*Matrimony.Com Ltd.* | *CMP* Rs. 671 | *M Cap* Rs. 1530 Cr | *52 W H/L* 770/250
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 93.3 Cr (7.4% QoQ, 1.1% YoY) vs QoQ Rs. 86.8 Cr, YoY Rs. 92.2 Cr
EBIDTA came at Rs. 16.5 Cr (6.8% QoQ, 17.7% YoY) vs QoQ Rs. 15.4 Cr, YoY Rs. 14 Cr
EBITDA Margin came at 17.7% vs QoQ 17.8%, YoY 15.2%
Adj. PAT came at Rs. 10.3 Cr vs QoQ Rs. 9.4 Cr, YoY Rs. 7.8 Cr
Quarter EPS is Rs. 4.5
Share is trading at P/E of 24.3x FY22E EPS

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*Minda Corp Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

*Revival in 2 Wheeler retail demand remains the key monitorable*

*Outlook: Positive in long term*

• Co outperformed OEMs as OEMs’ sales declined by 6% YoY in Q2FY21 while co’s sales increased by 17%. *Co was able to outperform on the back of increase in wiring harness business due to BS6 implementation in 2W, aftermarkets and exports.*
• Demand from 2W OEMs (55% mix) & Tractors (7% mix) is improving every month. *Retail sales performance of 2W industry remains the key.* CV segment (13% mix) is expected to turnaround from here on.
• OEM schedules for November month are healthy.
• Co has a share of atleast 50% with most of the customers for most of its products. In a few products, its share is 70-80% as well.
• *Gross margins declined by 210 bps YoY & 130 bps QoQ to 36.5%. They were impacted due to shift from BS4 to BS6. A major part of it is due to RM indexation (copper) lag which will improve in next qtr and a small part of it is due to the nature of terms with OEMs for BS6 products.*
• To control opex, co had reduced salaries temporarily in light of the poor state of industry in H1FY21. Co has rolled back all salary cuts in the month of Sep.
• *Co will be allotting 1.19 Cr shares to PHI Capital at Rs. 70 per share and raise Rs. 83 Cr.* This will result in equity dilution of 5%. PHI Capital team will support in strategy formation and focus on shareholder value creation. PHI Capital has expertise in auto industry as its management includes several auto industry veterans.
• Debt has already reduced to Rs. 426 Cr (from Rs. 532 Cr in FY20) as KTSN’s debt is not part of the co anymore. Cash is at Rs. 475 Cr.
• Mr. Laxman has retired from the co.

Stock is trading at P/E of 11x FY22E EPS


*Other info:*

Minda KTSN (Germany) filed for insolvency in June as Minda shall focus more on enhancing capital allocation and improving return ratios. With the exit from the loss making German business, co expects EBITDA margins to increase by 2% and ROCE by 5% on account of this development.

Post exiting the German business –
- The share of India business has increased to 85% (balance being from EU, US & S.E.Asia).
- The share of 2/3W has increase from 42% to 55%; PV has decline from 28% to 8%, CVs & Tractors has been stable at 20% while Aftermarket mix has increased from 10% to 17%.
- Since the German business was mainly into Plastic Interiors; the share of Mechatronic & Aftermarket has increased from 41% to 56% and that of Info & Connected Systems has increased from 36% to 44%.
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*ABB India Ltd.* | *CMP* Rs. 896 | *M Cap* Rs. 18986 Cr | *52 W H/L* 1412/722
(Nirmal Bang Retail Research)
*Result ok*
Order book at Rs. 1308 Cr vs Rs. 1606 Cr YoY
Revenue from Operations came at Rs. 1612.2 Cr (63.5% QoQ, -7.6% YoY) vs expectation of Rs. 1475.1 Cr, QoQ Rs. 985.8 Cr, YoY Rs. 1745.6 Cr
EBIDTA came at Rs. 121.4 Cr (417.9% QoQ, -1.6% YoY) vs expectation of Rs. 71.2 Cr, QoQ Rs. 23.4 Cr, YoY Rs. 123.4 Cr
EBITDA Margin came at 7.5% vs expectation of 4.8%, QoQ 2.4%, YoY 7.1%
Adj. PAT came at Rs. 85.5 Cr vs expectation of Rs. 49.8 Cr, QoQ Rs. 14.8 Cr, YoY Rs. 78.8 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 38.8x FY22E EPS

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*Astrazeneca Pharma India Ltd.* | *CMP* Rs. 4296 | *M Cap* Rs. 10740 Cr | *52 W H/L* 4970/1885
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 209.5 Cr (8.2% QoQ, 0.5% YoY) vs QoQ Rs. 193.6 Cr, YoY Rs. 208.5 Cr
EBIDTA came at Rs. 35.5 Cr (24.2% QoQ, 5.7% YoY) vs QoQ Rs. 28.6 Cr, YoY Rs. 33.6 Cr
EBITDA Margin came at 16.9% vs QoQ 14.8%, YoY 16.1%
Adj. PAT came at Rs. 26.3 Cr vs QoQ Rs. 18.6 Cr, YoY Rs. 14.4 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 132.2x TTM EPS

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*Gujarat Gas Ltd.* | *CMP* Rs. 301 | *M Cap* Rs. 20721 Cr | *52 W H/L* 335/174
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 2513 Cr (132.1% QoQ, 0% YoY) vs expectation of Rs. 2198.7 Cr, QoQ Rs. 1082.9 Cr, YoY Rs. 2512.9 Cr
EBIDTA came at Rs. 733 Cr (294.6% QoQ, 97.8% YoY) vs expectation of Rs. 426.6 Cr, QoQ Rs. 185.7 Cr, YoY Rs. 370.6 Cr
EBITDA Margin came at 29.2% vs expectation of 19.4%, QoQ 17.2%, YoY 14.7%
Adj. PAT came at Rs. 475.5 Cr vs expectation of Rs. 226.9 Cr, QoQ Rs. 59.1 Cr, YoY Rs. 517 Cr
Quarter EPS is Rs. 6.9
Share is trading at P/E of 17.9x FY22E EPS

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*Vinati Organics Ltd.* | *CMP* Rs. 1174 | *M Cap* Rs. 12069 Cr | *52 W H/L* 1419/651
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 219.4 Cr (-5.2% QoQ, -11.9% YoY) vs expectation of Rs. 233.4 Cr, QoQ Rs. 231.6 Cr, YoY Rs. 249.1 Cr
EBIDTA came at Rs. 84.1 Cr (-13.4% QoQ, -15.8% YoY) vs expectation of Rs. 94.1 Cr, QoQ Rs. 97.2 Cr, YoY Rs. 99.9 Cr
EBITDA Margin came at 38.3% vs expectation of 40.3%, QoQ 42%, YoY 40.1%
Adj. PAT came at Rs. 62 Cr vs expectation of Rs. 69.4 Cr, QoQ Rs. 72.3 Cr, YoY Rs. 110 Cr
Quarter EPS is Rs. 6
Share is trading at P/E of 32.8x FY22E EPS

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*Berger Paints India Ltd.* | *CMP* Rs. 647 | *M Cap* Rs. 62837 Cr | *52 W H/L* 647/389
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1742.6 Cr (87.2% QoQ, 9% YoY) vs expectation of Rs. 1500.2 Cr, QoQ Rs. 930.8 Cr, YoY Rs. 1598.6 Cr
EBIDTA came at Rs. 335.2 Cr (264% QoQ, 33.5% YoY) vs expectation of Rs. 258.5 Cr, QoQ Rs. 92.1 Cr, YoY Rs. 251.1 Cr
EBITDA Margin came at 19.2% vs expectation of 17.2%, QoQ 9.9%, YoY 15.7%
Adj. PAT came at Rs. 221.1 Cr vs expectation of Rs. 153.4 Cr, QoQ Rs. 15.4 Cr, YoY Rs. 195 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 73.2x FY22E EPS

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*Chambal Fertilisers & Chemicals Ltd.* | *CMP* Rs. 165 | *M Cap* Rs. 6867 Cr | *52 W H/L* 186/94
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 3986.9 Cr (23.9% QoQ, 11.8% YoY) vs QoQ Rs. 3218.7 Cr, YoY Rs. 3566.1 Cr
EBIDTA came at Rs. 742 Cr (25.7% QoQ, 33.1% YoY) vs QoQ Rs. 590.2 Cr, YoY Rs. 557.6 Cr
EBITDA Margin came at 18.6% vs QoQ 18.3%, YoY 15.6%
Adj. PAT came at Rs. 436.7 Cr vs QoQ Rs. 298.8 Cr, YoY Rs. 382.6 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 5.5x FY22E EPS

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*Privi Specialty Chemicals Ltd.* | *CMP* Rs. 541 | *M Cap* Rs. 2113 Cr | *52 W H/L* 644/274
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 307.1 Cr (6.2% QoQ, -5.3% YoY) vs QoQ Rs. 289.2 Cr, YoY Rs. 324.2 Cr
EBIDTA came at Rs. 39.6 Cr (-18.2% QoQ, 9.4% YoY) vs QoQ Rs. 48.4 Cr, YoY Rs. 36.2 Cr
EBITDA Margin came at 12.9% vs QoQ 16.7%, YoY 11.2%
Adj. PAT came at Rs. 17 Cr vs QoQ Rs. 21.2 Cr, YoY Rs. 48 Cr
Quarter EPS is Rs. 4.3

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*Muthoot Capital Services Ltd. -S* | *CMP* Rs. 383 | *M Cap* Rs. 630 Cr | *52 W H/L* 664/222
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 95.8 Cr vs YoY Rs. 87.1 Cr, QoQ Rs. 78.5 Cr
PBP came at Rs. 59.7 Cr vs YoY Rs. 38.2 Cr, QoQ Rs. 50.9 Cr
Provision came at Rs. 38.5 Cr vs YoY Rs. 15.7 Cr, QoQ Rs. 33.4 Cr
PAT came at Rs. 15.7 Cr vs YoY Rs. 14.1 Cr, QoQ Rs. 12.9 Cr
Quarter EPS is Rs. 9.6
Share is trading at P/E of 7.6x FY22E EPS & 1.2x trailing P/BV

# Asset Quality details are awaited

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*Aditya Birla Capital Ltd. - C* | *CMP* Rs. 69 | *M Cap* Rs. 16757 Cr | *52 W H/L* 115/37
(Nirmal Bang Retail Research)
*Result is ok*
_Segment Revenue_
NBFC revenue came at Rs. 1410.7 Cr vs YoY Rs. 1558.2 Cr, QoQ Rs. 1393.9 Cr
Life insurance revenue came at Rs. 2380.5 Cr vs YoY Rs. 1791.3 Cr, QoQ Rs. 1929.6 Cr
Asset Management revenue came at Rs. 290.6 Cr vs YoY Rs. 322.8 Cr, QoQ Rs. 258.5 Cr
General insurance Broking revenue came at Rs. 136.9 Cr vs YoY Rs. 116.4 Cr, QoQ Rs. 104.4 Cr
Money Broking revenue came at Rs. 49.4 Cr vs YoY Rs. 40.1 Cr, QoQ Rs. 44.3 Cr
Health insurance revenue came at Rs. 267.8 Cr vs YoY Rs. 148.5 Cr, QoQ Rs. 221.5 Cr
Other Financial Services revenue came at Rs. 31.4 Cr vs YoY Rs. 10.1 Cr, QoQ Rs. 32.1 Cr

Total Income came at Rs. 4894.8 Cr vs YoY Rs. 4312.4 Cr, QoQ Rs. 4306.6 Cr
PBT came at Rs. 359.6 Cr vs YoY Rs. 371.8 Cr, QoQ Rs. 284.7 Cr
PAT came at Rs. 264.3 Cr vs YoY Rs. 255.8 Cr, QoQ Rs. 198.4 Cr
AMC AUM's came at Rs. 250281 Cr vs YoY Rs. 269393 Cr, QoQ Rs. 225713 Cr
Quarter EPS is Rs. 1.1
Share is trading at P/E of 13.1x FY22E EPS & 1.6x trailing P/BV

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The Public Investment Fund will invest ₹ 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries.

This investment values RRVL at a pre-money equity value of ₹ 4.587 lakh crore (approximately $62.4 billion).

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*Somany Ceramics Ltd.* | *CMP* Rs. 225 | *M Cap* Rs. 1384 Cr | *52 W H/L* 253/77
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 423.9 Cr (150.2% QoQ, 0.4% YoY) vs expectation of Rs. 345 Cr, QoQ Rs. 169.4 Cr, YoY Rs. 422.3 Cr
EBIDTA came at Rs. 49.5 Cr (-525.6% QoQ, 10.4% YoY) vs expectation of Rs. 26.2 Cr, QoQ Rs. -11.6 Cr, YoY Rs. 44.8 Cr
EBITDA Margin came at 11.7% vs expectation of 7.6%, QoQ -6.9%, YoY 10.6%
Adj. PAT came at Rs. 21.3 Cr vs expectation of Rs. 2.2 Cr, QoQ Rs. -22 Cr, YoY Rs. 32.6 Cr
Quarter EPS is Rs. 3.5
Share is trading at P/E of 20.2x FY22E EPS

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*Godawari Power & Ispat Ltd.* | *CMP* Rs. 381 | *M Cap* Rs. 1341 Cr | *52 W H/L* 381/81
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 876.5 Cr (52.7% QoQ, 28.8% YoY) vs QoQ Rs. 574 Cr, YoY Rs. 680.3 Cr
EBIDTA came at Rs. 199.9 Cr (107.5% QoQ, 79.9% YoY) vs QoQ Rs. 96.3 Cr, YoY Rs. 111.1 Cr
EBITDA Margin came at 22.8% vs QoQ 16.8%, YoY 16.3%
Adj. PAT came at Rs. 94.2 Cr vs QoQ Rs. 24.6 Cr, YoY Rs. 32.8 Cr
Quarter EPS is Rs. 26.8
Share is trading at P/E of 8x TTM EPS

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*Minda Corporation Ltd.* | *CMP* Rs. 70 | *M Cap* Rs. 1590 Cr | *52 W H/L* 122/53
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 635.7 Cr (257.2% QoQ, -13.6% YoY) vs QoQ Rs. 178 Cr, YoY Rs. 735.5 Cr
EBIDTA came at Rs. 64.3 Cr (-416.2% QoQ, -6% YoY) vs QoQ Rs. -20.3 Cr, YoY Rs. 68.4 Cr
EBITDA Margin came at 10.1% vs QoQ -11.4%, YoY 9.3%
Adj. PAT came at Rs. 26.9 Cr vs QoQ Rs. -35.4 Cr, YoY Rs. 37.2 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 10.7x FY22E EPS

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*Greaves Cotton Ltd.* | *CMP* Rs. 68 | *M Cap* Rs. 1572 Cr | *52 W H/L* 148/66
(Nirmal Bang Retail Research)
*Result is below expectation*
Revenue from Operations came at Rs. 288.2 Cr (95.9% QoQ, -41.2% YoY) vs expectation of Rs. 303.5 Cr, QoQ Rs. 147.1 Cr, YoY Rs. 490 Cr
EBIDTA came at Rs. 17.5 Cr (-180.6% QoQ, -70.5% YoY) vs expectation of Rs. 25.3 Cr, QoQ Rs. -21.7 Cr, YoY Rs. 59.1 Cr
EBITDA Margin came at 6.1% vs expectation of 8.3%, QoQ -14.7%, YoY 12.1%
Adj. PAT came at Rs. 13.1 Cr vs expectation of Rs. 13.7 Cr, QoQ Rs. -24.2 Cr, YoY Rs. 40.2 Cr
Quarter EPS is Rs. 0.6
Share is trading at P/E of 11x FY22E EPS

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*The India Cements Ltd.* | *CMP* Rs. 126 | *M Cap* Rs. 3902 Cr | *52 W H/L* 140/69
(Nirmal Bang Retail Research)
*Result Ahead expectation*
Revenue from Operations came at Rs. 1069 Cr (41.2% QoQ, -14.2% YoY) vs expectation of Rs. 1051.6 Cr, QoQ Rs. 757 Cr, YoY Rs. 1245.7 Cr
EBIDTA came at Rs. 234 Cr (50.2% QoQ, 59% YoY) vs expectation of Rs. 183 Cr, QoQ Rs. 155.7 Cr, YoY Rs. 147.2 Cr
EBITDA Margin came at 21.9% vs expectation of 17.4%, QoQ 20.6%, YoY 11.8%
Adj. PAT came at Rs. 71.4 Cr vs expectation of Rs. 31.2 Cr, QoQ Rs. 17 Cr, YoY Rs. 8.7 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 21.3x FY22E EPS

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WOCKHARDT: PROMOTER RELEASES PLEDGE OF 1.4M SHARE (1.26% OF EQUITY) ON NOV. 2

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Super Duper Aggressive Positional Call

Buy Pressman at CMP of 16.25 - 16.5
Add more till 15.8
Sl 15.5 closing basis
Targets:- 17.2 - 17.5 - 17.9 - 18.4 - 18.8 - 19.3
Above 19.5 we will see 21 - 23 - 25+

Disclaimer:- I am not SEBI Registered

ALKEM LABORATORIES: Q2 CONS NET PROFIT 4.7B RUPEES VS 3.71B (YOY); EST 4.1B || Q2 REVENUE 23.6B RUPEES VS 22.64B (YOY)


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