Analysis of results declared on 29th July 2020

Analysis of results declared on 29th July 2020

Analysis of results declared on 29th July 2020

Bharti Airtel: strong internals; India Mobile EBITDA up 3% QoQ, against our anticipation of ~6% decline + higher ARPUs vs exp
CLSA target on airtel at 715
BoFa ML: An unexpected & surprise ARPU uplift

Maruti Suzuki: weak

Dr Reddy’s Labs: API beat

Colgate-Palmoliv: better vs exp due to cut in adv cost

Interglobe Aviat: weak

GOOD
Chambal Fert.
Cons sales up 13%, EBIDTA up 32%, PAT up 80%
Margins at 18.3% vs 15.6% yoy, vs 11% QoQ
6x TTM P/E

Sasken
Sales up 3% QoQ, EBIDTA up 55% QoQ, PAT up 200% QoQ
10.5x TTM P/E

Mastek
Sales up 15% QoQ, EBIDTA up 17% QoQ, PAT up 19% QoQ

Rail Vikas
Sales up 23%, EBIDTA up 17%, PAT up 29%
Margins at 4.9% vs 5.2%
5.8x TTM P/E

Sagar Cements
Sales down 23%, EBIDTA up 10.7%, PAT up 22.3%
In-line EBTIDA; Positive surprise on realizations
Realizations grew 20% (Antique est: +13% QoQ), hence EBITDA/t at INR1200 (vs. Antique est. INR1060)

BBTC
Results bumper due to Britannia
Cons sales up 24.3%, EBIDTA up 82%, PAT up 62%
Investments segment sales at 65.4 cr vs 2.81 cr
Other (tea, coffee, auto electrical) standalone segments not great

OKish
Navin Fluo.Intl.
Sales down 15%, EBIDTA down 12%, PAT up 30%
Margins at 25% vs 24.3%
Missed estimates mainly due to lower-than-expected contribution from the domestic market (mainly Inorganic fluoride and R-gas),
Specialty chemicals reported revenue of Rs970mn (up 13% yoy/ down 7% qoq). Export sales were up 56% yoy, while domestic sales were down 15%

GMM Pfaudler
85x TTM P/E; 10x ttm sales
Sales up 2%, EBIDTA flat, PAT up 8.5%
Margins at 17.8% vs 18.4% (has come down from 20% in 2Q)

Security & Intel
Sales up 8%, EBIDTA down 3%, PAT down 24%
Margins at 5.6% vs 6.2%
PAT at 57 cr vs 75 cr yoy, vs loss of 4 cr

WEAK
TVS Motors
Sales down 61%, EBIDTA down 87%, margins at 3.8% vs 11.2%, net loss at 179 cr vs profit at 146 cr
30x TTM P/E?? (Hero is 18x)

CEAT
Sales down 36%, EBIDTA down 39%, net loss at 35 cr
EBIDTA margin at 9.1% vs 9.5%
14x TTM P/E

Carborundum Uni.
Sales down 45%, EBIDTA down 85%, PAT down 62%
Margins at 4% vs 14.2% yoy, vs 17.3% QoQ
19x TTM P/E

Glaxosmi. Pharma
175x TTM P/E
Sales down 18%, EBIDTA down 31%, margins at 17.6% vs 21%
Weak on the backdrop of results declared by other pharma cos

Phoenix Mills
Sales down 78%, EBIDTA down 76%, net loss at 42 cr
Board approved raising Rs 1,100 crore via equity and to issue up to 15.63 lakh convertible equity warrants at Rs 640 per warrant, aggregating to Rs 100 crore.

BLS Internat.
Sales down 77%, EBIDTA down 88%, net loss
Margins at 6% vs 12%

Kirl. Ferrous
Sales down 56%, EBIDTA down 75%,
Margins at 5.4% vs 9.4%
10x TTM P/E

PHUUUS
Mahindra Life
Sales down 87%, EBIDTA loss at 20 cr vs 3 cr profit yoy, vs loss at 51 cr qoq
Sales down to 14 cr vs 106 cr yoy, vs 101 cr qoq

Sunteck Realty
Sales down 65%, EBIDTA down 83%, PAT down 90%
Margins at 16.6% vs 35%
38x TTM P/E

JK Paper
Sales down 34%, EBIDTA down 74%, PAT down 97%
Margins at 13.3% vs 33.3%
4x TTM P/E

Genus Power
Sales down to 84 cr vs 270 cr, ebidta loss at 2 cr vs profit at 33 cr

Have not taken cos who reported March ended results like
Grauer & Weil
Kitex Garments
HMT
AVT Natural Prod
Nectar Lifesci.
Pricol Ltd
Sadhana Nitro
Shemaroo Entert.
Ram Ratna Wires
Fredun Pharma

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

Varinder Bansal

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

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