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

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

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

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

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%

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

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

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%

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

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

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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