Analysis of results declared on 31st July & 1st Aug 2020

Analysis of results declared on 31st July & 1st Aug 2020

Analysis of results declared on 31st July & 1st Aug 2020
PS: Data for education purpose only, use ur own discretion. Views on results may wary as per individual analysis

PATAKA
Deepak Fertilizers
Sales up 23%, EBIDTA up 127% at 272 cr, margins at 19.7% vs 10.6%, PAT up 1113% at 120 cr vs 10 cr
Fert segment sales 597 cr vs 396 cr, margins at 7.3% Vs negative 2.5%
Chemical segment sales 784 cr vs 718 cr, margins at 29.3% Vs 17.4%
Stock was up 10% on Friday
7x TTM P/E
https://www.bseindia.com/xml-data/corpfiling/AttachLive/9bbc83b0-1c49-42ad-9f3f-6d0d2d33e956.pdf

Dalmia Bharat Sugar and Industries
Sales up 51%, EBIDTA up 105%, PAT up 131%
Sugar segment ebit at 115 cr vs 28.4 cr yoy, vs 15.7 cr qoq
Distillery segment ebit at 56.5 cr vs 41.2 cr yoy, vs 38.5 cr qoq
5x TTM P/E
PS: commodity segment could be volatile in earnings

GOOD
Motilal Oswal
Sales up 18%, PAT up 29%
Pat at 167 cr vs 129 cr
Capital Markets segment PAT up 58%, Asset & Wealth down 30%
Co is looking to buy back Rs 150 cr worth of shares via the open market
https://www.bseindia.com/xml-data/corpfiling/AttachLive/d724f754-3fa5-46b1-ae02-89071196080a.pdf

Liberty Shoes
Sales up 39%, EBIDTA up 59%, PAT up 17%
Surprise surprise – bigger guys like Bata & Relaxo hit (how come Liberty gained sales)

Khaitan Chemical
Sales up 21%, EBIDTA up 57%, PAT up 197%
Pledge 55%

IN LINE
VA Tech Wabag
Sales up 15.6%, EBIDTA up 24%, PAT down 25% (PAT hit due to tax)
Issue here is receivables

  • March 2020 TR in non-current assets at 426 cr vs 356 cr (not coming down)
  • March 2020 TR in current assets at 1590 cr vs 1351 cr (not coming down)
    -Total around 2000 cr (sales in march 2020 at 2557 cr)
    6x TTM P/E

Zydus Wellness
Sales down 13%, EBIDTA down 18%, PAT up 11%

Godrej Agrovet
Sales down 8.7%, EBIDTA up 17%, PAT up 16.5%
28x TTM P/E

Team Lease Serv.
Sales down 9%, ebidta up 6%, pat down 9%

RPG LifeScience.
Sales down 2.5%, EBIDTA up 10%, PAT up 8.5%
IOL Chem
Sales down 6.6%, EBIDTA up 5%, PAT up 49%
PAT boost only due to lower taxes
No improvement in EBIT margins of chemical or drug segment

WEAK
Dr Lal Path Lab
Sales down 20%, EBIDTA down 49%, PAT down 51%
Total patient volumes were down 62% and 25% yoy in April and May 2020
70x TTM P/E
MS says “DLPL is a high-quality diagnostic franchise in India, but limited pricing power, modest growth, and rich valuation (46x F2021e and 39x F2022e EPS) keep us UW on the stock

Relaxo
Sales down 44%, EBIDTA down 46%, PAT down 52%
65x TTM P/E?? yes – 25% RoCE and great co

Vinati Organics
Sales down 20%, EBIDTA down 19%, PAT down 12%
30x TTM P/E
Why not consider APIs co trading at 15-20x & growing at 25-30%

Tata Chem
Sales down 9%, EBIDTA down 30%, PAT down 91%

Just dial
Sales down 32%, EBIDTA down 42%
MS: realizations (-16.7% qoq, -21.7% yoy) and paid campaigns (-17% qoq, -13.7% yoy).
Cash and investments were ~Rs16.4bn as of June 2020; announced buyback is likely to reach conclusion in 4-5 weeks

Prince pipes
Sales down 20%, EBIDTA down 40%, PAT down 57%

Solar Ind
Sales down 18%, EBIDTA down 37%, PAT down 30%
32x TTM P/E

Repro India
Sales down 30%, EBIDTA down 21%, PAT down 75%

Anup Eng
Sales down 18.7%, EBIDTA down 32%, PAT down 34%
11x TTM P/E

Gufic Bio
Sales down 11%, EBIDTA down 17.5%, PAT down 21%
32x TTM P/E

Mold-tek Packaging
Sales down 44%, EBIDTA down 53%, PAT down 84%

PHUUUUS
Thyrocare
Sales down 48%, EBIDTA down 81.5, PAT down 99% at 23 lakh vs 27 cr
Margins at 15% vs 42%
Revenue from Pathology segment for the Quarter was Rs. 54.10 Cr, down 46%
Revenue from Radiology segment for the Quarter was Rs. 1.87 Cr, down 80%

Bluedart Express
Sales down 47%, EBIDTA loss at 43 cr vs profit at 114 cr, net loss at 126 cr vs profit of 6 cr

MMTC
Sales down 51%, EBIDTA loss at 208 cr vs profit at 45 cr, net loss at 266 cr

Jagran Prakashan
Sales down 67%, EBIDTA loss at 34 cr vs profit at 141 cr

Tata Metaliks
Sales down 58%, EBIDTA down 78% at 10 cr vs 45 cr, margins at 4.8% vs 9%, net loss at 12 cr vs profit at 20 cr

Jain Irrigation
March Sales down 37%, ebidta loss at 166 cr vs 248 cr, net loss at 324 cr
M-cap 500 cr;
Classic case study of trade receivables hurting entire business
If you cannot manage the working capital, you cannot manage growth at all
https://www.bseindia.com/xml-data/corpfiling/AttachLive/e304bc4b-7b88-48f8-9502-2d96e2e27979.pdf

ZF Steering
Negative EBIDTA reported

Seya Industries
Sales down 75%, EBIDTA at 4 cr vs 32 cr

Varinder Bansal

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

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