Analysis of results declared 3rd Aug 2020

Analysis of results declared 3rd Aug 2020

Analysis of results declared on 3rd Aug 2020
PS: Data for education purpose only, use ur own discretion. Views on results may wary as per individual analysis

Solara Active Pharma Science
Net profit up 59.4%
Revenue up 5.5%
Margins at 28.5% vs 23.5%
Ttm p/e 19x
Operating leverage delivering highest ever EBITDA in a quarter

Sales at 133 cr vs 161 cr due to Lower listing fess and transaction charges
Ebidta at 40 cr vs 51 cr yoy, vs 8 cr qoq
Pat at 32 cr vs 41 cr yoy, vs net loss of 1 cr qoq
Monetization of Star MF Platform Key highlight
dividend yield + buyback + option value from new segments (Star MF platform, commodities and INX)

Sales down 16%, ebidta down 4%, pat flat

Makes a net loss
Sales down 31%, EBIDTA down 65%, net loss at 11 cr vs profit at 162 cr
Margins at 5% vs 10.4%
Nomura on Exide: 1Q in line; margins weaker than expected
Axis Cap on Exide: Decent Q1; upgrade to ADD on valuation comfort, TP Rs 170

Kansai Nerolac
Sales down 59%, EBIDTA down 70%, PAT down 77%

Sales down 11%, PAT down 35% QoQ

Rubfila Ind
Sales down 30%, ebidta down 49%, pat down 76%

Wheels India
Sales down 72%, ebidta loss at 28 cr vs ebidta profit at 52 cr, net loss at 44 cr vs profit of 11 cr

Artemis Medicare (Apollo tyres group co)
Sales down 54%, ebidta loss at 9 cr vs profit of 15 cr, net loss at 12 cr vs profit at 4 cr
m-cap 230 cr, 12x ttm p/e

Consistent ebidta loss since last 4 qtrs

March results
Ebidta down 99%

Varinder Bansal

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

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