Results Analysis With Omkara: 20th May 2021
#4QFY21WithOmkara
RESULTS CALENDAR
Results Today: Havells, HPCL, Zee, Torrent Power, Bosch, JK Lakshmi Cement, KNR, Relaxo, Union Bank
Results Tomorrow: SBI, Hindalco, JSW steel, CONCOR, Shree Cement, CCL products, Birlasoft, Dr Lal Path
BIG ONES
Taro (Sun Pharma in focus) – NOT GOOD
Operating (loss) of $(41.9) mn vs operating income of $57.2 million
Excluding the settlement and loss contingencies charges, operating income was $38.1 million, a decrease of $19.1 million
Operating margin 25.7% compared to 32.7%
https://www.businesswire.com/news/home/20210519005955/en/Taro-Provides-Results-for-the-Year-Ended-March-31-2021
STANDOUT RESULTS
I liked INEOS bumper results & consistency in JK Tyres + debt reduction
STRONG RESULTS + REASONABLE VALUATIONS
INEOS Styrolution
M-cap 2289 cr
Sales 637 cr vs 485 cr QoQ, vs 359 cr YoY
EBIDTA 227 cr vs 144 cr QoQ, vs 22 cr QoQ
Margins 35.7% vs 29.7% QoQ, vs 6% YoY
PAT 161 cr vs 103 cr QoQ, vs 4 cr YoY
8x TTM EPS
Leader and number one producer of ABSOLAC (ABS) and ABSOLAN (SAN) in India. ABS is a plastic resin produced from Acrylonitrile, Butadiene & Styrene, used for the manufacturing of home appliances, automobiles, consumer durables, and business machines.
JK Tyre
M-cap 3050 cr
Reduced debt by around Rs.1000cr
Sales 2927 cr vs 2769 cr QoQ, vs 1795 cr YoY
EBIDTA 455 cr vs 500 cr QoQ, vs 207 cr YoY
EBITDA Margin 15.5% vs QoQ 18.1%, YoY 11.6%
11x TTM EPS
Indo Rama Synthetics
M-cap 1538 cr
Sales 828 cr vs 620 cr QoQ, vs 462 cr YoY
EBIDTA 101 cr vs 45 cr QoQ, vs loss YoY
EBIDTA margin 12.2% vs 7.2% QoQ, vs loss YoY
PAT at 129 cr vs 76 cr QoQ, vs loss YoY
STRONG RESULTS + EXPENSIVE VALUATIONS
NA
IN LINE
Endurance Tech
EBIDTA 332 cr vs exp 320 cr (-5.7% QoQ, 39.7% YoY)
EBITDA Margin 15.6% vs exp 16% (QoQ 17.3%, YoY 14.9%)
27x FY22e EPS
Clariant Chemicals
Margins 12.3% vs 12.7% QoQ
MISS
TD Power
EBIDTA 19 cr vs 24 cr QoQ
Margins 11.3% vs 14.3%
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