*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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*TV Today Network Ltd.* | *CMP* Rs. 204 | *M Cap* Rs. 1218 Cr | *52 W H/L* 345/128
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 176.7 Cr (5.4% QoQ, -2% YoY) vs QoQ Rs. 167.7 Cr, YoY Rs. 180.3 Cr
EBIDTA came at Rs. 41.2 Cr (37.2% QoQ, 21.2% YoY) vs QoQ Rs. 30 Cr, YoY Rs. 34 Cr
EBITDA Margin came at 23.3% vs QoQ 17.9%, YoY 18.8%
Adj. PAT came at Rs. 27.7 Cr vs QoQ Rs. 12.8 Cr, YoY Rs. 23 Cr
Quarter EPS is Rs. 4.6
Share is trading at P/E of 7x FY22E EPS

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*SML Isuzu Ltd.* | *CMP* Rs. 421 | *M Cap* Rs. 610 Cr | *52 W H/L* 665/280
(Nirmal Bang Retail Research)
*Result continued to remain weak*
Revenue from Operations came at Rs. 120.5 Cr (319.1% QoQ, -48.5% YoY) vs QoQ Rs. 28.7 Cr, YoY Rs. 234 Cr
EBIDTA came at Rs. -18.4 Cr (-48.5% QoQ, 24.8% YoY) vs QoQ Rs. -35.7 Cr, YoY Rs. -14.7 Cr
EBITDA Margin came at -15.3% vs QoQ -124.1%, YoY -6.3%
Adj. PAT came at Rs. -34.7 Cr vs QoQ Rs. -52.3 Cr, YoY Rs. -17.8 Cr
Quarter EPS is Rs. -23.9

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*BEML Ltd.* | *CMP* Rs. 632 | *M Cap* Rs. 2629 Cr | *52 W H/L* 1109/370
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 664 Cr (69.7% QoQ, -3.5% YoY) vs QoQ Rs. 391.2 Cr, YoY Rs. 687.7 Cr
EBIDTA came at Rs. 38.7 Cr (-133.1% QoQ, -715.7% YoY) vs QoQ Rs. -117.2 Cr, YoY Rs. -6.3 Cr
EBITDA Margin came at 5.8% vs QoQ -30%, YoY -0.9%
Adj. PAT came at Rs. 18.4 Cr vs QoQ Rs. -132.8 Cr, YoY Rs. -25.9 Cr
Quarter EPS is Rs. 4.4
Share is trading at P/E of 18.9x FY22E EPS

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06-NOV-20

FII EQ: +4869.87
DII EQ: -2938.66


FII FO: +3045.55

IND FUT: +521.36
IND OPT: +2570.22
STK FUT: -23.10
STK OPT: -22.93

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*United Breweries Ltd.* | *CMP* Rs. 951 | *M Cap* Rs. 25144 Cr | *52 W H/L* 1400/750
(Nirmal Bang Retail Research)
*Result is inline with expectations*
Revenue from Operations came at Rs. 899.9 Cr (77.5% QoQ, -43% YoY) vs expectation of Rs. 993.4 Cr, QoQ Rs. 506.9 Cr, YoY Rs. 1578.6 Cr
EBIDTA came at Rs. 40.2 Cr (-142% QoQ, -79.1% YoY) vs expectation of Rs. 13.9 Cr, QoQ Rs. -95.7 Cr, YoY Rs. 192.5 Cr
EBITDA Margin came at 4.5% vs expectation of 1.4%, QoQ -18.9%, YoY 12.2%
Adj. PAT came at Rs. 3.6 Cr vs expectation of Rs. -49.3 Cr, QoQ Rs. -114.3 Cr, YoY Rs. 115.1 Cr
Quarter EPS is Rs. 0.1
Share is trading at P/E of 42.3x FY22E EPS

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*Cipla Ltd.* | *CMP* Rs. 790 | *M Cap* Rs. 63698 Cr | *52 W H/L* 829/354
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 5038.3 Cr (15.9% QoQ, 14.6% YoY) vs expectation of Rs. 4611 Cr, QoQ Rs. 4346.2 Cr, YoY Rs. 4395.8 Cr
EBIDTA came at Rs. 1176.6 Cr (12.2% QoQ, 29.4% YoY) vs expectation of Rs. 1004.3 Cr, QoQ Rs. 1048.7 Cr, YoY Rs. 909.5 Cr
EBITDA Margin came at 23.4% vs expectation of 21.8%, QoQ 24.1%, YoY 20.7%
Adj. PAT came at Rs. 665.4 Cr vs expectation of Rs. 582.8 Cr, QoQ Rs. 577.9 Cr, YoY Rs. 471.4 Cr
Quarter EPS is Rs. 8.3
Share is trading at P/E of 25x FY22E EPS

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*Tata Consumer Products Ltd.* | *CMP* Rs. 504 | *M Cap* Rs. 46449 Cr | *52 W H/L* 592/214
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 2781.3 Cr (2.5% QoQ, 51.6% YoY) vs expectation of Rs. 2709.5 Cr, QoQ Rs. 2713.9 Cr, YoY Rs. 1834.1 Cr
EBIDTA came at Rs. 399.6 Cr (-17.2% QoQ, 70.3% YoY) vs expectation of Rs. 402.5 Cr, QoQ Rs. 482.7 Cr, YoY Rs. 234.7 Cr
EBITDA Margin came at 14.4% vs expectation of 14.9%, QoQ 17.8%, YoY 12.8%
Adj. PAT came at Rs. 257.1 Cr vs expectation of Rs. 219.8 Cr, QoQ Rs. 264.3 Cr, YoY Rs. 139.2 Cr
Quarter EPS is Rs. 2.8
Share is trading at P/E of 44.3x FY22E EPS

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*Tasty Bite Eatables Ltd.* | *CMP* Rs. 10671 | *M Cap* Rs. 2774 Cr | *52 W H/L* 13747/7443
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 90.8 Cr (68.7% QoQ, -14.1% YoY) vs QoQ Rs. 53.8 Cr, YoY Rs. 105.7 Cr
EBIDTA came at Rs. 12.8 Cr (434.2% QoQ, 16.3% YoY) vs QoQ Rs. 2.4 Cr, YoY Rs. 11 Cr
EBITDA Margin came at 14.1% vs QoQ 4.4%, YoY 10.4%
Adj. PAT came at Rs. 10.6 Cr vs QoQ Rs. 1.4 Cr, YoY Rs. 11 Cr
Quarter EPS is Rs. 40.7
Share is trading at P/E of 81.1x TTM EPS

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09 OCT, 2020

BAN SCRIP-
SAIL
JINDALSTEEL


*Addition-JINDALSTEEL*
*Deletion -No*

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ITC Ltd 2Q Net Income Meets Estimates

(Bloomberg) -- ITC Ltd reported net income for the second quarter that met the average analyst estimate.

2Q net income 32.3 billion rupees, -20% y/y, estimate 32.40 billion (Bloomberg Consensus)

2Q revenue 119.8 billion rupees, +0.9% y/y, estimate 111.30 billion

2Q cigarette sales 51.2 billion rupees, -3.9% y/y

2Q FMCG Revenue Excluding Cigarettes 37.9 billion rupees, +15% y/y

2Q Agriculture business revenue 29.9 billion rupees, +13% y/y

2Q Paper business revenue 14.6 billion rupees, -7% y/y

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