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Forwarded from Market Wizard Private
Added more 10k at 77.5 - 78.1
NTC IND ❤️
BHARTI AIRTEL: CO AND JIO CONCLUDE SPECTRUM TRADING AGREEMENT II CO HAS RECEIVED RS. 1004.8 CRORES (NET OF TAX) FROM JIO FOR THE PROPOSED TRANSFER. IN ADDITION, JIO WILL ASSUME FUTURE LIABILITIES OF RS. 469.3 CRORES RELATING TO THE SPECTRUM
INDIA PM MODI: INDIA AUTO SCRAPPAGE POLICY TO BRING RUPEES 100B INVESTMENT
BPCL ANNOUNCED 58 RS DIVIDEND PER SHARE
BPCL ANNOUNCED 58 RS DIVIDEND PER SHARE EX DATE 16 SEP 2021
*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


*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

*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

*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

*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

*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
*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
*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
*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
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*Hindustan Aeronautics Ltd.* | *CMP* Rs. 1096 | *M Cap* Rs. 36649 Cr | *52 W H/L* 1424/658
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 1615.8 Cr (-85% QoQ, -7% YoY) vs QoQ Rs. 10738.7 Cr, YoY Rs. 1736.7 Cr
EBIDTA came at Rs. 242.5 Cr (-91.1% QoQ, -36.9% YoY) vs QoQ Rs. 2726.7 Cr, YoY Rs. 384.4 Cr
EBITDA Margin came at 15% vs QoQ 25.4%, YoY 22.1%
Adj. PAT came at Rs. 194.7 Cr vs QoQ Rs. 1620.1 Cr, YoY Rs. 148.7 Cr
Quarter EPS is Rs. 5.8
Share is trading at P/E of 10.3x FY22E EPS
*Ashok Leyland Q1FY22 Concall Update*
(Nirmal Bang Retail Research)

*Outlook: Positive*

• Total volumes for the co were at 17,390 (+356% YoY & -61% QoQ). Demand in South India has been weaker than North and hence co lost some market share in HCVs.
• Industry has seen 8 qtrs of degrowth prior to Q1.
• Demand in July & August has been good.
• Real estate and infra remain strong. Capacity created by change in axle load norms in 2018 has been absorbed.
• If the third wave is not severe, demand revival will remain strong. Co is bullish on growth going forward.
• Bus segment continued to pull down growth in MHCV segment. Only once schools and offices open will the demand for busses come back.
• Main negatives are on (i) steel price front, (ii) semiconductor shortage, but is being managed and (iii) increase in diesel prices.
• Once demand comes back, freight rates will adjust upwards.
• Businesses of LCV business, aftermarket and defence have better margins than MHCV and these 3 businesses have done better than MHCV.
• Demand for LCV is growing driven by Ecommerce and last mile connectivity.
• With Govt. giving emphasis on infra, it will have a multiplier effect in the long run. This will increase demand for Tippers and multi axle vehicles/tractor trailers.
• ICV accounts for 35% mix while Tippers are 28% mix.

Share is trading at FY22 P/E of 41x & EV/Sales of 2.5x FY22
*Akzo Nobel India Ltd.* | *CMP* Rs. 2243 | *M Cap* Rs. 10215 Cr | *52 W H/L* 2530/1835
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 626.4 Cr (-19.8% QoQ, 142.3% YoY) vs QoQ Rs. 781.4 Cr, YoY Rs. 258.5 Cr
EBIDTA came at Rs. 90.5 Cr (-20.4% QoQ, -818% YoY) vs QoQ Rs. 113.8 Cr, YoY Rs. -12.6 Cr
EBITDA Margin came at 14.5% vs QoQ 14.6%, YoY -4.9%
Adj. PAT came at Rs. 75.9 Cr vs QoQ Rs. 74.3 Cr, YoY Rs. -20.3 Cr
Quarter EPS is Rs. 16.7
Share is trading at P/E of 33.6x TTM EPS
*Gujarat Fluorochemicals Ltd.* | *CMP* Rs. 1754 | *M Cap* Rs. 19265 Cr | *52 W H/L* 1839/401
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 911.9 Cr (8.5% QoQ, 62.9% YoY) vs QoQ Rs. 840.3 Cr, YoY Rs. 560 Cr
EBIDTA came at Rs. 243.5 Cr (24.2% QoQ, 69.5% YoY) vs QoQ Rs. 196.1 Cr, YoY Rs. 143.6 Cr
EBITDA Margin came at 26.7% vs QoQ 23.3%, YoY 25.7%
Adj. PAT came at Rs. 153.8 Cr vs QoQ Rs. 112.8 Cr, YoY Rs. 69.9 Cr
Quarter EPS is Rs. 14
Share is trading at P/E of 40.8x FY22E EPS
Reminder :- All ITC shareholders, company has paid Dividend declared in last qtr today. Please check you bank and confirm the same.