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CRIN An Integrated Play on Crop Protection ...................................................... 4 Story in Charts ....................................................................................................... 5 Investment Arguments ........................................................................................... 6 Phosphate fertilizer RM prices have bottomed out ............................................. 6 DAP affordability index @ 61 has bottomed out ............................................. 6 Raw material prices have bottomed out globally ............................................ 6 Rock Phosphate prices imitate Phosphoric acid price trend ....................... 7 Recovery in North American agriculture to drive demand ............................ 10...
Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...
Dr Reddy's (DRRD) has announced a key settlement of the patent litigation with Celgene for US Revlimid (lenalidomide capsules) used to treat multiple myeloma.
SAIL's Q1FY21 net sales was in-line with street estimate while its net loss was lower than street forecast. Its net sales fell 39% YoY to Rs91 bn. Although its operations resumed in second half of the quarter with limited workforce and disrupted supply chain, the imposed restrictions adversely impacted its sales volume and realization in Q1FY21. Volumes declined 32% YoY to 2.2 mn tonnes and realization fell 10% YoY to Rs41,216/tonne. SAIL's EBITDA loss stood at Rs4 bn due to sharp fall in net sales. SAIL reported a net loss of Rs13 bn in Q1FY21. We broadly maintain our FY21/FY22 estimates. We continue to value the stock at an...
SML Isuzu reported a dismal performance in Q1FY20. Revenue stood at Rs 287mn (-94% YoY) attributed to sharp 95% fall in volume (202 units) offset by increase in net ASP because of better spare parts revenue. Bus to Truck volume mix was in ratio of 44:56 with market share of 7.8% in the bus segment. EBITDA loss stood at Rs 357mn attributable to high RM costs and negative operating leverage. The company reported net loss of Rs...
Valuation and Risks: Good brand recognition, market share and being amongst the very few companiesin the listed space in footwear, the company would continue to hold premiumvaluations.
We now expect BHEL to report loss in FY21E and have also reduced our FY22E earnings estimate by 21% to factor poor execution and a weak ordering environment. EBIT loss stood at INR2.5b (v/s profit of INR349m Order book (OB) was flat YoY at INR1081b, with OB/rev at 5.7x. Total receivables remain elevated at ~INR360b, of which 12% are from the private sector, 48% from state entities, 33% from the center, and 7% pertain cost at ~25% of sales. In FY20, working capital deteriorated to 99% of sales from 65% in FY19 due to higher inventory, slow movement in receivables, and poor We now expect BHEL to report loss in FY21E and have also reduced our FY22E earnings estimate by 21% to factor poor execution and a weak ordering environment. While the company has received EoIs from three major OEMs regarding its ongoing diversification drive, we believe any material financial impact is still some time away.
Outlook and Valuation: Currently the stock is trading at very stretched valuations and way beyond fundamentals as the markets are pricing in qualitative factors like solid fundamentals, strong competitive moat, value unlock potential in some of the investments, which will take some time to reflect in the numbers.
On the cusp of recovery; Rising debt is a concern Ramkrishna Forgings (RMKF) Q1FY21 performance was dismal. A sharp decline in domestic M&HCV; sales due to lockdown adversely affected its domestic revenue (-82% YoY). Export revenue also plunged 46%...
The domestic manufacturing story is leading the path for Dixon and it sits comfortably with a diversified product mix, client mix and fungible manufacturing facilities which can be adjusted to make use of any unutilized capacity. It has been successful in backward integration, improving operational efficiencies and design capabilities to continue on its growth trajectory. It continues to transition from the OEM model to ODM model of doing business, which should improve its margins going forward. The PLI scheme is another opportunity for Dixon, which can...
Post declaration of Future Group deal with Reliance Retail, we had given a call of sell on rallies (link to note). FRL shareholders in this deal will get shares of FEL which will have businesses like Consumer brands, Apparel Manufcaturing, Food park, Stake in Insurance ventures etc. we believe massive equity dilution in FEL (Rs12.26bn shares) and little profitability, makes the risk reward unfavorable. We believe FRL is no more a play on structural growth story of organised retail in India. we recommend exit from FRL and drop coverage on the stock....
We reduce earnings estimate of JUBILANT by 23%17.5%11.6% for FY21/22/23E due to weak and inconsistent performance of its Pharmaceutical segment (65% revenue and 78% EBITDA contribution in FY20) whose key contributors Radio pharma and Allergy are currently witnessing lower volumes caused by pandemic in US. Radiopharma being a hospital driven...
Page Industries (PAGE) Q1FY21 revenue at Rs285 Crs was a sharp miss on our estimates (Est. Rs 405 Crs), and was down 66%/47% YoY/QoQ impacted by steep fall in volumes (down 69%). Volume decline was primarily due to 2/3rd of quarter being washed out due to lockdowns leading
