Cipla Q1 First Cut – Ebitda and Ebitda margin above estimates

·         Net profit Rs710cr (up 25% YoY) – Expectation Rs618c

·         Ebitda margin 24.5% vs 24.1% (YoY)– expectation 19.3%

·         Ebitda Rs1346cr (up 28% YoY) – expectation Rs1068cr

·         Income Rs5504cr (up 27% YoY) – Expectation Rs5533cr

RBI projects Consumer Price Inflation at 5.7% for FY22, 5.1% for FY23… RBI to extend deadline for on-tap TLTRO plan to December 31, 2021

 

·         The Reserve Bank of India (RBI) has projected the Consumer Price Inflation (CPI) at 5.7 percent for the financial year 2022 and 5.1 percent for FY23, governor Shaktikanta Das announced while discussing the outcomes of the third bi-monthly policy meet for the financial year 2021-22.

·         The RBI's Monetary Policy Committee unanimously voted to keep the repo rates unchanged at 4 percent until necessary to prioritise growth and keep the financial system in India healthy.

·         RBI to extend deadline for on-tap TLTRO plan to December 31, 2021

·         RBI to amend rules related to export credit in Foreign Currency

*Ratnamani Metals & Tubes Ltd.* | *CMP* Rs. 2143 | *M Cap* Rs. 10013 Cr | *52 W H/L* 2147/1025
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 526 Cr (-24.4% QoQ, -9% YoY) vs expectation of Rs. 581.3 Cr, QoQ Rs. 696.1 Cr, YoY Rs. 578.1 Cr
EBIDTA came at Rs. 84.6 Cr (-46.8% QoQ, 14.8% YoY) vs expectation of Rs. 96.6 Cr, QoQ Rs. 158.8 Cr, YoY Rs. 73.6 Cr
EBITDA Margin came at 16.1% vs expectation of 16.6%, QoQ 22.8%, YoY 12.7%
Adj. PAT came at Rs. 50.2 Cr vs expectation of Rs. 62.6 Cr, QoQ Rs. 109.4 Cr, YoY Rs. 49.7 Cr
Quarter EPS is Rs. 10.7
Share is trading at EV/EBITDA of 15.99 FY23E EBITDA

*Steel Authority Of India Ltd.* | *CMP* Rs. 141 | *M Cap* Rs. 58261 Cr | *52 W H/L* 151/33
(Nirmal Bang Retail Research)
Steel Volume came at 3.33mnt vs QoQ 4.42mnt, YoY 4.46mnt
*Result marginally above expectation*
Revenue from Operations came at Rs. 20642.4 Cr (-11.4% QoQ, 127.7% YoY) vs expectation of Rs. 20519.3 Cr, QoQ Rs. 23286 Cr, YoY Rs. 9067.5 Cr
Realisation/T came at Rs 62045 Cr vs QoQ Rs 52683 Cr, YoY Rs 20331 Cr
EBIDTA came at Rs. 6563.6 Cr (6.7% QoQ, -1729.5% YoY) vs expectation of Rs. 6185.9 Cr, QoQ Rs. 6152.9 Cr, YoY Rs. -402.8 Cr
EBITDA/T came at Rs 19728 Cr vs QoQ Rs 13921 Cr, YoY Rs -903 Cr *SAIL EBITDA/T increased by Rs.5808/T QoQ vs JSW standalone increase of Rs.6534/T and Tata BSL Rs.6197/T*
EBITDA Margin came at 31.8% vs expectation of 30.1%, QoQ 26.4%, YoY -4.4%
Adj. PAT came at Rs. 3850 Cr vs expectation of Rs. 3620.3 Cr, QoQ Rs. 3443.8 Cr, YoY Rs. -1270.3 Cr
Quarter EPS is Rs. 9.3
Share is trading at EV/EBITDA of 5.04 FY23E EBITDA

*AU SFB Q1FY22 Concall Update*
(Nirmal Bang Retail Research)

*Asset quality largely remains stable; Restructured book increases to 3.5% however collections show sharp improvement in June 2021*

*Outlook: Positive in long term*

• GNPA was stable at Rs. 1496 Cr vs QoQ Rs. 1503 Cr at 4.31% vs QoQ 4.25%. NNPA came at 2.26% vs QoQ 2.18%.
• GNPA in auto stood at 5.9% and in SBL at 4.2%. GNPA was lower in other segments.
• Bank has done Rs. 658 Cr (1.9%) of standard restructuring in Q1 taking total restructured book to Rs. 1265 Cr (3.5%).
• Although, collections saw sharp pullback as Covid wave-2 flattened; Collection efficiency was at 94% in April & May and increased to 114% in June month.
• Bank prudently made contingency provisions of Rs. 120 Cr during the quarter. Bank is carrying contingent provisions of Rs. 251 Cr (72 bps)
• Disbursements were at Rs. 1896 Cr vs QoQ Rs. 7421 Cr & YoY Rs. 1181 Cr.
• AUM stands at Rs. 37,014 Cr (+23% YoY, +5% QoQ).
• Bank grew its housing book AUM by 152% (5% of total) on a low base and this will continue to grow at the fastest rate among all segments as AU has a decade long experience here (Aavas was sold by AU in 2016 after successfully scaling it up).
• AU is the only SFB to have launched credit cards.
• Bank has onboarded Amir Khan & Kiara Advani as brand ambassadors.

Share is trading at P/E 32x FY23E EPS and trailing P/Adj BV of 7.1x

*City Union Bank Ltd.* | *CMP* Rs. 153 | *M Cap* Rs. 11304 Cr | *52 W H/L* 200/116
(Nirmal Bang Retail Research)
*Result is in-line with expectations* - Slippages came on higher side at 5.3% while restructured book increased marginally
Net Interest Income came at Rs. 448 Cr vs expectation of Rs. 472 Cr, YoY Rs. 437 Cr, QoQ Rs. 429 Cr
Non Interest Income came at Rs. 196 Cr vs expectation of Rs. 152 Cr, YoY Rs. 161 Cr, QoQ Rs. 145 Cr
PBP came at Rs. 383 Cr vs expectation of Rs. 358 Cr, YoY Rs. 356 Cr, QoQ Rs. 285 Cr
Provisions came at Rs. 170 Cr vs expectation of Rs. 153 Cr, YoY Rs. 157 Cr, QoQ Rs. 239 Cr
Adj. PAT came at Rs. 173 Cr vs expectation of Rs. 124 Cr, YoY Rs. 154 Cr, QoQ Rs. 111 Cr
Gross NPA came at Rs. 2035 Cr vs QoQ Rs. 1893 Cr at 5.59% vs QoQ 5.11%
Net NPA came at Rs. 1242 Cr vs QoQ Rs. 1075 Cr at 3.49% vs QoQ 2.97%
Slippages came at Rs. 482.2 Cr or 5.3% vs 3.1% for FY21.
Restructured book increased to Rs. 1984 Cr (5.5%) vs QoQ Rs. 1849 Cr (5.1%) & YoY Rs. 388 Cr (1.1%)
Quarter EPS is Rs. 2.3
Share is trading at P/E of 12.3x FY23E EPS & 2.4x trailing P/Adj. BV

Dear All,

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▪️BEL Q1 : Cons. Net Profit Down 98 % To Rs 24.3 cr (QOQ), Down 55 % YOY

Revenue down 77 % To Rs 1575 cr (QOQ), down 4 % YOY

EBITDA loss Of Rs 3.44 cr V Rs 1832 cr Qoq, Rs 112 cr YOY

▪️BSE Q1 : Cons. net profit up 63 % To Rs 51.87 cr (QOQ), Up 60 % YOY

Revenue Up 3 % To Rs 156.94 cr (QOQ), Up 52 % YOY

EBITDA Up 11 % To Rs 41.3 cr (QOQ), Rs 13.77 cr EBITDA lozss YOY

▪️Balkrishna IND. Q1 : Cons. Net Profit down 13 % To Rs 331 cr (QOQ), Up 152 % Yoy

Revenue Up 3 % To Rs 1802 cr (QOQ), Up 91 % YOY

EBITDA down 7 % To Rs 510 cr (QOQ), Up 113 % YOY

▪️INDIGO PAINTS Q1 : Cons. Net Profit Down 53 % To Rs 11.6 cr ( QOQ) , Up 38 % YOY

Revenue down 39 % To Rs 143 cr ( QOQ), Up 49 % YOY

EBITDA Down 54 % To Rs 20.2 cr ( QOQ), Up 6 Yoy

*Tata Power Company Ltd.* | *CMP* Rs. 135 | *M Cap* Rs. 43185 Cr | *52 W H/L* 135.15/48
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 9968 Cr (-1.6% QoQ, 54.5% YoY) vs expectation of Rs. 9335.3 Cr, QoQ Rs. 10127.4 Cr, YoY Rs. 6453 Cr
EBIDTA came at Rs. 2324.5 Cr (47.8% QoQ, 19.2% YoY) vs expectation of Rs. 1825.1 Cr, QoQ Rs. 1573.1 Cr, YoY Rs. 1949.8 Cr
EBITDA Margin came at 23.3% vs expectation of 19.6%, QoQ 15.5%, YoY 30.2%
Adj. PAT came at Rs. 391 Cr vs expectation of Rs. 347.2 Cr, QoQ Rs. 392.9 Cr, YoY Rs. 206.6 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 23.2x FY22E EPS

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*Bank of Baroda Ltd.* | *CMP* Rs. 83 | *M Cap* Rs. 43103 Cr | *52 W H/L* 100/40
(Nirmal Bang Retail Research)
*Result is in line with expectations*
Net Interest Income came at Rs. 7892 Cr vs expectation of Rs. 7477 Cr, YoY Rs. 6816 Cr, QoQ Rs. 7107 Cr
Non Interest Income came at Rs. 2970 Cr vs expectation of Rs. 1502 Cr, YoY Rs. 1816 Cr, QoQ Rs. 4848 Cr
PBP came at Rs. 5707 Cr vs expectation of Rs. 4020 Cr, YoY Rs. 4320 Cr, QoQ Rs. 6266 Cr
Provisions came at Rs. 4112 Cr vs expectation of Rs. 3262 Cr, YoY Rs. 5628 Cr, QoQ Rs. 3586 Cr
Adj. PAT came at Rs. 1209 Cr vs expectation of Rs. 822 Cr, YoY Rs. -864 Cr, QoQ Rs. -1047 Cr
Gross NPA came at Rs. 63029 Cr vs QoQ Rs. 66671 Cr at 8.86% vs QoQ 8.87%
Net NPA came at Rs. 20260 Cr vs QoQ Rs. 21800 Cr at 3.03% vs QoQ 3.09%
Slippages came at Rs. 6,194 Cr (3.7%) vs for FY21 Rs. 20,005 Cr (2.8%)
SMA 1 + 2 declined to 2.68% vs QoQ 3.23%
Restructured loans stand at Rs. 15,429 Cr (2.3%)
Collection efficiency (excluding Agri) is stable at 93% as of Jun 2021, same as in Mar 2021.
Share is trading at P/E of 5.1x FY23E EPS & 0.7x trailing P/Adj. BV

*Amber Enterprises India Ltd.* | *CMP* Rs. 2976 | *M Cap* Rs. 10027 Cr | *52 W H/L* 3668/1463
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 707.9 Cr (-55.7% QoQ, 172.9% YoY) vs expectation of Rs. 888.1 Cr, QoQ Rs. 1598.4 Cr, YoY Rs. 259.5 Cr
EBIDTA came at Rs. 42.2 Cr (-70.1% QoQ, -863.4% YoY) vs expectation of Rs. 72 Cr, QoQ Rs. 141.2 Cr, YoY Rs. -5.5 Cr
EBITDA Margin came at 6% vs expectation of 8.1%, QoQ 8.8%, YoY -2.1%
Adj. PAT came at Rs. 12.4 Cr vs expectation of Rs. 34.5 Cr, QoQ Rs. 75.5 Cr, YoY Rs. -22.4 Cr
Quarter EPS is Rs. 3.7
Share is trading at P/E of 52.7x FY22E EPS

*DCB Bank Ltd.* | *CMP* Rs. 96 | *M Cap* Rs. 2988 Cr | *52 W H/L* 127/74
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 309 Cr vs expectation of Rs. 328 Cr, YoY Rs. 307 Cr, QoQ Rs. 311 Cr
Non Interest Income came at Rs. 120 Cr vs expectation of Rs. 92 Cr, YoY Rs. 78 Cr, QoQ Rs. 134 Cr
PBP came at Rs. 201 Cr vs expectation of Rs. 204 Cr, YoY Rs. 191 Cr, QoQ Rs. 205 Cr
Provisions came at Rs. 156 Cr vs expectation of Rs. 107 Cr, YoY Rs. 84 Cr, QoQ Rs. 101 Cr
Adj. PAT came at Rs. 34 Cr vs expectation of Rs. 74 Cr, YoY Rs. 79 Cr, QoQ Rs. 78 Cr
Gross NPA came at Rs. 1269 Cr vs QoQ Rs. 1083 Cr at 4.87% vs QoQ 4.09%
Net NPA came at Rs. 719 Cr vs QoQ Rs. 594 Cr at 2.82% vs QoQ 2.29%
Contingent provisions stand at Rs. 107 Cr (0.4%)
Details on slippages & restructured book are awaited
Quarter EPS is Rs. 1
Share is trading at P/E of 6.1x FY23E EPS & 1x trailing P/Adj. BV

*Ujjivan Small Finance Bank Ltd.* | *CMP* Rs. 27 | *M Cap* Rs. 4736 Cr | *52 W H/L*
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 384 Cr vs expectation of Rs. 465 Cr, YoY Rs. 458 Cr, QoQ Rs. 368 Cr
Non Interest Income came at Rs. 75 Cr vs YoY Rs. 29 Cr, QoQ Rs. 117 Cr
PBP came at Rs. 163 Cr vs expectation of Rs. 213 Cr, YoY Rs. 215 Cr, QoQ Rs. 159 Cr
Provisions came at Rs. 475 Cr vs expectation of Rs. 115 Cr, YoY Rs. 140 Cr, QoQ Rs. -25 Cr
There was write-off of Rs. 280 Cr in Q1.
Adj. PAT came at Rs. -233 Cr vs expectation of Rs. 62 Cr, YoY Rs. 55 Cr, QoQ Rs. 136 Cr
Gross NPA came at Rs. 1375 Cr vs QoQ Rs. 1071 Cr at 9.79% vs QoQ 7.07%
Net NPA came at Rs. 349 Cr vs QoQ Rs. 425 Cr at 2.68% vs QoQ 2.93%
Restructured book stands at 5.5%
Contingent provision stands at Rs. 250 Cr
Billing Efficiency was at 78% in June, 2021 against 94% in March, 2021; however recovered to 93% in July.
Quarter EPS is Rs. -0.5
Share is trading at P/E 8.9x FY23E EPS and trailing P/Adj BV of 2x

So far, 89% of companies in the S&P 500 in US have reported earnings this quarter, and 87% of those have beaten earnings expectations, according to FactSet. That is on track to be the best quarter for earnings surprises since at least 2008.

U.S. economy added 943,000 jobs in July, according to the Labor Department. Economists expected the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. The unemployment rate dropped to 5.4%, below the estimate of 5.7%.

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MARKET WIZARD NEWSLETTER ISSUE 22

🎯Fundamental Stocks

▶️ Aarti Drugs
▶️ Hindustan Media Ventures
▶️ TV 18 Broadcast
▶️ *UFO Moviez - Special Pick*
▶️ Valiant Organics
▶️ Wonderla Holidays


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▶️ Marathon Nextgen Realty
▶️ Shivam Autotech
▶️ Skipper

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