Results on 5th Nov 2020

Results on 5th Nov 2020

GENERAL INFORMATION
Analysis of cos reporting results on 5th Nov 2020

Strong results + reasonable valuations
Dalmia BharatLtd
M-cap 16367 cr
Sales up 8%, ebidta up 49%, pat up 750%
Ebidta at 700 cr vs estimated 600-620 cr
Highest ever quarterly EBITDA at 702Cr
EBIDTA/ton at 1457 vs 1039
Volume growth of 7% YOY
Trades at usd 65/ton
IMP: Dalmia Bharat Group appoints ex-Infosys official Rajiv Bansal as Senior Executive Director
Conference call at 10.30 AM IST on 6 November. Dial in: +91-22-6280 1536/+91-22-7115 8344

Concor 2Q Cons
Sales 1510 cr vs poll 1472 cr
Ebidta 317 cr vs poll 244 cr
Margins 21% vs poll 16.6%
Pat 184 cr vs poll 126 cr
EXIM profitability (EBIT/TEU) at INR2,369 Vs estimate of INR1,849
Higher demand of LLF by Ministry of Railways is negative
There is a railways notification indicating Concor might give up Okhla which is a part of 2 terminals where LLF is Rs7.8 bn
Conference call scheduled on 6 Nov’20 at 11AM IST

Birla Corpn.
M-cap 4956 cr
Sales up 2%, ebidta up 23%, pat up 88%
Trades at 12x ttm pe
Highest ever EBITDA/t of INR1,174
Plans to increase capacity by 25% over the next 12 months
Trades at USD58/t of capacity (>30% discount to replacement cost)

Gujarat Gas 2Q: all time-high margins; opex at 5 year low
Good results with huge cost control (Opex was the lowest in the last four years)
Sales flat; volumes slightly better than est. of 4% at 9.8mmscmd (+5% YoY)
Gross margin at record high level of INR10.2/scm (v/s INR6.5 in 2QFY20 and INR9.4 in 1QFY21)
EBITDA 730 cr (v/s est. +79%, +98% YoY)
PAT at 470 cr (v/s est. +110%, -8% YoY as the company re-measured DTL in 2QFY20)
Trades at 18x ttm pe

Chambal Fert
M-cap 6870 cr
Sales up 12.3%, ebidta up 33%, pat up 11%
Trades at 5.5x pe, 2x pb, 14% roce

Godawari Ispat
M-cap 1343 cr
Sales up 16%, ebidta up 41%, pat up 110%
Margins 24.3% vs 20%
Iren & steel segment sales at 940 cr vs 807 cr; ebit at 185 cr vs 122 cr

eClerx Services
M-cap 2475 cr
Sales up 7.2%, ebidta up 25%, pat up 18% qoq
Margins 28.3% vs 24% qoq
Trades at 11x ttm pe

Acrysil
M-cap 400 cr
Sales up 7%, ebidta up 27%, pat up 68%
Margins 20% vs 17%
Trades at 16x ttm pe

Strong results + expensive valuations
Berger Paints
Sales up 9%, ebidta up 33%, pat up 13%
Ttm pe above 100x, pb 23x, roce 27%

Sumitomo Chem
M-cap 14268 cr
Sales up 9%, ebidta up 37%, pat up 23%
Ttm pe 55x, 10x pb

Weak results + expensive valuations?
Vinati Organics
Sales down 12%, ebidta down 19%, pat down 43%
38x ttm pe, 10x pb, roce 35%

Astrazeneca Phar
Sales up 0.5%, ebidta up 7%
155x ttm pe, 30x pb
PS: AstraZeneca PLC trades at 60x ttm earnings

Varinder Bansal

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

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