs. 88.1
Share is trading at P/E of 33.4x FY22E EPS

*PNB Housing Finance Ltd. -S* | *CMP* Rs. 720 | *M Cap* Rs. 12133 Cr | *52 W H/L* 925/194
(Nirmal Bang Retail Research)
*Result has improved* due to lower credit costs
Asset quality details are awaited
NII came at Rs. 508.5 Cr vs YoY Rs. 438 Cr, QoQ Rs. 519.8 Cr
PBP came at Rs. 474.8 Cr vs YoY Rs. 404.6 Cr, QoQ Rs. 538.7 Cr
Provision came at Rs. 159.5 Cr vs YoY Rs. 75.1 Cr, QoQ Rs. 350.6 Cr
PAT came at Rs. 243.3 Cr vs YoY Rs. 257.2 Cr, QoQ Rs. 127 Cr
Quarter EPS is Rs. 14.4
Share is trading at P/E of 11.2x FY23E EPS & 1.3x trailing P/BV

*Godrej Consumer Products Ltd.* | *CMP* Rs. 1000 | *M Cap* Rs. 102249 Cr | *52 W H/L* 1008/641
(Nirmal Bang Retail Research)
Volumes came at 15% vs expectation of 12%, QoQ 29%, YoY 3%
*Result is marginally above expectations*
Revenue from Operations came at Rs. 2894.5 Cr (6% QoQ, 24.4% YoY) vs expectation of Rs. 2801.4 Cr, QoQ Rs. 2730.7 Cr, YoY Rs. 2327.3 Cr
EBIDTA came at Rs. 600 Cr (4.4% QoQ, 26.9% YoY) vs expectation of Rs. 565.7 Cr, QoQ Rs. 574.8 Cr, YoY Rs. 472.7 Cr
EBITDA Margin came at 20.7% vs expectation of 20.2%, QoQ 21%, YoY 20.3%
Adj. PAT came at Rs. 413.7 Cr vs expectation of Rs. 395.5 Cr, QoQ Rs. 429.7 Cr, YoY Rs. 381.7 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 52.8x FY22E EPS

BHARTI AIRTEL: CO EXEC SAYS NETWORK FULLY READY FOR 5G ROLL OUT

*Chambal Fertilisers and Chemicals Ltd.* | *CMP* Rs. 321 | *M Cap* Rs. 13360 Cr | *52 W H/L* 322/133
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3539.5 Cr (115.7% QoQ, 10% YoY) vs expectation of Rs. 3152.1 Cr, QoQ Rs. 1640.8 Cr, YoY Rs. 3218.7 Cr
EBIDTA came at Rs. 581.2 Cr (74% QoQ, -1.5% YoY) vs expectation of Rs. 536.9 Cr, QoQ Rs. 334 Cr, YoY Rs. 590.2 Cr
EBITDA Margin came at 16.4% vs expectation of 17%, QoQ 20.4%, YoY 18.3%
Adj. PAT came at Rs. 381.3 Cr vs expectation of Rs. 335.3 Cr, QoQ Rs. 110 Cr, YoY Rs. 298.8 Cr
Quarter EPS is Rs. 9.2
Share is trading at P/E of 9.1x FY22E EPS

*Solara Active Pharma Sciences Ltd.* | *CMP* Rs. 1775 | *M Cap* Rs. 6378 Cr | *52 W H/L* 1860/640
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 405.6 Cr (-8.7% QoQ, 16.4% YoY) vs expectation of Rs. 500.1 Cr, QoQ Rs. 444.2 Cr, YoY Rs. 348.4 Cr
EBIDTA came at Rs. 91.4 Cr (-7.8% QoQ, 9.1% YoY) vs expectation of Rs. 121 Cr, QoQ Rs. 99.1 Cr, YoY Rs. 83.8 Cr
EBITDA Margin came at 22.5% vs expectation of 24.2%, QoQ 22.3%, YoY 24.1%
Adj. PAT came at Rs. 50.7 Cr vs expectation of Rs. 67.1 Cr, QoQ Rs. 56.7 Cr, YoY Rs. 42.3 Cr
Quarter EPS is Rs. 14.1
Share is trading at P/E of 22.8x FY22E EPS

*Bharat Bijlee Ltd.* | *CMP* Rs. 1470 | *M Cap* Rs. 831 Cr | *52 W H/L* 1514/650
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 288 Cr (-0.7% QoQ, 297.3% YoY) vs QoQ Rs. 290.1 Cr, YoY Rs. 72.5 Cr
EBIDTA came at Rs. 22 Cr (54.5% QoQ, -292.6% YoY) vs QoQ Rs. 14.2 Cr, YoY Rs. -11.4 Cr
EBITDA Margin came at 7.6% vs QoQ 4.9%, YoY -15.8%
Adj. PAT came at Rs. 13.7 Cr vs QoQ Rs. 13.1 Cr, YoY Rs. -8.7 Cr
Quarter EPS is Rs. 24.2
Share is trading at P/E of 17.1x TTM EPS

*Tata Steel BSL Ltd.* | *CMP* Rs. 99 | *M Cap* Rs. 10791 Cr | *52 W H/L* 110/19
(Nirmal Bang Retail Research)
*Result Improved*
Volume came at 1.12 mnt vs QoQ 1.19 mnt, YoY 0.7
Revenue from Operations came at Rs. 7858.3 Cr (7.3% QoQ, 191.4% YoY) vs QoQ Rs. 7321.1 Cr, YoY Rs. 2697 Cr
Realisation/T came at Rs 65403 Cr vs QoQ Rs 56780 Cr, YoY Rs 35923 Cr
EBIDTA came at Rs. 3103.5 Cr (20.8% QoQ, 2008.5% YoY) vs QoQ Rs. 2569.5 Cr, YoY Rs. 147.2 Cr
EBITDA/T came at Rs 27734 Cr vs QoQ 21538 Cr, YoY Rs 2103 Cr
EBITDA Margin came at 39.5% vs QoQ 35.1%, YoY 5.5%
Adj. PAT came at Rs. 2478 Cr vs QoQ Rs. 1913.4 Cr, YoY Rs. -650.1 Cr
Quarter EPS is Rs. 22.7
Share is trading at P/E of 1.9x TTM EPS

*Blue Star Ltd.* | *CMP* Rs. 837 | *M Cap* Rs. 8064 Cr | *52 W H/L* 1025/475
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1052 Cr (-34.7% QoQ, 68.1% YoY) vs expectation of Rs. 1120.1 Cr, QoQ Rs. 1611.6 Cr, YoY Rs. 626 Cr
EBIDTA came at Rs. 42.2 Cr (-58.5% QoQ, 3005.1% YoY) vs expectation of Rs. 64.5 Cr, QoQ Rs. 101.8 Cr, YoY Rs. 1.4 Cr
EBITDA Margin came at 4% vs expectation of 5.8%, QoQ 6.3%, YoY 0.2%
Adj. PAT came at Rs. 12.7 Cr vs expectation of Rs. 26.6 Cr, QoQ Rs. 68 Cr, YoY Rs. -19.7 Cr
Quarter EPS is Rs. 1.3
Share is trading at P/E of 43.9x FY22E EPS

*State Bank of India Ltd.* | *CMP* Rs. 454 | *M Cap* Rs. 405177 Cr | *52 W H/L* 442/176
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 27638 Cr vs expectation of Rs. 28804 Cr, YoY Rs. 26642 Cr, QoQ Rs. 27071 Cr
Non Interest Income came at Rs. 11803 Cr vs expectation of Rs. 9885 Cr, YoY Rs. 7957 Cr, QoQ Rs. 16225 Cr
PBP came at Rs. 18975 Cr vs expectation of Rs. 17187 Cr, YoY Rs. 16521 Cr, QoQ Rs. 19700 Cr
Provisions came at Rs. 10052 Cr vs expectation of Rs. 8453 Cr, YoY Rs. 12501 Cr, QoQ Rs. 11051 Cr
Adj. PAT came at Rs. 6504 Cr vs expectation of Rs. 5399 Cr, YoY Rs. 4189 Cr, QoQ Rs. 6451 Cr
Gross NPA came at Rs. 134260 Cr vs QoQ Rs. 126389 Cr at 5.32% vs QoQ 4.98%
Net NPA came at Rs. 43153 Cr vs QoQ Rs. 36810 Cr at 1.77% vs QoQ 1.5%
Contingent provisions stand at Rs. 9065 Cr (37 bps)
Slippages came at Rs. 15666 Cr vs QoQ Rs. 5473 Cr at 2.58% vs QoQ 0.89%. Expectation was for Rs. 9,500-10,000 Cr.
Quarter EPS is Rs. 7
Share is trading at P/E of 10x FY23E EPS & 1.4x trailing P/Adj. BV

SBI says significant amount of Q1 slippages already pulled back in July. *Positive*

Daily Market Highlights | 4th August 2021 📊

NIFTY50: ₹16,258.80 | +0.79%

Top Gainers 📈

HDFC: +4.59%
KOTAKBANK: +3.89%
ICICIBANK: +3.14%
SBIN: +2.16%
HDFCBANK: +2.15%

Top Losers 📉

GRASIM: -2.47%
TITAN: -2.13%
TATAMOTORS: -1.84%
ADANIPORTS: -1.64%
HINDALCO: -1.58%

*TATA COMMUNICATIONS LTD.* | *CMP* Rs. 1505 | *M Cap* Rs. 42893 Cr | *52 W H/L* 1505/666
(Nirmal Bang Retail Research)
*Result inline with expectation*
Revenue from Operations came at Rs. 4102.8 Cr (0.7% QoQ, -6.8% YoY) vs expectation of Rs. 4131.5 Cr, QoQ Rs. 4073.3 Cr, YoY Rs. 4402.9 Cr
EBIDTA came at Rs. 986.1 Cr (-2.9% QoQ, -5.3% YoY) vs expectation of Rs. 1030.9 Cr, QoQ Rs. 1015.2 Cr, YoY Rs. 1041.8 Cr Lower (EBITDA in Q1FY22 is on account of Rs.33cr licensing fees provision)
EBITDA Margin came at 24% vs expectation of 25%, QoQ 24.9%, YoY 23.7%
Adj. PAT came at Rs. 290.5 Cr vs expectation of Rs. 0 Cr, QoQ Rs. 298.1 Cr, YoY Rs. 268.3 Cr
Quarter EPS is Rs. 10.2
Share is trading at 10x EV/EBITDA of FY23 EBITDA

*Borosil Renewables Ltd.* | *CMP* Rs. 302 | *M Cap* Rs. 3930 Cr | *52 W H/L* 329/66
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 136.1 Cr (-29.8% QoQ, 151.8% YoY) vs QoQ Rs. 194 Cr, YoY Rs. 54.1 Cr
EBIDTA came at Rs. 61.8 Cr (-40.4% QoQ, 546.9% YoY) vs QoQ Rs. 103.7 Cr, YoY Rs. 9.6 Cr
EBITDA Margin came at 45.4% vs QoQ 53.4%, YoY 17.7%
Adj. PAT came at Rs. 39.6 Cr vs QoQ Rs. 66.9 Cr, YoY Rs. -1.9 Cr
Quarter EPS is Rs. 3
Share is trading at P/E of 30x TTM EPS