Results on 14 Oct 2020

Results on 14 Oct 2020

Tata Elxsi
Good results but is it priced in?
TTM P/E 33x, P/B 8.3x
Sales up 7.4% QoQ, PAT up 14.5% QoQ
Embedded Product Design (EPD) up 7.1% QoQ, Within EPD, Healthcare grew smartly at 14.1% QoQ

Den Networks
YoY improvement led only by cost cutting
M-cap 4100 cr
Stock up 2.5x from 52-week low
Trade at 35x ttm p/e
Sales up 1.6% but ebidta up 29% and pat surges 150%
PAT at 37 cr vs 15 cr yoy but down from 59 cr qoq
Content & personnel cost down which led jump in ebidta
Dep at 62 cr vs 75 cr, interest cost at 1 cr vs 6 cr

Tata Steel BSL
M-cap 2500 cr
Sales up 21% at 5519 cr
ebidta up 113% at 1107 cr
margins at 20.4% vs 11.4%
PAT at 342 cr vs loss of 244 cr
Great number post Tata Steel Long Products
Debt 16000 cr; EV around 19k cr (can the co do 4-5k cr ebidta?)

Goa Carbon
Sales down 13%, ebidta loss still at 2 cr vs loss of 10 cr
Trade at 2.6x p/b

Varinder Bansal

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

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