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*Aurobindo – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Neutral*

The stock is trading at 13.7x FY22E consensus earnings


• Margins impacted due to lower exports benefits and continued investments in R&D 180cr
• Purchased 9 OTC, 6 ANDAs – expect revenues of $30-35mn in 1st 12 months from OTC products
• Cronus Pharma Acquisition – formed in 2015-16
o Including US subsidiary CY20 - $13mn, 6.5mn YTD
o Filing done for 32 products, marketed 6 products
o See lot of synergies, Aurobindo would have managerial control
o 40 products are injectables out of 67 product pipelines (have addressable market share $2bn)
o From end of FY23, whole manufacturing would start contributing
o No shareholder approval required for this acquisition
o It has debt of ~Rs 165 cr
• Global injectable business $102mn
• Saw price erosions – high single digit – higher than the normal – can offset this by higher volumes and new launches
• USFDA concluded inspection of Unit 1 yesterday with 7 procedural observations
*GR Infraprojects Ltd.* | *CMP* Rs. 1661 | *M Cap* Rs. 16060 Cr | *52 W H/L* 1839/1550
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 2133.2 Cr (-18.8% QoQ, 73.2% YoY) vs QoQ Rs. 2628.4 Cr, YoY Rs. 1231.8 Cr
EBIDTA came at Rs. 345.4 Cr (-15.5% QoQ, 123.8% YoY) vs QoQ Rs. 408.9 Cr, YoY Rs. 154.4 Cr
EBITDA Margin came at 16.2% vs QoQ 15.6%, YoY 12.5%
Adj. PAT came at Rs. 203.6 Cr vs QoQ Rs. 247.3 Cr, YoY Rs. 71 Cr
Quarter EPS is Rs. 21.1
Share is trading at P/E of 18.4x FY22E EPS
*Cheviot Company Ltd.* | *CMP* Rs. 1452 | *M Cap* Rs. 939 Cr | *52 W H/L* 1856/499
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 123.5 Cr (-21.3% QoQ, 399.8% YoY) vs QoQ Rs. 156.9 Cr, YoY Rs. 24.7 Cr
EBIDTA came at Rs. 20.8 Cr (-15.6% QoQ, 747.3% YoY) vs QoQ Rs. 24.6 Cr, YoY Rs. 2.5 Cr
EBITDA Margin came at 16.8% vs QoQ 15.7%, YoY 9.9%
Adj. PAT came at Rs. 22.2 Cr vs QoQ Rs. 25.7 Cr, YoY Rs. 12.4 Cr
Quarter EPS is Rs. 34.3
Share is trading at P/E of 11x TTM EPS
*KNR CONSTRUCTIONS LTD.* | *CMP* Rs. 287 | *M Cap* Rs. 8060 Cr | *52 W H/L* 286.6/100
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 740 Cr (-20.9% QoQ, 54.4% YoY) vs expectation of Rs. 605.5 Cr, QoQ Rs. 935.8 Cr, YoY Rs. 479.4 Cr
EBIDTA came at Rs. 143.3 Cr (-21.3% QoQ, 51.9% YoY) vs expectation of Rs. 111 Cr, QoQ Rs. 182.2 Cr, YoY Rs. 94.3 Cr
EBITDA Margin came at 19.4% vs expectation of 18.3%, QoQ 19.5%, YoY 19.7%
Adj. PAT came at Rs. 73 Cr vs expectation of Rs. 57.4 Cr, QoQ Rs. 77 Cr, YoY Rs. 39.8 Cr
Quarter EPS is Rs. 2.6
Share is trading at P/E of 19x FY22E EPS
*Schneider Electric Infrastructure Ltd.* | *CMP* Rs. 126 | *M Cap* Rs. 3006 Cr | *52 W H/L* 147/68
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 288.2 Cr (16.6% QoQ, 38.5% YoY) vs QoQ Rs. 247.2 Cr, YoY Rs. 208 Cr
EBIDTA came at Rs. -1.9 Cr (-61% QoQ, -85% YoY) vs QoQ Rs. -4.9 Cr, YoY Rs. -12.7 Cr
EBITDA Margin came at -0.7% vs QoQ -2%, YoY -6.1%
Adj. PAT came at Rs. 16.1 Cr vs QoQ Rs. -10.6 Cr, YoY Rs. -29.4 Cr
Quarter EPS is Rs. 0.7
Share is trading at P/E of 54.6x TTM EPS
*RSWM Ltd.* | *CMP* Rs. 356 | *M Cap* Rs. 838 Cr | *52 W H/L* 439/69
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 741.9 Cr (-11.2% QoQ, 243.7% YoY) vs QoQ Rs. 835.6 Cr, YoY Rs. 215.8 Cr
EBIDTA came at Rs. 81.5 Cr (-26.8% QoQ, -263% YoY) vs QoQ Rs. 111.3 Cr, YoY Rs. -50 Cr
EBITDA Margin came at 11% vs QoQ 13.3%, YoY -23.2%
Adj. PAT came at Rs. 36.9 Cr vs QoQ Rs. 71.4 Cr, YoY Rs. -66.1 Cr
Quarter EPS is Rs. 15.7
Share is trading at P/E of 6.8x TTM EPS
*Hindustan Construction Company Ltd.* | *CMP* Rs. 10 | *M Cap* Rs. 1540 Cr | *52 W H/L* 16/5
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 2453.9 Cr (4.2% QoQ, 46.4% YoY) vs QoQ Rs. 2354.2 Cr, YoY Rs. 1675.9 Cr
EBIDTA came at Rs. 158.4 Cr (60.8% QoQ, -363.8% YoY) vs QoQ Rs. 98.5 Cr, YoY Rs. -60.1 Cr
EBITDA Margin came at 6.5% vs QoQ 4.2%, YoY -3.6%
Adj. PAT came at Rs. 180 Cr vs QoQ Rs. 104.5 Cr, YoY Rs. -166.9 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 141.4x TTM EPS
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