*Honeywell Automation India Ltd.* | *CMP* Rs. 41403 | *M Cap* Rs. 36607 Cr | *52 W H/L* 49805/27124
(Nirmal Bang Retail Research)
*Result is below expectation*
Revenue from Operations came at Rs. 683.2 Cr (1.6% QoQ, -7.2% YoY) vs expectation of Rs. 764.1 Cr, QoQ Rs. 672.7 Cr, YoY Rs. 736.2 Cr
EBIDTA came at Rs. 116.7 Cr (-9.7% QoQ, -8.8% YoY) vs expectation of Rs. 151.6 Cr, QoQ Rs. 129.2 Cr, YoY Rs. 127.9 Cr
EBITDA Margin came at 17.1% vs expectation of 19.8%, QoQ 19.2%, YoY 17.4%
Adj. PAT came at Rs. 91.5 Cr vs expectation of Rs. 118.4 Cr, QoQ Rs. 104 Cr, YoY Rs. 98.1 Cr
Quarter EPS is Rs. 103.5
Share is trading at P/E of 61.8x FY22E EPS

*ITD Cementation India Ltd.* | *CMP* Rs. 83 | *M Cap* Rs. 1426 Cr | *52 W H/L* 98/42
(Nirmal Bang Retail Research)
*Result is above expectation*
Revenue from Operations came at Rs. 825.5 Cr (-16.1% QoQ, 106.7% YoY) vs expectation of Rs. 716.9 Cr, QoQ Rs. 983.9 Cr, YoY Rs. 399.4 Cr
EBIDTA came at Rs. 82.2 Cr (-27.7% QoQ, 178.2% YoY) vs expectation of Rs. 65.5 Cr, QoQ Rs. 113.8 Cr, YoY Rs. 29.6 Cr
EBITDA Margin came at 10% vs expectation of 9.1%, QoQ 11.6%, YoY 7.4%
Adj. PAT came at Rs. 17.9 Cr vs expectation of Rs. 13.4 Cr, QoQ Rs. 52.5 Cr, YoY Rs. -17 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 12.8x FY22E EPS

*NCC Ltd.* | *CMP* Rs. 89 | *M Cap* Rs. 5446 Cr | *52 W H/L* 100/30
(Nirmal Bang Retail Research)
*Result is marginally below expectation*
Revenue from Operations came at Rs. 1892.6 Cr (-27.7% QoQ, 60.6% YoY) vs expectation of Rs. 1978.2 Cr, QoQ Rs. 2617.7 Cr, YoY Rs. 1178.8 Cr
EBIDTA came at Rs. 199.7 Cr (-31.1% QoQ, 72.7% YoY) vs expectation of Rs. 218.9 Cr, QoQ Rs. 289.7 Cr, YoY Rs. 115.6 Cr
EBITDA Margin came at 10.6% vs expectation of 11.1%, QoQ 11.1%, YoY 9.8%
Adj. PAT came at Rs. 51.7 Cr vs expectation of Rs. 64.2 Cr, QoQ Rs. 115.5 Cr, YoY Rs. 16.9 Cr
Quarter EPS is Rs. 0.8
Share is trading at P/E of 13.4x FY22E EPS

*Gujarat Gas Ltd.* | *CMP* Rs. 772 | *M Cap* Rs. 53144 Cr | *52 W H/L* 772/281
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3010.9 Cr (-12.2% QoQ, 178% YoY) vs expectation of Rs. 3016.8 Cr, QoQ Rs. 3428.9 Cr, YoY Rs. 1082.9 Cr
EBIDTA came at Rs. 722.9 Cr (30.4% QoQ, 289.2% YoY) vs expectation of Rs. 540.2 Cr, QoQ Rs. 554.3 Cr, YoY Rs. 185.7 Cr
EBITDA Margin came at 24% vs expectation of 17.9%, QoQ 16.2%, YoY 17.2%
Adj. PAT came at Rs. 476.2 Cr vs expectation of Rs. 346.2 Cr, QoQ Rs. 349.9 Cr, YoY Rs. 58.7 Cr
Quarter EPS is Rs. 6.9
Share is trading at P/E of 35.3x FY22E EPS

*Accelya Solutions India Ltd.* | *CMP* Rs. 1394 | *M Cap* Rs. 2081 Cr | *52 W H/L* 1539/772
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 85.7 Cr (15.6% QoQ, 36.4% YoY) vs QoQ Rs. 74.2 Cr, YoY Rs. 62.8 Cr
EBIDTA came at Rs. 32 Cr (59.2% QoQ, 181.6% YoY) vs QoQ Rs. 20.1 Cr, YoY Rs. 11.4 Cr
EBITDA Margin came at 37.3% vs QoQ 27.1%, YoY 18.1%
Adj. PAT came at Rs. 18.4 Cr vs QoQ Rs. 10.9 Cr, YoY Rs. 3.6 Cr
Quarter EPS is Rs. 12.3
Share is trading at P/E of 49.3x TTM EPS