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Background: RBL bank (RBL) came into operations in 1943 and was incorporated as a small, regional bank in Maharashtra with two branches in Kohlapur and Sangli. Post the change in the management team in 2010, it has been one among the fastest growing private sector banks and now has 429 interconnected branches and 389 interconnected ATMs spread across 28 Indian states and union territories serving ~8.4mn customers. The bank offers a comprehensive range of banking products and services customized to cater to the needs of large corporations, SMEs, agricultural customers, retail customers and development banking...
Supreme Industries Ltd.'s (SIL) Q4FY21 result was a beat to our as well as consensus estimates on all parameters. The company reported net sales of Rs20.8bn, increased by 45.7% YoY, while EBITDA came in at Rs5.1bn, a robust growth of 86.4% over Q4FY20. It reported net profit of Rs4.5bn, higher by 284% YoY. SIL reported inventory gain of Rs2,000mn in current quarter, which resulted in superlative performance of the company. The management remains committed to new products launches and capacity expansion to strengthen further market share in the domestic market as well as increase export sales in future. We have revised our net sales/PAT estimates by...
Working Capital down to 20 days (from 95) CRIN reported mixed results with topline flat @ Rs28.5bn YoY (PLe 8% degrowth), but EBITDA declined 33% YoY @ Rs2.6bn (PLe Rs 3.6 bn) driven by RM cost inflation. The company became net cash due to robust cash generation led by healthy performance in FY21, higher inflow of subsidy (recd Rs50bn in FY) and lower working capital driven by 34-day decline in receivables. CP segment clocked healthy topline growth, but margins were under marginal stress due to pricing pressure from international...
Ambuja Cement (ACEM) Q1CY21 EBITDA came-in 13% higher than our estimate. EBITDA/t expanded to Rs1362/t and it was supported by lower costs and operating leverage benefit from the volume growth. Overall, the cost saving is better than our estimate, as freight/t was lower QoQ (benefit from MSA, Paravt initiatives), employee cost is lower on QoQ and YoY basis. We have factored better than estimated result in CY21 and CY22 and increase the EBITDA by 5% pa. Our revised TP stands at Rs295 (earlier Rs269), this factors EBITDA upgrade, updated market cap of ACC where ACEM holds ~51%. But ACEM at the CMP is pricing in better than estimated result. And thus...
and arrive at a TP of Rs6,100 (earlier Rs7,912) based on PER of 27x FY23E EPS. Key Highlights and Investment Rationale EBITDA margin below estimates: Net revenues increased 32% YoY/2% QoQ to Rs240bn whereas export revenue increased 15% YoY to Rs13bn. Volumes for the quarter increased...
