*Lupin – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Negative for near term*
*_Expect recovery from 2H onwards whereas Q2 is also likely to remain challenging_*
The stock is trading at 27.3x FY22E consensus earnings
• Witnessing promising momentum on complex generics and India biz – this would enhance the performance in coming quarters
• See high teens for India for FY22
• Albuterol was lower due to transition from spot buyers to long term buyers – should see the traction from Q3FY22. Not seeing any more competition coming in
• Gross margins are down due to change in recognition of partner’s product royalty payments – lost market share in Famotidine, slow ramp up in Albuterol, royalty accounting, FTS (fail To Supply) penalty, product Mix
• See substantial scope for growth and improvement in margins in 2H
• FY22 - Double digit of growth in revenues with 16-17% EBITDA (lower than earlier guidance of 19-20%) and 17-18% in 2H as *Q2 would be tough as well*
• Saw additional competition in Levothyroxine and Famotidine
• Reasons for price erosion – due to lack of approvals from USFDA there is more competition in existing products, new wave of companies have got more aggressive to get market share at lower pricing, customers negotiating hard to compensate the losses of last year
• 4-5% yoy price erosion in base biz
• Planning to Fostair by end of this month in UK – and in other European countries by next year
• USFDA accepted Peg biosimilar filing – would require USFDA inspection before launch – most likely would be able to launch in US by next year – USFDA has started inspection from local office
• In the process of preparing response for Spiriva CRL scheduled in September
• Aspire to go $200nmn per quarter in US by Q3
• Expect 4 filings in injectables in FY22
*Outlook – Negative for near term*
*_Expect recovery from 2H onwards whereas Q2 is also likely to remain challenging_*
The stock is trading at 27.3x FY22E consensus earnings
• Witnessing promising momentum on complex generics and India biz – this would enhance the performance in coming quarters
• See high teens for India for FY22
• Albuterol was lower due to transition from spot buyers to long term buyers – should see the traction from Q3FY22. Not seeing any more competition coming in
• Gross margins are down due to change in recognition of partner’s product royalty payments – lost market share in Famotidine, slow ramp up in Albuterol, royalty accounting, FTS (fail To Supply) penalty, product Mix
• See substantial scope for growth and improvement in margins in 2H
• FY22 - Double digit of growth in revenues with 16-17% EBITDA (lower than earlier guidance of 19-20%) and 17-18% in 2H as *Q2 would be tough as well*
• Saw additional competition in Levothyroxine and Famotidine
• Reasons for price erosion – due to lack of approvals from USFDA there is more competition in existing products, new wave of companies have got more aggressive to get market share at lower pricing, customers negotiating hard to compensate the losses of last year
• 4-5% yoy price erosion in base biz
• Planning to Fostair by end of this month in UK – and in other European countries by next year
• USFDA accepted Peg biosimilar filing – would require USFDA inspection before launch – most likely would be able to launch in US by next year – USFDA has started inspection from local office
• In the process of preparing response for Spiriva CRL scheduled in September
• Aspire to go $200nmn per quarter in US by Q3
• Expect 4 filings in injectables in FY22
*Aster DM Healthcare Ltd.* | *CMP* Rs. 157 | *M Cap* Rs. 7842 Cr | *52 W H/L* 180/118
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 2371.6 Cr (-0.8% QoQ, 34.7% YoY) vs expectation of Rs. 2339.8 Cr, QoQ Rs. 2390.9 Cr, YoY Rs. 1760.6 Cr
EBIDTA came at Rs. 280.9 Cr (-12.5% QoQ, 96.8% YoY) vs expectation of Rs. 289.1 Cr, QoQ Rs. 321.1 Cr, YoY Rs. 142.7 Cr
EBITDA Margin came at 11.8% vs expectation of 12.4%, QoQ 13.4%, YoY 8.1%
Adj. PAT came at Rs. 59.6 Cr vs expectation of Rs. 57 Cr, QoQ Rs. 105.4 Cr, YoY Rs. -82.9 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 19x FY22E EPS
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 2371.6 Cr (-0.8% QoQ, 34.7% YoY) vs expectation of Rs. 2339.8 Cr, QoQ Rs. 2390.9 Cr, YoY Rs. 1760.6 Cr
EBIDTA came at Rs. 280.9 Cr (-12.5% QoQ, 96.8% YoY) vs expectation of Rs. 289.1 Cr, QoQ Rs. 321.1 Cr, YoY Rs. 142.7 Cr
EBITDA Margin came at 11.8% vs expectation of 12.4%, QoQ 13.4%, YoY 8.1%
Adj. PAT came at Rs. 59.6 Cr vs expectation of Rs. 57 Cr, QoQ Rs. 105.4 Cr, YoY Rs. -82.9 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 19x FY22E EPS
*Shreyas Shipping & Logistics Ltd.* | *CMP* Rs. 206 | *M Cap* Rs. 452 Cr | *52 W H/L* 240/46
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 189.2 Cr (12.5% QoQ, 70.8% YoY) vs QoQ Rs. 168.1 Cr, YoY Rs. 110.7 Cr
EBIDTA came at Rs. 45.9 Cr (64% QoQ, 5171.3% YoY) vs QoQ Rs. 28 Cr, YoY Rs. 0.9 Cr
EBITDA Margin came at 24.2% vs QoQ 16.6%, YoY 0.8%
Adj. PAT came at Rs. 41.1 Cr vs QoQ Rs. 29.3 Cr, YoY Rs. -9.9 Cr
Quarter EPS is Rs. 18.7
Share is trading at P/E of 4.9x TTM EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 189.2 Cr (12.5% QoQ, 70.8% YoY) vs QoQ Rs. 168.1 Cr, YoY Rs. 110.7 Cr
EBIDTA came at Rs. 45.9 Cr (64% QoQ, 5171.3% YoY) vs QoQ Rs. 28 Cr, YoY Rs. 0.9 Cr
EBITDA Margin came at 24.2% vs QoQ 16.6%, YoY 0.8%
Adj. PAT came at Rs. 41.1 Cr vs QoQ Rs. 29.3 Cr, YoY Rs. -9.9 Cr
Quarter EPS is Rs. 18.7
Share is trading at P/E of 4.9x TTM EPS
*Antony Waste Handling Cell Ltd.* | *CMP* Rs. 335 | *M Cap* Rs. 948 Cr | *52 W H/L* 493/241
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 145.4 Cr (8.3% QoQ, 58.6% YoY) vs QoQ Rs. 134.2 Cr, YoY Rs. 91.7 Cr
EBIDTA came at Rs. 37.4 Cr (24.6% QoQ, 62.5% YoY) vs QoQ Rs. 30 Cr, YoY Rs. 23 Cr
EBITDA Margin came at 25.7% vs QoQ 22.4%, YoY 25.1%
Adj. PAT came at Rs. 16.8 Cr vs QoQ Rs. 11.8 Cr, YoY Rs. 11.2 Cr
Quarter EPS is Rs. 5.9
Share is trading at P/E of 10.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 145.4 Cr (8.3% QoQ, 58.6% YoY) vs QoQ Rs. 134.2 Cr, YoY Rs. 91.7 Cr
EBIDTA came at Rs. 37.4 Cr (24.6% QoQ, 62.5% YoY) vs QoQ Rs. 30 Cr, YoY Rs. 23 Cr
EBITDA Margin came at 25.7% vs QoQ 22.4%, YoY 25.1%
Adj. PAT came at Rs. 16.8 Cr vs QoQ Rs. 11.8 Cr, YoY Rs. 11.2 Cr
Quarter EPS is Rs. 5.9
Share is trading at P/E of 10.8x FY22E EPS
*CUMMINS INDIA LTD.* | *CMP* Rs. 945 | *M Cap* Rs. 26195 Cr | *52 W H/L* 945/390
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 1184.5 Cr (-5% QoQ, 137.8% YoY) vs expectation of Rs. 1147.8 Cr, QoQ Rs. 1246.5 Cr, YoY Rs. 498.2 Cr
EBIDTA came at Rs. 148.8 Cr (-11.2% QoQ, 5030.7% YoY) vs expectation of Rs. 144.4 Cr, QoQ Rs. 167.5 Cr, YoY Rs. 2.9 Cr
EBITDA Margin came at 12.6% vs expectation of 12.6%, QoQ 13.4%, YoY 0.6%
Adj. PAT came at Rs. 104.3 Cr vs expectation of Rs. 142.3 Cr, QoQ Rs. 185.7 Cr, YoY Rs. 52.6 Cr
Quarter EPS is Rs. 3.8
Share is trading at P/E of 34.4x FY22E EPS
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 1184.5 Cr (-5% QoQ, 137.8% YoY) vs expectation of Rs. 1147.8 Cr, QoQ Rs. 1246.5 Cr, YoY Rs. 498.2 Cr
EBIDTA came at Rs. 148.8 Cr (-11.2% QoQ, 5030.7% YoY) vs expectation of Rs. 144.4 Cr, QoQ Rs. 167.5 Cr, YoY Rs. 2.9 Cr
EBITDA Margin came at 12.6% vs expectation of 12.6%, QoQ 13.4%, YoY 0.6%
Adj. PAT came at Rs. 104.3 Cr vs expectation of Rs. 142.3 Cr, QoQ Rs. 185.7 Cr, YoY Rs. 52.6 Cr
Quarter EPS is Rs. 3.8
Share is trading at P/E of 34.4x FY22E EPS
*PTC INDIA LTD.* | *CMP* Rs. 96 | *M Cap* Rs. 2842 Cr | *52 W H/L* 111/45
(Nirmal Bang Retail Research)
*Result marginally below expectation*
Revenue from Operations came at Rs. 4621.2 Cr (28.6% QoQ, 8.4% YoY) vs expectation of Rs. 5743.2 Cr, QoQ Rs. 3592.7 Cr, YoY Rs. 4262.4 Cr
EBIDTA came at Rs. 109 Cr (-37.3% QoQ, 15.7% YoY) vs expectation of Rs. 125.8 Cr, QoQ Rs. 173.8 Cr, YoY Rs. 94.2 Cr
EBITDA Margin came at 2.4% vs expectation of 2.2%, QoQ 4.8%, YoY 2.2%
Adj. PAT came at Rs. 76.9 Cr vs expectation of Rs. 85.3 Cr, QoQ Rs. 123.6 Cr, YoY Rs. 67.7 Cr
Quarter EPS is Rs. 2.6
Share is trading at P/E of 6.2x FY22E EPS
(Nirmal Bang Retail Research)
*Result marginally below expectation*
Revenue from Operations came at Rs. 4621.2 Cr (28.6% QoQ, 8.4% YoY) vs expectation of Rs. 5743.2 Cr, QoQ Rs. 3592.7 Cr, YoY Rs. 4262.4 Cr
EBIDTA came at Rs. 109 Cr (-37.3% QoQ, 15.7% YoY) vs expectation of Rs. 125.8 Cr, QoQ Rs. 173.8 Cr, YoY Rs. 94.2 Cr
EBITDA Margin came at 2.4% vs expectation of 2.2%, QoQ 4.8%, YoY 2.2%
Adj. PAT came at Rs. 76.9 Cr vs expectation of Rs. 85.3 Cr, QoQ Rs. 123.6 Cr, YoY Rs. 67.7 Cr
Quarter EPS is Rs. 2.6
Share is trading at P/E of 6.2x FY22E EPS
*GE Power India Ltd.* | *CMP* Rs. 319 | *M Cap* Rs. 2145 Cr | *52 W H/L* 535/177
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 540.4 Cr (-41.9% QoQ, 25.1% YoY) vs QoQ Rs. 930.5 Cr, YoY Rs. 432 Cr
EBIDTA came at Rs. -132.8 Cr (-334.6% QoQ, 880.4% YoY) vs QoQ Rs. 56.6 Cr, YoY Rs. -13.5 Cr
EBITDA Margin came at -24.6% vs QoQ 6.1%, YoY -3.1%
Adj. PAT came at Rs. -115 Cr vs QoQ Rs. 24.9 Cr, YoY Rs. -18 Cr
Quarter EPS is Rs. -17.1
Share is trading at P/E of 219.1x TTM EPS
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 540.4 Cr (-41.9% QoQ, 25.1% YoY) vs QoQ Rs. 930.5 Cr, YoY Rs. 432 Cr
EBIDTA came at Rs. -132.8 Cr (-334.6% QoQ, 880.4% YoY) vs QoQ Rs. 56.6 Cr, YoY Rs. -13.5 Cr
EBITDA Margin came at -24.6% vs QoQ 6.1%, YoY -3.1%
Adj. PAT came at Rs. -115 Cr vs QoQ Rs. 24.9 Cr, YoY Rs. -18 Cr
Quarter EPS is Rs. -17.1
Share is trading at P/E of 219.1x TTM EPS
*KIRLOSKAR OIL ENGINES LTD.* | *CMP* Rs. 219 | *M Cap* Rs. 3167 Cr | *52 W H/L* 278/94
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 820.8 Cr (-24.5% QoQ, 94.4% YoY) vs QoQ Rs. 1087.2 Cr, YoY Rs. 422.3 Cr
EBIDTA came at Rs. 83.5 Cr (-43.2% QoQ, 678.3% YoY) vs QoQ Rs. 147.1 Cr, YoY Rs. 10.7 Cr
EBITDA Margin came at 10.2% vs QoQ 13.5%, YoY 2.5%
Adj. PAT came at Rs. 32.3 Cr vs QoQ Rs. 86.4 Cr, YoY Rs. -6.9 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 14.4x FY22E EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 820.8 Cr (-24.5% QoQ, 94.4% YoY) vs QoQ Rs. 1087.2 Cr, YoY Rs. 422.3 Cr
EBIDTA came at Rs. 83.5 Cr (-43.2% QoQ, 678.3% YoY) vs QoQ Rs. 147.1 Cr, YoY Rs. 10.7 Cr
EBITDA Margin came at 10.2% vs QoQ 13.5%, YoY 2.5%
Adj. PAT came at Rs. 32.3 Cr vs QoQ Rs. 86.4 Cr, YoY Rs. -6.9 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 14.4x FY22E EPS
*VIP Industries Ltd.* | *CMP* Rs. 386 | *M Cap* Rs. 5455 Cr | *52 W H/L* 438/255
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 206.2 Cr (-15.1% QoQ, 411.3% YoY) vs expectation of Rs. 131 Cr, QoQ Rs. 243 Cr, YoY Rs. 40.3 Cr
EBIDTA came at Rs. 12.9 Cr (302.8% QoQ, -122.3% YoY) vs expectation of Rs. -10.1 Cr, QoQ Rs. 3.2 Cr, YoY Rs. -57.8 Cr
EBITDA Margin came at 6.3% vs expectation of -7.7%, QoQ 1.3%, YoY -143.4%
Adj. PAT came at Rs. 2.5 Cr vs expectation of Rs. -22 Cr, QoQ Rs. -3.8 Cr, YoY Rs. -51.3 Cr
Quarter EPS is Rs. 0.2
Share is trading at P/E of 138.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 206.2 Cr (-15.1% QoQ, 411.3% YoY) vs expectation of Rs. 131 Cr, QoQ Rs. 243 Cr, YoY Rs. 40.3 Cr
EBIDTA came at Rs. 12.9 Cr (302.8% QoQ, -122.3% YoY) vs expectation of Rs. -10.1 Cr, QoQ Rs. 3.2 Cr, YoY Rs. -57.8 Cr
EBITDA Margin came at 6.3% vs expectation of -7.7%, QoQ 1.3%, YoY -143.4%
Adj. PAT came at Rs. 2.5 Cr vs expectation of Rs. -22 Cr, QoQ Rs. -3.8 Cr, YoY Rs. -51.3 Cr
Quarter EPS is Rs. 0.2
Share is trading at P/E of 138.7x FY22E EPS
*APTECH LTD.* | *CMP* Rs. 253 | *M Cap* Rs. 1030 Cr | *52 W H/L* 280/104
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 19.6 Cr (-33.5% QoQ, 31.8% YoY) vs QoQ Rs. 29.5 Cr, YoY Rs. 14.9 Cr
EBIDTA came at Rs. 3.1 Cr (-67% QoQ, -148.4% YoY) vs QoQ Rs. 9.3 Cr, YoY Rs. -6.4 Cr
EBITDA Margin came at 15.7% vs QoQ 31.7%, YoY -42.8%
Adj. PAT came at Rs. 2.4 Cr vs QoQ Rs. 9.7 Cr, YoY Rs. -6.5 Cr
Quarter EPS is Rs. 0.6
Share is trading at P/E of 48.6x TTM EPS
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 19.6 Cr (-33.5% QoQ, 31.8% YoY) vs QoQ Rs. 29.5 Cr, YoY Rs. 14.9 Cr
EBIDTA came at Rs. 3.1 Cr (-67% QoQ, -148.4% YoY) vs QoQ Rs. 9.3 Cr, YoY Rs. -6.4 Cr
EBITDA Margin came at 15.7% vs QoQ 31.7%, YoY -42.8%
Adj. PAT came at Rs. 2.4 Cr vs QoQ Rs. 9.7 Cr, YoY Rs. -6.5 Cr
Quarter EPS is Rs. 0.6
Share is trading at P/E of 48.6x TTM EPS
*SUPRAJIT ENGINEERING LTD.* | *CMP* Rs. 310 | *M Cap* Rs. 4290 Cr | *52 W H/L* 325/147
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 361.6 Cr (-29.5% QoQ, 103.8% YoY) vs QoQ Rs. 513 Cr, YoY Rs. 177.5 Cr
EBIDTA came at Rs. 49.2 Cr (-39.8% QoQ, -1119% YoY) vs QoQ Rs. 81.7 Cr, YoY Rs. -4.8 Cr
EBITDA Margin came at 13.6% vs QoQ 15.9%, YoY -2.7%
Adj. PAT came at Rs. 27 Cr vs QoQ Rs. 57.5 Cr, YoY Rs. -14.5 Cr
Quarter EPS is Rs. 2
Share is trading at P/E of 25x FY22E EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 361.6 Cr (-29.5% QoQ, 103.8% YoY) vs QoQ Rs. 513 Cr, YoY Rs. 177.5 Cr
EBIDTA came at Rs. 49.2 Cr (-39.8% QoQ, -1119% YoY) vs QoQ Rs. 81.7 Cr, YoY Rs. -4.8 Cr
EBITDA Margin came at 13.6% vs QoQ 15.9%, YoY -2.7%
Adj. PAT came at Rs. 27 Cr vs QoQ Rs. 57.5 Cr, YoY Rs. -14.5 Cr
Quarter EPS is Rs. 2
Share is trading at P/E of 25x FY22E EPS
*SAURASHTRA CEMENT LTD.* | *CMP* Rs. 112 | *M Cap* Rs. 783 Cr | *52 W H/L* 112/34
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 165 Cr (-32.2% QoQ, 69.3% YoY) vs QoQ Rs. 243.3 Cr, YoY Rs. 97.5 Cr
EBIDTA came at Rs. 23.5 Cr (-51.1% QoQ, 63.9% YoY) vs QoQ Rs. 48.1 Cr, YoY Rs. 14.4 Cr
EBITDA Margin came at 14.3% vs QoQ 19.8%, YoY 14.7%
Adj. PAT came at Rs. 12.9 Cr vs QoQ Rs. 31.6 Cr, YoY Rs. 8.2 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 10.2x TTM EPS
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 165 Cr (-32.2% QoQ, 69.3% YoY) vs QoQ Rs. 243.3 Cr, YoY Rs. 97.5 Cr
EBIDTA came at Rs. 23.5 Cr (-51.1% QoQ, 63.9% YoY) vs QoQ Rs. 48.1 Cr, YoY Rs. 14.4 Cr
EBITDA Margin came at 14.3% vs QoQ 19.8%, YoY 14.7%
Adj. PAT came at Rs. 12.9 Cr vs QoQ Rs. 31.6 Cr, YoY Rs. 8.2 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 10.2x TTM EPS
*Gufic Biosciences Ltd.* | *CMP* Rs. 192 | *M Cap* Rs. 1494 Cr | *52 W H/L* 216/76
(Nirmal Bang Retail Research)
*Result good*
Revenue from Operations came at Rs. 250.8 Cr (90.1% QoQ, 363.1% YoY) vs QoQ Rs. 131.9 Cr, YoY Rs. 54.1 Cr
EBIDTA came at Rs. 45.7 Cr (92.2% QoQ, -7798.1% YoY) vs QoQ Rs. 23.7 Cr, YoY Rs. -0.6 Cr
EBITDA Margin came at 18.2% vs QoQ 18%, YoY -1.1%
Adj. PAT came at Rs. 31.2 Cr vs QoQ Rs. 12.9 Cr, YoY Rs. -3.7 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 20.3x TTM EPS
(Nirmal Bang Retail Research)
*Result good*
Revenue from Operations came at Rs. 250.8 Cr (90.1% QoQ, 363.1% YoY) vs QoQ Rs. 131.9 Cr, YoY Rs. 54.1 Cr
EBIDTA came at Rs. 45.7 Cr (92.2% QoQ, -7798.1% YoY) vs QoQ Rs. 23.7 Cr, YoY Rs. -0.6 Cr
EBITDA Margin came at 18.2% vs QoQ 18%, YoY -1.1%
Adj. PAT came at Rs. 31.2 Cr vs QoQ Rs. 12.9 Cr, YoY Rs. -3.7 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 20.3x TTM EPS
*Praj Inds:* Order inflow stood at Rs. 661 Cr (+113% YoY, +2% QoQ) during Q1, the third consecutive qtr above Rs. 600 Cr mark. Order book increased to Rs. 2023 Cr vs QoQ Rs. 1748 Cr & YoY Rs. 1263 Cr. *Neutral in near term due to RM cost pressure on margins; Positive in long term*
*Praj Industries Ltd.* | *CMP* Rs. 334 | *M Cap* Rs. 6127 Cr | *52 W H/L* 407/59
(Nirmal Bang Retail Research)
*Result has declined* Margins have come below expectations due to pressure on Gross Margins
Order inflow stood at Rs. 661 Cr (+113% YoY, +2% QoQ) during Q1, the third consecutive qtr above Rs. 600 Cr mark. Order book increased to Rs. 2023 Cr vs QoQ Rs. 1748 Cr & YoY Rs. 1263 Cr. *Neutral in near term due to RM cost pressure on margins; Positive in long term*
Revenue from Operations came at Rs. 386.3 Cr (-31.9% QoQ, 198.2% YoY) vs QoQ Rs. 567.1 Cr, YoY Rs. 129.6 Cr
Gross margin came at multi year low at 38.7% vs QoQ 42.4% & YoY 46.3%
EBIDTA came at Rs. 29.8 Cr (-58.6% QoQ, -300.5% YoY) vs QoQ Rs. 72.1 Cr, YoY Rs. -14.9 Cr
EBITDA Margin came at 7.7% vs QoQ 12.7%, YoY -11.5%
Adj. PAT came at Rs. 22.2 Cr vs QoQ Rs. 52 Cr, YoY Rs. -10.5 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 38.8x FY22E EPS
(Nirmal Bang Retail Research)
*Result has declined* Margins have come below expectations due to pressure on Gross Margins
Order inflow stood at Rs. 661 Cr (+113% YoY, +2% QoQ) during Q1, the third consecutive qtr above Rs. 600 Cr mark. Order book increased to Rs. 2023 Cr vs QoQ Rs. 1748 Cr & YoY Rs. 1263 Cr. *Neutral in near term due to RM cost pressure on margins; Positive in long term*
Revenue from Operations came at Rs. 386.3 Cr (-31.9% QoQ, 198.2% YoY) vs QoQ Rs. 567.1 Cr, YoY Rs. 129.6 Cr
Gross margin came at multi year low at 38.7% vs QoQ 42.4% & YoY 46.3%
EBIDTA came at Rs. 29.8 Cr (-58.6% QoQ, -300.5% YoY) vs QoQ Rs. 72.1 Cr, YoY Rs. -14.9 Cr
EBITDA Margin came at 7.7% vs QoQ 12.7%, YoY -11.5%
Adj. PAT came at Rs. 22.2 Cr vs QoQ Rs. 52 Cr, YoY Rs. -10.5 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 38.8x FY22E EPS
*MAS Financial Services - S* | *CMP* Rs. 770 | *M Cap* Rs. 4209 Cr | *52 W H/L* 1111/610
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 58 Cr vs YoY Rs. 72 Cr, QoQ Rs. 53 Cr
Non-Interest Income came at Rs. 20 Cr vs YoY Rs. 18 Cr, QoQ Rs. 25 Cr
PBP came at Rs. 64 Cr vs YoY Rs. 78 Cr, QoQ Rs. 57 Cr
Provision came at Rs. 14 Cr vs YoY Rs. 30 Cr, QoQ Rs. 8 Cr
PAT came at Rs. 37 Cr vs YoY Rs. 36 Cr, QoQ Rs. 37 Cr
AUM came at Rs. 5162 Cr vs YoY Rs. 5658 Cr, QoQ Rs. 5372 Cr
Gross NPA (%) came at 2.21% vs QoQ 1.94% (In comparison, CreditAccess GNPA increased QoQ from 4.0% to 7.6%)
Net NPA (%) came at 1.74% vs QoQ 1.52%
Contingent provisioning buffer which stands at Rs. 54 Cr (1.34% of on book assets of Rs. 4047 Cr).
The co has not restructured fresh loans but is in the process of assessing covid stress on the borrower and will invoke the resolution plans for the eligible borrowers in the September quarter.
Quarter EPS is Rs. 6.7
Share is trading at P/E of 24.1x FY23E EPS & 3.5x trailing P/BV
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 58 Cr vs YoY Rs. 72 Cr, QoQ Rs. 53 Cr
Non-Interest Income came at Rs. 20 Cr vs YoY Rs. 18 Cr, QoQ Rs. 25 Cr
PBP came at Rs. 64 Cr vs YoY Rs. 78 Cr, QoQ Rs. 57 Cr
Provision came at Rs. 14 Cr vs YoY Rs. 30 Cr, QoQ Rs. 8 Cr
PAT came at Rs. 37 Cr vs YoY Rs. 36 Cr, QoQ Rs. 37 Cr
AUM came at Rs. 5162 Cr vs YoY Rs. 5658 Cr, QoQ Rs. 5372 Cr
Gross NPA (%) came at 2.21% vs QoQ 1.94% (In comparison, CreditAccess GNPA increased QoQ from 4.0% to 7.6%)
Net NPA (%) came at 1.74% vs QoQ 1.52%
Contingent provisioning buffer which stands at Rs. 54 Cr (1.34% of on book assets of Rs. 4047 Cr).
The co has not restructured fresh loans but is in the process of assessing covid stress on the borrower and will invoke the resolution plans for the eligible borrowers in the September quarter.
Quarter EPS is Rs. 6.7
Share is trading at P/E of 24.1x FY23E EPS & 3.5x trailing P/BV