*L&T Technology Services Ltd.* | *CMP* Rs. 1644 | *M Cap* Rs. 17101 Cr | *52 W H/L* 1820/1366
(Nirmal Bang Retail Research)
CC QoQ came at 2.5% vs expectation of 3.3%, QoQ 1.3%, YoY 5.5%
*Result marginally below expectation*
Dollar revenue came at $ 197.7 Mn vs expectation of $ 199 Mn, QoQ $ 193.9 Mn, YoY $ 177.2 Mn
Net sales came at Rs. 1402.1 Cr (4.1% QoQ, 10.7% YoY) vs expectation of Rs. 1405.4 Cr, QoQ Rs. 1347.5 Cr, YoY Rs. 1266.1 Cr
EBIT came at Rs. 238.8 Cr (3.9% QoQ, 18.3% YoY) vs expectation of Rs. 229 Cr, QoQ Rs. 229.9 Cr, YoY Rs. 201.8 Cr
EBIT Margin came at 17% vs expectation of 16.3%, QoQ 17.1%, YoY 15.9%
Adj. PAT came at Rs. 205.8 Cr vs expectation of Rs. 193.3 Cr, QoQ Rs. 202.2 Cr, YoY Rs. 191 Cr
Quarter EPS is Rs. 19.8
Stock is trading at P/E of 21.3x FY20E EPS
*Kirloskar Ferrous Industries Ltd.* | *CMP* Rs. 61 | *M Cap* Rs. 840 Cr | *52 W H/L* 101/56
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 464.2 Cr (-3.7% QoQ, -14.1% YoY) vs QoQ Rs. 482 Cr, YoY Rs. 540.3 Cr
EBIDTA came at Rs. 41.8 Cr (-7.3% QoQ, -28.6% YoY) vs QoQ Rs. 45.1 Cr, YoY Rs. 58.6 Cr
EBITDA Margin came at 9% vs QoQ 9.4%, YoY 10.8%
Adj. PAT came at Rs. 13.2 Cr vs QoQ Rs. 18.4 Cr, YoY Rs. 27.1 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 9.1x TTM EPS
Share is trading at 12x EV/EBIDTA based on Q2FY20 annualized EBIDTA
*Ambuja Cements Ltd.* | *CMP* Rs. 208 | *M Cap* Rs. 41232 Cr | *52 W H/L* 244/184
(Nirmal Bang Retail Research)
Off-take came at 5.2 mlnT vs expectation of 5.3 mlnT, QoQ 5.8mlnT, YoY 5.5 mlnT
*Result is below expectations*
Revenue from Operations came at Rs. 2626.1 Cr (-11.8% QoQ, 0.5% YoY) vs expectation of Rs. 2566.8 Cr, QoQ Rs. 2978.3 Cr, YoY Rs. 2613.9 Cr
EBIDTA came at Rs. 439.8 Cr (-37% QoQ, 22.8% YoY) vs expectation of Rs. 468.3 Cr, QoQ Rs. 698.4 Cr, YoY Rs. 358.2 Cr
EBITDA Margin came at 16.7% vs expectation of 18.2%, QoQ 23.4%, YoY 13.7%
Adj. PAT came at Rs. 234.6 Cr vs expectation of Rs. 282.6 Cr, QoQ Rs. 412.1 Cr, YoY Rs. 178.6 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 28.7x CY19E EPS
Share is trading at 18x EV/EBIDTA based on CY19E Bloomberg expectation
*Reliance Industries Ltd.* | *CMP* Rs. 1415 | *M Cap* Rs. 896986 Cr | *52 W H/L* 1418/1016
(Nirmal Bang Retail Research)
GRM came at $ 9.4 vs expectation of $ 9.6, QoQ $ 8.1, YoY $ 9.5
*Result is in-line with expectations*
Revenue from Operations came at Rs. 148526 Cr (-5.4% QoQ, 3.6% YoY) vs expectation of Rs. 152448.6 Cr, QoQ Rs. 156976 Cr, YoY Rs. 143323 Cr
EBIDTA came at Rs. 22152 Cr (3.9% QoQ, 4.9% YoY) vs expectation of Rs. 22469.6 Cr, QoQ Rs. 21315 Cr, YoY Rs. 21108 Cr
EBITDA Margin came at 14.9% vs expectation of 14.7%, QoQ 13.6%, YoY 14.7%
Adj. PAT came at Rs. 11262 Cr vs expectation of Rs. 11131.1 Cr, QoQ Rs. 10104 Cr, YoY Rs. 9516 Cr
Quarter EPS is Rs. 17.8
Share is trading at P/E of 18.4x FY20E EPS
*Petchem* EBIT margin 19.7% vs qoq 20% yoy 18.6%
*Retail* Sales grew by 27% yoy and *EBIT Margin* came at 4.9% vs qoq 4.7% yoy 3.8%
*Jio*
*Digital Consol Revenue* came at Rs. 15619 Cr (42.7% YoY, 4.8% QoQ)
*Jio Revenue* came at Rs. 12354 Cr (33.7% YoY, 5.8% QoQ)
*Jio EBITDA* came at Rs. 5166 Cr (44.6% YoY, 10.2% QoQ)
*EBITDA Margins* came at 40.1% , YoY 41.8%, QoQ 38.7%
*Jio* ARPU came at Rs120 vs QoQ Rs122 , down -1.6% QoQ
*Subscriber Base* increased by 7.2% QoQ
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