Analysis of results declared on 4th Aug 2020

Analysis of results declared on 4th Aug 2020

Analysis of results declared on 4th Aug 2020

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

Godrej Cons: SOLID results
CS on Godrej Consumer: Increases target price to Rs 830 (from Rs800)
Jefferies on Godrej Consumer: Upgrade to buy & increases target price to Rs 820 from Rs 550

Tata Cons: SUPER GOOD (65x TTM)

SPARC – WoW numbers
VVVV lumpy numbers – profit after 8 quarters of losses
Highest profit in last 21 quarters
Revenue at 185cr vs 17 cr
EBITDA at 61cr vs loss 95cr
PAT at 57cr vs LOSS at 94cr (last 4 qtrs loss was 312 cr)
No idea how to value this co (4577 cr m-cap)

Gujarat Gas
Operational numbers better than estimates
Ebidta margins at 17.2% vs 17.8% yoy
Emkay: EBITDA beat estimate on better margins; upgrade to Buy; Target: Rs365
CLSA – Big beat: 1Q PAT 66% ahead & faster-than-expected volume normalisation
Saw a sharp recovery boosted by the normalisation in industrial volume. Raise target price from Rs345 to Rs370

PI Ind
Sales up 40%, ebidta up 50%, pat up 43%
60x TTM P/E (agro chem cos trade above 30x atleast – and apis less than 20x)

Sales at 91 cr vs 74 cr, pat at 24 cr vs 3 cr yoy, vs 19 cr qoq
Ttm pat at 68 cr

Marksan Pharma
Sales up 35%, EBIDTA up 116% at 70 cr vs 32 cr, margins at 21% vs 13%

Astral Poly
Weak numbers as expected
Sales down 33%, EBIDTA down 41%, pat down 58%
Adhesives sales recover in July, up 26% YoY
Co recovers 91% pipe sales in July
58x TTM P/E

Sales down 52%, ebidta loss at 594 cr vs ebidta loss of 384 cr yoy, vs loss of 2418 cr qoq
Last 5 qtr cumulative loss at 4073 cr

Sales down 12.5%, ebidta down 23%, pat down 40%
Regular capex since last 4-5 years and no incremental roic

Sales down 10%, ebidta down 9%, pat down 15%
38x ttm p/e??? (atul at 20x)

Apollo Pipes
Sales down 21%, ebidta down 60%

Grindwell Norton
Sales down 43%, ebidta down 72%, pat down 33%
32x TTM P/E

Jindal Saw
Sales down 46%, ebidta down 53%, net loss reported
4x TTM P/E

Avadh Sugar
Sales up 17%, ebidta down 35%, pat down 61%
Margin at 9.8% vs 18%
Sugar segment ebit at 11 cr vs 28.5 cr yoy, vs 45.6 cr qoq
Co-gen segment ebit at 2.97 cr vs 15.7 cr yoy, vs 12.5 cr qoq

Guj. Sidhee Cem.
Sales at 90 cr vs 153 cr, ebidta at 9 cr vs 23 cr, pat down 63% at 5 cr

Narayana Hrudaya
Sales down 49%, ebidta loss at 91 cr vs ebidta profit at 103 cr, net loss at 120 cr vs profit at 30 cr
46x TTM P/E

Bhansali Engg.
Sales down 68%, ebidta loss at 3 cr vs profit at 29 cr

Igarashi Motors
Sales down 65%, ebidta loss at 3 cr vs profit at 19 cr

Century Enka
Sales at 102 cr vs 375 cr, ebidta loss at 31 cr vs profit at 36 cr
4x ttm p/e

Varinder Bansal

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

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