All results declared on 25th & 26th June 2020

All results declared on 25th & 26th June 2020

Pataka Results


Sh. Jagdamba Polymers: sales up 36%, ebidta up 52%, pat up 47% (6 p/e, 47% roce)… textile and fabric finishing mill operator…zero pledge…promoter holding 73%, d.e 0.34

West coast paper: sales up 40%, pat doubles (4.3x, 27% roce), trading below BV of 196…no pledge, d/e 0.47 (issue was always sales growth for west coast (5% sales growth in 5 years – lowest in paper cos)vs JK Paper (13% sales growth in 5 years)

Hudco: sales up 28%, pat up 87% (3.2x)..book value 61 (LTP was 28)
M-cap 5600 cr, TTM PAT 1700 cr

Good


AXISCADES Engg: sales up 19%, ebidta 33 cr vs 9%, margins 17% vs 5%, pat 16 cr vs 1 cr (BUT roce 0.5%, Pledged percentage: 68.11 %..march 19 & march 18 was loss, TTM PAT 30 cr)

Dynemic Products: ebidta up 5%, pat up 42%, margins stable at 20% (7x, 20% roce)
FY20 CWIP at 71 cr vs 25 cr

Avanti Feeds: sales up 20%, ebidta up 33%, pat up 28% (20x)…margins jump to 12% frm 7% qoq

CESC Ventures: ebidta up 30%. TTM sales 4578 cr, ebidta 475 cr (M-cap 455 cr)
(cmp 171, BV 876)

Hind Food: sales up 65%, ebidta up 146% (78x)

Rubfila Intl: sales up 20%, ebidta up 25% (10.5x, 1x P/B, 20.8% roce)
Manufacturer of both Talcum Coated and Silicon Coated Rubber threads in India.

Not Bad


Bharat rasayan: sales & ebidta flat, pat up 23% (19x)

Fine Organic: sales down 13%, ebidta flat (but 37x)

Jindal saw: sales down 15%, ebidta flat, margins 14% vs 12% (2.6x, 10% roce)

Power Mech Proj: sales down 9%, pat down 10% (5 p/e, 22% roce)

Godawari Power: ebidta down 17% (3 p/e, 21% roce)

Arshiya: ebidta at 25 cr vs 6 cr (but 86 cr interest + 35 cr dep leads to net loss of 178 cr)

Weak


Beml: sales down 22%, ebidta down 43% (too much volatility in results) 64x

Siyrama Silk: ebidta down 53%, pat down 50% (6x, 16% roce)

Pokarna: sales down 38%, ebidta down 45% (3.7x, 27% roce)

Finolex Cables: ebidta down 44%, pat down 48%

Sobha: sales down 35%, pat down 55%

Kalyani Steels: sales down 15%, ebidta down 30% (6x, roce 21%)

J Kumar Infra: ebidta down 32%

Jaybharat Maruti: sales, ebidta down 15% (15x)

PHUUUUUUUUUUUUUS
Excel Ind: ebidta down 58%, margins 12.8% vs 26.2%

Z F Steering: ebidta 1 cr vs 16 cr

Som Distilleries: reports ebidta loss

Federal-Mogul Go: ebidta down 51%, pat down 87% (45x)

Rupa & co: sales down 55%, ebidta down 85% (16x)

Ramkrishna Forging: sales down 50%, ebidta down 60% (13x)

Orient paper: sales down 32%, ebidta down 99%

Mirc elec: ebidta loss

Aries Agro: ebidta down 83%

Greenply: ebidta down 38%, reports a net loss

Inox Wind: ebidta loss of 184 cr vs loss of 28 cr

Olectra: ebidta loss (concept stock airy story)

Yuken India: sales down 47%, ebidta down 85% (47x)

Atul Auto: ebidta down 70%, 5% from 11%

Roto Pumps: ebidta down 99%, sales down 35%

Mafaltlal Ind: continues to report enbidta losses

Varinder Bansal

Managing Partner, Pantomath Asset Management. Ex-Corporate Editor & Head of Research, CNBC-TV18

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