Analysis of results reported on 5th Aug 2020

Analysis of results reported on 5th Aug 2020

Analysis of results reported on 5th Aug 2020

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

GOOD
EID Parry: standalone okish – cons super due to coro
Cons: Sales up 32%, EBIDTA at 431 cr vs 161 cr, margins at 10.4% vs 5.1%, profit at 29 cr vs loss of 28 cr – Cons numbers include Coromandal Int

Standalone sales at 508 cr vs 407 cr; profit at 225 cr vs loss of 53 cr due to an exceptional income of 363 cr – sugar segment sales up at 374 cr vs 274 cr, ebit loss at 23 cr vs loss of 58 cr

Jyothi Labs
Sales up 2.5%, ebidta up 16.6%, PAT up 33%
Ad-spend reduction of 40% (much higher than peers) drove EBITDA margin beat
Motilal: single-digit 2.5% sales CAGR and 9% operating profit 5 yr CAGR

Intellect Design
Ebidta at 68 cr vs 56 cr, margins at 19.6% vs 15.7% QoQ
40x – expensive and volatile earnings

Birlasoft
3.6% QoQ revenue decline with EBIT margins at 10% (-50 bps QoQ) was ahead of Emkay’ s estimates of 8% QoQ drop in revenue and 170bps sequential decline in margins

Emkay raise FY21-23E EPS by 7-19%, driven by the June’20 quarter beat and increase in revenue/margin assumptions. Retain Buy with a revised TP of Rs150 vs. Rs125 earlier,

Visaka Ind
Sales down 19%, ebidta up 19.6%, pat up 49%
Results good due to cost control and lower taxes – would like to see sales increase
Will watch Ramco Ind close due to standalone business + ramco cement numbers

WEAK
Adani Gas
Sales down 56%, EBIDTA down 42%, PAT down 50%
TTM P/E 40x (but who has looked at P/E for Adani stocks)

Apollo Tyres
Sales down 34%, EBIDTA down 50%, margins at 8.3% vs 11%, net loss at 135 cr vs profit at 140 cr

Cera Sanitary
Sales down 46%, EBIDTA down 89%, pat down 97%
Margins at 2.6% vs 13%

JK Lakshmi Cement
Sales down 20%, ebidta down 17%
Volumes down 18%; Realizations down 3%

Hawkins Cooker
Sales down 29%, ebidta down 55%, pat down 53%

PHUUUUUSS
VIP Ind
Sales down 93%, ebidta loss at 58 cr vs profit at 125 cr, net loss at 51 cr vs profit at 35 cr
6x p/b – normalized earning pe bhi trading at 50x earnings

Tasty Bite
Sales down 40%, ebidta down 70%, pat down 82%
76x ttm p/e (m-cap 3200 cr on 35 cr ttm pat)
Phuuus because expectations were high and v expensive stock

Inox Leisure
Sales nil vs 493 cr
EBITDA loss of 36 cr after adjusting the rental charge reversal from opex
Will the entertainment/ leisure cycle bounce back soon?

Asahi India Glass
Sales down 68%, ebidta loss at 31 cr vs profit at 123 cr, net loss at 63 cr vs profit at 40 cr

PSP Projects
Sales down 65%, ebidta down 97%, net loss at 3 cr
Good co but bad quarter

Kokuyo Camlin
Sales down 65%, ebidta loss at 12 cr vs profit at 15 cr
Only hopes but no execution

Varinder Bansal

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

Leave a Reply

Close Menu