*RBL Bank Ltd.* | *CMP* Rs. 176 | *M Cap* Rs. 9112 Cr | *52 W H/L* 391/102
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Net Interest Income came at Rs. 932 Cr vs expectation of Rs. 1039 Cr, YoY Rs. 869 Cr, QoQ Rs. 1041 Cr
NII came below expectation as NIMs declined to 4.34% from QoQ 4.85% due to proactive reversal of interest income on retail advances expected to slip in Q3FY21.
Non Interest Income came at Rs. 456 Cr vs expectation of Rs. 500 Cr, YoY Rs. 442 Cr, QoQ Rs. 333 Cr
PBP came at Rs. 720 Cr vs expectation of Rs. 696 Cr, YoY Rs. 636 Cr, QoQ Rs. 690 Cr
Lower Opex led to PBP coming in-line.
Provisions came at Rs. 526 Cr vs expectation of Rs. 558 Cr, YoY Rs. 533 Cr, QoQ Rs. 500 Cr
COVID related provisions are Rs. 310 Cr in Q2FY21; total cumulative COVID provisions are Rs. 664 Cr (121 bps of advances)
Adj. PAT came at Rs. 144 Cr vs expectation of Rs. 123 Cr, YoY Rs. 54 Cr, QoQ Rs. 141 Cr
Slippages came at Rs. 145 Cr vs QoQ Rs. 5 Cr with slippage ratio of 1.01% vs QoQ 0.04%
Gross NPA came at Rs. 1912 Cr vs QoQ Rs. 1992 Cr at 3.34% vs QoQ 3.45%
Net NPA came at Rs. 776 Cr vs QoQ Rs. 933 Cr at 1.38% vs QoQ 1.65%
Quarter EPS is Rs. 2.8
Share is trading at P/E of 8.7x FY22E EPS & 0.9x trailing P/Adj. BV

# 6.7% clients have not paid a single EMI since April.
# Collection efficiency levels have reached 94% in Sep from 85% in June.

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*Piramal Enterprises Ltd. - C* | *CMP* Rs. 1283 | *M Cap* Rs. 28937 Cr | *52 W H/L* 1829/607
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 3301.8 Cr vs YoY Rs. 3603.6 Cr, QoQ Rs. 2937.3 Cr
EBITDA came at Rs. 2000 Cr vs YoY Rs. 2251.7 Cr, QoQ Rs. 1795.5 Cr
EBITDA Margin % came at 60.6 % vs YoY 62.5 %, QoQ 61.1 %
Adj. PAT came at Rs. 628.3 Cr vs YoY Rs. 552.1 Cr, QoQ Rs. 495.6 Cr
PAT seems higher YoY as there was exceptional loss in base year.

_*Financial Services Segment*_
Financial Services Revenues came at Rs. 1860.8 Cr vs YoY Rs. 1954 Cr, QoQ Rs. 1899.5 Cr
EBITDA - Financial Services came at Rs. 603.7 Cr vs YoY Rs. 735.5 Cr, QoQ Rs. 626.1 Cr
Financial Services - Margin % came at 32.4 % vs YoY 37.6 %, QoQ 33 %
O/S Loan Book came at Rs. 51522 Cr vs YoY Rs. 53055 Cr, QoQ Rs. 51265 Cr

_*Pharma Segment*_
Pharma Revenues came at Rs. 1441.1 Cr vs YoY Rs. 1316.4 Cr, QoQ Rs. 1037.9 Cr
EBITDA - Pharma came at Rs. 327.1 Cr vs YoY Rs. 306 Cr, QoQ Rs. 109.3 Cr
Pharma - Margin % came at 22.7 % vs YoY 23.2 %, QoQ 10.5 %

Quarter EPS is Rs. 27.9
Share is trading at P/E of 13.5x FY22E EPS


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*APL Apollo Tubes Ltd.* | *CMP* Rs. 3091 | *M Cap* Rs. 7697 Cr | *52 W H/L* 3091/1025
(Nirmal Bang Retail Research)
*Result is in line expectation*
Revenue from Operations came at Rs. 2202.4 Cr (98.4% QoQ, 33.7% YoY) vs expectation of Rs. 2295.1 Cr, QoQ Rs. 1109.8 Cr, YoY Rs. 1647.3 Cr
volume for the quarter stood at 481kt as against 238kt qoq and 364kt yoy
EBIDTA came at Rs. 169.4 Cr (138.4% QoQ, 135.4% YoY) vs expectation of Rs. 155.2 Cr, QoQ Rs. 71.1 Cr, YoY Rs. 72 Cr
EBITDA/T for the quarter improved to Rs 3514/t against Rs 2982/t and 1978/t on qoq and yoy basis resp
EBITDA Margin came at 7.7% vs expectation of 6.8%, QoQ 6.4%, YoY 4.4%
Adj. PAT came at Rs. 102.6 Cr vs expectation of Rs. 91.6 Cr, QoQ Rs. 16.8 Cr, YoY Rs. 55.1 Cr
Quarter EPS is Rs. 41.2
Share is trading at P/E of 23.9x FY22E EPS

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*Apcotex Industries Ltd.* | *CMP* Rs. 161 | *M Cap* Rs. 834 Cr | *52 W H/L* 195/63
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 129.3 Cr (116% QoQ, 4.2% YoY) vs QoQ Rs. 59.9 Cr, YoY Rs. 124.1 Cr
EBIDTA came at Rs. 18.6 Cr (-531.3% QoQ, 169.2% YoY) vs QoQ Rs. -4.3 Cr, YoY Rs. 6.9 Cr
EBITDA Margin came at 14.4% vs QoQ -7.2%, YoY 5.6%
Adj. PAT came at Rs. 11.6 Cr vs QoQ Rs. -6.7 Cr, YoY Rs. 3.6 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 28.2x FY22E EPS

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*Axis Bank Q2FY21 Concall Update*
(Nirmal Bang Retail Research)


◉ *Healthy NIMs and cost control lead to strong operating performance*
◉ *Collection efficiency reaches close to pre-covid levels at 97%*
◉ *Contingent provision increases to 1.9% of advances*
◉ *Deterioration in BB & Below book is the only disappointment for the qtr*

*Outlook: Positive*

• Advances grew 12% YoY & 3% QoQ to Rs. 5.76 Lac Cr. Retail & Corporate loans both grew by 12% YoY. SME book was flat YoY.
• NIM was at 3.58% vs QoQ 3.40% & YoY 3.51%. It improved partly due to capital raise & lower interest reversal due to lower slippages.
• Cost/income continued to decline to 38.0% vs QoQ 38.9% & YoY 40.5%.
• Collection efficiency was at 94% in Sep and post that has increased to 97%. (It was at 75% in June)
• Outstanding BB & Below book (incl: non-fund based & investments) increased to Rs. 14,854 Cr (2.6% of total advances) vs QoQ Rs. 10,753 Cr (1.9%). Infra, power, hotels & power generation together form bulk of the BB & Below book. Bank proactively downgraded accounts which led to the higher number of BB & Below.
• 1.2% of loans can undergo restructuring which has overlap with BB & Below book. Bank has already done 20% provisioning on the possible restructuring book.
• GNPA came at 4.2% vs QoQ 4.7%. Calculated PCR has increased to 77% vs QoQ 75% and YoY 62%.
• Provisions came at Rs. 4581 Cr vs QoQ Rs. 4416 Cr. Bank has made incremental contingent provisions of Rs.3,143 Cr during the qtr. The bank holds cumulative contingent provisions of Rs. 10,839 Cr (1.9% of advances).
• SME book is 90% secured. 78% are Wkg Cap based loans. Bank had been defocusing on this book since a year. ATS is 2.5 Cr. Avg rating is A- and above.
• 95% of corporate disbursements are in A- and above category.
• 80% of retail portfolio is secured. Retail unsecured book constitutes 20% mix of which 84% are salaried customers mostly having a salary account with the bank.
• Disbursements in retail segment has reached 95% of normal levels.

Share is trading at P/E of 12.8x FY22E EPS & 1.7x trailing P/Adj. BV

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*Taro - Sun Pharma Subsidiary*
(Nirmal Bang Retail Research)
*Result is ok*
Net Sales came at $142.8mn vs QoQ $117.6mn, YoY $160.9mn
Gross Profit came at $81.6mn vs QoQ $64.9mn, YoY $101.6mn
Operating Income came at $41mn vs QoQ $29.8mn, YoY $62.6mn
Operating Margins came at 28.7% vs QoQ 25.3%, YoY 38.9%
Net Income came at $45.1mn vs QoQ $29mn, YoY $56.2mn

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*Strides Pharma Science Ltd.* | *CMP* Rs. 718 | *M Cap* Rs. 6433 Cr | *52 W H/L* 765/268
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 793.6 Cr (1.5% QoQ, 11% YoY) vs expectation of Rs. 802.7 Cr, QoQ Rs. 781.8 Cr, YoY Rs. 715.1 Cr
EBIDTA came at Rs. 157.2 Cr (4.1% QoQ, 7.2% YoY) vs expectation of Rs. 159.3 Cr, QoQ Rs. 151 Cr, YoY Rs. 146.6 Cr
EBITDA Margin came at 19.8% vs expectation of 19.8%, QoQ 19.3%, YoY 20.5%
Adj. PAT came at Rs. 49.1 Cr vs expectation of Rs. 48.8 Cr, QoQ Rs. 58.6 Cr, YoY Rs. 59.3 Cr
Quarter EPS is Rs. 5.5
Share is trading at P/E of 15.7x FY22E EPS

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*AU SFB Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

◉ *Collection Efficiency as well as Disbursements normalize*
◉ *Covid led stressed book reduces from 5.5% in Aug to at 3.0% in Oct; bank expects further improvement in future*

*Outlook: Positive*

*Operating Performance*
• Disbursements declined 28% YoY to Rs. 3409 Cr. However, *disbursements in September month have reached 99% of September 2019.*
• AUM stands at Rs. 30,590 Cr (+10% YoY, +2% QoQ). Retail AUM +17% YoY (84% mix); Wholesale AUM -10% YoY (16% mix). Retail AUM mix improved to 84% vs 79% YoY.
• Deposits +22% YoY, +1% QoQ. CASA ratio is at 20% vs 15% both QoQ & YoY. Mix of Retail TD increased YoY from 35% to 48%. The bank shed bulk deposits worth Rs. 2,000 Cr during the qtr.
• Bank changed its stance from focusing on Term Deposits alone to both CASA and Term Deposits now.
• Other income includes Rs. 144 Cr from stake sale of Aavas Financiers in addition to Rs. 27 Cr of sales proceeds in Q1.
• Opex grew by 17% YoY with branch network expanding to 686 vs 594 QoQ and 428 YoY.

*Asset Quality & Collections*
• GNPA came at 1.5% vs QoQ 1.7%. PCR improved to 71% vs QoQ 63% & YoY 44%. NNPA declined to 0.5% vs QoQ 0.6%.
• Moratorium book (not a single repayment since April) as on Aug end declined to 5.5% from 11% as on June end. Out of this, 2.5% have become active in Sep & Oct. Hence pending stressed book is ~3.0%. Bank is already carrying 1.0% of covid provisions (Rs. 278 Cr) and will wait and watch the stressed portfolio rather than provide for it upfront as these are 100% secured loans.
• We believe the bank should have provided further covid provisions during the qtr so that the co could start FY22 with no baggage of covid related credit costs. We now conservatively change our credit cost assumptions for FY21/22 from earlier 2.3%/0.9% to 1.9%/1.3%. This shall reduce our earlier FY22 ROA estimate from 1.9% to 1.7% now and similarly ROE from 18.8% earlier to 16.6% now. (We have conservatively assumed the entire 3% stressed covid book slipping over FY21 & 22; whereas management is hopeful that this number will reduce in future. If the stressed covid book reduces as per management expectations, then our earlier assumptions for FY22 on credit cost, ROA and ROE would play out).
• Collection Efficiency has reached closer to normalized levels at 78% against 80% pre-covid. Collection seems lower compared to other banks due to the nature of customers who even during normal time used to have collections of ~80%.
• 90% of collections happen through electronic means for the bank.
• 98% of overall AUM is secured.

Stock is trading at P/E of 27x FY22 and trailing P/Adj BV of 5.0x

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*Navin Fluorine – Q2FY21 Concall – Nirmal Bang Sec.*
*Outlook – Positive*
*_Strong results as business returning back to normal_*

The stock is trading at 39x FY22E consensus earnings

*_General_*
• Sales returning back to normal levels
• EBITDA Margins have improved despite COVID challenges
• The company witnessed strong momentum in High Value Business performance however Legacy Business volumes were lower due to weak demand from the end users due to COVID-19
• Piramal increasing the stake in JV to 100% - and giving Rs 65.1 cr to Navin for their 49% stake plus Rs 7.9cr (one time) for leasehold land for 11 acres
o Will not lose any business – Navin would get access to hexafluoro chemistry license for lifetime which can be used for future products
o Had invested Rs 34 cr till now

*_CRAMS_*
• Witnessed strong quarterly sales with doubling of sales from Rs 47 cr in Q2FY20 to Rs 99 cr in Q2FY20
• Saw capacity utilisation of 80%
• Lots of orders bunched up and also witnessing higher enquiries – this is likely to continue on 6 monthly basis
• During H1FY21 ramped up utilisation of cGMP-3 facility
• Expect to clock ~₹ 130cr revenues, may be lumpy on quarterly basis
• Next capex investment plan by the end of the year based on FY21E performance - 2.0-2.5x asset turnover over the next 2-3 years
• Simultaneously working on 20-25 projects with 10-15 customers
• 65-70% from top 3 molecules


*_ Specialty Chemicals_*
• Grew by 8.5% yoy to Rs 102 cr
• Exports 56%
• Business has shown sustained growth
• The company is optimally utilizing the facility and working on expansion plans
• Momentum to continue from Life Science (40%) and Crop Science (40%) segments, industrial (20%) to be back on track by end of the year

*_ Ref. Gas_*
• Revenues declined 17% yoy to Rs 58 cr
• Revenue was impacted due to major dip in Trade Market while exports were impacted due to softening of prices
• Though Non-emissive applications continue to show growth and the company is working on understanding the prospects of the next generation of ref gases
• 1H Exports – 47%

*_ Inorganic Fluorides _*
• Performance was muted with 6% yoy decline at Rs 49 cr sales as end-user segments were operating at lower capacity and prices were also under pressure due to low demand
• Despite this, Navin has added 2 new customers
• 1H exports 12%


*_ HPP – New Business Vertical_*
• Entered into a $410 million contract with a Global Company for manufacture and supply of a High-performance Product (HPP) in the fluorochemical space
• Investing $51.5mn (Rs. 365 crs) for dedicated manufacturing facility and ~$10mn (Rs.71 crs) for captive power plant
• Expected Commencement of Supplies from Q4FY22

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*Arvind Ltd.* | *CMP* Rs. 34 | *M Cap* Rs. 880 Cr | *52 W H/L* 56/19
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1305 Cr (117.8% QoQ, -33.5% YoY) vs QoQ Rs. 599.3 Cr, YoY Rs. 1962.2 Cr
EBIDTA came at Rs. 121.5 Cr (-519.9% QoQ, -37.7% YoY) vs QoQ Rs. -28.9 Cr, YoY Rs. 195 Cr
EBITDA Margin came at 9.3% vs QoQ -4.8%, YoY 9.9%
Adj. PAT came at Rs. 23 Cr vs QoQ Rs. -95.3 Cr, YoY Rs. 43.2 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 3.9x FY22E EPS

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*Bharat Petroleum Corporation Ltd.* | *CMP* Rs. 334 | *M Cap* Rs. 72455 Cr | *52 W H/L* 550/252
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 50146.4 Cr (29.3% QoQ, -22.1% YoY) vs expectation of Rs. 50991.2 Cr, QoQ Rs. 38785.1 Cr, YoY Rs. 64340.8 Cr
EBIDTA came at Rs. 3851.2 Cr (-3.1% QoQ, 62.2% YoY) vs expectation of Rs. 2817.4 Cr, QoQ Rs. 3972.4 Cr, YoY Rs. 2374.9 Cr
EBITDA Margin came at 7.7% vs expectation of 5.5%, QoQ 10.2%, YoY 3.7%
Adj. PAT came at Rs. 2247.8 Cr vs expectation of Rs. 1399 Cr, QoQ Rs. 2076.2 Cr, YoY Rs. 1708.5 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 8.1x FY22E EPS

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*Gateway Distriparks Ltd.* | *CMP* Rs. 87 | *M Cap* Rs. 1086 Cr | *52 W H/L* 138/69
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 262.5 Cr (3.8% QoQ, -19.3% YoY) vs expectation of Rs. 250.2 Cr, QoQ Rs. 252.8 Cr, YoY Rs. 325.1 Cr
EBIDTA came at Rs. 65.2 Cr (-6.6% QoQ, -8.7% YoY) vs expectation of Rs. 61.2 Cr, QoQ Rs. 69.9 Cr, YoY Rs. 71.5 Cr
EBITDA Margin came at 24.8% vs expectation of 24.4%, QoQ 27.6%, YoY 22%
Adj. PAT came at Rs. 4.3 Cr vs expectation of Rs. 4 Cr, QoQ Rs. 11.3 Cr, YoY Rs. 17 Cr
Quarter EPS is Rs. 0.3
Share is trading at P/E of 12.5x FY22E EPS

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*Ganesha Ecosphere Ltd.* | *CMP* Rs. 274 | *M Cap* Rs. 597 Cr | *52 W H/L* 390/138
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 198 Cr (185.6% QoQ, -16% YoY) vs QoQ Rs. 69.3 Cr, YoY Rs. 235.6 Cr
EBIDTA came at Rs. 22.8 Cr (-775.8% QoQ, -26.2% YoY) vs QoQ Rs. -3.4 Cr, YoY Rs. 31 Cr
EBITDA Margin came at 11.5% vs QoQ -4.9%, YoY 13.1%
Adj. PAT came at Rs. 12.1 Cr vs QoQ Rs. -6 Cr, YoY Rs. 15.8 Cr
Quarter EPS is Rs. 5.6
Share is trading at P/E of 8.9x FY22E EPS

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*The Great Eastern Shipping Company Ltd.* | *CMP* Rs. 226 | *M Cap* Rs. 3322 Cr | *52 W H/L* 369/162
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 775 Cr (-27.5% QoQ, -5.2% YoY) vs QoQ Rs. 1068.4 Cr, YoY Rs. 817.5 Cr
EBIDTA came at Rs. 348.6 Cr (-43.1% QoQ, 45.2% YoY) vs QoQ Rs. 612.2 Cr, YoY Rs. 240 Cr
EBITDA Margin came at 45% vs QoQ 57.3%, YoY 29.4%
Adj. PAT came at Rs. 225.4 Cr vs QoQ Rs. 467.7 Cr, YoY Rs. -18.9 Cr
Quarter EPS is Rs. 15.3
Share is trading at P/E of 3.4x TTM EPS

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*Laurus Labs Ltd.* | *CMP* Rs. 327 | *M Cap* Rs. 17527 Cr | *52 W H/L* 343/59
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1138.8 Cr (16.9% QoQ, 59.9% YoY) vs expectation of Rs. 995.8 Cr, QoQ Rs. 974.3 Cr, YoY Rs. 712.4 Cr
EBIDTA came at Rs. 373.9 Cr (34.3% QoQ, 171.3% YoY) vs expectation of Rs. 281 Cr, QoQ Rs. 278.3 Cr, YoY Rs. 137.8 Cr
EBITDA Margin came at 32.8% vs expectation of 28.2%, QoQ 28.6%, YoY 19.3%
Adj. PAT came at Rs. 242.3 Cr vs expectation of Rs. 168.4 Cr, QoQ Rs. 171.8 Cr, YoY Rs. 56.6 Cr
Quarter EPS is Rs. 4.5
Share is trading at P/E of 28x FY22E EPS


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*Cholamandalam Investment & Finance Company Ltd. -S* | *CMP* Rs. 245 | *M Cap* Rs. 20081 Cr | *52 W H/L* 349/117
(Nirmal Bang Retail Research)
*Result is above expectations*
NII came at Rs. 1251.2 Cr vs expectation of Rs. 1014.9 Cr, YoY Rs. 1020 Cr, QoQ Rs. 983 Cr
PBP came at Rs. 899.6 Cr vs expectation of Rs. 649.8 Cr, YoY Rs. 618.5 Cr, QoQ Rs. 637.2 Cr
Provision came at Rs. 317.6 Cr vs expectation of Rs. 311.5 Cr, YoY Rs. 95.2 Cr, QoQ Rs. 56.2 Cr
Company has created additional provisions of Rs. 250 Cr towards macro provisions during this qtr. Cumulative additional provisions towards macros stand at Rs. 800 Cr (1.1% of AUM). The total provisions, including the additional macro provisions and the normal provisions created basis the prevailing ECL model is at Rs. 1688 Cr (2.6% of AUM).
PAT came at Rs. 431.9 Cr vs expectation of Rs. 359.2 Cr, YoY Rs. 307 Cr, QoQ Rs. 430.9 Cr
AUM came at Rs. 74471 Cr vs YoY Rs. 64409 Cr, QoQ Rs. 70826 Cr
Disbursement came at Rs. 6457 Cr vs YoY Rs. 7381 Cr, QoQ Rs. 3589 Cr
Gross NPA (%) came at 2.75% vs QoQ 3.3%
Net NPA (%) came at 1.35% vs QoQ 1.64%
Quarter EPS is Rs. 5.3
Share is trading at P/E of 13.1x FY22E EPS & 2.2x trailing P/BV

# Collection efficiency data is awaited

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*Aavas Financiers Ltd. - S* | *CMP* Rs. 1453 | *M Cap* Rs. 11389 Cr | *52 W H/L* 2101/846
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 156 Cr vs YoY Rs. 104.7 Cr, QoQ Rs. 121.6 Cr
PBP came at Rs. 92.7 Cr vs YoY Rs. 95.5 Cr, QoQ Rs. 69.2 Cr
Provision came at Rs. 8.1 Cr vs YoY Rs. 4.5 Cr, QoQ Rs. 6 Cr
PAT came at Rs. 66.2 Cr vs YoY Rs. 76 Cr, QoQ Rs. 50.1 Cr
Quarter EPS is Rs. 8.4
Share is trading at P/E of 0x FY22E EPS & 5x trailing P/BV

# asset quality details are awaited

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*JK Paper Ltd.* | *CMP* Rs. 89 | *M Cap* Rs. 1593 Cr | *52 W H/L* 141/62
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 638.4 Cr (36.1% QoQ, -19.2% YoY) vs QoQ Rs. 469.2 Cr, YoY Rs. 790.6 Cr
EBIDTA came at Rs. 115.6 Cr (84.8% QoQ, -49.1% YoY) vs QoQ Rs. 62.6 Cr, YoY Rs. 227.1 Cr
EBITDA Margin came at 18.1% vs QoQ 13.3%, YoY 28.7%
Adj. PAT came at Rs. 34.7 Cr vs QoQ Rs. 3.5 Cr, YoY Rs. 123.7 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 4x FY22E EPS

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*Bank of Baroda Ltd.* | *CMP* Rs. 42 | *M Cap* Rs. 19406 Cr | *52 W H/L* 108/36
(Nirmal Bang Retail Research)
*Result is above expectations*
Net Interest Income came at Rs. 7508 Cr vs expectation of Rs. 6938 Cr, YoY Rs. 7028 Cr, QoQ Rs. 6816 Cr
Non Interest Income came at Rs. 2802 Cr vs expectation of Rs. 2625 Cr, YoY Rs. 2824 Cr, QoQ Rs. 1816 Cr
PBP came at Rs. 5552 Cr vs expectation of Rs. 4490 Cr, YoY Rs. 5336 Cr, QoQ Rs. 4320 Cr
Provisions came at Rs. 3002 Cr vs expectation of Rs. 4645 Cr, YoY Rs. 4209 Cr, QoQ Rs. 5628 Cr
Adj. PAT came at Rs. 1679 Cr vs expectation of Rs. 265 Cr, YoY Rs. 737 Cr, QoQ Rs. -864 Cr
Gross NPA came at Rs. 65698 Cr vs QoQ Rs. 69132 Cr at 9.14% vs QoQ 9.39%
Net NPA came at Rs. 16795 Cr vs QoQ Rs. 18450 Cr at 2.51% vs QoQ 2.83%
*Collection efficiency awaited*
Share is trading at P/E of 6.8x FY22E EPS & 0.3x trailing P/Adj. BV

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*Havells India Ltd.* | *CMP* Rs. 725 | *M Cap* Rs. 45357 Cr | *52 W H/L* 724.55/447
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 2451.8 Cr (65.8% QoQ, 9.9% YoY) vs expectation of Rs. 2060 Cr, QoQ Rs. 1479.1 Cr, YoY Rs. 2230.3 Cr
EBIDTA came at Rs. 420.7 Cr (221.5% QoQ, 79.7% YoY) vs expectation of Rs. 218.7 Cr, QoQ Rs. 130.9 Cr, YoY Rs. 234.1 Cr
EBITDA Margin came at 17.2% vs expectation of 10.6%, QoQ 8.8%, YoY 10.5%
Adj. PAT came at Rs. 324.9 Cr vs expectation of Rs. 128.9 Cr, QoQ Rs. 63.3 Cr, YoY Rs. 181.4 Cr
Quarter EPS is Rs. 5.2
Share is trading at P/E of 53.6x FY22E EPS

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