Results on 19th Oct 2020

Results on 19th Oct 2020

Cement day today??
ACC: BIG BEAT (Ultratech on Wednesday & Ambuja on Thursday)
Highest EBITDA/t for 3Q in 10 yrs
Jefferies on ACC: Raise target price to 2200 from 1900; co reported 20% beat on earnings
Citi increases price target on ACC to 2075/sh post results
CLSA on ACC: Target price raised to 1920 from 1730; 3QCY20 Ebitda 20%/30% above consensus/CLSA est

HDFC Life
V strong results
Jefferies increases target price to 760 from 730
Improved market share to ~17.5% in Individual insurance among private insurers
Renewal premium collection with 22% yoy growth in Q2
Value of new businesses (VNB) margins surged 80bps qoq to 25.7% (+140bps qoq) in Q2FY21

Tata Metaliks
Sales up 1.6%, EBIDTA surges 167% to 109 cr vs 41 cr, margins 21% vs 8%, PAT 82 cr vs 23 cr
Cost of material consumed down to 260 cr vs 317 cr
Pig Iron segment ebit profit at 61.8 cr vs loss of 16.5 cr
Ductile iron pipe segment ebit profit at 32.6 cr vs 47.2 cr
P/B 1.8x

Borosil Renewables
Holding company, which manufactures scientific ware items and consumer ware item
TTM P/E 15x, P/B 1x
Sales up 97% at 114 cr
Ebidta up 6 times at 32 cr vs 4 cr
Margins 28% – highest ever in last 3-4 years
Profit at 14 cr vs loss of 2 cr
https://www.bseindia.com/xml-data/corpfiling/AttachLive/3d2ffe10-fb09-4bba-8975-7023ca2b05f6.pdf

L&T Technology Services
Strong results; valuations already above 20x
CC revenue growth at 2.9% QoQ Vs expected 2%
EBIT margins at 13.7% Vs exp 13.2%
FY21 revenue guidance upgrade to 7-8%

Varinder Bansal

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

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