Saudi fund to invest $1.3 billion in RIL's in retail arm; shares rise 2%

https://www.moneycontrol.com/news/business/stocks/saudi-fund-to-invest-1-3-billion-in-rils-in-retail-arm-shares-rise-2-6074131.html

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*Oriental Carbon & Chemicals Ltd. | CMP:Rs794 | Mkt Cap: Rs7,940mn | 52Wk H/L: 1,069/475*

*Amber product showing green shoots*

*Rating: BUY; Target Price: Rs1,030; CMP: Rs791; Upside: 30%*

We continue to maintain our BUY rating with an unchanged TP of Rs1,030. OCCL’s strong performance in 2QFY21 is a testament to their niche product offering and fixed cost reduction efforts bearing fruit. While the revenues were dulled due to sulphuric acid, we feel that Insoluble Sulphur (IS) demand, which is 93% of total revenue, has picked up globally. We believe the management’s focus on Northern American market should lead to market share gains and better utilisation of new capacity, thus maintaining OCCL’s blemish-free track record of achieving economies of scale and scaling up utilisation.

*Outlook:* We maintain our existing view that OCCL’s increased focus on Northern America should lead to steady long-term global market share gain. Our peer quarterly sales analysis shows that globally, Eastman, Shikoku and China Sunsine are also witnessing declines due to demand slump and we find OCCL to be far resilient given its sole focus on IS. While the historical capital allocation has been top-notch, OCCL’s recent step of parking cash in AIFs would have been better utilised if returned to the shareholders as dividends or through buybacks.


*Valuation and risks:* We value OCCL using DCF methodology to arrive at a fair value TP of Rs1,030 and maintain a BUY rating. Our estimates have marginally been revised due to better cost control leading to healthier EBITDA margin. Our TP remains unchanged at Rs1,030. Key risks to our thesis are foreign exchange fluctuation and subdued automobile and tyre production.

Regards,
Monarch Networth

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E-invoicing under GST: Here’s all you need to know

http://www.cnbctv18.com/finance/e-invoicing-under-gst-heres-all-you-need-to-know-7404631.htm

*Elecon Engineering Company Ltd.* | *CMP* Rs. 25 | *M Cap* Rs. 281 Cr | *52 W H/L* 44/14
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 263.7 Cr (95.6% QoQ, -0.9% YoY) vs QoQ Rs. 134.8 Cr, YoY Rs. 266.2 Cr
EBIDTA came at Rs. 58.8 Cr (-2314.7% QoQ, 46.9% YoY) vs QoQ Rs. -2.7 Cr, YoY Rs. 40 Cr
EBITDA Margin came at 22.3% vs QoQ -2%, YoY 15%
Adj. PAT came at Rs. 22 Cr vs QoQ Rs. -20.6 Cr, YoY Rs. 9.8 Cr
Quarter EPS is Rs. 2
Share is trading at P/E of 3.5x TTM EPS

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*Bosch Ltd.* | *CMP* Rs. 12019 | *M Cap* Rs. 35456 Cr | *52 W H/L* 17260/7850
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 2479.2 Cr (150% QoQ, 7.2% YoY) vs expectation of Rs. 2323.5 Cr, QoQ Rs. 991.5 Cr, YoY Rs. 2312.7 Cr
EBIDTA came at Rs. 288.3 Cr (-382.4% QoQ, -14.4% YoY) vs expectation of Rs. 336.2 Cr, QoQ Rs. -102.1 Cr, YoY Rs. 336.9 Cr
EBITDA Margin came at 11.6% vs expectation of 14.5%, QoQ -10.3%, YoY 14.6%
Adj. PAT came at Rs. 335.2 Cr vs expectation of Rs. 296.3 Cr, QoQ Rs. 76.7 Cr, YoY Rs. 232.9 Cr
Quarter EPS is Rs. 113.6
Share is trading at P/E of 31.7x TTM EPS

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*Sandhar Technologies Ltd.* | *CMP* Rs. 230 | *M Cap* Rs. 1385 Cr | *52 W H/L* 302/121
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 499.2 Cr (286.2% QoQ, -0.7% YoY) vs QoQ Rs. 129.3 Cr, YoY Rs. 502.9 Cr
EBIDTA came at Rs. 54.9 Cr (-529.7% QoQ, 3.3% YoY) vs QoQ Rs. -12.8 Cr, YoY Rs. 53.1 Cr
EBITDA Margin came at 11% vs QoQ -9.9%, YoY 10.6%
Adj. PAT came at Rs. 19.4 Cr vs QoQ Rs. -31 Cr, YoY Rs. 17.1 Cr
Quarter EPS is Rs. 3.2
Share is trading at P/E of 19.3x FY22E EPS

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*Aditya Birla Fashion and Retail Ltd.* | *CMP* Rs. 154 | *M Cap* Rs. 11920 Cr | *52 W H/L* 281/96
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 1028.1 Cr (218.3% QoQ, -55.4% YoY) vs QoQ Rs. 323 Cr, YoY Rs. 2307.8 Cr
EBIDTA came at Rs. -7.6 Cr (-97.9% QoQ, -102.3% YoY) vs QoQ Rs. -360.4 Cr, YoY Rs. 339.2 Cr
EBITDA Margin came at -0.7% vs QoQ -111.6%, YoY 14.7%
Adj. PAT came at Rs. -188.2 Cr vs QoQ Rs. -408 Cr, YoY Rs. -0.8 Cr
Quarter EPS is Rs. -2.4

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*Sequent Scientific Ltd.* | *CMP* Rs. 150 | *M Cap* Rs. 3726 Cr | *52 W H/L* 169/52
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 346.3 Cr (11.6% QoQ, 21.8% YoY) vs QoQ Rs. 310.3 Cr, YoY Rs. 284.2 Cr
EBIDTA came at Rs. 56.4 Cr (10.5% QoQ, 51.8% YoY) vs QoQ Rs. 51 Cr, YoY Rs. 37.2 Cr
EBITDA Margin came at 16.3% vs QoQ 16.4%, YoY 13.1%
Adj. PAT came at Rs. 21.4 Cr vs QoQ Rs. 20.9 Cr, YoY Rs. 21.3 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 23.6x FY22E EPS

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*Dr. Lal Pathlabs Ltd.* | *CMP* Rs. 2319 | *M Cap* Rs. 19317 Cr | *52 W H/L* 2330/1180
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 431.9 Cr (62.4% QoQ, 18.1% YoY) vs expectation of Rs. 352.7 Cr, QoQ Rs. 266 Cr, YoY Rs. 365.6 Cr
EBIDTA came at Rs. 123.2 Cr (155.1% QoQ, 13.1% YoY) vs expectation of Rs. 84.1 Cr, QoQ Rs. 48.3 Cr, YoY Rs. 108.9 Cr
EBITDA Margin came at 28.5% vs expectation of 23.9%, QoQ 18.2%, YoY 29.8%
Adj. PAT came at Rs. 87.1 Cr vs expectation of Rs. 60 Cr, QoQ Rs. 28.4 Cr, YoY Rs. 80.5 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 60.6x FY22E EPS

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*Action Construction Equipment Ltd.* | *CMP* Rs. 73 | *M Cap* Rs. 831 Cr | *52 W H/L* 94/31
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 268.3 Cr (165.7% QoQ, 0.1% YoY) vs QoQ Rs. 101 Cr, YoY Rs. 268.1 Cr
EBIDTA came at Rs. 24.3 Cr (-20650.8% QoQ, 20% YoY) vs QoQ Rs. -0.1 Cr, YoY Rs. 20.2 Cr
EBITDA Margin came at 9% vs QoQ -0.1%, YoY 7.5%
Adj. PAT came at Rs. 14.6 Cr vs QoQ Rs. -4.3 Cr, YoY Rs. 14.3 Cr
Quarter EPS is Rs. 1.3
Share is trading at P/E of 22.7x TTM EPS

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*Muthoot Capital Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

*Outlook: Positive in Long Term*

• Collection efficiency *including arrears* increased to 95% from 71% in June.
• *Customers worth AUM of 9.5% have not paid a single installment since March. (This number is higher compared to 5% in case of Chola & Shriram Transport).*
• Co created covid provisions of Rs. 34 Cr during the qtr with total covid provisions standing at Rs. 84 Cr (3.8% of AUM). We expect another two quarters of elevated provisions from the co.
• Disbursements stood at Rs. 116 Cr and has reached 65% of normal levels in October. (Avg qtly rate was ~Rs. 500 Cr prior to covid). On book AUM stood at Rs. 2269 Cr (-16% YoY & -8% QoQ). Thus we think, for the co to start growing its AUM in double digits, it would take another 4-5 qtrs.
• Cost of funds declined to 9.7% vs QoQ 9.9% & YoY 10.3%. It should continue to come down further in coming qtrs and ful effect of decline in COF has not reflected during the Sep qtr.
• Financing penetration for the industry has shrunk by 200 bps to around 35% from 37% previously.
• Co will focus on used car loans going forward as that product is ready to roll out.
• In long term co will also focus on consumer durable financing.
• 80% of presence is in tier 3/4 towns.
• Cost/income should be at 48-50% in FY21 vs 54% in FY20. Co expects to structurally reduce costs during this covid phase and hence even post FY21, it expects the cost/income to remain below 50%.

Share is trading at P/E of 7.6x FY22E EPS & 1.2x trailing P/BV

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*CESC Ltd.* | *CMP* Rs. 582 | *M Cap* Rs. 7717 Cr | *52 W H/L* 846/365
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1989 Cr (25.5% QoQ, -11.4% YoY) vs expectation of Rs. 2080 Cr, QoQ Rs. 1585 Cr, YoY Rs. 2246 Cr
EBIDTA came at Rs. 338 Cr (48.2% QoQ, -27% YoY) vs expectation of Rs. 453.1 Cr, QoQ Rs. 228 Cr, YoY Rs. 463 Cr
EBITDA Margin came at 17% vs expectation of 21.8%, QoQ 14.4%, YoY 20.6%
Adj. PAT came at Rs. 228 Cr vs expectation of Rs. 234.1 Cr, QoQ Rs. 134 Cr, YoY Rs. 275 Cr
Tax writeback has led to higher PAT
Quarter EPS is Rs. 17.2
Share is trading at P/E of 5.6x FY22E EPS

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*Goodyear India Ltd.* | *CMP* Rs. 835 | *M Cap* Rs. 1929 Cr | *52 W H/L* 1187/531
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 481.1 Cr (112% QoQ, 6% YoY) vs QoQ Rs. 226.9 Cr, YoY Rs. 454.1 Cr
EBIDTA came at Rs. 73.4 Cr (4964.8% QoQ, 54.2% YoY) vs QoQ Rs. 1.5 Cr, YoY Rs. 47.6 Cr
EBITDA Margin came at 15.3% vs QoQ 0.6%, YoY 10.5%
Adj. PAT came at Rs. 48.6 Cr vs QoQ Rs. -4.5 Cr, YoY Rs. 37.8 Cr
Quarter EPS is Rs. 21
Share is trading at P/E of 28.1x TTM EPS

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*Marksans Pharma Ltd.* | *CMP* Rs. 54 | *M Cap* Rs. 2210 Cr | *52 W H/L* 57/10
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 356.5 Cr (7.6% QoQ, 39% YoY) vs QoQ Rs. 331.2 Cr, YoY Rs. 256.4 Cr
EBIDTA came at Rs. 83.2 Cr (18.8% QoQ, 147.7% YoY) vs QoQ Rs. 70 Cr, YoY Rs. 33.6 Cr
EBITDA Margin came at 23.3% vs QoQ 21.1%, YoY 13.1%
Adj. PAT came at Rs. 50.7 Cr vs QoQ Rs. 49.4 Cr, YoY Rs. 25.7 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 12.8x TTM EPS

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*IOL Chemicals & Pharmaceuticals Ltd. | CMP Rs. 711 | M Cap Rs. 4174 Cr | 52 W H/L 899/146*
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 533.5 Cr (15.9% QoQ, 18.8% YoY) vs QoQ Rs. 460.1 Cr, YoY Rs. 449 Cr
EBIDTA came at Rs. 171.3 Cr (12.6% QoQ, 28.9% YoY) vs QoQ Rs. 152.1 Cr, YoY Rs. 132.9 Cr
EBITDA Margin came at 32.1% vs QoQ 33.1%, YoY 29.6%
Adj. PAT came at Rs. 127 Cr vs QoQ Rs. 127.5 Cr, YoY Rs. 87.7 Cr
Quarter EPS is Rs. 21.6
Share is trading at P/E of 9.4x TTM EPS

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*Manappuram Finance Ltd. -C* | *CMP* Rs. 164 | *M Cap* Rs. 13877 Cr | *52 W H/L* 195/74
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 994.6 Cr vs expectation of Rs. 905.2 Cr, YoY Rs. 861.9 Cr, QoQ Rs. 922.2 Cr
PBP came at Rs. 652.4 Cr vs expectation of Rs. 605 Cr, YoY Rs. 543.8 Cr, QoQ Rs. 637.6 Cr
Provision came at Rs. 108 Cr vs expectation of Rs. 83.6 Cr, YoY Rs. 29.3 Cr, QoQ Rs. 145.3 Cr
PAT came at Rs. 405.6 Cr vs expectation of Rs. 389.5 Cr, YoY Rs. 404.1 Cr, QoQ Rs. 368.1 Cr
Quarter EPS is Rs. 4.8
Share is trading at P/E of 7.7x FY22E EPS & 2.1x trailing P/BV

# Asset quality details are awaited

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*Voltas Ltd.* | *CMP* Rs. 738 | *M Cap* Rs. 24420 Cr | *52 W H/L* 741/427
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1612.5 Cr (24.3% QoQ, 13.4% YoY) vs expectation of Rs. 1214.6 Cr, QoQ Rs. 1296.9 Cr, YoY Rs. 1421.9 Cr
EBIDTA came at Rs. 98 Cr (46.8% QoQ, -7.5% YoY) vs expectation of Rs. 54.9 Cr, QoQ Rs. 66.8 Cr, YoY Rs. 105.9 Cr
EBITDA Margin came at 6.1% vs expectation of 4.5%, QoQ 5.1%, YoY 7.4%
Adj. PAT came at Rs. 79.7 Cr vs expectation of Rs. 67.4 Cr, QoQ Rs. 81.2 Cr, YoY Rs. 112.6 Cr
Quarter EPS is Rs. 2.4
Share is trading at P/E of 36.3x FY22E EPS

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*Dilip Buildcon Ltd.* | *CMP* Rs. 344 | *M Cap* Rs. 4706 Cr | *52 W H/L* 474/190
(Nirmal Bang Retail Research)
*Result inline with expectation*
Revenue from Operations came at Rs. 1925.2 Cr (1.8% QoQ, 6.4% YoY) vs expectation of Rs. 1766.3 Cr, QoQ Rs. 1892 Cr, YoY Rs. 1809.3 Cr
EBIDTA came at Rs. 306 Cr (2% QoQ, -4.8% YoY) vs expectation of Rs. 293 Cr, QoQ Rs. 300.1 Cr, YoY Rs. 321.4 Cr
EBITDA Margin came at 15.9% vs expectation of 16.6%, QoQ 15.9%, YoY 17.8%
Adj. PAT came at Rs. 47.3 Cr vs expectation of Rs. 30 Cr, QoQ Rs. 33.7 Cr, YoY Rs. 57.7 Cr
Quarter EPS is Rs. 3.5
Share is trading at P/E of 15x TTM EPS

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*Alkem Laboratories Ltd.* | *CMP* Rs. 2775 | *M Cap* Rs. 33189 Cr | *52 W H/L* 3090/1881
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 2362.8 Cr (17.9% QoQ, 4.4% YoY) vs expectation of Rs. 2380.3 Cr, QoQ Rs. 2003.5 Cr, YoY Rs. 2264 Cr
EBIDTA came at Rs. 600.5 Cr (12.6% QoQ, 32.7% YoY) vs expectation of Rs. 554.5 Cr, QoQ Rs. 533.2 Cr, YoY Rs. 452.6 Cr
EBITDA Margin came at 25.4% vs expectation of 23.3%, QoQ 26.6%, YoY 20%
Adj. PAT came at Rs. 481.5 Cr vs expectation of Rs. 419.2 Cr, QoQ Rs. 422 Cr, YoY Rs. 370.9 Cr
Quarter EPS is Rs. 40.3
Share is trading at P/E of 21.7x FY22E EPS

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*Sutlej Textiles & Industries Ltd.* | *CMP* Rs. 27 | *M Cap* Rs. 444 Cr | *52 W H/L* 40/15
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 465.7 Cr (142.8% QoQ, -27.1% YoY) vs QoQ Rs. 191.8 Cr, YoY Rs. 638.7 Cr
EBIDTA came at Rs. 17.1 Cr (-160.9% QoQ, -69.9% YoY) vs QoQ Rs. -28.1 Cr, YoY Rs. 56.9 Cr
EBITDA Margin came at 3.7% vs QoQ -14.7%, YoY 8.9%
Adj. PAT came at Rs. -4.7 Cr vs QoQ Rs. -38.2 Cr, YoY Rs. 16.6 Cr
Quarter EPS is Rs. -0.3
Share is trading at P/E of -12.7x TTM EPS

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*Indoco Remedies Ltd.* | *CMP* Rs. 263 | *M Cap* Rs. 2425 Cr | *52 W H/L* 296/134
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 328.2 Cr (19% QoQ, 12.2% YoY) vs QoQ Rs. 275.9 Cr, YoY Rs. 292.6 Cr
EBIDTA came at Rs. 60.7 Cr (24.8% QoQ, 86.1% YoY) vs QoQ Rs. 48.7 Cr, YoY Rs. 32.6 Cr
EBITDA Margin came at 18.5% vs QoQ 17.6%, YoY 11.2%
Adj. PAT came at Rs. 25.7 Cr vs QoQ Rs. 17 Cr, YoY Rs. 7.8 Cr
Quarter EPS is Rs. 2.8
Share is trading at P/E of 19.1x FY22E EPS

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