*GMM Pfaudler Q1FY22 Concall Update*
(Nirmal Bang Securities)

*Strong growth visibility continues*

*Outlook: Positive*

• Total order inflows improved 58% YoY to Rs. 808 Cr. India inflows came at Rs. 290 Cr (+119% YoY). International inflows came at Rs. 518 Cr (+37% YoY). There was good inflow in Mavag for which co will have to expand capacity. Also, over Rs. 100 Cr orders came from L&T for heavy engineering.
• Total order book increased 39% to Rs. 1703 Cr. India order book stands at Rs. 501 Cr (+60% YoY). International order book stands at Rs. 1202 Cr (+31% YoY).
• Co’s previous revenue target of Rs 2800 cr and EBITDA margin of 16% by FY24E would stand revised upwards post acquisition of HDO Technologies last qtr. Co will share the revised guidance after a couple of qtrs.
• Acquisition of HDO Technologies in Q4FY21: Topline of 400 cr is possible in 3-5 years with some capex.
• Underlying tailwinds in domestic business remains intact for chemical and pharma clients.
• Co is adding 2 furnaces in Hyderabad & Karamsad which shall improve output.
• The new Watva facility will be used to manufacture heavy engineering equipment.
• Total net debt is at USD 43 mn or Rs. 318 Cr. Net debt in Pfaudler International is Rs. 148 Cr and in Standalone is Rs. 170 Cr.
• Conso tax rate will be at 25.7% in future.
• Q1FY22 consolidated PAT came at Rs. 32.2 Cr while EPS came at Rs. 22.0. Adjusting for normalised tax rate, PAT would be at Rs. 38.7 Cr with EPS of Rs. 26.5.
• We expect the consolidated EPS for FY22/23 to be Rs. 119/148.

Stock is trading at P/E of 31.5x FY23E EPS

*GMM Pfaudler Ltd. (Standalone/India)* | *CMP* Rs. 4680 | *M Cap* Rs. 6841 Cr | *52 W H/L* 6914/3316
(Nirmal Bang Retail Research)
*Result is ok*
Order inflow came at Rs. 291 Cr (+119% YoY)
Order book stands at Rs. 501 Cr (+60% YoY)
Revenue came at Rs. 171.4 Cr (-9.8% QoQ, 30.9% YoY) vs QoQ Rs. 190 Cr, YoY Rs. 130.9 Cr
EBIDTA came at Rs. 43.7 Cr (-16.4% QoQ, 80.1% YoY) vs QoQ Rs. 52.3 Cr, YoY Rs. 24.3 Cr
EBITDA Margin came at 25.5% vs QoQ 27.5%, YoY 18.6%
Adj. PAT came at Rs. 25.9 Cr vs QoQ Rs. 31.5 Cr, YoY Rs. 16.4 Cr
Quarter EPS is Rs. 17.7

*GMM Pfaudler Ltd. (International)*
Order inflow came at Rs. 518 Cr (+37% YoY)
Order book stands at Rs. 1202 Cr (+31% YoY)
Revenue came at Rs. 409 Cr (+23% YoY) vs YoY Rs. 333 Cr
EBITDA came at Rs. 40.6 Cr (+29% YoY) vs YoY Rs. 31.5 Cr
EBITDA Margin came at 9.9% vs YoY 9.5%
PBT for the qtr was at Rs. 18.1 Cr
PAT for the qtr was at Rs. 6.3 Cr

*Consolidated PAT came at Rs. 32.2 Cr; EPS came at Rs. 22.0; YoY & QoQ comparison of PAT & EPS is not possible due to lack of data*

Share is trading at P/E of 44.8x FY22E EPS

*Nucleus Software Exports Ltd.* | *CMP* Rs. 685 | *M Cap* Rs. 1989 Cr | *52 W H/L* 766/311
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 108.4 Cr (-12.7% QoQ, -15.5% YoY) vs QoQ Rs. 124.2 Cr, YoY Rs. 128.4 Cr
EBIDTA came at Rs. 1.7 Cr (-94.7% QoQ, -95.5% YoY) vs QoQ Rs. 31.8 Cr, YoY Rs. 37.3 Cr
EBITDA Margin came at 1.6% vs QoQ 25.6%, YoY 29.1%
Adj. PAT came at Rs. 6 Cr vs QoQ Rs. 27.4 Cr, YoY Rs. 36.3 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 22.7x TTM EPS

*Indostar Capital Finance Ltd. - C* | *CMP* Rs. 342 | *M Cap* Rs. 4233 Cr | *52 W H/L* 424/238
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 126.1 Cr vs YoY Rs. 149.1 Cr, QoQ Rs. 119.1 Cr
PBP came at Rs. 33 Cr vs YoY Rs. 73.8 Cr, QoQ Rs. 38.3 Cr
Provision came at Rs. 82.3 Cr vs YoY Rs. 23.2 Cr, QoQ Rs. 383.8 Cr
PAT came at Rs. -36.9 Cr vs YoY Rs. 47.2 Cr, QoQ Rs. -317.1 Cr
AUM came at Rs. 7887.7 Cr vs YoY Rs. 9809.8 Cr, QoQ Rs. 8397.6 Cr
Gross NPA (%) came at 4.5% vs QoQ 4.4%
Net NPA (%) came at 2.2% vs QoQ 2.1%
Co has restructured loans worth Rs. 289 Cr (3.7%).
Co reported more than 100% collections during the quarter.
Quarter EPS is Rs. -3
Share is trading at P/E of 19.4x FY23E EPS & 1.2x trailing P/BV

*Gujarat Pipavav Port Ltd.* | *CMP* Rs. 104 | *M Cap* Rs. 5028 Cr | *52 W H/L* 124/74
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 159.6 Cr (-17.5% QoQ, 0.4% YoY) vs QoQ Rs. 193.4 Cr, YoY Rs. 159 Cr
EBIDTA came at Rs. 87.8 Cr (-24% QoQ, -8.1% YoY) vs QoQ Rs. 115.6 Cr, YoY Rs. 95.5 Cr
EBITDA Margin came at 55% vs QoQ 59.7%, YoY 60.1%
Adj. PAT came at Rs. 43.6 Cr vs QoQ Rs. 65.4 Cr, YoY Rs. 48.2 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 23.1x TTM EPS

*DEVYANI INT IPO*⬆️⬆️⬆️
GMP 61 +/-5
61 * 165 SHARES
10065 ₹

*KRUSHNA DIAGNOSTICS IPO*⬇️⬇️⬇️
GMP 310 +/- 5
310 * 15 SHARES
4650 ₹

*EXXARO TILES IPO*⬇️⬇️⬇️
GMP 6 +/-1
6 * 125 SHARES
750 ₹

*WINDLAS BIO IPO*⬇️⬇️⬇️
GMP 85 +/-5
85 * 30 SHARES
2550 ₹

*CAR TRADE IPO* ⬆️⬆️⬆️
GMP 205 +/-10
205 * 9 SHARES
1845 ₹

*NUVOCO IPO*⬇️⬇️⬇️
GMP 5+/- 1
5 * 26 SHARES
130 ₹

*CHEMPLAST IPO* ⬇️⬇️⬇️
GMP 5 +/-1
5 * 27 SHARES
135 ₹

*APTUS IPO*⬇️⬇️⬇️
GMP 32 +/-2
32 * 42 SHARES
1344 ₹

*Shree Pushkar Chemicals & Fertilisers Ltd.* | *CMP* Rs. 172 | *M Cap* Rs. 529 Cr | *52 W H/L* 209/95
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 118.5 Cr (4.4% QoQ, 85.7% YoY) vs QoQ Rs. 113.5 Cr, YoY Rs. 63.8 Cr
EBIDTA came at Rs. 18.4 Cr (30.7% QoQ, 486.2% YoY) vs QoQ Rs. 14.1 Cr, YoY Rs. 3.1 Cr
EBITDA Margin came at 15.6% vs QoQ 12.4%, YoY 4.9%
Adj. PAT came at Rs. 13.4 Cr vs QoQ Rs. 10.4 Cr, YoY Rs. 1 Cr
Quarter EPS is Rs. 4.3
Share is trading at P/E of 13.2x TTM EPS

*JB Chemicals & Pharmaceuticals Ltd.* | *CMP* Rs. 1782 | *M Cap* Rs. 13775 Cr | *52 W H/L* 1939/728
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 606 Cr (14.7% QoQ, 16% YoY) vs expectation of Rs. 544.3 Cr, QoQ Rs. 528.5 Cr, YoY Rs. 522.3 Cr
EBIDTA came at Rs. 163.7 Cr (32.1% QoQ, 5.3% YoY) vs expectation of Rs. 136.4 Cr, QoQ Rs. 123.9 Cr, YoY Rs. 155.4 Cr
EBITDA Margin came at 27% vs expectation of 25.1%, QoQ 23.4%, YoY 29.8%
Adj. PAT came at Rs. 119.1 Cr vs expectation of Rs. 101.4 Cr, QoQ Rs. 100.6 Cr, YoY Rs. 119.4 Cr
Quarter EPS is Rs. 15.4
Share is trading at P/E of 30.5x FY22E EPS

*Thyrocare Technologies Ltd.* | *CMP* Rs. 1342 | *M Cap* Rs. 7097 Cr | *52 W H/L* 1466/659
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 164.7 Cr (12.1% QoQ, 192.6% YoY) vs expectation of Rs. 157.9 Cr, QoQ Rs. 146.8 Cr, YoY Rs. 56.3 Cr
EBIDTA came at Rs. 71.2 Cr (38.2% QoQ, 742% YoY) vs expectation of Rs. 62.1 Cr, QoQ Rs. 51.5 Cr, YoY Rs. 8.5 Cr
EBITDA Margin came at 43.3% vs expectation of 39.3%, QoQ 35.1%, YoY 15%
Adj. PAT came at Rs. 55.6 Cr vs expectation of Rs. 42.3 Cr, QoQ Rs. 37.8 Cr, YoY Rs. 0.2 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 45.6x FY22E EPS

*Aurobindo Pharma Ltd.* | *CMP* Rs. 826 | *M Cap* Rs. 48381 Cr | *52 W H/L* 1064/738
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 5702 Cr (-5% QoQ, -3.8% YoY) vs expectation of Rs. 6142 Cr, QoQ Rs. 6001.5 Cr, YoY Rs. 5924.8 Cr
EBIDTA came at Rs. 1209.4 Cr (-5.1% QoQ, -3.8% YoY) vs expectation of Rs. 1314.9 Cr, QoQ Rs. 1274.7 Cr, YoY Rs. 1257.4 Cr
EBITDA Margin came at 21.2% vs expectation of 21.4%, QoQ 21.2%, YoY 21.2%
Adj. PAT came at Rs. 770 Cr vs expectation of Rs. 816.1 Cr, QoQ Rs. 800.9 Cr, YoY Rs. 780.6 Cr
Quarter EPS is Rs. 13.1
Share is trading at P/E of 13.7x FY22E EPS

*Vesuvius India Ltd.* | *CMP* Rs. 1255 | *M Cap* Rs. 2547 Cr | *52 W H/L* 1364/847
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 272.1 Cr (9.5% QoQ, 95.5% YoY) vs QoQ Rs. 248.5 Cr, YoY Rs. 139.2 Cr
EBIDTA came at Rs. 27.8 Cr (17.8% QoQ, 236.1% YoY) vs QoQ Rs. 23.6 Cr, YoY Rs. 8.3 Cr
EBITDA Margin came at 10.2% vs QoQ 9.5%, YoY 5.9%
Adj. PAT came at Rs. 19.4 Cr vs QoQ Rs. 16.1 Cr, YoY Rs. 5.9 Cr
Quarter EPS is Rs. 9.5
Share is trading at P/E of 39.8x TTM EPS

*Sandur Manganese & Iron Ores Ltd.* | *CMP* Rs. 1884 | *M Cap* Rs. 1696 Cr | *52 W H/L* 2234/552
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 475.1 Cr (32.8% QoQ, 269.5% YoY) vs QoQ Rs. 357.7 Cr, YoY Rs. 128.6 Cr
EBIDTA came at Rs. 254.1 Cr (88.7% QoQ, 583.7% YoY) vs QoQ Rs. 134.7 Cr, YoY Rs. 37.2 Cr
EBITDA Margin came at 53.5% vs QoQ 37.7%, YoY 28.9%
Adj. PAT came at Rs. 148.8 Cr vs QoQ Rs. 70.9 Cr, YoY Rs. 23.3 Cr
Quarter EPS is Rs. 165.3
Share is trading at EV/EBITDA of 4.01x FY23E EBITDA

*Mishra Dhatu Nigam Ltd.* | *CMP* Rs. 189 | *M Cap* Rs. 3535 Cr | *52 W H/L* 236/173
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 114.1 Cr (-67% QoQ, 0.5% YoY) vs QoQ Rs. 345.9 Cr, YoY Rs. 113.5 Cr
EBIDTA came at Rs. 25.5 Cr (-75.3% QoQ, 336.9% YoY) vs QoQ Rs. 103.1 Cr, YoY Rs. 5.8 Cr
EBITDA Margin came at 22.4% vs QoQ 29.8%, YoY 5.1%
Adj. PAT came at Rs. 18.7 Cr vs QoQ Rs. 74.7 Cr, YoY Rs. -0.9 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 19x TTM EPS

*Tata Steel Ltd.* | *CMP* Rs. 1435 | *M Cap* Rs. 172546 Cr | *52 W H/L* 1482/343
(Nirmal Bang Retail Research)
Volume came at 7.11 mnt vs QoQ 7.83 mnt, YoY 5.34 mnt
*Result broadly in-line with expectation*
*Indian Standalone operation result came marginally ahead of expectation and European result came lower than expectation*

Revenue from Operations came at Rs. 53371.8 Cr (6.8% QoQ, 119.7% YoY) vs expectation of Rs. 52497.4 Cr, QoQ Rs. 49977.4 Cr, YoY Rs. 24288.5 Cr
EBIDTA came at Rs. 16110.6 Cr (13.6% QoQ, 3087% YoY) vs expectation of Rs. 16219.1 Cr, QoQ Rs. 14184.1 Cr, YoY Rs. 505.5 Cr
EBITDA/T came at Rs 22659/T vs QoQ Rs 18115/T, YoY Rs 1025/T
EBITDA Margin came at 30.2% vs expectation of 30.7%, QoQ 28.4%, YoY 2.1%
Adj. PAT came at Rs. 8907 Cr vs expectation of Rs. 8996.7 Cr, QoQ Rs. 6644.2 Cr, YoY Rs. -4416.6 Cr
Quarter EPS is Rs. 74.1
Share is trading at EV/EBITDA of 6.2x FY23E EBITDA

*Tata Steel Europe*
Volume came 2.33 mnt vs QoQ 2.47 mnt, YoY 1.98 mnt
Reported EBITDA/T came at Rs 6590/T ($88/T Vs Exp of $150) vs QoQ Rs 4841/T, YoY Rs -3155/T

*Net Debt declined to Rs 73979 Cr as compared to Rs 75389 last quarter*

Chairman and managing director Sanjiv Puri said ITC will be investing $2 billion in the medium term as part of its strategy reset.

https://www.cnbctv18.com/retail/itc-to-invest-2-billion-in-medium-term-to-ramp-up-capacity-10350861.htm?utm_source=telegramapp&utm_medium=social&utm_campaign=telegram

ET Markets:India’s largest MF raises red flag over stocks, IPOs http://economictimes.indiatimes.com/markets/stocks/news/why-indias-largest-fund-house-just-raised-red-flag-over-stocks-ipos/articleshow/85267645.cms
Sent from Economic Times Mobile App.(Download Now):
http://ecoti.in/etmtks

*Hero MotoCorp Ltd.* | *CMP* Rs. 2783 | *M Cap* Rs. 55602 Cr | *52 W H/L* 3616/2627
(Nirmal Bang Retail Research)
No. of Vehicles Sold 1024489 vs QoQ 1568313,YoY 563426
*Result below Expectation*
Revenue from Operations came at Rs. 5487.1 Cr (-36.8% QoQ, 84.7% YoY) vs expectation of Rs. 5847.4 Cr, QoQ Rs. 8686 Cr, YoY Rs. 2971.5 Cr
EBIDTA came at Rs. 514.8 Cr (-57.5% QoQ, 376.5% YoY) vs expectation of Rs. 616.6 Cr, QoQ Rs. 1211.2 Cr, YoY Rs. 108.1 Cr
EBITDA Margin came at 9.4% vs expectation of 10.5%, QoQ 13.9%, YoY 3.6%
Adj. PAT came at Rs. 365.4 Cr vs expectation of Rs. 463.7 Cr, QoQ Rs. 865 Cr, YoY Rs. 61.3 Cr
Quarter EPS is Rs. 18.3
Share is trading at P/E of 15.4x FY22E EPS

*Eicher Motors Ltd.* | *CMP* Rs. 2615 | *M Cap* Rs. 71491 Cr | *52 W H/L* 3037/2007
(Nirmal Bang Retail Research)
No. of Vehicles Sold 129446 vs QoQ 222771,YoY 59398
*Result Inline with Expectation* *Vinod K Dasari steps down as Chief Executive Officer of Royal Enfield and Executive Director with an intention to dedicate time and energy to pursue his personal passion and ambition in affordable healthcare. This may have sentimental negative impact*
Revenue from Operations came at Rs. 1974.3 Cr (-32.9% QoQ, 141.3% YoY) vs expectation of Rs. 1833.5 Cr, QoQ Rs. 2940.3 Cr, YoY Rs. 818.2 Cr
EBIDTA came at Rs. 363 Cr (-42.8% QoQ, 9477% YoY) vs expectation of Rs. 360.8 Cr, QoQ Rs. 634.4 Cr, YoY Rs. 3.8 Cr
EBITDA Margin came at 18.4% vs expectation of 19.7%, QoQ 21.6%, YoY 0.5%
Adj. PAT came at Rs. 237.1 Cr vs expectation of Rs. 231.3 Cr, QoQ Rs. 526.1 Cr, YoY Rs. -55.2 Cr
Quarter EPS is Rs. 8.7
Share is trading at P/E of 31.6x FY22E EPS

*Ashok Leyland Ltd.* | *CMP* Rs. 134 | *M Cap* Rs. 39204 Cr | *52 W H/L* 143/49
(Nirmal Bang Retail Research)
No. of Vehicles Sold 17390 vs QoQ 44060,YoY 3814
*Result below Expectation*
Revenue from Operations came at Rs. 2951 Cr (-57.8% QoQ, 353.4% YoY) vs expectation of Rs. 2824.8 Cr, QoQ Rs. 7000.5 Cr, YoY Rs. 650.9 Cr
EBIDTA came at Rs. -143.1 Cr (-126.8% QoQ, -57.1% YoY) vs expectation of Rs. -18.2 Cr, QoQ Rs. 534.2 Cr, YoY Rs. -333.2 Cr
EBITDA Margin came at -4.8% vs expectation of -0.6%, QoQ 7.6%, YoY -51.2%
Adj. PAT came at Rs. -280.6 Cr vs expectation of Rs. -212.9 Cr, QoQ Rs. 203.8 Cr, YoY Rs. -387.1 Cr
Quarter EPS is Rs. -1
Share is trading at P/E of 40.7x FY22E EPS

Bulk Deal as on 12-08-21

Albert David
+ 49 K @ 635.32 Tripta Rani

Globus Spirits Ltd
+ 1.75 LK @ 862.05 Long Term Equity Fund
+ 18 K @ 862.05 Ram Bagh Facility Services LLP
- 3.37 Lk @ 862.05 International Asset Reconstruction Co Pvt Ltd

Gufic Biosciences
+ 5 Lk @ 205.89 Financial Investor Trust A/C Grandeur Peak Global Opportunities Fund

IndTerrain
+ 2.10 Lk @ 41.84 M/s Prarthana Enterprises

International Conveyers
+ 4 Lk @ 61.09 Vivek Mundra
- 4.31 Lk @ 61.17 Madhusudan Kela

Jbf Industries
+ 10 Lk @ 30.65 Gladiator Vyapaar Pvt Ltd
- 10 Lk @ 30.65 ICM Finance Pvt Ltd
JTL Infra
- 75 K & 675 Jagan Industries Pvt Ltd

LKP Finance
+ 3.85 Lk @ 129.5 Vijay Kundanmal Choraria
- 2 Lk @ 129.5 India Max Investment Fund Ltd
- 1.79 Lk @ 129.5 Team India Managers Ltd

Stovec Ind
- 16 K @ 2601.07 Plutus Wealth Management LLP

Vishal
+ 5.11 Lk @ 112.98 Chiripal SavitriDevi V