Weekly Results Analysis (25-30 Oct 2020)

Last week

266 cos reported results

232 cos reported results ex-banks & financials

Sales down 10% yoy but jumped 40% qoq

Ebidta up 30% yoy, up 67% qoq

Which cos reported 20% growth in sales, ebidta & pat?

Clearly impressed with ICICI Securities, PI Ind, Laurus, APL Apollo Tubes

Some smaller names like Bajaj Healthcare, Kopran did vv well

CoNameSales YoY%EBIDTA Growth YoY %PAT Growth YoY%
P I Industries27.64676.6
Laurus Labs59.9171328.4
ICICI Securities63.295105.9
APL Apollo Tubes33.713567.1
Angel Broking60208191.1
Balaji Amines24.36545.6
L T Foods24.44671
Bajaj Healthcare105.5261521
Apollo Pipes27.85963.5
Kopran35.699193.3
CoNameTTM P/ERoCE%
P I Industries5622.5
Laurus Labs28.613.6
ICICI Securities19.638.5
APL Apollo Tubes32.719.4
Angel Broking3512.9
Balaji Amines20.517.6
L T Foods6.813
Bajaj Healthcare13.620.8
Apollo Pipes24.711.9
Kopran13.312.8


Any turnaround cos last week where cos reported profit from loss?

Co NameM-cap Rs CrPAT 2QFY21PAT 1QFY21PAT 2QFY20
Orient Cement13283526-8
Sharda Cropchem24751928-6
Aegis Logistics71435730-41
Intellect Design31655943-17
GE Shipping Co3309225468-19
Co NameSales 2QFY21Sales 1QFY21Sales 2QFY20
Orient Cement478410515
Sharda Cropchem425389324
Aegis Logistics6506361818
Intellect Design372346327
GE Shipping Co7751068818
Co NameTTM P/ETTM P/BRoCE%
Orient Cement13.41.110.9
Sharda Cropchem12.71.718.3
Aegis Logistics41.84.112.3
Intellect Design24.12.73.1
GE Shipping Co4.40.54.2


A look at pharma sector – cos reporting results last week

GOOD: Laurus, Solara, Thyrocare, Bajaj Healthcare, Kopran

Weak: MNCs (GSK Pharma, Sanofi), Suven Pharma

CoNameSales YoY%EBIDTA Growth YoYPAT Growth YoY%
Glaxosmi. Pharma-0.36-84.8
Sanofi India-11.9105
Laurus Labs59.9171328.4
Suven Pharma-13-22-20.3
Strides Pharma1110-43.3
Thyrocare Tech.31.81922.8
Poly Medicure14.83523.3
Solara Active13.24496
Bajaj Healthcare105.5261521
Suven Life Scie.546-17-21
RPG LifeScience.-1.41714.1
Kopran35.699193.3
CoNameTTM P/ETTM P/B
Glaxosmi. Pharma67.418.7
Sanofi India35.76.9
Laurus Labs28.67.8
Suven Pharma26.97.9
Strides Pharma35.12.3
Thyrocare Tech.88.514.4
Poly Medicure38.88.6
Solara Active25.82.8
Bajaj Healthcare13.64.3
Suven Life Scie.05
RPG LifeScience.17.23.3
Kopran13.32.6

Good cos at reasonable valuations?

M-cap > 500 cr

Excluded banks & financials

P/E< 20

RoCE> 10%

ICICI Sec – great franchise at reasonable valuatins

LT Food – great results but watch for consistency

Strong and cheap: KPR Mills

Dark Horse: Kopran, Bajaj Healthcare

UPL: cheap, strong results but do u trust?

APL Apollo, Solara & Laurus expensive on TTM basis

CoNameM-cap Rs CrTTM P/ERoCE%Sales YoY%EBIDTA Growth YoYPAT Growth YoY%
Bajaj Healthcare74013.620.8105.5261521
ICICI Securities1494019.638.563.295105.9
Kopran56413.312.835.699193.3
L T Foods17026.81324.44671
K P R Mill Ltd507214.619.616.6103.1
UPL3462315.210.514.415178.9

Cos reporting weak results but trading v cheap

GE Shipping: 0.5 p/b, 5x pe

sales were down yoy and qoq

Tata Chem: 0.6 p/b, 15x ttm pe

sales were down 6%, ebidta down 30%

JK Paper: p/b 0.7, p/e 5.8x

sales were down 20%, ebidta down 50%

Varinder Bansal

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

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