Analysis of all results reported on 10th Aug 2020

Analysis of all results reported on 10th Aug 2020

Analysis of all results reported on 10th Aug 2020

PS: Data for education purpose only, use ur own discretion. Views on results may wary as per individual analysis

PATAKA
NA

GOOD
IPCA Labs
Sales up 42%, ebidta double, profit up 245%
28x ttm

Caplin Point
Good but not great
Sales up 24.7%, ebidta up 6.3%, pat up 8.6%
Track receivables closely
19.7x ttm p/e
https://www.bseindia.com/xml-data/corpfiling/AttachLive/43bf7456-72c0-461e-89d8-a4babab6b550.pdf

Camlin Fine
Sales up 17%, ebidta up 43%, pat at 15 cr vs 16 cr yoy, vs 3 cr qoq
Margins at 16.7% vs 13.7%

Quick Heal Tech
Sales up 14%, ebidta at 32 cr vs 8 cr, margins at 43.8% vs 11.8% qoq – v surprising
Pat at 25 cr vs 12 cr

Diamines & Chem
Sales up 19%, ebidta up 33%, pat up 22%
17x ttm p/e

Mangalam Drugs
Sales up 59%, ebidta up 149%, pat up 1021%
Pat at 8 cr vs 1 cr
Margins at 13% vs 8.4%
16.6x ttm p/e

BAD/ WEAK
Astrazeneca Phar
Sales down 5%, ebidta down 19%, pat down 13%
117x ttm p/e -why give mncs such kind of valuations – home grown pharma cos are growing 30% plus and yet at 20-30x????

Transpek Inds.
Sales down 34%, ebidta up 3% yoy
Ebidta at 9 cr vs 40 cr qoq, margins drop to 11.9% vs 24.6% qoq, vs 7.6% yoy

Meghmani Organics
Sales donw 30%, ebidta down 29%, pat down 31%
Don’t paint all chemical cos with same brush – never ever

Oriental Aromatics
Sales donw 47%, ebidta down 48%, pat down 45%
Don’t paint all chemical cos with same brush – never ever

Titan
Sales down 61%, ebidta loss at 253 cr vs profit of 573 cr, net loss at 291 cr
55x ttm p/e (still people consider api cos giving 25-30%-40% growth and trading at 15-25x expensive)

MS on Titan: 1Q earnings were weaker than our and consensus estimates
Macro and business headwinds will likely outweigh market share gains, so we think a full-fledged demand recovery will remain elusive in F2021. UW, TP Rs 807

TTK Prestige
Sales down 51%, ebidta down 89%, pat down 93%
48x ttm p/e

Cochin Shipyard
Sales down 55%, ebidta down 88%, pat down 65%
8x ttm p/e

OKishhh
DFM Foods
Sales down 10%, ebidta down 8%, pat up 5%
48x ttm p/e

Kec Int
Sales down 8%, pat down 20%
Revenue 2207 cr vs expected 2030 cr
EBITDA at 195 cr vs expected 174 cr
12x ttm p/e

Sonata software
Sales up 2.6% qoq, ebidta down 6% qoq, pat down 19% QoQ
11x ttm p/e

PHUUUSS
Akzo Nobel
Sales down 64%, ebidta loss 13 cr vs profit at 103 cr
Demand from auto, infra, an oil & gas and construction segments heavily impacted
37x ttm p/e
Next Asian paints or berger???

V-Mart Retail
As expected
Sales down 83%, ebidta loss 6 cr, net loss 34 cr
65x ttm p/e?????

GE T&D India
Sales down 12%, ebidta down 99%, net loss 20 cr vs profit at 3 cr
Last 5 quarter net loss at 323 cr

Kiri Ind
Sales donw 70%, ebidta loss 5 cr vs profit of 62 cr, net loss 58 cr
Don’t paint all chemical cos with same brush – never ever

Oriental Carbon
Sales donw 54%, ebidta down 80%, pat down 95%
Don’t paint all chemical cos with same brush – never ever

ACE
Sales donw 65%, ebidta loss of 12 lakh vs profit of 22 cr, net loss 4 cr
18x ttm p/e

Sterling tools
Sales donw 81%, ebidta loss 5 cr vs profit of 19 cr

D-link
Remains a hope story without numbers
Sales down 33%, ebidta down 75%, pat down 76%

Varinder Bansal

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

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