*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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*Intellect Design Arena Ltd.* | *CMP* Rs. 236 | *M Cap* Rs. 3127 Cr | *52 W H/L* 258/44
(Nirmal Bang Retail Research)
Dollar revenue came at $ 50.1 mn vs QoQ $ 45.9 mn, YoY $ 46.6 mn
*Result has improved*
Revenue from Operations came at Rs. 371.8 Cr (7.5% QoQ, 13.8% YoY) vs QoQ Rs. 345.9 Cr, YoY Rs. 326.6 Cr
EBIDTA came at Rs. 86.3 Cr (27% QoQ, -1568.7% YoY) vs QoQ Rs. 67.9 Cr, YoY Rs. -5.9 Cr
EBITDA Margin came at 23.2% vs QoQ 19.6%, YoY -1.8%
Adj. PAT came at Rs. 59 Cr vs QoQ Rs. 42.6 Cr, YoY Rs. -17 Cr
Quarter EPS is Rs. 4.5
Share is trading at P/E of 17.3x FY22E EPS

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*Nucleus Software Exports Ltd.* | *CMP* Rs. 606 | *M Cap* Rs. 1757 Cr | *52 W H/L* 755/156
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 137 Cr (6.7% QoQ, 6.8% YoY) vs QoQ Rs. 128.4 Cr, YoY Rs. 128.2 Cr
EBIDTA came at Rs. 33.7 Cr (-9.7% QoQ, 61.6% YoY) vs QoQ Rs. 37.3 Cr, YoY Rs. 20.9 Cr
EBITDA Margin came at 24.6% vs QoQ 29.1%, YoY 16.3%
Adj. PAT came at Rs. 29.5 Cr vs QoQ Rs. 36.3 Cr, YoY Rs. 21.1 Cr
Quarter EPS is Rs. 10.2
Share is trading at P/E of 15.8x FY22E EPS

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Zensar Q2FY21 Concall Update
(Nirmal Bang Retail Research)
*Outlook – Neutral*
*Growth is a concern in near term margins improving*
Management expects softness in revenue in Q3& Q4 however, indicates margins to be sustainable in the narrow range band.Focus for FY22 would be to get back to growth
• As part of its long-term strategy, Zensar identified two non-core businesses – Rest of the World (RoW) business, divested in 2019 and TPM business, divested in Oct 2020. This is in line with Zensar's commitment to focus on core business. The transaction is EBITDA accretive for Zensar
• TCV for the quarter came at $175 mn and order book stands at $1.5 bn
• Dollar revenue came at $ 131.6 mn Revenue from Operations came at Rs. 979.5 Cr (-1.2% QoQ, -8.7% YoY) . Lower spending in 1 large customer in hi tech account led to lower revenue excluding this the company has shown sequential growth of 2.8%.
• EBITDA Margin came at 18.8% vs QoQ 14.4%,. Core EBitda margin came at 19.4% vs 14.9%. Higher Operational efficiency resulting in direct cost rationalisation, higher Utilisation and rupee movement led to improvement in margins which management expects to remain sustainable .
• Wage hike from Jan 1 would impact the margins, however , management indicates they have enough levers to offset the tailwind
• Adj. PAT came at Rs. 89.2 Cr,Quarter EPS is Rs. 4
• Share is trading at P/E of 11.9x FY22E EPS

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*Greenpanel Industries Ltd.* | *CMP* Rs. 72 | *M Cap* Rs. 883 Cr | *52 W H/L* 72/24
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 224.4 Cr (148.9% QoQ, 16.8% YoY) vs QoQ Rs. 90.2 Cr, YoY Rs. 192.1 Cr
EBIDTA came at Rs. 44.7 Cr (-639.8% QoQ, 49.2% YoY) vs QoQ Rs. -8.3 Cr, YoY Rs. 30 Cr
EBITDA Margin came at 19.9% vs QoQ -9.2%, YoY 15.6%
Adj. PAT came at Rs. 18.1 Cr vs QoQ Rs. -36.5 Cr, YoY Rs. 3.8 Cr
Quarter EPS is Rs. 1.5
Share is trading at P/E of 18.7x FY22E EPS

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*Grindwell Norton Ltd.* | *CMP* Rs. 565 | *M Cap* Rs. 6255 Cr | *52 W H/L* 699/369
(Nirmal Bang Retail Research)

*Result ahead of expectation*
Revenue from Operations came at Rs. 439 Cr (88.9% QoQ, 11.9% YoY) vs expectation of Rs. 351.1 Cr, QoQ Rs. 232.4 Cr, YoY Rs. 392.3 Cr
Gross Profit came at Rs. 278.4 Cr (0% QoQ, 0% YoY) vs expectation of Rs. 0 Cr, QoQ Rs. 129.9 Cr, YoY Rs. 214.7 Cr
Gross Profit Margins came at 63.4% vs expectation of 0%, QoQ 55.9%, YoY 54.7%
EBIDTA came at Rs. 93.6 Cr (378.6% QoQ, 43.7% YoY) vs expectation of Rs. 51.7 Cr, QoQ Rs. 19.6 Cr, YoY Rs. 65.1 Cr
Margins (%) came at 21.3% vs expectation of 14.7%, QoQ 8.4%, YoY 16.6%
Adj. PAT came at Rs. 64.3 Cr vs expectation of Rs. 35.6 Cr, QoQ Rs. 28.4 Cr, YoY Rs. 52.1 Cr
Quarter EPS is Rs. 5.8
Share is trading at P/E of 31.7x FY22E EPS

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*Kirloskar Oil Engines Ltd.* | *CMP* Rs. 104 | *M Cap* Rs. 1504 Cr | *52 W H/L* 189/70
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 828 Cr (96% QoQ, 1.2% YoY) vs QoQ Rs. 422.3 Cr, YoY Rs. 818.2 Cr
EBIDTA came at Rs. 108.4 Cr (910.2% QoQ, 94.8% YoY) vs QoQ Rs. 10.7 Cr, YoY Rs. 55.6 Cr
EBITDA Margin came at 13.1% vs QoQ 2.5%, YoY 6.8%
Adj. PAT came at Rs. 57.5 Cr vs QoQ Rs. -6.9 Cr, YoY Rs. 24.4 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 7.4x FY22E EPS

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*Karur Vysya Bank Ltd.* | *CMP* Rs. 32 | *M Cap* Rs. 2585 Cr | *52 W H/L* 65/18
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Net Interest Income came at Rs. 601.5 Cr vs expectation of Rs. 561.7 Cr, YoY Rs. 596.3 Cr, QoQ Rs. 561.8 Cr
Non Interest Income came at Rs. 271.6 Cr vs expectation of Rs. 253.7 Cr, YoY Rs. 277.7 Cr, QoQ Rs. 317.1 Cr
PBP came at Rs. 448.8 Cr vs expectation of Rs. 408.6 Cr, YoY Rs. 431.2 Cr, QoQ Rs. 473.9 Cr
Provisions came at Rs. 284.7 Cr vs expectation of Rs. 325 Cr, YoY Rs. 365.2 Cr, QoQ Rs. 337.6 Cr
Bank made covid provisions of Rs. 95 Cr taking cumulative covid provisions to Rs. 215 Cr (0.45% of AUM)
Adj. PAT came at Rs. 114.9 Cr vs expectation of Rs. 69.9 Cr, YoY Rs. 63.3 Cr, QoQ Rs. 105.5 Cr
Gross NPA came at Rs. 3998.4 Cr vs QoQ Rs. 4055.7 Cr at 7.93% vs QoQ 8.34%
Net NPA came at Rs. 1428.2 Cr vs QoQ Rs. 1585.2 Cr at 2.99% vs QoQ 3.44%
Quarter EPS is Rs. 1.4
Share is trading at P/E of 4.8x FY22E EPS & 0.5x trailing P/Adj. BV

# Collection efficiency data is awaited

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*Dixon Technologies (India) Ltd.* | *CMP* Rs. 9321 | *M Cap* Rs. 10812 Cr | *52 W H/L* 10290/2663
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1638.7 Cr (217% QoQ, 16.9% YoY) vs expectation of Rs. 1380 Cr, QoQ Rs. 516.9 Cr, YoY Rs. 1402 Cr
EBIDTA came at Rs. 89.4 Cr (429.2% QoQ, 41.8% YoY) vs expectation of Rs. 59 Cr, QoQ Rs. 16.9 Cr, YoY Rs. 63.1 Cr
EBITDA Margin came at 5.5% vs expectation of 4.3%, QoQ 3.3%, YoY 4.5%
Adj. PAT came at Rs. 52.4 Cr vs expectation of Rs. 32.2 Cr, QoQ Rs. 1.6 Cr, YoY Rs. 43 Cr
Quarter EPS is Rs. 45.1
Share is trading at P/E of 43x 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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*Indian Oil Corporation Ltd.* | *CMP* Rs. 81 | *M Cap* Rs. 76255 Cr | *52 W H/L* 149/71
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 85610.5 Cr (37.2% QoQ, -23.3% YoY) vs expectation of Rs. 88926.8 Cr, QoQ Rs. 62396.6 Cr, YoY Rs. 111689.7 Cr
EBIDTA came at Rs. 9427.2 Cr (71% QoQ, 163.9% YoY) vs expectation of Rs. 6417.6 Cr, QoQ Rs. 5512.3 Cr, YoY Rs. 3572.2 Cr
EBITDA Margin came at 11% vs expectation of 7.2%, QoQ 8.8%, YoY 3.2%
Adj. PAT came at Rs. 6227.3 Cr vs expectation of Rs. 2877.5 Cr, QoQ Rs. 1910.8 Cr, YoY Rs. 563.4 Cr
Quarter EPS is Rs. 6.6
Share is trading at P/E of 5.3x FY22E EPS

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