Analysis of results declared on the 28th July 2020

Analysis of results declared on the 28th July 2020

Analysis of results declared on the 28th July 2020

SUPER
Tata Coffee
Sales up 26%, EBIDTA up 40%, PAT up 62%
Ebidta margins at 18.8% vs 16.9%
21x TTM P/E

Hexaware (big beat on Rev and Margins)
Sales up 2% QoQ, EBIDTA up 16% QoQ
CC Rev dn 0.9% vs est of 7% decline
EBIT margin up 140bps QoQ to 13.2% (vs. IIFLe at 10.6%)
Management stated that 2Q is the bottom & expects growth in 3Q/4Q
Delisting process is undergoing
De-listing vs. re-rating
15x FY21e EPS

GOOD
Sanofi India
Sales down 5%, EBIDTA up 12.2%, PAT up 40%
36x TTM P/E

InfoBeans Tech.
Sales up 6% QoQ, EBIDTA up 79% QoQ, PAT at 8 cr vs 2 cr
10x TTM P/E

Weak
NIIT Tech (Coforge)
6.8% QoQ decline in cc revenue
EBIT margins down ~230bps QoQ to 11.6%
PAT impacted by impairment of account receivables of ~Rs 18 cr during the quarter
Travel vertical down 31.6% QoQ, contributes ~20% to sales
23xFY21e EPS (not a cheap stock)
Yet strong outlook for Sep’20 quarter and FY21

Castrol
Sales down 53%, EBIDTA down 66%, PAT down 64%
14.5x TTM P/E

Orient Cement
Sales down 40%, EBIDTA down 34%, PAT down 55%
24x TTM P/E

HealthCare Global Enterprises
Sales up 5%, EBIDTA up 12%, net loss still at 44 cr vs loss at 9 cr
Total exp at 312 cr vs 265 cr

Quess Corp
Sales flat, EBIDTA down 12%, PAT down 37%
One time covid hit of 6 cr and lockdown-related losses in Excelus and Digicare of 21cr
CG issues more imp than numbers in this co

PHUUUUS
Greenlam Ind
Sales down 45%, EBIDTA down 75%, net loss at 8 cr
25x TTM P/E

Tinplate Co.
Sales down 32%, EBIDTA down 78%, reports net loss
15x TTM P/E

Automobile Corp of Goa
Sales at 9 cr vs 122 cr; eBIDTA Loss at 9 cr vs profit

HT Media
Sales down 70%, EBIDTA loss of 102 cr vs ebidta profit at 41 cr

Elantas Beck
Sales down 57%, EBIDTA down 92%, PAT down 63%

Mirza Int march numbers declared

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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