of 37x FY22E EPS

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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


https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*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

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*NIIT Ltd.* | *CMP* Rs. 133 | *M Cap* Rs. 1886 Cr | *52 W H/L* 149/54
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 218.9 Cr (8.5% QoQ, -7.5% YoY) vs QoQ Rs. 201.8 Cr, YoY Rs. 236.5 Cr
EBIDTA came at Rs. 33.8 Cr (50.3% QoQ, 38% YoY) vs QoQ Rs. 22.5 Cr, YoY Rs. 24.5 Cr
EBITDA Margin came at 15.4% vs QoQ 11.1%, YoY 10.3%
Adj. PAT came at Rs. 30.5 Cr vs QoQ Rs. 29.8 Cr, YoY Rs. 209.3 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 15.2x FY22E EPS

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*LT Foods Ltd.* | *CMP* Rs. 53 | *M Cap* Rs. 1695 Cr | *52 W H/L* 64/13
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1208.7 Cr (-0.6% QoQ, 24.4% YoY) vs QoQ Rs. 1215.4 Cr, YoY Rs. 971.7 Cr
EBIDTA came at Rs. 150.5 Cr (-4% QoQ, 46.4% YoY) vs QoQ Rs. 156.8 Cr, YoY Rs. 102.8 Cr
EBITDA Margin came at 12.5% vs QoQ 12.9%, YoY 10.6%
Adj. PAT came at Rs. 77.5 Cr vs QoQ Rs. 78.8 Cr, YoY Rs. 46.3 Cr
Quarter EPS is Rs. 2.4
Share is trading at P/E of 6.5x FY22E EPS

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*Dhanuka Agritech Ltd.* | *CMP* Rs. 734 | *M Cap* Rs. 3494 Cr | *52 W H/L* 936/261
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 442.4 Cr (18.3% QoQ, 10% YoY) vs QoQ Rs. 373.8 Cr, YoY Rs. 402 Cr
EBIDTA came at Rs. 89 Cr (36.3% QoQ, 21.3% YoY) vs QoQ Rs. 65.3 Cr, YoY Rs. 73.4 Cr
EBITDA Margin came at 20.1% vs QoQ 17.5%, YoY 18.3%
Adj. PAT came at Rs. 70.1 Cr vs QoQ Rs. 51.8 Cr, YoY Rs. 60 Cr
Quarter EPS is Rs. 14.7
Share is trading at P/E of 16.9x FY22E EPS

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead