Results on 12th Nov 2020

ANALYSIS OF COS REPORTING RESULTS ON 12TH NOV 2020

STRONG RESULTS + REASONABLE VALUATIONS
Mazgaon Dock
M-cap 3544 cr
Sales up 16%, ebidta up 210% at 73 cr, margins at 6.6% vs 2.5% (cochin sales were down 32%, ebidta down 39%, pat down 48%)
PAT up 6.3% at 86.4 cr
Order book 54000 cr (Order book includes P-15 Destroyers, P-17A Stealth Frigates)
Trade at 7x ttm pe
Sep 2020 B/S: NW: Rs 3142 cr, Cash & Bank Rs 7206 cr, Debt free
FY20 Revenue Split
Shipbuilding 70%
Submarines & Heavy Eng 30%

Camlin Fine
M-cap 1250 cr
Cons Sales up 15%, ebidta up 10%, margins at 13.1% vs 13.5%
Pat up 28% at 9.66 cr (Tax expenses at 7.5 cr vs 1.03 cr)
Cash at 122 cr vs 52 cr
Next trigger is commissioning the Diphenol manufacturing plant at Dahej, Gujarat

Redington India
M-cap 4879 cr
Sales up 11%, ebidta up 17%, pat up 35%
Trade at 10x ttm pe, 1.1 pb

Jindal Poly Film
M-cap 2148 cr
Sales up 29%, ebidta up 171%, pat up 53%
Margins at 31% vs 14.8% yoy, vs 28% qoq
Trade at 4x ttm pe, 1.2 pb, 16% roce

Kovai Medical
M-cap 810 cr
Sales up 4%, ebidta up 48%, pat up 74%
Margins at 33% vs 23% yoy, vs 17.5% qoq
Trade at 10x ttm pe, 1.9 pb, 15% roce

IFGL Refractories
M-cap 610 cr
Sales up 10%, ebidta up 80%, pat up 65%
Margins at 15.9% vs 9.7% yoy, vs 11.5% qoq
Trade at 17x ttm pe, 0.8 pb, 5.8% roce

WEAK RESULTS + RICH VALUATIONS
Dishman Carbogen
Sales down 6%, ebidta down 45%, pat down 82%

IRCTC
Sales down 83%, ebidta loss at 6 cr vs 142 cr, did ebidta loss of 33 cr last quarter
Stock is 31% away from 52-week high
Catering sales have come down to 17 cr vs 90 cr qoq, vs 267 cr yoy
But trade at 16x pb
57% roce

WEAK RESULTS BUT PRICED IN??
Phoenix Mills
M-cap 10354 cr
Impacted by covid, have strong balance sheet – raised funds as well
Sales down 48%, ebidta down 57%
Trade at 2.2x pb

Fortis
M-cap 10181 cr
Sales down 18%, ebidta down 35%
Ebidta at 120 cr vs 185 cr yoy, but bounces from loss of 103 cr in last quarter
Brokerage est of EBITDA was around 100 cr
Trade at 1.5x pb

Nesco
M-cap 3582 cr
Sales down 47%, ebidta down 56%
Stock down 40% from 52-week high
Trade at 2.6x pb, 22% roce

V STRONG RESULTS IN MICRO-CAP
DCM SHRIRAM IND
Massive improvement sequentially
Chemical & fibre segment strong results; sugar still sulking
M-cap 290 cr
profit at 25 cr vs 5 cr qoq
1H CFO at 145 cr
Trade at 5x ttm pe

Pix Transmission
M-cap 222 cr
Sales up 35%, ebidta up 149%, pat up 143%
Trade at 7.6x ttm pe

Varinder Bansal

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

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