*Prism Johnson Ltd.* | *CMP* Rs. 73 | *M Cap* Rs. 3695 Cr | *52 W H/L* 86/26
(Nirmal Bang Retail Research)
*Result better than expectation*
Revenue from Operations came at Rs. 1350.8 Cr (56.9% QoQ, -4.5% YoY) vs expectation of Rs. 1202.4 Cr, QoQ Rs. 860.7 Cr, YoY Rs. 1414.3 Cr
EBIDTA came at Rs. 171.7 Cr (671.4% QoQ, 99.6% YoY) vs expectation of Rs. 125.9 Cr, QoQ Rs. 22.3 Cr, YoY Rs. 86 Cr
EBITDA Margin came at 12.7% vs expectation of 10.5%, QoQ 2.6%, YoY 6.1%
Adj. PAT came at Rs. 26.4 Cr vs expectation of Rs. 9.4 Cr, QoQ Rs. -80.2 Cr, YoY Rs. -23.4 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 18.8x FY22E EPS

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*Ramco Industries Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 1656 Cr | *52 W H/L* 214/104
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 205.6 Cr (-25% QoQ, 16.2% YoY) vs QoQ Rs. 274 Cr, YoY Rs. 177 Cr
EBIDTA came at Rs. 31.9 Cr (-41.8% QoQ, 114.2% YoY) vs QoQ Rs. 54.7 Cr, YoY Rs. 14.9 Cr
EBITDA Margin came at 15.5% vs QoQ 20%, YoY 8.4%
Adj. PAT came at Rs. 27.1 Cr vs QoQ Rs. 30 Cr, YoY Rs. 17.5 Cr
Quarter EPS is Rs. 3.1
Share is trading at P/E of 22.3x TTM EPS

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*Varun Beverages Ltd.* | *CMP* Rs. 681 | *M Cap* Rs. 19660 Cr | *52 W H/L* 870/482
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1839.5 Cr (12.2% QoQ, 5.7% YoY) vs expectation of Rs. 1721 Cr, QoQ Rs. 1640.2 Cr, YoY Rs. 1739.7 Cr
EBIDTA came at Rs. 380.8 Cr (0.8% QoQ, 16.9% YoY) vs expectation of Rs. 354.7 Cr, QoQ Rs. 377.7 Cr, YoY Rs. 325.7 Cr
EBITDA Margin came at 20.7% vs expectation of 20.6%, QoQ 23%, YoY 18.7%
Adj. PAT came at Rs. 153 Cr vs expectation of Rs. 116 Cr, QoQ Rs. 140.8 Cr, YoY Rs. 80.7 Cr
Quarter EPS is Rs. 5.3
Share is trading at P/E of 22x FY22E EPS

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*Godrej Properties Ltd.* | *CMP* Rs. 1072 | *M Cap* Rs. 27025 Cr | *52 W H/L* 1189/505
(Nirmal Bang Retail Research)
*Result ok*
Fresh Booking came at Rs.1074cr vs qoq 1531cr yoy 1446cr
Revenue from Operations came at Rs. 89.5 Cr (23.8% QoQ, -65.5% YoY) vs QoQ Rs. 72.3 Cr, YoY Rs. 259.7 Cr
EBIDTA came at Rs. -71.4 Cr (33.3% QoQ, -388.9% YoY) vs QoQ Rs. -53.5 Cr, YoY Rs. 24.7 Cr
EBITDA Margin came at -79.7% vs QoQ -74.1%, YoY 9.5%
Adj. PAT came at Rs. 7.1 Cr vs QoQ Rs. -20.2 Cr, YoY Rs. 30.8 Cr
Quarter EPS is Rs. 0.3
Share is trading at P/E of 68.4x FY22E EPS


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*Sun Pharmaceutical Industries Ltd.* | *CMP* Rs. 488 | *M Cap* Rs. 117086 Cr | *52 W H/L* 565/312
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 8553.1 Cr (12.8% QoQ, 5.3% YoY) vs expectation of Rs. 8356.9 Cr, QoQ Rs. 7585.3 Cr, YoY Rs. 8123.4 Cr
EBIDTA came at Rs. 2193.3 Cr (24.3% QoQ, 23.1% YoY) vs expectation of Rs. 1857.4 Cr, QoQ Rs. 1764.4 Cr, YoY Rs. 1781.2 Cr
EBITDA Margin came at 25.6% vs expectation of 22.2%, QoQ 23.3%, YoY 21.9%
Adj. PAT came at Rs. 1812.8 Cr vs expectation of Rs. 1175 Cr, QoQ Rs. 1977.7 Cr, YoY Rs. 1064.1 Cr
Quarter EPS is Rs. 7.6
Share is trading at P/E of 20.7x FY22E EPS

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*JSW Energy Ltd.* | *CMP* Rs. 59 | *M Cap* Rs. 9676 Cr | *52 W H/L* 80/35
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 1938.6 Cr (7.4% QoQ, -8.5% YoY) vs expectation of Rs. 2207.1 Cr, QoQ Rs. 1805.2 Cr, YoY Rs. 2118.6 Cr
EBIDTA came at Rs. 923.8 Cr (23.9% QoQ, -1.2% YoY) vs expectation of Rs. 909.2 Cr, QoQ Rs. 745.5 Cr, YoY Rs. 934.8 Cr
EBITDA Margin came at 47.7% vs expectation of 41.2%, QoQ 41.3%, YoY 44.1%
Adj. PAT came at Rs. 352.1 Cr vs expectation of Rs. 309.5 Cr, QoQ Rs. 213.2 Cr, YoY Rs. 353 Cr
Quarter EPS is Rs. 2.1
Share is trading at P/E of 9.7x FY22E EPS

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*Dabur India Ltd.* | *CMP* Rs. 520 | *M Cap* Rs. 91905 Cr | *52 W H/L* 535/385
(Nirmal Bang Retail Research)
Volumes came at 16.8% vs expectation of 7.1%, QoQ -14.6%, YoY 9.6%
*Result is above expectations*
Revenue from Operations came at Rs. 2516 Cr (27.1% QoQ, 13.7% YoY) vs expectation of Rs. 2321.5 Cr, QoQ Rs. 1980 Cr, YoY Rs. 2212 Cr
EBIDTA came at Rs. 569.4 Cr (36.7% QoQ, 16.3% YoY) vs expectation of Rs. 522.7 Cr, QoQ Rs. 416.6 Cr, YoY Rs. 489.5 Cr
EBITDA Margin came at 22.6% vs expectation of 22.5%, QoQ 21%, YoY 22.1%
Adj. PAT came at Rs. 482.9 Cr vs expectation of Rs. 437.4 Cr, QoQ Rs. 341.8 Cr, YoY Rs. 443 Cr
Quarter EPS is Rs. 2.7
Share is trading at P/E of 48.5x FY22E EPS

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*Neuland Laboratories Ltd.* | *CMP* Rs. 1179 | *M Cap* Rs. 1509 Cr | *52 W H/L* 1312/246
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 241.4 Cr (17.5% QoQ, 29.6% YoY) vs QoQ Rs. 205.4 Cr, YoY Rs. 186.2 Cr
EBIDTA came at Rs. 40.9 Cr (20.7% QoQ, 63.8% YoY) vs QoQ Rs. 33.8 Cr, YoY Rs. 25 Cr
EBITDA Margin came at 16.9% vs QoQ 16.5%, YoY 13.4%
Adj. PAT came at Rs. 21.4 Cr vs QoQ Rs. 15.2 Cr, YoY Rs. 8.7 Cr
Quarter EPS is Rs. 16.8
Share is trading at P/E of 21.6x FY22E EPS

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*Gujarat State Fertilizers & Chemicals Ltd.* | *CMP* Rs. 68 | *M Cap* Rs. 2710 Cr | *52 W H/L* 98/30
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 2110.9 Cr (29% QoQ, -12.3% YoY) vs QoQ Rs. 1636.6 Cr, YoY Rs. 2406.7 Cr
EBIDTA came at Rs. 207.8 Cr (130.4% QoQ, 132.8% YoY) vs QoQ Rs. 90.2 Cr, YoY Rs. 89.3 Cr
EBITDA Margin came at 9.8% vs QoQ 5.5%, YoY 3.7%
Adj. PAT came at Rs. 172.8 Cr vs QoQ Rs. 30.3 Cr, YoY Rs. 62.3 Cr
Quarter EPS is Rs. 4.3
Share is trading at P/E of 9.3x FY22E EPS

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*IIFL Finance Ltd. - C * | *CMP* Rs. 81 | *M Cap* Rs. 3052 Cr | *52 W H/L* 213/58
(Nirmal Bang Retail Research)
*Result has improved*
NII came at Rs. 709 Cr vs YoY Rs. 502 Cr, QoQ Rs. 556 Cr
PBP came at Rs. 557 Cr vs YoY Rs. 244 Cr, QoQ Rs. 219 Cr
Provision came at Rs. 278 Cr vs YoY Rs. 26 Cr, QoQ Rs. 162 Cr
PAT came at Rs. 213 Cr vs YoY Rs. 86 Cr, QoQ Rs. 32 Cr
AUM came at Rs. 40843 Cr vs YoY Rs. 35007 Cr, QoQ Rs. 38335 Cr
Gross NPA (%) came at 1.81% vs QoQ 1.95%
Net NPA (%) came at 0.77% vs QoQ 0.86%
Quarter EPS is Rs. 5.6
Share is trading at P/BV of 0.6x

# Asset quality details are awaited

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*Lincoln Pharmaceuticals Ltd.* | *CMP* Rs. 227 | *M Cap* Rs. 454 Cr | *52 W H/L* 283/85
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 126.1 Cr (21.5% QoQ, 11.9% YoY) vs QoQ Rs. 103.8 Cr, YoY Rs. 112.7 Cr
EBIDTA came at Rs. 29.8 Cr (34.3% QoQ, 20.6% YoY) vs QoQ Rs. 22.2 Cr, YoY Rs. 24.7 Cr
EBITDA Margin came at 23.6% vs QoQ 21.4%, YoY 21.9%
Adj. PAT came at Rs. 20.9 Cr vs QoQ Rs. 15.3 Cr, YoY Rs. 18.9 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 8.1x TTM EPS

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*Eris Lifesciences Ltd.* | *CMP* Rs. 530 | *M Cap* Rs. 7288 Cr | *52 W H/L* 595/321
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 330 Cr (12.5% QoQ, 15.9% YoY) vs expectation of Rs. 314 Cr, QoQ Rs. 293.2 Cr, YoY Rs. 284.8 Cr
EBIDTA came at Rs. 124.8 Cr (19.9% QoQ, 13.6% YoY) vs expectation of Rs. 108.8 Cr, QoQ Rs. 104.1 Cr, YoY Rs. 109.8 Cr
EBITDA Margin came at 37.8% vs expectation of 34.7%, QoQ 35.5%, YoY 38.6%
Adj. PAT came at Rs. 107.7 Cr vs expectation of Rs. 93.9 Cr, QoQ Rs. 89 Cr, YoY Rs. 92.7 Cr
Quarter EPS is Rs. 7.8
Share is trading at P/E of 19.4x FY22E EPS

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*Kansai Nerolac Paints Ltd.* | *CMP* Rs. 517 | *M Cap* Rs. 27861 Cr | *52 W H/L* 573/294
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1383.2 Cr (116.5% QoQ, 4.3% YoY) vs QoQ Rs. 638.9 Cr, YoY Rs. 1325.6 Cr
EBIDTA came at Rs. 268.6 Cr (249.6% QoQ, 22.7% YoY) vs QoQ Rs. 76.8 Cr, YoY Rs. 218.9 Cr
EBITDA Margin came at 19.4% vs QoQ 12%, YoY 16.5%
Adj. PAT came at Rs. 168 Cr vs QoQ Rs. 33.5 Cr, YoY Rs. 190.8 Cr
Quarter EPS is Rs. 3.1
Share is trading at P/E of 43.8x FY22E EPS

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*Deepak Fertilisers & Petrochemicals Corporation Ltd.* | *CMP* Rs. 155 | *M Cap* Rs. 1384 Cr | *52 W H/L* 187/55
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1404.2 Cr (1.6% QoQ, 22% YoY) vs QoQ Rs. 1382.1 Cr, YoY Rs. 1150.7 Cr
EBIDTA came at Rs. 193.2 Cr (-29% QoQ, 65.7% YoY) vs QoQ Rs. 272.2 Cr, YoY Rs. 116.6 Cr
EBITDA Margin came at 13.8% vs QoQ 19.7%, YoY 10.1%
Adj. PAT came at Rs. 80.6 Cr vs QoQ Rs. 120.1 Cr, YoY Rs. 24.9 Cr
Quarter EPS is Rs. 9
Share is trading at P/E of 5.5x TTM EPS

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*Orient Refractories Ltd.* | *CMP* Rs. 188 | *M Cap* Rs. 2258 Cr | *52 W H/L* 269/108
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 180.2 Cr (55.6% QoQ, 0% YoY) vs QoQ Rs. 115.8 Cr, YoY Rs. 180.1 Cr
EBIDTA came at Rs. 29.4 Cr (103.2% QoQ, -5.9% YoY) vs QoQ Rs. 14.5 Cr, YoY Rs. 31.2 Cr
EBITDA Margin came at 16.3% vs QoQ 12.5%, YoY 17.3%
Adj. PAT came at Rs. 20.7 Cr vs QoQ Rs. 9.6 Cr, YoY Rs. 26.1 Cr
Quarter EPS is Rs. 1.7
Share is trading at P/E of 27.9x FY22E EPS

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Ajanta Pharma Approve buy back of 7.35 lakh share (0.84%) at a price of Rs.1850 aggregating to Rs.136cr through Tender offer

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*Ajanta Pharma Ltd.* | *CMP* Rs. 1609 | *M Cap* Rs. 14047 Cr | *52 W H/L* 1760/903
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 715.9 Cr (7.1% QoQ, 11.4% YoY) vs expectation of Rs. 704.4 Cr, QoQ Rs. 668.2 Cr, YoY Rs. 642.8 Cr
EBIDTA came at Rs. 274.3 Cr (22.9% QoQ, 54.4% YoY) vs expectation of Rs. 210.5 Cr, QoQ Rs. 223.2 Cr, YoY Rs. 177.6 Cr
EBITDA Margin came at 38.3% vs expectation of 29.9%, QoQ 33.4%, YoY 27.6%
Adj. PAT came at Rs. 170.2 Cr vs expectation of Rs. 141.7 Cr, QoQ Rs. 147.8 Cr, YoY Rs. 117.4 Cr
Quarter EPS is Rs. 19.5
Share is trading at P/E of 22.9x FY22E EPS

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*Dixon Technologies Management Interaction Note – 3 Nov 2020*

*Outlook: Positive*

*Mobile Business:* Production under mobile PLI scheme will start from Jan. Last year mobile revenues in Padget were Rs. 500 Cr.

*OEM business* is cash neutral and W.Cap cycle is negative (-6 days). As a result ROCE is much higher at 70% for TVs and 50%+ for Set-top box & Security Surveillance. Mobiles are also going to be on OEM basis and their ROCE is expected to be at 100% which will push up the overall co level ROCE from the current 34% to ~50% from next year.
*ODM business* has higher W.Cap cycle (12 days). It is important in ODM business to operate at full scale in order to generate good ROCE. Around 90% of lighting and 100% of washing machine business is on ODM basis generating ROCE of 30%.

*Shift from OEM to ODM in lighting:* Few years back ODM mix in lighting was 22% when EBITDA margins were 3.7% and ROCE was 28%. Today ODM mix has moved up to 90% with EBITDA margins of 9.0% and ROCE is the same at 28%.

*ODM mix to decline from next year:* ODM mix in total co revenues is 35% today, mainly from Washing Machine and Lighting. Since Mobile segment will be on OEM basis, the co level mix of ODM will reduce although on absolute level, ODM revenue will continue to grow.

*Other points:* Lighting margins to vary between 8.5-9.5%. Co has onboarded a couple of people from Wistron (manufacturing head) and a Global OEM.

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*Prince Pipes & Fittings Ltd.* | *CMP* Rs. 234 | *M Cap* Rs. 2574 Cr | *52 W H/L* 261/75
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 458.7 Cr (51.6% QoQ, 6.9% YoY) vs expectation of Rs. 392.2 Cr, QoQ Rs. 302.5 Cr, YoY Rs. 429.2 Cr
EBIDTA came at Rs. 80.3 Cr (153.9% QoQ, 23.3% YoY) vs expectation of Rs. 52.9 Cr, QoQ Rs. 31.6 Cr, YoY Rs. 65.1 Cr
EBITDA Margin came at 17.5% vs expectation of 13.5%, QoQ 10.5%, YoY 15.2%
Adj. PAT came at Rs. 46.6 Cr vs expectation of Rs. 25.8 Cr, QoQ Rs. 11.3 Cr, YoY Rs. 33.4 Cr
Quarter EPS is Rs. 4.2
Share is trading at P/E of 18.2x FY22E EPS

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*Adani Gas Ltd.* | *CMP* Rs. 223 | *M Cap* Rs. 24526 Cr | *52 W H/L* 223/77
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 417.9 Cr (112% QoQ, -11.6% YoY) vs QoQ Rs. 197.2 Cr, YoY Rs. 472.6 Cr
EBIDTA came at Rs. 209.5 Cr (170.9% QoQ, 54.3% YoY) vs QoQ Rs. 77.4 Cr, YoY Rs. 135.8 Cr
EBITDA Margin came at 50.1% vs QoQ 39.2%, YoY 28.7%
Adj. PAT came at Rs. 134.3 Cr vs QoQ Rs. 38.9 Cr, YoY Rs. 120.1 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 59.8x TTM EPS

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*Varun Beverages Q3CY20 Concall Update*

*Healthy recovery with double digit growth witnessed in September month; In-home consumption trend to normalize at current elevated levels*

*Outlook: Positive in long term*

• Sales +4% YoY at Rs. 1803 Cr; Volumes degrew by 4% at 119 mn cases. Shift in mix towards CSD segment (74% vs 69% YoY) and away from water segment (20% vs 25% YoY) resulted in an increase in realizations by 8%.
• Realisation of Water is 33% of CSD while Juices is 120% of CSD.
• *September month witnessed growth of 13% in India.*
• Growth has been higher in rural & semi-urban regions. Rural mix is around 30%, Semi urban is also at 30% and the remaining is urban.
• *In-home consumption has grown by 20-25% while on the go consumption has degrown. Normally, 30-40% of consumption is on the go and balance is in-home. Co believes the increased in-home consumption trend will continue as well as on-the-go consumption growth will improve in future.*
• Institutional segment (less than 5% mix) will is impacted severely as demand from hotels, restaurants, theatres and corporate will remain negligible in near term.
• EBITDA Margin came at 20.7% vs QoQ 23%, YoY 18.7%. Some cost-optimisation measures implemented during the pandemic enabled improved margins.
• Normally co caries inventory of less than 15 days and only before the peak season it keeps worth 30 days.
• India, SL, Nepal contributed to 81% of revenue and 3 Morroco, Zambia, Zimbabwe contributed the balance.
• Debt stands at Rs. 2840 Cr.

Share is trading at P/E of 22x FY22E EPS

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