Analysis of results declared on the 24th & 25th July 2020

Analysis of results declared on the 24th & 25th July 2020

Analysis of results declared on the 24th & 25th July 2020

This data is only for education, plz use your own discretion


Coromandel Int (in crop protection – last year 1 of the cos plant was shut due to a fire incident)
Sales up 51%, EBIDTA up 111%, PAT up 301%
Earnings growth led by higher fertilizer manufactured margins/exceptional fertilizer volume growth (partly led by favourable base & pre-buying)/reversal in crop protection earnings (last year one of the plants was not operational because of a fire incident)
Results look like Pataka but they are in line with analysts expectations
Keep an eye on EID Parry as well on back of Coromandel Int results
22x TTM P/E

Aarti Drugs
Sales up 34%, EBIDTA up 145%, PAT up 280%
Stock moved 4 times from 52-week low of 420 to 1600 nearly
TTM 27x P/E, 5.7x P/B, 16.5% RoCE

Sales up 12%, EBIDTA up 68%, PAT up 68%
PAT bosted by higher other income of 20cr vs 15cr and 13cr in Q1FY20 and Q4FY20 respectively
Other expenses also fell to 13cr in Q1FY21 vs 17.9cr and 20cr in Q1FY20 and Q4FY20 respectively
During the Quarter, the number of new active Beneficial Owners accounts with increased by approx. 20 lakhs taking the total number of active beneficial to 2.32 crores
32x TTM P/E

Sales up 7%, EBIDTA up 15%, PAT up 7% QoQ
Co Reports a Rev growth of 3.1% vs est of 2-4% decline
18x TTM P/E

Ind-Swift Labs.
Sales up 12%, EBIDTA up 9%, reports a profit of 5 cr vs loss of 6 cr

Nath Industries
Sales up 83%, EBIDTA at 8 cr vs 1 cr, margins at 10.4% vs 2.7%, PAT at 6 cr vs 1 cr
Small cap co so be careful – stock has a habit of being a ladder stock (consistent upper or lower circuits)

Atul Ltd
Sales down 37%, EBIDTA down 34%, PAT down 20%
Revenue dip majorly led by performance chemicals
Margins at 24% vs 23%
20x TTM P/E
B&K: Gross margins stood at all time high of 57%.

Supreme Ind
Sales down 26%, EBIDTA down 30%, PAT down 55%
31x TTM P/E, 6.5x P/B
Jefferies on Supreme Ind
Q1FY21 a Strong Beat; Reported PAT Double of Our Expectations
Op-margin at 11.1% a robust beat as well, despite volatility in PVC prices
Rate as Buy with PT of Rs 1,410 – remains our Top Pick

Sales down 8% YoY & down 30% QoQ
EBIDTA down 4% YoY & down 35% QoQ
Margins maintained at 36.3% Vs 34.8%
33x TTM P/E

CCL Products
Sales up 6%, EBIDTA down 9%, PAT up 11%
Margins at 21.7% vs 25.4%
20x TTM P/E

Guj. Ambuja Exp
Sales down 18%, EBIDTA up 35%, PAT up 65%
Margins at 9.1% Vs 5.5%
12.5x TTM P/E

Chennai Petro
Sales down 71%, makes an ebidta profit at 621 cr vs loss of 120 cr only due to inventory gains

Crompton Gr. Con
Sales down 47%, EBIDTA down 47%, PAT down 39%
35x TTM P/E, 10.5x P/B

Sales down 49%, EBIDTA down 65%, PAT down 87% (34%
yoy fall in soda ash sales volume)
Ebidta at 76 cr vs 213 cr
Margins at 16.7% vs 24%
Pat at 13 cr vs 98 cr
Sasta for a reason as earnings not there for long time: 4.5x TTM P/E

Mangalam Organic
Sales down 46%, EBIDTA down 34%, PAT down 48%
7x TTM P/E

Sintex Plastics
M-cap 166 cr
Sales at 202 cr vs 1103 cr
Net loss at 963 cr vs loss of 10 cr
Exceptional item at 780 cr (impairment of assets) – mazaaaak bana diya hain

Schaeffler India
Sales down 61%, makes EBIDTA loss of 20 cr vs profit at 159 cr, net loss 42 cr
33x TTM P/E, 3.8x P/B

Lak. Mach. Works
Sales down 63%, makes EBIDTA loss of 28cr vs profit at 8 cr, net loss 22 cr

TCI Express
Sales down 65%, EBIDTA down 93%, PAT down 95%
Ebidta margins at 2.2% Vs 11.5%
30x TTM P/E

Forbes & Co
Sales down 14%, makes an ebidta loss of 54 cr vs profit at 45 cr, net loss at 141 cr

Confidence Petro
Sales down 67%, ebidta down 88%, net loss at 7 cr vs profit

Wendt India
Sales down 44%, EBIDTA down 82%, pat down 89%
75x TTM P/E…why??

Vivimed Labs.
Sales at 236 cr vs 348 cr, ebidta loss at 21 cr vs profit at 21 cr, net loss at 61 cr vs small profit

Varinder Bansal

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

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