PS: Use ur own wisdom, view on results can vary person to person. I am still learning
Strong results
Ramco Cement
Ebidta/ tonne near 2000
Sales down 4.4% yoy, Ebidta up 49% yoy, Pat up 42% yoy
Volume miss; realisations spiked 17% YoY (a major surprise)
Jefferies: raise FY21 EPS by 60%, retain Rs1,000 PT
TTM PE at 35, 12% roce
Strong results with reasonable valuations
Coromandel Int
Sales down 5% yoy but up 43% qoq
Ebidta up 18% yoy, up 104% qoq
Pat up 17% yoy, up 135% qoq
TTM PE at 16x, 25% roce
Strong results with reasonable valuations
AIA Eng
M-cap 15660 cr
Sales up 6.6%, ebidta up 24%, pat down 5%
25x ttm pe, 4 p/b, 20% roce
Strong results + expensive valuations
Whirlpool India
Sales up 15% yoy, Ebidta up 28% yoy, Pat up 5% yoy
Gross margin dipped by -400bps to 37.9% whereas, many Electrical / Appliance players expanded GM in Q2
TTM PE at 81, 26% roce
Weak results + reasonable valuations
Oracle Financial
M-cap 27000 cr
Sales down 10.5%, ebidta down 16%, PAT down 18% QoQ
17x ttm pe, 4x p/b
Weak results + reasonable valuations
KEI Industries
M-cap 3000 cr
Sales down 16%, ebidta down 3%, PAT down 10% YoY
12x ttm pe, 2 ttm pb, 28% roce
Debtor days up 23% YoY; watch for normalisation by 4Q
Jefferies: EBITDA was 48% above expectations
Weak results + expensive valuations
Fine Organics; trade at 10x sales
M-cap 8000 cr
Sales down 1%, Ebidta down 21%, Pat down 45% yoy
TTM PE at 51, 32% roce
Weak results + expensive valuations
Zydus Wellness
M-cap 11360 cr
Sales up 5%, ebidta down 11%, net loss at 105 cr
70 ttm pe, 6% roce
Weak results + expensive valuations
Narayana Hrudaya
Sales down 27%, ebidta down 78%, net loss at 3 cr vs loss of 120 cr qoq
70 ttm pe, 6 ttm pb, 6% roce
Weak results + expensive valuations
TCI Express
M-cap 2951 cr
Sales down 21%, PAT down 10%
TTM PE 42x, PB 8x, 38% roce
Weak results + expensive valuations
Pfizer
M-cap 22735 cr
Sales up 5%, PAT down 15%
TTM PE 45x, PB 6.7x, 12x sales
Small-cap surprises – any?
Dwarikesh Sugar M-cap 534 cr
Sales up 137%, ebidta up 149%, pat up 275%
Ttm pe 7x, pb 1x, roce 8%
Gulshan Polyols M-cap 300 cr
Sales up 18%, ebidta up 87%, pat up 200%
Ttm pe 16x, pb 1x, roce 9%
Small-cap surprises – any?
Khaitan Chemical M-cap 223 cr
Sales up 11%, ebidta up 64%, pat up 195%
Ttm pe 11x, pb 1.5x, roce 14%
• • •
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PS: Use ur own wisdom, view on results can vary person to person. I am still learning
Max Life: Solid results
VNB margins surprise
Market share improved to 11.1%, highest in decade
Clarity on axis-max deal
19% to to split in 3 ways
Axis Bank to acquire 9% stake in Max Life
Subsidiaries will jointly acquire 3%
Further, the group entities will acquire 7% later
Strong results + reasonable valuation
Motilal Oswal
M-cap 8230 cr
Total Revenue up 14% (broking up 40%)
Broking: Highest ever revenue & profit in Q2FY21
Reported pat up 108% at 296 cr (included mtm pat)
Operating pat up 33% at 123.3 cr
Net of investments, co has net cash
Personal Update: After a journey of learnings of decades compressed in few years, I am moving on from Pantomath. As the saying goes ‘I am not sad that it is over. I am happy that it has happened'. Today, I enable myself to paint on my life’s canvas, a future the way I want to 🤞
Happy to share the PMS performance which has done reasonably well…thanks to #APIs#Chemical#Platform businesses. Thank you @pantomath_group for giving me a chance.
I will take this opportunity to share a few key learnings over the last few years. There have been many, but a sharing the few which have helped me be a better investor....
Buy right – sit tight?
Everybody brainwashes u when u start by reading all WB books
Absolute wrong to imagine that stock will go up 20-30 times in 20 years
U r buying stocks for 1-3 years and if its does well – u r holding it
All you know is bad management and bad history – u don’t know about good management
You can only know bad things about cos or management
A large cos do well – focus on rejecting cos
Meeting management?
U will miss a lot if u trusted management more
I am a friend of investor and not any promoter
Best is to be distant with management