Analysis of results declared on 30th 2020

Analysis of results declared on 30th 2020

Analysis of results declared on 30th 2020 with @AnilSinghvi_ on @ZeeBusiness
PS: Data for education purpose only, use ur own discretion. Views on results may wary as per individual analysis

PATAKA
GE Shipping
Sales up 36%, EBIDTA at 610 cr vs 210 cr; margins at 57.1% vs 26.9%, PAT at 468 cr vs loss of 54 cr
Ambit: Operating EBITDA increased 184% YoY (above our estimate by 26%).
Current historically low valuation of P/NAV of 0.4x (2-year TP: Rs463), ~40% below global peers,
makes this bet attractive whilst accepting that near-term catalysts are missing.

Laurus Labs
Sales up 77%, EBIDTA up 234%, PAT up 1037%
Concall today will be v imp (stock has seen sharp run-up post block deal)
Generic API business: +40% YoY (incl. ARV API +19% YoY & Other APIs +207% YoY)
Synthesis business: +37% YoY to Rs1bn
Finished dosages business: +232% YoY to Rs3.52bn
Concal today 31st July at 11AM

STRONG
SRF
Ambit: EBITDA grew 8% YoY to Rs3.7bn (21% over our estimate) driven by packaging
business (highest margin in last 9 years). TP of Rs4,300 implies 21x F22 EPS.
MoST: EBITDA margins expanded 450bp to 24.1% (est. of 18.3%) driven by packaging biz

Essel Propack
Sales up 18%, EBIDTA up 35%, PAT up 13%
Beat street revenue/EBITDA/adj. PAT estimates by 13%/12%/40% on the back of 21.2% growth in Personal Care

GMR Infra
Sales at 2349 cr vs 1983 cr, up 18%
EBIDTA up 111% at 654 cr vs 309 cr
Margins at 27.8% vs 15.6%

L T Foods
Sales up 24%, EBIDTA up 30%, PAT up 85%
9x TTM P/E

Vaibhav Global
Sales up 25%, EBIDTA up 45%, PAT up 47%
22x TTM P/E

Poly Medicure
Sales up 5%, EBIDTA up 26%, PAT up 35%
34x TTM P/E

Torrent Pharma
Solid 25% beat in EBITDA and a 500bps beat in margins
CLSA ON TORRENT PHARMA: Target up from 2920 to 3100/share

Ajanta Pharma
Sales up 9%, EBIDTA up 32.5%, PAT up 29%
26x TTM P/E

Sequent Scien.
Sales up 11%, EBIDTA up 33%, PAT up 82%
36x TTM P/E

Tata Comm
EBITDA at 1042 cr vs 826 cr; up 20% QoQ, up 26% YoY
Margins at 23.7% vs 19.8% yoy, vs 19.8% qoq
Profit at 258 cr vs 77 cr
Exceptional loss of 378 cr last quarter as provision towards license fees

Cholaman.Inv.&Fn
Sales up 3.3%, PAT up 36%

OKish
NFL
Sales 3.8%, EBIDTA down 4%, margins at 8.9% unchanged
Loss at 249 cr vs profit at 78 cr

Weak
Linde India
Sales down 50%, EBIDTA down 25%
45x TTM P/E

Rain Ind
Sales down 30%, EBIDTA down 15%, PAT down 79%
Margins at 15% vs 12.4%

Tata Steel BSL
Sales down 38%, EBIDTA down 82%, net loss at 650 cr

Fairchem
Sales down 28%, EBIDTA down 32%, PAT down 42%

Gujarat Fluoroch
Sales down 11%, ebidta down 86%, pat down 95%
Margins 4.5% vs 28%

Kirloskar Oil
Sales down 53%, EBIDTA down 87%, net loss

Weslpun Ent
Sales down 63%, EBIDTA down 65%

Aegis Logistics
Sales down 67%, ebidta down 34%, pat down 47%

PHUUUUS
Westlife Develop
Sales down 75%, ebidta loss at 42 cr vs profit at 49 cr; net loss at 61 cr

Sundaram Clayton
Sales down 62%, ebidta down 92%, margins at 2.5% vs 11.3%, net loss at 157 cr

Mahindra Logistics
Sales down 54%, ebidta loss at 2 cr vs profit at 40 cr

Kesoram Inds.
Sales down 38%, EBIDTA down 95%, net loss at 82 cr

Varinder Bansal

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

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