*Solara Active pharma science ltd.* | *CMP* Rs. 1109 | *M Cap* Rs. 2983 Cr | *52 W H/L* 1256/363
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 397.6 Cr (14.1% QoQ, 13.2% YoY) vs QoQ Rs. 348.4 Cr, YoY Rs. 351.1 Cr
EBIDTA came at Rs. 97.6 Cr (16.5% QoQ, 43.5% YoY) vs QoQ Rs. 83.8 Cr, YoY Rs. 68 Cr
EBITDA Margin came at 24.6% vs QoQ 24.1%, YoY 19.4%
Adj. PAT came at Rs. 56.7 Cr vs QoQ Rs. 42.3 Cr, YoY Rs. 28.9 Cr
Quarter EPS is Rs. 21.1
Share is trading at P/E of 19.8x FY22E EPS

*Shriram Transport Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

*> Collection efficiency at 95% and stressed book at less than 5% is encouraging*
*> Credit costs have normalized*

*Outlook: Positive*

• Collection efficiency for September was at 95% vs 78% in Aug. Less than 5% of customers have not paid a single EMI since March.
• Co expects around 3% of customers to opt for restructuring. Co expects this to decline to 2.5% by Dec qtr.
• Provision came at Rs. 655 Cr vs expectation of Rs. 966 Cr, YoY Rs. 661 Cr, QoQ Rs. 1065 Cr
• Co created covid provisions o Rs. 416 Cr during the qtr taking the cumulative covid provision to Rs. 2282 Cr (2.0% of AUM). Co does not expect incremental covid provisions. (Thus after providing ~4.0% credit cost for Q4FY20 & Q1FY21, credit cost declined to pre-covid levels of 2.4% in Q2FY21 which should continue in future).
• GNPA was at 7.3% vs 8.0% QoQ. PCR was at 40% vs 39% QoQ & 32% YoY. NNPA was at 4.5% vs 5.1% QoQ.
• AUM grew +5% YoY & +1% QoQ to Rs. 1,13,346 Cr. AUM growth has been in single digits since the last 7 qtrs.
• HCV & M&LHCV formed 47% & 24% of AUM respectively, PVs formed 22% while tractors and business loans formed the balance 7%.
• Disbursements declined by 51% to Rs. ~6400 Cr. Management expects disbursements of Rs. 12-13,000 Cr run-rate in remaining 2 qtrs of FY21 which will lead to FY21 AUM growth of 5-6%.
• CV sales fell by 22% in Q2. LCVs fell by 4% and HCVs fell by 40%.
• Incremental COF is 8.75% although total COF is at 9.2%. By March 2021 it will decline by 25 bps.
• NIM has declined to 6.6% vs YoY 7.2% (QoQ 6.4%). This s maninly due to excess liquidity in balance sheet which should normalize after a couple of qtrs.

Share is trading at P/E of 6.2x FY22E EPS & 1.2x trailing P/ABV

SML ISUZU: VOLVO GROUP, ISUZU MOTORS SIGN FINAL DEAL TO FORM ALLIANCE || ISUZU PLANS TO COMPLETE ACQUISITION OF UD TRUCKS IN 1H OF 2021 ||

Delivery Call

Buy Cams at CMP of 1304 and dips till 1225
SL 1200 closing basis
Targets:- 20 - 50%
Time Frame:- 12 - 18 Months

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*Jindal Steel & Power Ltd.* | *CMP* Rs. 188 | *M Cap* Rs. 19161 Cr | *52 W H/L* 239/62
(Nirmal Bang Retail Research)
*Result is ahead of expectation*
*Company has not included Oman business number in consolidated result as company divested 49% holding including Oman EBITDA would have been Rs.2896cr Vs exp of Rs.2721cr*
Revenue from Operations came at Rs. 8989.8 Cr (-3.1% QoQ, 0.6% YoY) vs expectation of Rs. 10383.6 Cr, QoQ Rs. 9278.8 Cr, YoY Rs. 8939.5 Cr
EBIDTA came at Rs. 2702.3 Cr (13.3% QoQ, 64.6% YoY) vs expectation of Rs. 2721.5 Cr, QoQ Rs. 2384 Cr, YoY Rs. 1641.5 Cr
EBITDA Margin came at 30.1% vs expectation of 26.2%, QoQ 25.7%, YoY 18.4%
Adj. PAT came at Rs. 903.3 Cr vs expectation of Rs. 447.9 Cr, QoQ Rs. 183.1 Cr, YoY Rs. -300.5 Cr
Quarter EPS is Rs. 8.9
Share is trading at P/E of 10.9x FY22E EPS


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*Suven Pharmaceuticals Ltd.* | *CMP* Rs. 321 | *M Cap* Rs. 8172 Cr | *52 W H/L* 416/87
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 237.4 Cr (-0.4% QoQ, -13% YoY) vs QoQ Rs. 238.2 Cr, YoY Rs. 272.9 Cr
EBIDTA came at Rs. 98.5 Cr (-12.1% QoQ, -21.5% YoY) vs QoQ Rs. 112.1 Cr, YoY Rs. 125.5 Cr
EBITDA Margin came at 41.5% vs QoQ 47%, YoY 46%
Adj. PAT came at Rs. 74.1 Cr vs QoQ Rs. 91.5 Cr, YoY Rs. 93 Cr
Quarter EPS is Rs. 2.9
Share is trading at P/E of 34.1x TTM EPS

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#RelianceIndustries Q2FY21

Jio Q2:
Revenue up 5%
PAT up 13%

Revenue: 17,481 cr vs. 12,345 cr. (yoy) vs. 16,557 cr (qoq)
PAT at 2,844 cr

#RelianceJio

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*Reliance Jio becomes world's first telecom operator, outside China, to cross 400 million subscribers in a single country market; number of subscribers stood at 405.6 million on 30th September.*

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*Max Financial Services Ltd. - C* | *CMP* Rs. 591 | *M Cap* Rs. 15932 Cr | *52 W H/L* 645/276
(Nirmal Bang Retail Research)
*Result has improved*
Gross Premiums Written came at Rs. 4532 Cr vs YoY Rs. 3781 Cr, QoQ Rs. 2751 Cr
APE came at Rs. 1155 Cr vs YoY Rs. 1051 Cr, QoQ Rs. 660 Cr
Value of New Business (VNB) came at Rs. 325 Cr vs YoY Rs. 230 Cr, QoQ Rs. 113 Cr
Value of New Business Margin (%) came at 28.1% vs YoY 21.9%, QoQ 17.1%
Protection mix increased from 14% in H1FY20 to 20% in H1FY21; also Non-Par mix increased from 20% in H1FY20 to 31% in H1FY21. While Par & Ulip mix declined.
13th month persistency came at 83% vs YoY 85 %, QoQ 82%
61st month persistency came at 53% vs YoY 53 %, QoQ 52%
Pvt. Market Shares came at 11% vs YoY 9.3%, QoQ 10%
AUM came at Rs. 77764 Cr vs YoY Rs. 65425 Cr, QoQ Rs. 73239 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 33.8x FY22E EPS & 7x trailing P/BV
Share is trading at Mkt Cap/EV of 1.4x

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*Dixon Technologies Q2FY21 Concall Update*
(Nirmal Bang Securities)

*> Strong order book for H2FY21; qtly run-rate should be higher in H2 compared to Q2which faced production issues in July*
*> FY22 to witness quantum jump in revenue/profit on the back of first full year of operation under the mobile PLI scheme (mobile PLI revenue of ~Rs. 4,000 Cr)*
*> Industry tailwinds are gaining traction with govt policy support in form of import restrictions as well as the mobile PLI Scheme*

*Outlook: Positive*

• Overall revenues increased 17% to Rs. 1639 Cr.
• EBITDA grew by 42% with EBITDA Margin at 5.5%, QoQ 3.3%, YoY 4.5%.

*LED TV (60% mix) grew 30% YoY – Order book remains strong*
• Growth was healthy despite some operational issues during July.
• Volume growth was at 14% while revenue growth was 30%. Rising mix of Large sized TVs (50 inches +) is improving realizations & margins.
• Capacity is set to increase from 4.4 mn to 5.5 mn by Q4FY21 which is almost 40% of India’s demand of 14 mn TVs.
• In next 2 years, Indian TV market will be 16mn out of which Dixon will deliver 4mn translating to 25% market share.
• Demand from the import restriction move of Govt in previous qtr will continue to benefit the co.
• Beside Xiaomi, other anchor customers are Samsung, Nokia, Toshiba and pvt label of Flipkart.
• Co will also be adding a large client very shortly on ODM basis.
• Acquired One Plus as a customer this qtr.
• Indicative volumes from new customers (like Vu, One Plus and others) should be 0.8mn TVs per annum.

*Lighting (18% mix) grew 4% YoY*
• ODM share reached 90% from 84% YoY.
• 1/3rd of capacity will get automated ans thus reduce costs.
• Dixon’s capacity is at 20mn bulbs per month which is 40% of India’s capacity.
• Now co is looking to enter outdoor lighting and will offer it by Q4FY21.
• Co has almost all large brands as its clients.

*Washing Machine (9% mix) grew 4% YoY*
• Co has been only in semi-automatic WM.
• Fully-automated top loading capacity at Tirupati will come up by Dec. Will start in Q4FY21 and to reach full capacity it will take another 2 qtrs.
• Co has closed a deal with a large global MNC as an anchor customer.
• Co has a total of 140 models in WM and will be expanded by another 40, all on ODM.

*Mobile & STB (12% mix) grew 2% YoY - to witness significant jump in FY22*
• STB revenue was at Rs. 35 Cr and margins were at 3%. STB revenue should scale up substantially in H2 compared to Q2 levels. Co will generate Rs. 1000 Cr revenue in FY22E. Jio is a big customer for STB.
• The PLI Scheme has a budgetary allocation of Rs. 41,000 Cr as an incentive to be distributed between 5 foreign cos and 5 foreign cos.
• Co has bagged one license under the mobile PLI scheme. Co will do a capex of Rs 200 over a 4 year period.
• Govt’s annual upper ceiling on revenues for incentives for FY21/22/23/24/25 stands at Rs. 2k/4k/5k/6k/10k. Co will commence production in Q4 and target the minimum ceiling of Rs. 500 Cr for FY21. For FY22 and ahead, it will target to achieve the full revenue limit.
• Co will expand its mobile capacity from 2mn/month to 15-16mn/month by Jan
• Co is in final discussions with 3 large customers.
• Current margins in mobiles is around 3%. However, with the PLI incentives, they will be slightly higher under PLI Scheme than current margins.

*Other highlights*
• Largest customer of the co (Xiaomi) contributes to 30% of consolidated sales and 14% of consolidated profits. No. 2 customer contributes to 17% of sales. With further revenue scale-up in mobile segment, the customer concentration will decline significantly in future.Co maintains a hurdle rate of 30% ROCE and 25% ROE before committing any new investments.
• Capex is normally in the Rs. 80-90 Cr range. Under PLI Scheme it will spend Rs. 50 Cr per annum so co will be spending Rs. 130-140 Cr in total.
• Recievables doubled as the transit period & custom clearance extended by 10-15 days. Will be back to normal in Q3.
• Near to Medium term risk remains a second wave of Covid and increasing trend of partial lockdowns.

Stock is trading at a PE

of 37x FY22E EPS

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*Just Dial Ltd.* | *CMP* Rs. 652 | *M Cap* Rs. 4029 Cr | *52 W H/L* 661/250
(Nirmal Bang Retail Research)
*Result marginally below expectation*
Unearned Revenue came at Rs. 279.5 Cr vs QoQ Rs. 287.1 Cr, YoY Rs. 380.4 Cr

Revenue from Operations came at Rs. 167.5 Cr (3.1% QoQ, -30.9% YoY) vs expectation of Rs. 177.6 Cr, QoQ Rs. 162.4 Cr, YoY Rs. 242.6 Cr
EBIDTA came at Rs. 44.7 Cr (19.2% QoQ, -33.6% YoY) vs expectation of Rs. 45 Cr, QoQ Rs. 37.5 Cr, YoY Rs. 67.3 Cr
EBITDA Margin came at 26.7% vs expectation of 25.3%, QoQ 23.1%, YoY 27.7%
Adj. PAT came at Rs. 47.4 Cr vs expectation of Rs. 44.9 Cr, QoQ Rs. 83.3 Cr, YoY Rs. 76.9 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 16.4x FY22E EPS

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*Rain Industries Ltd.* | *CMP* Rs. 106 | *M Cap* Rs. 3565 Cr | *52 W H/L* 129/45
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 2566.1 Cr (8.7% QoQ, -14.2% YoY) vs QoQ Rs. 2360.8 Cr, YoY Rs. 2992.3 Cr
EBIDTA came at Rs. 527 Cr (49.9% QoQ, 61.9% YoY) vs QoQ Rs. 351.7 Cr, YoY Rs. 325.5 Cr
EBITDA Margin came at 20.5% vs QoQ 14.9%, YoY 10.9%
Adj. PAT came at Rs. 118.2 Cr vs QoQ Rs. 26.5 Cr, YoY Rs. 82.1 Cr
Quarter EPS is Rs. 3.5
Share is trading at P/E of 9.7x TTM EPS

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*RPG Life sciences Ltd.* | *CMP* Rs. 352 | *M Cap* Rs. 581 Cr | *52 W H/L* 429/143
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 97.1 Cr (6% QoQ, -1.4% YoY) vs QoQ Rs. 91.7 Cr, YoY Rs. 98.5 Cr
EBIDTA came at Rs. 19.1 Cr (13.5% QoQ, 16.5% YoY) vs QoQ Rs. 16.9 Cr, YoY Rs. 16.4 Cr
EBITDA Margin came at 19.7% vs QoQ 18.4%, YoY 16.7%
Adj. PAT came at Rs. 11.2 Cr vs QoQ Rs. 9.1 Cr, YoY Rs. 9.8 Cr
Quarter EPS is Rs. 6.8
Share is trading at P/E of 15.9x TTM EPS


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*IFB Industries Ltd.* | *CMP* Rs. 706 | *M Cap* Rs. 2859 Cr | *52 W H/L* 805/219
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 737.3 Cr (156.5% QoQ, 3.4% YoY) vs QoQ Rs. 287.4 Cr, YoY Rs. 713.2 Cr
EBIDTA came at Rs. 82.8 Cr (-341.7% QoQ, 63.2% YoY) vs QoQ Rs. -34.3 Cr, YoY Rs. 50.7 Cr
EBITDA Margin came at 11.2% vs QoQ -11.9%, YoY 7.1%
Adj. PAT came at Rs. 31.1 Cr vs QoQ Rs. -45 Cr, YoY Rs. 22 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 44.8x FY22E EPS

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*UPL Ltd.* | *CMP* Rs. 453 | *M Cap* Rs. 34609 Cr | *52 W H/L* 618/240
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 8939 Cr (14.1% QoQ, 14.4% YoY) vs expectation of Rs. 8515.4 Cr, QoQ Rs. 7833 Cr, YoY Rs. 7817 Cr
EBIDTA came at Rs. 1667 Cr (-2.2% QoQ, 8.3% YoY) vs expectation of Rs. 1792.8 Cr, QoQ Rs. 1704 Cr, YoY Rs. 1539 Cr
EBITDA Margin came at 18.6% vs expectation of 21.1%, QoQ 21.8%, YoY 19.7%
Adj. PAT came at Rs. 674 Cr vs expectation of Rs. 541 Cr, QoQ Rs. 576 Cr, YoY Rs. 394 Cr
Quarter EPS is Rs. 8.8
Share is trading at P/E of 9.8x FY22E EPS

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*Jindal Stainless Ltd.* | *CMP* Rs. 63 | *M Cap* Rs. 3050 Cr | *52 W H/L* 62.6/21
(Nirmal Bang Retail Research)
*Result ahead of Expectation*
Revenue from Operations came at Rs. 3314.1 Cr (140.8% QoQ, 0.7% YoY) vs expectation of Rs. 3247.6 Cr, QoQ Rs. 1376.1 Cr, YoY Rs. 3291.1 Cr
EBIDTA came at Rs. 345.6 Cr (439.8% QoQ, 8.5% YoY) vs expectation of Rs. 305.7 Cr, QoQ Rs. 64 Cr, YoY Rs. 318.5 Cr
EBITDA Margin came at 10.4% vs expectation of 9.4%, QoQ 4.7%, YoY 9.7%
Adj. PAT came at Rs. 55.3 Cr vs expectation of Rs. 31.6 Cr, QoQ Rs. -136.8 Cr, YoY Rs. 31.2 Cr
Quarter EPS is Rs. 1.1
Share is trading at 5.1 x EV/EBITDA FY22

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*IndusInd Bank Ltd.* | *CMP* Rs. 586 | *M Cap* Rs. 44328 Cr | *52 W H/L* 1597/236
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Net Interest Income came at Rs. 3278 Cr vs expectation of Rs. 3331 Cr, YoY Rs. 2910 Cr, QoQ Rs. 3309 Cr
Non Interest Income came at Rs. 1554 Cr vs expectation of Rs. 1538 Cr, YoY Rs. 1727 Cr, QoQ Rs. 1519 Cr
PBP came at Rs. 2852 Cr vs expectation of Rs. 2713 Cr, YoY Rs. 2600 Cr, QoQ Rs. 2861 Cr
Provisions came at Rs. 1964 Cr vs expectation of Rs. 1647 Cr, YoY Rs. 738 Cr, QoQ Rs. 2259 Cr
Bank made contingent provisions of Rs. 952 Cr during the qtr. taking the total amount to Rs. 2155 Cr (1.1% of AUM)
Adj. PAT came at Rs. 663 Cr vs expectation of Rs. 608 Cr, YoY Rs. 1383 Cr, QoQ Rs. 461 Cr
Gross NPA came at Rs. 4532 Cr vs QoQ Rs. 5099 Cr at 2.21% vs QoQ 2.53%
Net NPA came at Rs. 1056 Cr vs QoQ Rs. 1703 Cr at 0.52% vs QoQ 0.62%
Quarter EPS is Rs. 9
Share is trading at P/E of 9.1x FY22E EPS & 1.1x trailing P/Adj. BV

# Collection efficiency data is awaited

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