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Relaxo Footwears Ltd.'s (Relaxo) Q4FY21 result was marginally above estimates on key parameters. Strong demand traction for mass product supported sales volume in Q4, while better product mix and savings in promotional expenses as well as prudent cost management led to EBITDA margin improvement. Net sales increased by 38.3% YoY to Rs7,477mn, while EBITDA was higher by 69.3% YoY to Rs1,629mn. The company reported net profit of Rs1,022mn, higher by 97.2% over Q4FY20. After a robust Q4FY21, near term business may get impacted due to second wave of Covid-19 and statewide lockdown, however, we believe that Relaxo will continue to outperform the organized...
Q4FY21 Revenue & PAT grew by 50% & 71% YoY, led by broad based growth across the segments on account strong demand recovery in consumer and B2B business. EBITDA margin improved by 410bps YoY to 15.2% led by scale benefits, product mix, price hikes and cost rationalisation. We continue to like HAVL as a complete player in electrical & consumer durables products with strong brand recall, distribution strength and leadership position in almost all the products....
The domestic lead acid battery space is set to witness substantial disruption in coming years as India increasingly encourages green mobility. While the transition away from fossil fuel-powered transport is set to be fairly gradual, addressable market for incumbent lead acid ecosystem would shrink, thereby throwing up both an opportunity as well as a challenge to players like ARBL. At present, ARBL has set up a lithium-ion technology research hub with pilot plant facility for cell development and has pack assembly capabilities for industrial and automotive use. ABRL can potentially benefit...
Shree Cement (SRCM) Q4FY21 EBITDA was in-line with our and consensus estimate. SRCM volume increase at +19% YoY was strong. Post the result we have increased EBITDA estimate for FY22E and FY23E by 6% and 11%. This factors higher ASP (as Q4FY21 realization is up 4% QoQ), lower opex/t versus earlier estimate for FY22E/23E. We continue to value SCRM at 18x FY23E EV/EBITDA and revised TP is Rs25,610 (earlier Rs22,517). But given there is a down downside of 7% to our fair value, we lower stock rating to reduce. SRCM valuation premium to UTCEM has narrowed to 35% (from the highs of 80%) vs. historical average of 45%. But expectation of weak 1HFY22 is weighing...
TTMT's 4QFY21 results were operationally in-line, both for JLR and S/A. However, adjusted for one-offs, PAT came in lower at Rs27.5b (PLe Rs35.5b). S/A performance continues to improve led by 110bp QoQ expansion in PV/CV margins each at 4.9%/9.1%. Yet, JLR margins contracted by 50bp QoQ to 15.3% led by lower ASPs at GBP53.3k/unit (v/s 58.3k/unit in 3QFY21). China...
MRPL's capacity utilisation improved QoQ with increasing demand and surpassed pre-Covid level. However, capacity utilisation reduced during the current quarter (Q1FY22E-TD) due to declining demand. On the business front, MRPL has plans to augment its capacity from 15 MMTPA to 18 MMTPA over the next few years. However, last expansion project to increase complexity as well as capacity did not achieve desired results. Global product spreads have not fully recovered yet and will continue to affect refining margins. MRPL's previous investment in OMPL have not paid off....
Asian paints (APNT), is the market leader in the Indian paint manufacturing industry with a market share of ~53%. Strong top-line growth of 44% YoY in Q4FY21, with 48% volume growth supported by strong demand from Tier 2 to 4...
