*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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China suspends Ant's blockbuster IPO in Shanghai and Hong Kong

https://www.moneycontrol.com/news/business/markets/ant-groups-ipo-suspended-by-shanghai-stock-exchange-as-regulators-meet-jack-ma-6061511.html

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*Muthoot Finance Ltd. -S* | *CMP* Rs. 1231 | *M Cap* Rs. 49384 Cr | *52 W H/L* 1406/477
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 1659.3 Cr vs expectation of Rs. 1585.7 Cr, YoY Rs. 1467 Cr, QoQ Rs. 1513.6 Cr
PBP came at Rs. 1210.7 Cr vs expectation of Rs. 1204.3 Cr, YoY Rs. 1073.8 Cr, QoQ Rs. 1142.6 Cr
Provision came at Rs. 10.7 Cr vs expectation of Rs. 40 Cr, YoY Rs. 26.5 Cr, QoQ Rs. 14.6 Cr
PAT came at Rs. 894.4 Cr vs expectation of Rs. 873.8 Cr, YoY Rs. 857.9 Cr, QoQ Rs. 843.3 Cr
Quarter EPS is Rs. 22.3
Share is trading at P/E of 12.3x FY22E EPS & 3.7x trailing P/BV

# Asset Quality etails are awaited


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*SGX Nifty -40 pts (11783) from last trade 11823 ,*


Nikkei +333 pts ,
Hangseng -150 pts ,
Now @6.52am .


Dow +554.98 pts ,Nsdq +202.96 pts, S&P +58.78 pts , Bovespa +2027 pts  , Ftse +131 pts , Dax +300 pts , Cac +114 pts , Crude @ $38.51 brl (+0.85), Brent @ $40.16 brl (+1.29) , Gold @ 1915.20 (+4.79), Silver @ $24.475 (+0.14), Euro @ $1.1756, JPY @ $104.56, INR @ 74.615




*Today's Corporate Action*

*4th Nov Ex Date*



LT

Special Dividend - Rs. - 18.0000

RICOAUTO

Dividend - Rs. - 0.3000







*Today's Board Meetings*

*4-Nov-20*




ABIRAFN

Quarterly Results

ALCHCORP

Quarterly Results

BASF

Quarterly Results

EIHOTEL

Quarterly Results

GAYAHWS

Quarterly Results

HAPPSTMNDS

Quarterly Results

HINDPETRO

Quarterly Results

INDCEMCAP

Quarterly Results

JKLAKSHMI

Quarterly Results

KALPATPOWR*

General;Quarterly Results

KCPSUGIND

Quarterly Results

LUPIN

General;Quarterly Results

MAFATIND

Quarterly Results

NELCO

Quarterly Results

NRAGRINDQ

Quarterly Results

PETRONET

Quarterly Results

PIDILITIND

Quarterly Results

PTL

Quarterly Results

SBIN

Quarterly Results

SUNDRMFAST

Interim Dividend;Quarterly Results

TTL

Quarterly Results

UNITDSPR

Quarterly Results

UPSURGE

Quarterly Results

VISAKAIND

Audited Results;Quarterly Results

 




*Stock under F&O ban on NSE*

*4-Nov-20*



None


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*Economic Times*
*Business Standard*

Ø  IMF chief economist urges more fiscal stimulus to boost recovery
Ø  Adani's Stratatech Mineral Resources bags big coal block
Ø  Scam-hit PMC Bank invites EoI from potential investors for reconstruction
Ø  India's GSPL says new pipeline to boost FY22 gas supply by a quarter
Ø  Finmin says no increase in service charges by any public sector bank
Ø  Government reaches out to MNCs over global digital tax
Ø  Sun Pharma's Q2 net profit rises 70% on one-time tax credit
Ø  Adani Group frontrunner for developing Sri Lanka's port terminal: Report
Ø  No additional compliance burden on private firms for LTC scheme: Fin Sec
Ø  Govt may allow EPFO to invest in cash-starved infra sector through AIFs
Ø  European Union considering further legal action in Brexit standoff
Ø  RBI looking to diversify investment options for forex reserves: Report

*Business Line*
*Mint*

Ø  Power sector InvIT IndiGrid reports ₹384-crore revenue
Ø  FinMin notifies Abu Dhabi’s Sovereign Wealth Fund
Ø  Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 cr
Ø  GSFC posts 400% q-o-q rise in standalone Q2 net
Ø  Adani Gas’ Q2 profit jumps 195% fired by volume recovery
Ø  Mangalore Chemicals Q2 net profit up 79 per cent to Rs 40.5 cr
Ø  Ant Group's $37-bn IPO suspended in Shanghai and Hong Kong
Ø  Xiaomi manages to sell 10 million Made in India powerbanks
Ø  Saudi Aramco profits dive in coronavirus-hit Q3
Ø  PVR reports losses of ₹184 crore for Q2 2021
Ø  RBI exploring investment options for forex reserves, sources say

*Financial Express*
*Deccan Chronicle*

Ø  PM Modi to chair virtual global investor roundtable on Thursday
Ø  India, UAE agree to explore ways to facilitate investments
Ø  India’s exports dip 5.4 pc in October to USD 24.82 bn: Govt data
Ø  Centre to delink land held by 17 sick PSUs
Ø  India's economy worst-hit among emerging markets

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DOW JONES UP 555
DOW JONES FUT DOWN 153
NASDAQ UP 203
NASDAQ FUT UP 32
SGX NIFTY DOWN 48

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*Sun Pharma – Q2FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
The stock is trading at 20.7x FY22E consensus earnings

• Gradual recovery in business despite markets not being normalised
• Specialty Biz
o $108 mn revenues
o R&D – 37% of total R&D spend
o Recently Launched illumya in japan and received good response
• *Margins improved on account of product mix, operating leverage, higher contribution from specialty business*
• Forex loss Rs 116 cr, vs gain 79 cr in Q1,
• The company repaid debt of ~$300mn; Current Net debt is $400mn
• *India*
o 6% qoq
o 30% of consol sales
o In-line with mkt growth – led by chronic which grew by high single digit, acute decline however lower than q1, sub-chronic recovered in Q2 – low single digit growth whereas Q1 declined
o Acute affected due to lower footfall and lower flu season
o Launched 22 new products
o *Q3 would have better growth*
• *US*
o Revenues $235mn
o 30% of consol sales
o Specialty business Improved qoq
o Illumya reached pre-covid levels
o *Taken 5% price increase on Illumya*
o Generics – continues to be competitive however grew yoy
• *Emerging mkts*
o $210mn up 4% yoy and 21% qoq
o Yoy underlying growth in cc at 9%
o 18% of total sales
• *ROW*
o $178mn up 10% yoy and 31% qoq
o Driven by all round growth in multiple mkts japan, EU plus taro’s ROW
o 16% of total sales
• *API*
o Rs 510 cr, up 9% yoy
• Continue to invest in R&D – Q2 Rs 613 cr – 7.2% of sales
o 92 ANDAs, 6 NDAs awaiting approvals
• Halol – completed CAPAs and waiting from agency’s response

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