*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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*OnMobile Global Ltd.* | *CMP* Rs. 138 | *M Cap* Rs. 1443 Cr | *52 W H/L* 154/29
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 128.8 Cr (-1.5% QoQ, -8.6% YoY) vs QoQ Rs. 130.7 Cr, YoY Rs. 140.8 Cr
EBIDTA came at Rs. 14.3 Cr (-4.5% QoQ, -27.7% YoY) vs QoQ Rs. 15 Cr, YoY Rs. 19.8 Cr
EBITDA Margin came at 11.1% vs QoQ 11.4%, YoY 14%
Adj. PAT came at Rs. 9.1 Cr vs QoQ Rs. 10.3 Cr, YoY Rs. 12.1 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 37.7x TTM EPS

*AARTI INDUSTRIES LTD.* | *CMP* Rs. 955 | *M Cap* Rs. 34619 Cr | *52 W H/L* 955/475
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 1316.8 Cr (8.9% QoQ, 40.5% YoY) vs expectation of Rs. 1259.2 Cr, QoQ Rs. 1209.4 Cr, YoY Rs. 937.3 Cr
EBIDTA came at Rs. 313.8 Cr (20.6% QoQ, 72.4% YoY) vs expectation of Rs. 280.9 Cr, QoQ Rs. 260.3 Cr, YoY Rs. 182 Cr
EBITDA Margin came at 23.8% vs expectation of 22.3%, QoQ 21.5%, YoY 19.4%
Adj. PAT came at Rs. 165.1 Cr vs expectation of Rs. 145.9 Cr, QoQ Rs. 136.1 Cr, YoY Rs. 81.9 Cr
Quarter EPS is Rs. 4.6
Share is trading at P/E of 50.9x FY22E EPS

*Dynemic Products Ltd.* | *CMP* Rs. 582 | *M Cap* Rs. 659 Cr | *52 W H/L* 589/178
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 58.8 Cr (2% QoQ, 40.3% YoY) vs QoQ Rs. 57.6 Cr, YoY Rs. 41.9 Cr
EBIDTA came at Rs. 13.1 Cr (33% QoQ, 23.9% YoY) vs QoQ Rs. 9.9 Cr, YoY Rs. 10.6 Cr
EBITDA Margin came at 22.3% vs QoQ 17.1%, YoY 25.3%
Adj. PAT came at Rs. 8.7 Cr vs QoQ Rs. 5.8 Cr, YoY Rs. 7.3 Cr
Quarter EPS is Rs. 7.6
Share is trading at P/E of 22.1x TTM EPS

*Affle (India) Ltd.* | *CMP* Rs. 4178 | *M Cap* Rs. 11134 Cr | *52 W H/L* 6287/1651
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 152.5 Cr (7.7% QoQ, 69.8% YoY) vs QoQ Rs. 141.6 Cr, YoY Rs. 89.8 Cr
EBIDTA came at Rs. 35.1 Cr (1.9% QoQ, 56% YoY) vs QoQ Rs. 34.4 Cr, YoY Rs. 22.5 Cr
EBITDA Margin came at 23% vs QoQ 24.3%, YoY 25%
Adj. PAT came at Rs. 35.9 Cr vs QoQ Rs. 58.5 Cr, YoY Rs. 18.8 Cr
Quarter EPS is Rs. 13.5
Share is trading at P/E of 73x FY22E EPS

*Power Mech Projects Ltd.* | *CMP* Rs. 828 | *M Cap* Rs. 1218 Cr | *52 W H/L* 923/354
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 622.9 Cr (-17.5% QoQ, 126.5% YoY) vs QoQ Rs. 755.2 Cr, YoY Rs. 275 Cr
EBIDTA came at Rs. 66 Cr (-11.4% QoQ, -576.6% YoY) vs QoQ Rs. 74.5 Cr, YoY Rs. -13.9 Cr
EBITDA Margin came at 10.6% vs QoQ 9.9%, YoY -5%
Adj. PAT came at Rs. 31.4 Cr vs QoQ Rs. 35.7 Cr, YoY Rs. -32.6 Cr
Quarter EPS is Rs. 21.4
Share is trading at P/E of 8.9x FY22E EPS

*Indiabulls Real Estate Ltd.* | *CMP* Rs. 143 | *M Cap* Rs. 6502 Cr | *52 W H/L* 175/46
(Nirmal Bang Retail Research)
*Result ok* New Sales came at Rs.350cr vs QoQ Rs.629cr yoy Rs.20cr
Revenue from Operations came at Rs. 519.7 Cr (-29% QoQ, 986% YoY) vs QoQ Rs. 731.7 Cr, YoY Rs. 47.9 Cr
EBIDTA came at Rs. 40.6 Cr (-72.1% QoQ, -176.4% YoY) vs QoQ Rs. 145.4 Cr, YoY Rs. -53.2 Cr
EBITDA Margin came at 7.8% vs QoQ 19.9%, YoY -111.1%
Adj. PAT came at Rs. 4.8 Cr vs QoQ Rs. 94.4 Cr, YoY Rs. -94.6 Cr
Quarter EPS is Rs. 0.1
Share is trading at P/E of 62.7x TTM EPS

*Hindustan Copper Ltd.* | *CMP* Rs. 145 | *M Cap* Rs. 13973 Cr | *52 W H/L* 197/31
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 267.6 Cr (-48.8% QoQ, -38% YoY) vs QoQ Rs. 522.2 Cr, YoY Rs. 431.4 Cr
EBIDTA came at Rs. 120.2 Cr (291.2% QoQ, 39.1% YoY) vs QoQ Rs. 30.7 Cr, YoY Rs. 86.4 Cr (higher EBITDA is on account of high inventory carried forwarded along with other cost Gross margin negative)
EBITDA Margin came at 44.9% vs QoQ 5.9%, YoY 20%
Adj. PAT came at Rs. 45.7 Cr vs QoQ Rs. -36.8 Cr, YoY Rs. 29.7 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 110.7x TTM EPS

MONEY TIMES TALK
_August 07, 2021_

Dr. Lal Path Labs’ Q1 profit zoomed 5-fold to Rs. 134cr mainly on the back of robust business growth thanks to Covid-19. The Company has declared an interim dividend of Rs. 6. Add.

SBI declared impressive Q1 results with profits surging 55% to Rs. 6504 cr. beating street estimates. A rise in non-interest income and dip in provisions and good credit growth makes this largest lender a good buy.

KPIT Technologies, recommended by Money Times around Rs. 75 a year back, has stated that the ongoing chip shortage will not hit its workings. In fact, the Company is expected to fare better in times to come. The share remains a good buy.

A veteran market man recommends to buy Aster DM Healthcare, Adani Ports, Bengal Tea Fabrics cum dividend, Emkay Global, Flex Foods cum dividend, Freshtop Fruits, Fluidomat cum 32.5% dividend, Golkunda Diamonds cum dividend, MK Exim, Reliance Power and TCFC Finance cum 15% dividend.

Indian Oil posted a two-fold jump in Q1 EPS of Rs.6.65 from Rs. 2.43 in Q1FY21, mainly on account of inventory gains. The company has big expansion plans and pays good dividend. Add on every decline.

NMDC reported a robust iron ore production for July 2021 (rising 39.72% to 3.02 MMT. The demand and price is also rising fast. Add.

Emami’s Q1 PAT zoomed 96% YoY to Rs 77.79 cr. despite covid related challenges from rural areas. Although QoQ margins declined, it has inherent strength to pick up momentum. Add.

Ramkrishna Forgings has bagged a multi-year order from a multinational OEM that will be executed over a period of 3 yrs. Add in small quantities.

Cement major, Dalmia Bharat, plans to arrent cost inflation and curtail its variable cost by 15%. The Company also wishes to expand its capacity to 60 MMTPA. A good opportunity to Add.

Poddar Pigments is on the growth path again with Q1 EPS of Rs. 9.71 v/s Rs. 4.45 in Q1FY21 and management guidance of better times. Add.

A fantastic Q1 by Surya Roshni (EPS of Rs. 6.86 v/s Re. 0.41 in Q1FY21) and the rising demand is ample reason to add.

Blue Star posted consolidated Q1 NP of Rs 12.69 cr against a loss of Rs. 19.66 cr in Q1 FY21. Revenue also jumped 68% to Rs 1,052 cr. Order book is slowly improving and now stands at around Rs. 3152 cr. Wait for one more quarter before investing.

PNB is fast regaining its lost position. Its Q1 profit jumped 231% to Rs. 1023 cr. With provisioning on the decline and recoveries improving, the bank looks a safe buy for the long term.

Bosch’s Q1 turnaround with NP at Rs. 259.76 cr (EPS Rs. 88.1) v/s a loss of Rs. 65.17 cr (Negative EPS of Rs. 40.8). It spent Rs. 744 cr last year and Rs. 197 cr this quarter on various restructuring and transformational costs. Add.

Specialty chemicals major Alkyl Amines posted NP of Rs. 78.54 cr (EPS of Rs. 35) in Q1 v/s Rs. 52.57 cr (EPS Rs. 10.32 in Q1FY21). The company is a beneficiary of the anti – China stance and must be added.

FMGC major Dabur posted 28% jump in Q1 net profit (Rs. 438.3 cr) compared to Q1FY21. This maker of ‘Real Juice’ and ‘Chawanprash’ is gaining popularity and now intends to supply products directly to consumers. A good long-term investment.

GAIL’s consolidated Q1 NP soared 235.49% to Rs 2,157.15 cr. on 44.36% jump in revenue to Rs 17,588.64 cr. Around Rs. 143, this gas marketing company is a good long term buy.

REC’s standalone Q1 NP rose 22.16% to Rs 2,246.60 cr. on 18.23% jump in total revenue from operations to Rs 9,587.35 cr. This Navratna PSU must be added.

Maheshwari Logistics engaged in Logistics Service, procurement of Coal, Pet Coke, Lignite & Waste Paper also manufactures Kraft Paper. In Q1FY22, it completed big export orders of paper. So one can expect strong Q1 numbers from this potential multi-bagger.

Bengal Tea Fabrics declared a dividend after long, which means that it is doing well and the stock can be re-rated going forward. It is a very old company with 78% promoter holding, a huge land bank and a share book value of Rs.108. The stock looks strong. Its Q1FY22 result is due on Fri, 13th August.

*Hindalco Q1FY22 concall update*

*Outlook – Positive*
Citing strong demand expectation, we believe the global aluminium price may continue to increase. Company’s cost of production will improve with commissioning of Utkal expansion in current quarter. Hindalco’s focus on downstream expansion will further improve EBITDA margin.

*Novelis*
• Quarterly shipments of 973 kt were up by 26% yoy whereas EBITDA was up by 119% yoy at $555 mn on back of higher volume and metal benefits and a $47 mn gain related to favourable decision in a Brazilian tax litigation.
• EBITDA/T stood at $570 up by 75% yoy.
• Ramping up of automotive lines in Guthrie, U.S. and Changzhou, China in on track.
• Expansion of recycling, casting, and rolling in Brazil is on track and likely to commission in current quarter.
• Expansion project in Zhenjiang, China is expected to begin in current year with an investment of $375 mn and is expected to take 3 years to complete. This project will include a new cold mill, automotive casting house, recycling capabilities, and hot mill upgrade in China.

*Aluminium Business*
• Metal sales were lower at 303 kt due to delayed shipment of around 10 kt.
• Value added product sales were up at 82 kt supported by a continued revival of the domestic market.
• Revenues were higher ar Rs 6867 cr driven by higher global aluminium prices.
• EBITDA came at Rs 2352 cr driven by better efficiencies and strong market recovery.
• Hindalco’s 500 Kt Utkal expansion project's will be commercialised in Q2FY22.

*Copper Business*
• Cathode production was low due to maintenance shutdown in Smelter-3 in Q1.
• Sequentially, overall metal and CC Rods sales were low due to lower production and softening of the domestic market in Q1.
• Going forward the management expects EBITDA of Rs 3000 cr driven by higher volume as the maintenance shutdown is over.

*Other Highlights*
• Consolidated net debt increased sequentially by around Rs 4500 cr at Rs 51913 cr mainly due higher working capital largely driven by higher LME in copper.

Somebody sent me Whatsapp Message at 1.20 AM Sunday morning.
And at 9 AM he sends another one why there is no response.

Height of expectation !! ??

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*Dollar Industries Ltd.* | *CMP* Rs. 267 | *M Cap* Rs. 1514 Cr | *52 W H/L* 390/127
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 204.6 Cr (-33.6% QoQ, 27.9% YoY) vs QoQ Rs. 308.3 Cr, YoY Rs. 160 Cr
EBIDTA came at Rs. 35.3 Cr (13.5% QoQ, 23.3% YoY) vs QoQ Rs. 31.1 Cr, YoY Rs. 28.7 Cr
EBITDA Margin came at 17.3% vs QoQ 10.1%, YoY 17.9%
Adj. PAT came at Rs. 22.5 Cr vs QoQ Rs. 19.4 Cr, YoY Rs. 16.2 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 13.9x FY22E EPS