Analysis of results declared on the 27th July 2020

Analysis of results declared on the 27th July 2020

Analysis of results declared on the 27th July 2020

GOOD
Indian Metals & Ferro Alloys
Sales down 9%, ebidta at 62 cr vs 56 cr (vvv volatile earnings)
Margins at 15.4% vs 12.5%
PAT at 24 cr vs 13 cr
0.4 P/B

OKish
BEL
Sales down 21%, EBIDTA down 57%, PAT down 73%
13x TTM P/E
Better than expectations – few analysts expected co to report margins at 5-6%

Pfizer
Sales down 5%, EBIDTA up 12%, PAT up 10%
TTM P/E 40x

WEAK
Mah. Seamless
Sales down 39%, EBIDTA down 56% at 104 cr vs 236 cr
Sales at 588 cr vs 963 cr (YoY), vs 570 cr (QoQ)
Co took on an exceptional loss of 450 cr this quarter – investment in mining asset written off (scares me)
Net loss at 244 cr vs loss of 70 cr
4x P/E

Plastiblends (I)
Sales down 42%, ebidta down 36%, pat down 45%
11x TTM P/E

PHUUUUS
Tejas Networks
Sales down 50%, EBIDTA at 1 cr vs 24 cr, net loss at 10 cr
March 2020 sales 424 cr
Trade receivables at on June 2020 at 355 cr (as part of current assets) + Rs 81 cr (as part of non-current assets) – so total 435 cr (more than sales)

Orient Electric
Q1FY21
Revenue declined 69%; EBITDA loss at 19 cr & net loss at 27 cr
ECD sales down 76%, Lighting and switchegear down 46%

V-Guard
Sales down 42%, EBIDTA down 86%, PAT down 93%
38x TTM P/E

Vardhman Textiles
Sales down 50%, EBIDTA loss at 2 cr vs profit at 251 cr, net loss at 64 cr vs profit at 116 cr
Textile industry (on the back of manufacturing wonders) but we r losing it to Vietnam, Bangaldesh – sad

Srikalahas. Pip.
Sales down 43%, EBIDTA loss at 2 cr vs profit at 57 cr
4.5x TTM P/E

Aptech
Sales down 71%, ebidta loss at 6 cr vs 7 cr profit

HSIL
Sales down 42%, EBIDTA down 67%, net loss at 17 cr
Margins at 10% vs 17%

Hindustan Media
Sales down 59%, EBIDTA loss at 27 cr vs profit at 34 cr

Alicon Cast.
Sales down 80%, EBIDTA loss at 24 cr vs profit at 27 cr

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Apollo Tricoat: Numbers not comparable

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

Varinder Bansal

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

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