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Q2FY21 Results Review

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01-December-2020


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The quarter gone by:

Corporate India seems to have turned around and weathered the Covid-19-induced slowdown storm quite efficiently. Corporate commentaries across sectors suggest

continued demand recovery in Q3, underpinned by a healthy start to the festive season.

As per Care Ratings, an assessment of the aggregate sample of 1,878 companies indicates a mixed picture. While the net sales have declined at a faster pace at 4.4% in Q2FY21

than de-growth of 2% in Q2FY20, the profitability of the companies has improved considerably in Q2FY21 (157% yoy growth) compared with contraction of 46.1% in the same

quarter last year.

Due to the uncertainty surrounding adversities arising from the coronavirus pandemic, companies have opted for cost rationalization. The sample companies lowered their

expenditure by 7.7% yoy in Q2FY21, higher than the 3.8% fall in expenditure in Q2FY20. Interest cover of the aggregate sample companies improved from 1.5 times in Q2FY20

to 1.6 times in Q2FY21. As a result, the operating profit margins increased to 23.8% while PAT margins rose to 8.8% in Q2FY21.

Nifty sales (ex-financials) de-grew by ~4.7% YoY largely driven by the energy sector. Nonetheless, EBITDA (ex-financial) grew by ~7.7% YoY due to across the board margin

expansion (except FMCG) largely because of cost optimization. Overall, Nifty profitability jumped by ~30% YoY largely due to large telecom losses in base quarter.

Q2FY21 witnessed first material upgrade in Nifty EPS after many years.

Barring few stressed sectors such as aviation and multiplexes, most other businesses have managed to grow their bottom lines on a year-on-year basis, while for others the

profit numbers are only 10-20 per cent shy of pre-Covid levels.

The BFSI earnings were particularly strong, with commentaries from large private sector banks indicating that the stress on asset quality may not be as bad as initially feared,

although banks continue to increase provisions for Covid-related stress.

Overseas investors have pumped in $6.3 bn in Indian equity markets in 3-month ended Sept on attractive valuations, opening-up of the economy and resumption in business

activities. Foreign Portfolio Investors' (FPI) contribution to Indian equity market capitalisation also shot up to 21.4% during the period under review from 18.7% for the June

quarter, which is higher than the previous high of 20.5% in March 2015.


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Sectoral comment: Agrochem/Fertilisers

Growth in domestic agrochemical sales decelerated in Q2FY21, after a spike in sales in Q1FY21, as the pre-buying boost faded and the impact of excessive rainfall and a tougher base played out. Agrochemical companies clocked aggregate Topline/EBITDA/APAT growth of 11%/21%/31% driven by UPL and PI Ind.

Agri input consumption remained buoyant driven by robust crop sowing (up 5% YoY) despite an early start to the season along with excessive spells of rains during Aug-Sep. Softening of raw material prices and lower other expenses due to the lockdown led to healthy increase in EBITDA margin.

Fertiliser companies reported muted volume growth in manufactured products while imports were higher by 80-100% YoY on the back of low base and high demand in Kharif.

Due to better realization for the Rabi crop, liquidity at the farm level remains healthy, leading to faster collection from the market, thereby reducing receivables for agri companies.

GoI’s move to provide additional Rs 65,000 crs of fertiliser subsidy is positive as it will lower working capital requirement for fertiliser companies especially Urea manufacturers, thereby improving their return ratios and lowering interest cost.

Timely and well-distributed Monsoon and high water levels carried over from Rabi led to an increase in Kharif crop sowing by 4.5% to 112.2mn hectares this year. As per initial estimates, food grain production is projected to be 144.52mn tonne over 2020-21 Kharif season.

Automobiles/Auto Ancillaries

After a washed-out Q1FY21 due to strict lockdown restrictions, Q2 witnessed a good recovery across segments in varying proportions. While Tractors (+41% YoY) and PV (+3%) have been positive on a YoY basis, 2W (-2%) volumes are marginally lower. The commercial segment was weak, but recovering, with LCV (-12%) faring better than M&HCV (-50%) and 3W (-53%).

Stronger-than-expected volume recovery in Q2FY21 was driven by better demand, improvement in supply chain and inventory build-up at dealer level ahead of the festival season.

Aggregate EBITDA margins for OEMs (ex-JLR) stood at eight quarters high at 11.8% (+160bp YoY) led by increased cost control and improved utilizations. This resulted in fixed cost decline by 270bp YoY to 17.7%. Price hikes of ~1-2% across segment helped offset RM pressure.

Within auto ancillaries, companies, especially with higher exposure to replacement & farm segments, have outperformed.

For MHCV, Q2 continued to be yet another challenging quarter for the industry; however, the sector has seen a gradual recovery, led by the ICV and tippers segments

All tyre companies reported YoY gross margin expansion, led by lower RM cost.

Battery firms reported mixed results; Amara Raja Batteries continues to outperform Exide on the revenue and EBIDTA fronts.

With a reasonable start to the festive season and expected strong Diwali, Q3FY21 is expected to gain on the momentum seen in Q2.


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Aviation

Domestic passenger demand was down 75% in Q2FY21 from 94% YoY decline in Q1FY21, as domestic capacity increased from 33% in Q1FY21 to 40% in July and 60% in September. PLF of airlines in the domestic segment was at ~69% in Q2FY21, improving from 61% in Q1FY21.

Passenger yield improved 20% YoY in Q2FY21 for Interglobe Aviation and SpiceJet as prices were capped by DGCA, which ensures minimum prices to be maintained. Recovery in average daily passenger numbers too has improved from 25% of pre-covid levels to 45-47%.

Crude prices were at an average of USD43/bbl, down 31% YoY. ATF fuel prices also were lower by 20% YoY during the quarter.

With operations disrupted, focus will be on resuming capacity to pre-COVID-19 levels, reducing non-fuel cost by renegotiating rentals/maintenance contracts, explore new networks and revenue model (charter, cargo) and continuing to build customer confidence.

Banks & Financials

In Q2FY21, banks saw some improvement in credit offtake to select segments and the MSME segments due to government schemes. Deposit traction remained strong across the board for all banks- private as well as PSUs.

Bank saw strong earnings led by lower provisions & better NII especially with tailwinds from lowered cost of funding. Collection efficiencies recovered to 95% of pre-COVID levels and 95-97% in Oct’20 for most banks.

NII growth for most banks improved compared to previous quarters, driven by three factors: (a) impact of deposit rate cuts flowing through the P&L, (b) negligible slippages leading to lower interest reversals and (c) sequential improvement in CASA ratio for large players. However, calculated NIM across banks has mixed trend due to impact of elevated liquidity levels (deposit growth outpacing loan growth) and impact of capital raise by select banks.

Q2FY21 did not witness surge in NPAs as feared because credit profiles stood cushioned by proactive regulatory measures such as availability of liquidity window through corporate bond market, moratorium on debt and temporary relaxation in default recognition norms.

Disbursals for many retail products including home and auto loans are higher than pre-Covid levels in September and October. However corporate loan growth remains subdued.

Housing loan disbursements recovered at a swift pace across most players in Q2FY21. Regulatory push in select states like Maharashtra, robust demand in low and mid-ticket housing and price correction in select geographies were key likely drivers of growth surge in housing sales.

Vehicle financiers reported 55-550% qoq jump in disbursements from muted levels in Q2FY21. Strong rural sentiment on the back of robust rabi harvest and expectation of a strong Kharif harvest, pick up in vehicle sales prior to the festive season, gradual easing of supply side constraints in used vehicle segment, decrease in lockdown-related restrictions driving gradual increase in freight volumes and pick up in auto volumes in select segments were the drivers.


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Gold loan financiers reported sharp growth in gold loans during the quarter. Average monthly run-rate for disbursements increased ~35-140% for gold loan financiers. Sharp rally in gold prices (up 35% yoy/5% qoq) despite correcting 10% from mid-August to September end and focus on new customer acquisition were key drivers.

Life insurers reported decline in total APE YoY, but improved sequentially. Among the business segments, Individual Protection growth remained strong, while ULIP trends continued to be weak. Furthermore, a sharp uptick was seen in the VNB margins for IPRULIFE and MAXLIFE, while SBILIFE reported stable margins. Also, persistency trends improved across insurers.

Capital-market players reported strong numbers aided by a surge in industry trading volumes in cash and derivatives trading.

Although slippages would increase over H2FY21 post the Supreme Court order, trends are expected to normalize from FY22 onwards. Banks with a strong/granular liability franchise, higher liquidity, and strong capital levels would be able to tide over the current crisis efficiently and gain further market share.

Building products

Q2FY21 marked strong recovery across segments–tiles, wood panel and plastic pipes. Demand recovery, lower input costs and several cost cutting measures led to aggregate EBITDA/PAT jumping 27%/15% YoY.

Plastic pipes category outperformed other segments with revenue/EBITDA/PAT growth of 7%/42%/21% YoY led by strong volume recovery, benefit of inventory gains, cost cutting measures and rising operating leverage.

Tile companies posted flat revenue YoY, led by gradual improvement in the domestic market as Morbi players sought to cater to strong growth in exports.

Wood panel companies reported 12% YoY fall in revenue with 130bps YoY improvement in EBITDA margin. Consequently, EBITDA/PAT decline for the companies was restricted at 5%/1% YoY.

While covid-19 is certainly going to impact domestic retail sales volumes as people may postpone home décor related work, there is a strong increase in purchase of readymade furniture as people want to order ready-made stuff avoiding carpenters at home. This is reflected in the strong growth for MDF, which is largely B2B in nature and majorly used by OEMs.

Capital Goods /Engineering

Q2FY21 witnessed sharp sequential pickup in execution with normalisation at most sites and large part of supply chain being restored. Revenues jumped 50% plus QoQ and was down merely 13% YoY

Companies namely BEL, KEC catering to essential services (Power T&D, railways, ventilators etc) fared relatively better posting high double digit growth. Overall revenue for capital goods universe declined 11.4% YoY.

Aggregate operating profit and PAT decline stood at 21% YoY/47% YoY mainly on account of underperformance by L&T and BHEL.


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Product-led businesses outperformed while project-led businesses are inching towards pre-COVID levels.

While order inflow declined 44% YoY, it increased 20% sequentially as most of the ordering, which was disrupted owing to COVID-led lockdown in Q1FY21, got finalized in Q2. Most project sites are operating ~80-90% occupancy levels, with a number of migrants slowly returning to work. However, execution is yet to go full throttle as various COVID-led precautions have impacted efficiency across project sites, even with full labour strength.

With resumption of operations across sectors, healthy order book and strong bid pipeline, overall demand scenario is set to improve in 2H. Cement

Q2FY21 results for the cement sector stood robust with EBITDA surging 37% YoY as volumes rose by ~5% and companies kept a tight leash on fixed costs and enjoyed benefits of low cost fuel inventory. Aggregate realization declined by 1.6% YoY and 2% QoQ with vast regional divergence as south-based companies reported high growth in pricing.

All-India average retail cement price in Q2FY21 grew ~2% YoY, led by~12% YoY price increase in South India and~4% YoY in West India.

Most managements indicated that demand recovery is driven by rural and Individual House Building (IHB) segments and that demand from the Infrastructure sector is relatively muted.

Cement firms will attempt to keep prices at the higher levels in an attempt to offset the negative impact of rise in operating cost. Simultaneously, improvement in demand also bodes well for a healthy pricing scenario in the upcoming quarters.

Consumer Discretionary/Durables

Consumer segments of most brands (ex-Symphony) witnessed strong double digit growth led by strong demand uptick, especially in WFH induced products - LED TVs, refrigerators, kitchen/small appliances, etc. Consequently revenues of consumer durable/discretionary companies increased by 5.5% YoY.

EBITDA performance was above expectations for most of the companies as they used the opportunity provided by COVID to prune various unwanted costs across key cost heads. Largely benign raw material costs also aided savings. Cumulative EBITDA grew by 7.2% yoy.

All the top three major paint companies have witnessed low double-digit to mid-teen domestic decorative volume growth despite a challenging macro environment. Sales growth of 6.7% YoY was on the back of robust volume growth and was also aided by growth in subsidiaries’ businesses.

With rural performance strengthening, continued sequential recovery in discretionary consumption, the return of demand in large urban clusters, and early signs of a good winter season and festive demand, most company management teams have guided for further topline improvement in Q3FY21.


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Consumer staples/FMCG

Q2FY21 saw sharp sequential improvement for consumer goods companies as the quarter was characterised by partial revival of consumer sentiment, also reflected in QoQ recovery. Consumer Staples companies (excluding Gillette and ITC) saw a revenue growth of 13.1% YoY compared to the overall FMCG sector, which saw a revenue growth of 7.2% YoY.

Health and hygiene portfolio of consumer goods companies continued to post robust growth.

Softer crude prices aided gross margins of companies with higher exposure to crude derivatives. EBITDA margin expansion of ~140bps YoY by Consumer Staples companies (highest for Emami, Colgate and Britannia) was primarily driven by benign raw material environment and cost-savings across line items.

Input cost expectations for the coming quarters are mixed in nature, with some raw materials (tea, palm oil and other agri-linked commodities) expected to remain at elevated levels and some (dairy, crude and barley) likely to remain soft/stable YoY.

Wheat and Barley prices continue to remain benign: Wheat prices are down 11.9% YoY whereas barley prices declined 25.3% YoY. SMP prices were 11.5% YoY while Palm oil prices were up 44.1% YoY. Mentha prices softened, down 21.1% YoY.

Ad volumes for most FMCG companies are higher than pre-covid levels; however, ad rates are softer.

Information Technology

Q2FY21 aggregate sales were flat YoY at USD16b. In Constant currency terms, while Tier-I revenues showed strong recovery and grew 4% sequentially, they declined 1.6% YoY.

EBIT margin for the quarter expanded by 220bp QoQ/230bp YoY. EBIT margin for Tier I/II companies expanded by 220bp/230bp QoQ to 23.2%/16.0%. Aggregate EBIT/PAT grew ~17%/4% YoY on the back of robust revenue growth and margin expansion.

Deal wins remain robust while improving deal pipeline provides good revenue visibility in the medium term Pandemic has led to faster digital adoption in areas like cloud transformation, cyber security and platforms for online channel & high tech spending in supply chain initiatives. Most companies now view IT as an essential driver of business rather than a cost centre.

Utilization has improved by 1–5% across companies as demand has recovered and is at multi-quarter highs for most companies.

With low capex requirements, Tier-I IT firms have increased their pay-outs over the past five years. Companies have continued with high pay-outs in FY21 despite the challenging environment, which is a key positive.

IT companies are venturing into next-gen services and new geographies supported by acquisitions & partnerships. The momentum of large deals will continue as clients are focusing on Cloud migration, Improving CX (customer experience), Modernization of core and more focus on B2C business.


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Infrastructure

After a 33% revenue dip in Q1FY21, execution has sequentially gathered steam in Q2 (-16% YoY). Most infra companies reported strong results with execution picking up sharply across project sites led by strong bounce-back in labour availability which has almost reached pre-covid levels.

Margins for most companies remained strong on the back of healthy topline and cost rationalization measures. Working capital levels sustained with timely payments from Govt authorites (except some State Govts) and low interest Covid-loans.

With NHAI’s awarding target of 4500km in FY21 (1330km awarded in H1) and active tender’s worth ~Rs600bn (awarding over next 3 months), strong order inflows will continue in H2 as well. Other sectors such as Water, Urban Infra, Railways, etc. are also witnessing good traction in ordering activity.

National Infrastructure Pipeline targets to double investment in the roads sector from Rs.10tn over FY13-19 to Rs.20tn over FY20-25, providing large investment opportunities in the sector.

Metals and Mining

Sector reported Revenue/EBITDA growth of 43%/148% QoQ at Rs1,207bn/Rs241bn. At PAT level, sector reported profit of Rs99mn (v/s Loss of Rs21bn in Q1FY21). On the macro front, faster-than-expected demand revival in China and automotive sector globally, aided ferrous and aluminium players. On the cost front, lower coking coal and crude/derivatives prices helped improve margins.

Tata Steel’s Indian operations EBITDA/t rose 2.2x QoQ/+1% YoY to Rs12,860/t due to lower costs.

JSW Steel’s domestic margins rose 99% QoQ/57% YoY at Rs10,135 led by better than expected realisations. Hindalco reported EBITDA of Rs12.7bn, up 43% QoQ/14% YoY. Management further increased guidance on sustainable EBITDA margin to US$480-500/t from USD450-475/t.

Management commentaries indicate that ferrous companies are expected to deliver record EBITDA/t in Q3FY21. Robust cash accretion will aid deleveraging.

Media

TV broadcasting companies continue to witness a YoY decline in ad revenue; however, ad spend has seen a sharp V-shaped recovery from July-August and further backed by the festival season, IPL ad spend and even GEC regaining lost viewership from movies & news during prime-time with new shows. Zee and SunTV have reported subscription revenue growth of 10.6% YoY and 14% YoY, respectively.

Also, with the delay in implementation of NTO 2.0 and surge in viewership impressions vs pre-COVID levels is leading to OTT platforms gaining traction amid lockdown.

Radio companies reported weak set of numbers (ENIL’s/MBL’s top-line declined 59% YoY/52% YoY respectively) as ad-volumes were impacted by COVID-19 in an already challenging environment. Industry ad-volumes for top 15 markets were down by 24% YoY in Q2FY21.


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With the recent announcement and cinemas opening up from 15 October with 50% occupancy cap, occupancy to remain subdued in the initial phases, given lack of new content to attract audience & producers playing safe by holding back releases and protecting ROI of films.

Oil & Gas

Oil & gas companies reported healthy aggregate EBITDA growth of 1.7% YoY and 26% QoQ in Q2FY21 led by strong volume recovery for CGDs and high inventory gains for OMCs.

OMC gross marketing margin was driven by margin support from gasoline & diesel, which improved YoY, and crude inventory gains to the refining business increased. GRM improved YoY to USD 6.8/bbl from USD 3.4/bbl last year

Reliance’s petchem EBITDA slid 33% YoY, but improved 35% QoQ. Retail EBITDA almost doubled QoQ (-14% YoY) as 85% of stores are now operational compared with 50% in Q1. RJIO witnessed a moderate quarter led by a modest ARPU of INR145 (+21% YoY, +3.3 % QoQ).

City gas distribution (CGD) companies’ volume from domestic PNG and the industrial segment are back to pre-COVID levels, and CNG volume also improved to ~65% of pre-COVID levels.

Gas transmission firm Petronet LNG and GSPL reported an increase in earnings of 30% YoY and 7% YoY, respectively, on gas transmission volume back to pre-COVID levels as demand improves with easing of the lockdown while GAIL adjusted PAT increased back to pre-COVID levels as transmission volume improve 18% QoQ.

Global LNG prices have increased from the low at USD 2.1/mmbtu in Q4FY20 to currently at USD 6.9/mmbtu, as the winter season has started. LNG prices, however, are expected to ease to USD 4-6/mmbtu post winter, as demand supply mismatch will keep prices in check.

Pharma

Pharma companies saw healthy bounce back with growth in both domestic and US businesses. EBIDTA saw robust growth YoY and QoQ as firms continue to benefit on account of lower traveling & marketing cost and cost savings initiatives under the current environment. Aggregate sales were up 10.8% YoY to Rs.529b, with EBITDA increasing 30% YoY and 12% QoQ to Rs.130b. PAT up by 33.2% YoY to Rs.80b primarily led by the lower SG&A spends in domestic focussed companies owing to lockdown.

On a sequential basis, barring Torrent Pharma, all companies reported growth. Sun Pharma saw the highest growth of ~18% QoQ, aided by recovery in specialty portfolio and improvement in Taro sales (+21% QoQ). This was followed by Lupin, which grew ~14% QoQ led by ramp-up in gAlbuterol and base business improvement. Dr Reddys sales grew 7.5% QoQ led by new launches and healthy traction in the base business. Torrent Pharma US sales declined ~11% QoQ, due to discontinuation of the Sartan business and no new launches.

Price erosion has largely stabilized in the US generic market and prices can see an uptick. Demand in the US business is gradually improving as doctor visits have started along with sales from the hospital business.


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The healthcare sector’s Q2FY21 performance showed QoQ improvement with revenue growth of 40% QoQ as occupancy gradually reverting to normal levels, cost-savings became more visible and covid19 tests aided diagnostic volumes.

Ports/Logistics

Adani Ports continued with its industry beating performance with cargo volumes rising 8% YoY versus a 9% decline for the major ports. Gujarat Pipavav’s volumes dipped by 16% on container shortage. Realisations offset volumes for both the players with APSEZ’s realisation lower by 5% while it rose 9% for GPPL.

Logistics companies witnessed a gradual improvement in sector dynamics as the lockdowns eased, domestic industries are reopening and globally movement of cargo is picking up.

Road tonnage for the month of September at pre-covid levels and October being higher YoY was very encouraging. Container rail volumes for Q2FY21 declined by 5%, whereas Concor's volumes declined by 9%.

Power

After a dip in demand over April-June 2020, it has started to improve moderately over July-August while there was 10% growth over October-November, indicating a recovery with easing of the lockdown and restrictions. Power sector revenue and EBITDA grew 3% YoY each.

Thermal generation improved 1.3% QoQ in Q2FY21 on weak base but declined 22.8% YoY. PLF of the thermal segment was flat YoY at 52.5% in Q2FY21 post lower PLF at 46.6% in Q1FY21

Discoms have started to pay dues post REC and PFC liquidity infusion scheme.

In Q2FY21, installed capacity increased 2GW (net) primarily led by renewables (+1.65GW) and thermal (+0.4GW) segments.

During Q2FY21, the average merchant power prices at IEX stood at Rs. 2.5/unit. This was ~22% lower on a YoY basis.

India’s power demand has continued to recover in the first half of 3Q as well. Based on initial data from POSOCO, power demand for Oct and Nov is trending up 12% YoY.

Real Estate

Residential sales for listed developers were flat YoY, despite overall Industry volumes remaining down ~50% YoY, suggesting strong market-share gains.

Rental collections for the office segment have been averaging at 95-99% for Q2FY21 as well, with marginal decline in occupancy levels and developers witnessing no material reduction in rentals.

Bookings came back to pre-Covid levels in Q2, despite lower new-launches, with Bangalore-based developers reporting the strongest rebound, especially in collections. Office segment occupancy marginally declined, with new-leasing outlook still tepid. Recent trends for retail malls are encouraging, suggesting return to normalcy by FY22.


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Mall developers continued to offer graded rebates to tenants, as average footfalls are still at <50%, even as consumption levels are higher due to higher conversion.

Q2FY21 debt level was up, despite stronger operating cash flows, as land payments were higher for most residential developers; but it was offset by lower cost of borrowing, with 60bps YoY reduction overall − further decline is likely, as interest rates would remain low.

Developers are guiding to a strong H2FY21, driven by new launches and continued market-share gains.

Retail

Business recovery, though divergent, gained significant heft in Q2FY21 (down 21% YoY versus 59% down in Q1FY21). The recovery pack was led by innerwear, followed by grocery, QSR, jewellery and apparel retail.

Most companies managed to report EBITDA breakeven and outlook on all categories remains encouraging.

Titan reported 98% recovery in jewellery business (74% in footfall terms). For the festive season, business is already up 15% YoY. Most innerwear players reported full recovery and non-metro focused retailers, in fact, reported growth. Page reported marginal 5% YoY contraction. DMart’s revenue contracted by 11% and lower merchandise share impacted margin.

Jubilant’s recovery (96% by October) has been better than other players (~60-70%) driven by delivery focus. Online has been the fastest growing channel for branded apparel companies. Rural/semi-urban retailers clocked faster recovery.

Most categories are close to normalisation (pre-covid sales trajectory) and focus will again shift to business fundamentals, with higher e-commerce/online presence being the incremental factor to evaluate ahead.

Speciality Chemicals

Given a strong pickup in demand, revenues thereof increased by 18% YoY, EBITDA grew 48% YoY (improved product mix and benefits of operating leverage) and PAT jumped 21% YoY.

Specialty chemical industry stands to gain as most of the global players are trying to look for alternate source of supply apart from China. Management commentary was optimistic even on product launches (which were impacted in Q1FY21) as customers have adopted new ways of working.

Telecom

Telcos witnessed earnings improvement due to resumption of physical recharges, halted due to unavailability or economic challenges. This resulted in a growth in overall subscriber base – Bharti/RJio added 13.9m/7.3m while IDEA lost 8m subscribers.


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Q2FY21 saw ARPU improvement across telcos, without any price increase, with different levers at play. The improvement in ARPU came from a) recovery of revenue lost in Q1FY21 due to delayed recharges, b) favorable mix from the shift of 2G subscribers to higher ARPU 4G. IDEA/ Bharti/ Rjio witnessed ARPU growth of 4%/3%/3% respectively to Rs 119/162/145.

Due to a higher fixed cost structure and healthy ARPU growth, telcos witnessed strong operating leverage benefits in Q2FY21. Bharti/RJio saw EBITDA margin improve by 170bp/60bp QoQ to 45.2%/42.9%, with incremental EBITDA margin of 70%/54%. On the other hand, IDEA saw flat QoQ EBITDA margin at 38.5% as the ARPU growth benefit was largely offset by a huge subscriber churn.

The SC announced its verdict on repayment of AGR dues in Sep’20. It has disallowed any reassessment of liability, thus burdening telcos with a huge liability, but has allowed telcos to repay AGR dues over 10 years at 8% MCLR, starting FY22.

The way ahead:

Rural consumption should remain reasonably good since the government continues to spend on infrastructure and affordable housing. Moreover, the good monsoon should result in a strong kharif output.

Though balance sheets improved due to low utilisation levels, there is a high possibility of corporate investments cycle remaining weak. Also, until the job market and income security stabilises, household spending is likely to remain weak.

Investors should also bear in mind that Covid-19 virus is rearing its head again in various countries and could cause prolonged disruption. Companies remain cautious waiting to see whether the spurt in consumption — much of it the result of pent-up demand and purchases for the festive and wedding seasons - sustains beyond December.

Indian equities have received net inflows of $8.1 billion from foreign portfolio investors (FPIs) in November (till 26th), as outlook for the emerging markets continued to improve, and the September quarter earnings for India Inc positively surprised. Improving economic outlook and the government’s push for reforms helped improve capital flows.

Equity markets around the world have been supported by loose monetary policy adopted by central banks across the world. In the near term, earnings revisions and excess liquidity are both supportive for global equities.

In the near term, markets will watch closely the emerging geo-political situation across the globe, the pace of recovery of global and Indian economy, timing of reversal of easy money policy globally, India’s fiscal situation, asset quality stress and availability of credit to businesses and consumers. This apart, the progress or decline of coronavirus cases also needs to be watched closely.

(Source:HDFCSec Research, websites, news, broker reports)


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The shortlist The following is the list of companies that have released results in Q2FY21 that were good on one or more of the following parameters:

Sales growth - YoY / QoQ – for Q2FY21 and H1FY21

PBT and OPM growth - YoY / QoQ - for Q2FY21 and H1FY21

P/E on 4Q trailing EPS (Consolidated P/E provided wherever available)

Profit growth in this quarter is not due to the impact of an exceptionally benevolent commodity cycle or lumpy sales. Profit growth is not exceptionally more than sales growth

Healthy RoE

Healthy CAGR growth in sales, EBITDA and PAT over three / five years

The companies have been listed in alphabetical order, and do not reflect our recommendation/buys or even preference in that order. Many of these companies may not be under our coverage.

All figures provided below are in Rs cr (except FV, CMP, BV & EPS). OPM and growth numbers are in %. OPM has been calculated without other income (OI) and EPS is based on the trailing twelve months (TTM) adjusted PAT.

Co_Name Industry

Net Sales

Sep 20 PBT Sep

20 Latest Equity CMP BV FV EPS

Growth in Sales

YoY

Growth in Sales H-o-H

Growth in Sales

QoQ

Growth in PBT

YoY

Growth in PBT H-o-H

Growth in PBT QoQ

OPM% w/o OI -

Sep 20

OPM% w/o OI -

Jun 20

OPM% w/o OI -

Sep 19

OPM% w/o OI - HY

Sep 20

P/E on

TTM EPS P/BV

Div Yield

Latest

5Paisa Capital* Finance - Investment / Others 52.4 3.8 25.5 324.2 57.5 10 0.7 125.0% 105.3% 23.6% 185.3% 247.5% 2.7% 22.1% 23.3% 0.8% 22.7% 461.5 5.6 0.0%

Aarti Drugs* Pharmaceuticals - Indian 578.1 97.1 23.3 715.4 89.5 10 104.7 21.1% 27.2% 6.1% 102.9% 161.8% -16.5% 20.1% 24.6% 14.3% 22.3% 6.8 8.0 0.3%

Abbott India Pharmaceuticals - Multinational 1054.9 243.7 21.3 15397.6 1064.7 10 310.0 0.0% 3.2% -0.9% 12.7% 20.6% 0.5% 22.8% 21.9% 19.4% 22.4% 49.7 14.5 1.6%

Acrysil* Ceramics - Sanitaryware / Others 75.6 12.8 5.5 178.2 51.5 2 8.9 7.0% -12.3% 64.5% 71.7% 20.9% 112.3% 20.5% 21.2% 17.3% 20.8% 20.0 3.5 0.7%

Adani Transmissi* Power Generation And Supply 2156.2 295.8 1099.8 377.2 37.4 10 8.1 -16.9% -15.6% -11.9% 12.0% 32.9% -38.6% 44.6% 47.3% 38.7% 46.0% 46.7 10.1 0.0%

Aegis Logistics* Trading - Medium / Small 650.4 86.8 34.5 256.6 30.2 1 4.9 -64.2% -65.9% 2.2% 274.1% 303.0% 73.3% 15.7% 10.6% -1.5% 13.2% 51.9 8.5 0.7%

Affle India* Miscellaneous - Medium / Small 135.0 30.1 25.5 3420.3 69.0 10 32.3 59.3% 41.1% 50.3% 56.0% 40.8% 49.5% 25.5% 25.0% 25.7% 25.3% 105.7 49.6 0.0%

Ajanta Pharma* Pharmaceuticals - Indian 715.9 249.2 17.5 1536.1 321.0 2 63.5 11.4% 10.3% 7.1% 54.3% 45.7% 20.6% 38.3% 33.4% 27.5% 35.9% 24.2 4.8 0.8%

Alembic Pharma* Pharmaceuticals 1457.1 398.4 39.3 996.7 241.2 2 56.1 17.4% 27.8% 8.6% 31.5% 65.5% 10.8% 30.4% 30.4% 27.8% 30.4% 17.8 4.1 1.0%

Alkem Lab* Pharmaceuticals 2362.8 547.8 23.9 2840.7 599.3 2 122.5 4.4% 6.1% 17.9% 33.6% 67.9% 11.2% 25.4% 26.6% 20.0% 26.0% 23.2 4.7 0.9%

Alkyl Amines Chemicals - Organic - Large 291.3 89.1 10.2 4006.0 310.8 5 107.2 24.0% 7.0% 18.8% 80.1% 58.8% 28.0% 32.7% 31.6% 24.6% 32.2% 37.4 12.9 0.5%

Amines & Plast.* Chemicals - Plasticizers 111.8 11.5 11.0 56.9 22.6 2 5.5 14.6% -8.5% 47.4% 46.1% 47.4% 13.0% 12.3% 17.3% 10.4% 14.3% 10.3 2.5 0.5%

Angel Broking* Securities/Commodities 309.9 99.5 81.8 357.3 106.2 10 29.8 NA 55% 30.0% NA 358% 56.3% 35.6% 28.8% NA 33% 6.0 3.4 0.8%

Apollo Tricoat Steel - Tubes / Pipes 330.5 32.0 6.1 755.5 76.4 2 20.4 115.1% 144.2% 93.3% 146.1% 143.5% 166.6% 11.3% 10.8% 10.0% 11.1% 37.1 9.9 0.0%


14

Co_Name Industry

Net Sales

Sep 20 PBT Sep


Growth in Sales

YoY


Growth in Sales

QoQ

Growth in PBT

YoY

Growth in PBT H-

o-H

Growth in PBT QoQ

OPM% w/o OI -

Sep 20

OPM% w/o OI -

Jun 20

OPM% w/o OI -

Sep 19

OPM% w/o OI - HY

Sep 20

P/E on

TTM EPS P/BV

Div Yield

Latest

Ashapura Minech.* Mining / Minerals 192.3 -18.5 17.4 78.4 -1.8 2 -5.0 183.3% 162.1% -32.9% 51.8% 140.1% -152.7% 1.5% 9.6% -43.4% 6.3% -15.6 -42.8 0.0%

Astec Lifescienc* Pesticides / Agrochemicals 155.0 23.9 19.6 949.4 141.7 10 39.5 10.5% 22.9% 38.5% 205.0% 646.6% 9.8% 19.0% 25.3% 10.9% 21.6% 24.0 6.7 0.2%

AU Small Finance Banks - Private Sector 1212.5 408.9 306.5 837.3 158.7 10 27.2 17.3% 20.4% 2.4% 88.7% 41.4% 54.7% 63.9% 59.7% 62.7% 61.8% 30.7 5.3 0.0%

Aurobindo Pharma* Pharmaceuticals 6377.9 1193.0 58.6 868.1 246.9 1 53.6 15.6% 12.3% 9.3% 38.1% 31.8% 10.0% 22.1% 21.3% 20.4% 21.8% 16.2 3.5 0.3%

AVT Natural Prod* Solvent Extraction 125.4 11.5 15.2 46.5 19.7 1 2.5 16.3% 26.1% 20.0% -5.9% 24.1% 10.2% 12.0% 13.9% 14.3% 12.9% 18.5 2.4 1.3%

Axtel Industries Trading - Medium / Small 40.2 7.2 16.2 224.4 41.5 10 11.7 30.3% 46.8% 28.5% 48.8% 176.1% -19.2% 20.0% 28.2% 15.3% 23.6% 19.2 5.4 1.1%

B & A* Tea - Indian - Medium / Small 89.3 26.8 3.1 177.0 226.8 10 35.1 22.1% 10.0% 135.5% 39.6% 48.8% 6469.0% 32.3% 5.5% 30.0% 24.3% 5.0 0.8 0.0%

Bajaj Electrical* Domestic Appliances 1209.8 72.8 22.8 572.7 126.9 2 1.7 12.6% -23.5% 100.3% 352.8% 774.2% 327.0% 8.7% -3.6% 2.2% 4.6% 335.4 4.5 0.0%

Bajaj Healthcare Pharmaceuticals 206.6 28.3 13.8 462.3 125.9 10 39.4 105.5% 80.2% 47.8% 522.5% 431.6% 38.3% 15.6% 18.1% 8.9% 16.6% 11.7 3.7 0.0%

Bajaj Steel Inds* Steel - Medium / Small 144.1 17.2 2.6 278.2 221.9 5 59.1 -2.3% -7.5% 75.8% 37.7% 53.1% 119.3% 11.0% 13.3% 9.3% 11.8% 4.7 1.3 0.7%

Balaji Amines* Chemicals - Organic - Large 282.4 59.7 6.5 1004.3 231.0 2 41.0 24.3% 12.2% 26.7% 91.2% 66.7% 41.3% 26.1% 23.9% 19.7% 25.1% 24.5 4.3 0.3%

Balaxi Pharma* Trading - Medium / Small 60.3 11.8 10.0 638.3 37.1 10 22.8 380.7% 440.9% 15.9% 647.5% 639.9% 12.9% 17.1% 17.3% 7.6% 17.2% 28.1 17.2 0.0%

Banco Products* Auto Ancillaries - Others 431.8 65.2 14.3 128.9 78.1 2 12.5 15.7% -7.6% 59.3% 209.5% 29.4% 227.7% 16.1% 10.1% 6.9% 13.8% 10.3 1.6 15.5%

Bayer Crop Sci. Pesticides / Agrochemicals 1381.6 296.0 44.9 5034.4 563.4 10 149.9 2.6% 13.6% 12.5% 37.3% 54.7% -5.3% 21.5% 26.4% 16.9% 23.8% 33.6 8.9 0.5%

Bharat Parenter.* Pharmaceuticals 59.6 9.0 5.7 353.7 237.4 10 49.4 19.7% 15.2% 8.5% 43.6% 35.8% -2.4% 14.3% 14.8% 9.0% 14.5% 7.2 1.5 0.0%

Birlasoft Ltd* Computers - Software 857.5 101.6 55.4 198.3 46.8 2 9.6 10.9% 14.3% -6.3% 59.1% 46.0% 27.4% 13.9% 12.3% 11.1% 13.1% 20.6 4.2 1.0%

Britannia Inds.* Food And Dairy Products 3354.4 670.2 24.1 3634.1 103.2 1 74.4 11.0% 18.2% -0.9% 34.5% 58.1% -9.1% 20.1% 21.2% 16.2% 20.7% 48.8 35.2 1.0%

C D S L* Miscellaneous - Medium / Small 89.2 63.7 104.5 489.7 57.2 10 13.8 69.4% 39.1% 36.7% 66.7% 64.0% 13.1% 60.9% 58.3% 46.6% 59.8% 35.5 8.6 0.9%

C P C L* Refineries 4863.1 461.9 148.9 85.4 117.8 10 -70.6 -47.4% -59.9% 67.5% 251.6% 240.5% 7.8% 12.5% 21.3% -1.2% 15.8% -1.2 0.7 0.0%

Cadila Health.* Pharmaceuticals 3762.3 534.2 102.4 450.1 118.4 1 18.0 16.0% 9.9% 6.0% 336.4% 118.4% -10.0% 19.4% 23.0% 11.0% 21.2% 25.0 3.8 0.8%

Can Fin Homes Finance - Housing - Large 525.4 172.1 26.6 481.8 177.3 2 31.5 5.0% 6.4% 0.6% 31.4% 17.5% 36.5% 92.8% 87.9% 94.2% 90.3% 15.3 2.7 0.4%

CESC Ventures* Computers 1300.3 73.5 26.5 254.4 638.4 10 18.9 16.9% 10.6% 14.3% 299.7% 124.3% 54.7% 11.5% 11.7% 7.9% 11.6% 13.5 0.4 0.0%

Chambal Fert. Fertilizers - Nitrogenous 3986.9 641.9 416.2 203.6 114.1 10 31.2 12.3% 12.5% 23.9% 68.0% 54.3% 34.9% 18.6% 18.4% 15.7% 18.5% 6.5 1.8 2.0%

Chola Financial* Finance - Investment / Others 3499.3 680.6 18.8 541.2 59.2 1 41.1 4.8% 4.2% 8.2% 14.2% 33.4% -14.3% 54.8% 60.3% 54.3% 57.5% 13.2 9.1 0.1%

Cipla* Pharmaceuticals 4972.6 925.7 161.3 744.7 233.6 2 22.8 16.6% 13.4% 16.3% 35.9% 28.3% 15.8% 23.7% 24.5% 21.3% 24.1% 32.6 3.2 0.5%

Coromandel Inter* Fertilizers - Nitrogenous 4611.3 785.6 29.3 824.0 166.8 1 45.6 -5.1% 12.0% 43.5% 27.8% 58.6% 130.9% 18.3% 12.8% 14.7% 16.0% 18.1 4.9 1.5%

Cosmo Films* Packaging - BOPP Film 559.8 73.2 19.4 442.7 436.7 10 80.6 0.7% -5.1% 16.3% 94.1% 87.7% 10.3% 16.4% 18.1% 10.8% 17.2% 5.5 1.0 3.4%

CSB Bank Banks - Private Sector 470.0 92.1 173.5 253.3 111.1 10 5.2 24.7% 21.9% 11.2% 136.8% 137.4% 28.7% 50.0% 55.5% 56.9% 52.6% 48.3 2.3 0.0%

Dalmia Bharat* Sugar - Integrated 719.5 73.2 16.2 137.7 228.9 2 33.4 52.5% 51.7% -18.4% 7.3% 80.0% -57.7% 12.7% 22.3% 19.0% 18.0% 4.1 0.6 1.5%

Deccan Cements Cement - Mini - South India 198.1 45.3 7.0 344.9 364.0 5 50.0 47.5% 6.4% 42.9% 259.4% 65.1% 29.1% 25.2% 28.8% 11.9% 26.7% 6.9 0.9 1.2%

Deepak Fertiliz.* Chemicals - Inorganic - Large 1404.2 112.1 89.3 144.6 172.1 10 28.2 22.0% 22.6% 1.6% 275.6% 514.8% -33.0% 13.8% 19.7% 10.1% 16.7% 5.1 0.8 2.1%

Dhampur Sugar* Sugar - Integrated 931.3 37.4 66.4 158.4 220.7 10 35.9 34.3% 24.3% -13.7% 821.9% 36.8% -48.4% 7.7% 10.6% 4.7% 9.3% 4.4 0.7 3.8%

Dhanuka Agritech* Pesticides / Agrochemicals 442.4 93.7 9.5 751.2 173.9 2 39.6 10.0% 31.4% 18.3% 30.4% 76.0% 35.4% 20.1% 17.5% 18.3% 18.9% 19.0 4.3 1.6%

Dharamsi Morarji* Chemicals - Speciality 49.8 13.0 24.9 149.2 64.2 10 14.8 11.4% -11.7% 27.1% 135.8% 27.9% 114.4% 18.7% 19.8% 16.7% 19.2% 10.1 2.3 0.0%

Divi's Lab.* Pharmaceuticals 1749.3 693.5 53.1 3607.6 313.5 2 66.3 21.0% 33.4% 1.1% 42.1% 57.3% 4.9% 42.4% 40.5% 33.9% 41.4% 54.4 11.5 0.4%

Dollar Industrie* Textiles - Others 258.5 29.9 11.3 193.7 87.3 2 12.2 6.2% -12.2% 61.5% 82.8% 43.0% 35.8% 13.6% 17.9% 9.6% 15.2% 15.9 2.2 0.9%

Dwarikesh Sugar Sugar - Others 417.4 23.7 18.8 29.5 27.8 1 4.5 137.3% 54.6% -5.2% 534.5% 113.9% -7.0% 10.9% 11.4% 10.4% 11.2% 6.6 1.1 3.4%


15

Co_Name Industry

Net Sales

Sep 20 PBT Sep


Growth in Sales

YoY


Growth in Sales

QoQ

Growth in PBT

YoY

Growth in PBT H-

o-H

Growth in PBT QoQ

OPM% w/o OI -

Sep 20

OPM% w/o OI -

Jun 20

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Sep 19

OPM% w/o OI - HY

Sep 20

P/E on

TTM EPS P/BV

Div Yield

Latest

Dynemic Products* Dyes And Pigments 49.8 9.6 11.3 237.5 124.9 10 24.2 14.3% 1.4% 23.2% 13.4% 17.6% -2.5% 21.0% 26.2% 21.7% 23.4% 9.8 1.9 0.6%

eClerx Services* IT Enabled Services 360.8 83.2 36.1 725.5 317.4 10 65.9 1.2% -1.9% 7.2% 29.4% 32.9% 14.5% 28.3% 24.2% 21.9% 26.3% 11.0 2.3 0.1%

EID Parry* Sugar - Integrated 5836.2 748.1 17.7 346.8 117.0 1 37.4 2.8% 13.4% 40.9% 54.4% 116.2% 171.5% 15.0% 10.4% 11.6% 13.1% 9.3 3.0 0.0%

Eldeco Housing* Construction - Housing 40.1 20.7 2.0 1570.0 1027.3 10 224.6 73.7% -10.3% 100.8% 86.8% 24.1% 110.0% 50.0% 47.8% 41.8% 49.3% 7.0 1.5 1.1%

Emk.Global Fin.* Securities/Commodities 41.5 5.9 24.6 70.0 49.9 10 -2.2 26.6% 12.0% 28.6% 262.4% 224.6% 3376.5% 20.1% 7.8% 0.7% 14.7% -32.1 1.4 0.0%

Equitas Sma. Fin Banks - Private Sector 797.5 135.8 1053.4 34.4 26.6 10 3.1 NA 22% 10.6% NA 47% 84.3% 51.2% 50.1% NA 51% 5.6 1.3 0.0%

Escorts* Automobiles - Tractors 1654.2 304.5 134.8 1402.7 357.8 10 44.7 24.0% -1.1% 51.9% 188.3% 81.3% 150.3% 18.0% 11.1% 8.6% 15.2% 31.4 3.9 0.2%

Ester Industries Packaging - Polyester Film 250.5 60.6 41.7 127.1 55.5 5 15.8 -1.5% -18.5% 32.9% 98.0% 46.6% 54.1% 28.5% 26.8% 17.5% 27.7% 8.1 2.3 2.0%

Eveready Inds.* Dry Cells 372.6 64.4 36.3 175.4 88.0 5 15.5 7.0% -6.4% 41.4% 209.7% 220.7% 103.4% 20.1% 15.5% 9.1% 18.2% 11.3 2.0 0.0%

Everest Inds.* Cement Products 273.3 27.4 15.6 263.4 314.0 10 22.0 -4.5% -17.8% -13.8% 450.9% 113.3% -14.5% 11.3% 12.2% -0.8% 11.8% 12.0 0.8 0.4%

Everest Kanto* Packaging - Others 246.0 46.1 22.4 48.6 28.0 2 2.5 37.3% 12.7% 43.2% 3033.1% 677.7% 216.9% 17.5% 17.8% 7.6% 17.6% 19.8 1.7 0.0%

FDC* Pharmaceuticals 371.4 114.3 17.1 344.0 102.1 1 18.1 7.3% -1.5% 20.5% 42.2% 48.7% -5.8% 28.5% 33.6% 21.3% 30.8% 19.0 3.4 0.2%

Fineotex Chem* Chemicals - Speciality 54.8 13.3 22.2 43.3 14.4 2 2.7 7.3% -15.4% 80.2% 48.2% 30.8% 48.2% 18.2% 13.5% 19.8% 16.5% 16.3 3.0 0.1%

Firstsour.Solu.* IT Enabled Services 1178.3 125.4 694.8 79.5 29.7 10 5.6 NA 15% 11.8% NA 22% 21.2% 15.9% 15.8% NA 16% 7.1 2.7 3.1%

G S F C* Fertilizers - Nitrogenous 2110.9 220.1 79.7 70.6 190.4 2 5.2 -12.3% -9.2% 29.0% 210.1% 94.0% 479.1% 9.8% 5.5% 3.7% 7.9% 13.5 0.4 1.7%

Galaxy Surfact.* Detergents / Intermediates 718.7 106.2 35.5 1937.4 277.0 10 70.2 10.8% 0.9% 18.4% 57.2% 22.3% 51.9% 16.9% 14.9% 13.6% 16.0% 27.6 7.0 0.7%

Ganesh Benzopl.* Chemicals - Plasticizers 54.4 12.8 5.2 65.6 32.6 1 10.2 8.0% -10.6% 4.6% 77.7% 76.3% -10.5% 35.2% 36.1% 26.1% 35.7% 6.5 2.0 0.0%

Gillette India Personal Care - Multinational 516.4 122.3 32.6 5809.2 279.6 10 80.9 11.7% -6.3% 47.1% 41.2% 84.6% 83.3% 25.6% 23.0% 21.2% 24.6% 71.8 20.8 0.8%

Globus Spirits* Breweries 327.6 48.6 28.8 312.3 182.1 10 29.0 20.1% -2.0% 42.4% 240.5% 178.2% 90.2% 18.3% 17.1% 10.7% 17.8% 10.8 1.7 0.3%

Godawari Power* Steel - Medium / Small 966.8 155.6 34.1 418.3 340.1 10 64.4 16.7% 0.9% 35.9% 100.8% 41.1% 103.1% 24.3% 22.2% 20.0% 23.4% 6.5 1.2 0.0%

Godrej Agrovet* Food - Processing - Others 1710.9 150.1 192.1 509.9 85.5 10 17.1 -7.4% -8.0% 10.4% 84.4% 46.2% 11.7% 10.1% 10.7% 6.5% 10.4% 29.8 6.0 1.1%

Granules India* Pharmaceuticals 858.1 217.3 24.8 412.5 76.5 1 16.6 22.7% 23.1% 16.7% 88.8% 62.5% 45.7% 29.9% 25.0% 20.5% 27.6% 24.8 5.4 0.2%

GRM Overseas* Food - Proccesing - Rice 169.6 19.2 3.7 344.5 321.0 10 127.9 23.2% -37.0% 41.3% 351.1% 208.4% 137.8% 13.0% 10.0% 4.4% 11.8% 2.7 1.1 1.5%

Guj. Themis Bio. Pharmaceuticals 27.2 15.1 7.3 267.9 39.0 5 25.9 65.1% 52.1% 73.7% 665.0% 457.1% 119.0% 54.2% 42.1% 11.9% 49.8% 10.3 6.9 0.6%

Gujarat Fluoroch* Chemicals - Inorganic 617.3 117.3 11.0 576.9 349.4 1 19.8 -6.8% -16.1% 10.5% 302.1% 39.6% 16.9% 26.7% 27.8% 14.8% 27.2% 29.1 1.7 0.0%

H P C L* Refineries 51570.1 3838.0 1523.8 209.0 215.2 10 47.5 -15.0% -32.2% 37.3% 194.0% 166.9% 23.0% 7.0% 10.1% 3.5% 8.3% 4.4 1.0 4.7%

Hatsun AgroProd. Food And Dairy Products 1327.0 93.1 16.2 947.7 55.5 1 9.8 3.8% -3.5% 3.7% 131.2% 49.1% 12.3% 14.6% 14.8% 10.6% 14.7% 97.1 17.1 0.4%

HCL Technologies* Computers - Software - Large 18594.0 4145.0 543.0 822.2 153.7 2 44.9 6.1% 7.3% 4.2% 19.2% 24.9% 7.3% 27.5% 26.7% 24.3% 27.1% 18.3 5.3 1.2%

HDFC Bank* Banks - Private Sector 31742.3 10377.7 550.4 1440.7 338.1 1 53.7 5.7% 8.3% -1.9% 10.1% 8.0% 11.1% 59.0% 63.7% 62.9% 61.3% 26.8 4.3 0.2%

Hil Ltd* Cement Products 703.8 111.4 7.5 2039.0 1088.9 10 237.0 22.3% 4.3% 1.6% 319.2% 95.7% 56.3% 13.1% 14.5% 8.1% 13.8% 8.6 1.9 1.0%

Hind.Composites* Auto Ancillaries - Friction Materials 44.5 10.6 7.4 207.2 533.8 5 10.1 3.8% -19.1% 45.8% 543.6% 178.0% 461.9% 15.3% 13.5% 9.0% 14.6% 20.6 0.4 1.0%

I G Petrochems* Chemicals 242.4 30.5 30.8 445.4 212.3 10 11.1 -9.1% -25.3% 70.6% 505.4% 79.7% 692.5% 17.2% 10.6% 5.4% 14.8% 40.1 2.1 0.4%

ICICI Bank* Banks - Private Sector 22226.5 6872.7 1379.5 472.8 195.0 2 20.2 5.3% 7.7% -0.9% 21.9% 16.4% 49.8% 3.3% 1.9% 3.1% 2.6% 23.4 2.4 0.0%

ICICI Securities* Finance - Investment / Others 680.7 372.3 161.1 448.5 45.1 5 23.7 63.2% 52.7% 24.7% 102.2% 75.4% 43.5% 60.8% 54.1% 51.7% 57.8% 18.9 9.9 2.5%

IDBI Bank* Banks - Private Sector 4695.9 683.8 10380.6 38.1 27.0 10 -4.9 -9.8% -6.8% -4.2% 114.8% 111.5% 47.4% 54.6% 51.7% -40.8% 53.1% -7.8 1.4 0.0%

IDFC First Bank* Banks - Private Sector 3912.9 136.8 5672.3 36.7 30.9 10 -2.4 -4.7% -1.6% -0.4% 31.0% 132.1% 0.2% 53.9% 47.3% 60.6% 50.6% -15.5 1.2 0.0%

IFGL Refractori.* Refractories / Intermediates 246.2 28.0 36.0 174.6 151.3 10 12.0 10.4% -5.9% 21.2% 102.1% 32.7% 101.8% 15.9% 11.5% 9.7% 13.9% 14.6 1.2 1.4%


16

Co_Name Industry

Net Sales

Sep 20 PBT Sep


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Growth in Sales

QoQ

Growth in PBT

YoY

Growth in PBT H-

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OPM% w/o OI -

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Sep 19

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Sep 20

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TTM EPS P/BV

Div Yield

Latest

IIFL Wealth Mgt* Finance - Investment / Others 387.4 112.8 17.5 1009.2 271.6 2 27.5 4.9% 0.9% 10.9% 37.6% 29.0% 3.2% 57.6% 61.4% 55.9% 59.4% 36.6 3.7 2.0%

India Cements* Cement - Major - South India 1090.0 113.8 309.9 158.7 177.0 10 2.7 -14.1% -33.0% 42.8% 2473.5% 33.8% 294.4% 22.3% 20.5% 11.8% 21.5% 59.1 0.9 0.4%

Indiamart Inter.* E-Services 163.2 93.2 28.9 5070.4 147.0 10 86.6 4.2% 4.1% 6.6% 83.1% 99.4% -7.2% 49.9% 47.6% 23.1% 48.8% 58.6 34.5 0.2%

Indian Metals* Ferro Alloys 437.6 56.0 27.0 287.9 421.8 10 8.2 12.4% 0.9% 8.0% 209.6% 403.5% 47.6% 17.4% 15.4% -1.2% 16.5% 35.3 0.7 0.0%

Indo Borax & Ch.* Chemicals - Inorganic 27.6 8.0 3.2 365.3 463.9 10 64.3 9.0% -16.1% 22.9% 128.9% 48.4% 0.9% 26.9% 30.6% 10.6% 28.6% 5.7 0.8 0.5%

Indoco Remedies* Pharmaceuticals 323.1 36.8 18.4 261.3 78.1 2 6.2 12.9% 10.6% 21.1% 275.3% 524.3% 53.1% 18.8% 18.2% 11.4% 18.5% 42.1 3.3 0.1%

Ind-Swift Labs.* Pharmaceuticals 228.3 9.9 59.1 60.8 73.2 10 2.2 19.2% 15.7% 8.6% 183.9% 183.4% 117.1% 21.6% 20.6% 15.1% 21.1% 27.3 0.8 0.0%

Infosys* Computers - Software - Large 24570.0 6750.0 2123.0 1100.6 156.9 5 42.1 8.6% 8.6% 3.8% 22.8% 17.6% 16.5% 28.8% 25.9% 24.9% 27.4% 26.2 7.0 1.6%

Intellect Design* Computers - Software 371.8 66.4 66.3 272.2 77.7 5 9.9 13.8% 7.2% 7.5% 529.8% 1063.2% 41.1% 23.2% 18.0% -1.8% 20.7% 27.5 3.5 0.0%

IOL Chemicals Pharmaceuticals 533.5 165.1 58.7 780.7 186.5 10 75.4 18.8% 5.5% 15.9% 36.0% 23.5% 12.5% 32.1% 33.1% 29.6% 32.6% 10.4 4.2 0.4%

ION Exchange* Pollution Control Equipment 390.0 38.6 14.2 844.6 362.5 10 69.6 -4.7% -10.3% 47.0% 18.7% 17.6% 51.0% 10.5% 11.7% 8.0% 11.0% 12.1 2.3 0.7%

ISGEC Heavy* Engineering 1344.6 107.2 7.4 255.7 212.2 1 26.0 -6.0% -8.0% 25.6% 108.5% 62.1% 89.6% 10.4% 8.6% 5.5% 9.6% 9.8 1.2 0.8%

IZMO* Computers - Software 28.5 11.9 13.1 48.0 129.3 10 17.6 27.9% 22.5% 15.5% 1093.0% 656.0% 817.7% 21.2% 18.9% 17.7% 20.1% 2.7 0.4 0.0%

J B Chem & Pharm* Pharmaceuticals 443.6 99.3 15.5 994.3 211.4 2 41.0 -2.8% 7.0% -15.1% -2.1% 32.5% -36.8% 24.8% 29.8% 22.0% 27.5% 24.2 4.7 1.1%

J K Cements* Cement - Major - North India 1634.4 324.0 77.3 2026.3 443.8 10 72.7 24.0% -2.7% 62.7% 140.5% 25.8% 250.1% 26.4% 21.2% 19.4% 24.4% 27.9 4.6 0.4%

Jay Shree Tea* Tea - Indian - Large 265.4 66.8 11.3 70.2 109.7 5 -7.3 37.9% 18.2% 70.5% 9312.7% 641.2% 3636.0% 30.6% 7.7% 7.7% 22.1% -9.6 0.6 0.0%

Jindal Poly Film* Packaging - BOPP Film 1091.2 312.8 43.8 468.8 497.5 10 147.0 29.2% 10.7% 41.5% 216.5% 121.5% 77.8% 31.0% 27.8% 14.8% 29.7% 3.2 0.9 0.2%

JK Lakshmi Cem.* Cement - Major - North India 1131.7 133.9 58.9 330.9 156.2 5 24.5 11.8% -4.9% 24.2% 74.7% 36.1% 86.0% 19.8% 18.9% 17.6% 19.4% 13.5 2.1 0.8%

Jyothy Labs* Personal Care - Indian - Large 504.5 72.8 36.7 140.9 23.3 1 5.2 6.2% 4.5% 16.5% 15.9% 22.7% 19.4% 17.3% 17.7% 16.6% 17.5% 27.2 6.1 2.1%

Kanchi Karpooram Chemicals - Organic 54.3 26.0 4.4 417.8 271.8 10 75.0 -16.3% -34.5% 122.3% 100.5% 31.1% 296.8% 47.9% 27.1% 20.6% 41.5% 5.6 1.5 0.7%

Kanpur Plastipa. Packaging - Polysacks 99.2 10.3 14.3 121.7 97.0 10 9.1 28.5% 16.4% 28.7% 347.0% 285.7% 59.1% 11.9% 13.2% 5.3% 12.5% 13.4 1.3 0.5%

Karur Vysya Bank Banks - Private Sector 1394.7 164.0 159.9 37.5 85.3 2 4.0 -9.3% -8.6% 1.4% 148.6% 65.8% 20.3% 49.2% 46.0% 47.4% 47.6% 9.4 0.4 0.0%

Keerthi Indus Cement - Mini - South India 59.0 13.6 8.0 88.4 86.6 10 6.7 51.7% 9.5% 25.9% 469.3% 236.0% 119.2% 29.1% 20.7% -0.2% 25.4% 13.1 1.0 1.0%

Kirl. Ferrous Steel - Pig Iron 486.2 84.8 69.0 114.9 56.0 5 9.4 4.7% -26.1% 128.2% 249.6% 43.4% 788.5% 22.5% 5.4% 9.0% 17.3% 12.3 2.1 1.7%

Kohinoor Foods* Food - Proccesing - Rice 73.7 9.5 37.1 8.4 -179.0 10 -3.3 18.2% 29.4% 26.8% 447.1% 113.2% 673.2% 17.5% 5.5% -1.0% 12.2% -2.6 0.0 0.0%

Kopran* Pharmaceuticals 119.0 22.7 43.3 122.8 56.2 10 9.8 35.6% 39.5% -1.6% 197.0% 215.7% 18.1% 17.8% 16.6% 12.1% 17.2% 12.5 2.2 0.0%

Kriti Industries* Plastics - Others 90.0 7.3 5.0 35.1 23.4 1 4.7 -11.2% -25.0% -42.1% 144.1% 26.2% -22.2% 12.3% 8.7% 8.7% 10.1% 7.4 1.5 0.4%

L & T Infotech* Computers - Software - Large 2998.4 613.1 17.5 3202.4 348.4 1 95.8 16.6% 17.6% 1.7% 29.5% 23.2% 9.7% 22.9% 20.1% 18.1% 21.5% 33.4 9.2 0.9%

L T Foods* Food - Proccesing - Rice 1208.7 108.7 32.0 52.5 29.5 1 7.8 24.4% 24.2% -0.6% 83.7% 71.1% -0.6% 12.4% 12.8% 10.1% 12.6% 6.7 1.8 1.0%

Larsen & Toubro* Engineering - Turnkey Services 31034.7 6551.9 280.8 1115.8 416.5 2 101.0 -12.2% -19.5% 46.0% 86.1% 17.7% 668.0% 5.1% 17.5% 17.1% 10.2% 11.1 2.7 1.6%

Lasa Supergeneri Pharmaceuticals 54.7 8.5 40.7 85.0 37.8 10 4.3 35.3% 37.7% 0.2% 588.7% 39525.0% 18.1% 23.4% 22.3% 18.6% 22.9% 19.7 2.2 0.0%

Laurus Labs* Pharmaceuticals 1138.8 314.3 107.2 317.2 41.4 2 11.2 59.9% 67.3% 16.9% 377.9% 529.1% 41.9% 32.8% 28.6% 19.3% 30.9% 28.4 7.7 0.2%

LIC Housing Fin.* Finance - Housing - Large 4977.3 1010.8 100.9 330.0 392.3 2 52.3 -0.1% 2.0% -0.7% 18.5% 19.7% -1.1% 94.7% 96.3% 91.7% 95.5% 6.3 0.8 2.4%

Lux Industries* Textiles - Composite 382.7 68.4 5.3 1607.0 227.8 2 55.1 9.9% 2.7% 58.2% 42.4% 41.6% 68.3% 18.8% 18.8% 14.9% 18.8% 29.2 7.1 0.8%

M B Agro Prod. Fertilizers 54.8 11.4 21.9 68.0 65.5 10 9.3 32.0% 54.3% 10.6% 68.9% 98.4% 33.9% 26.9% 23.5% 24.5% 25.3% 7.3 1.0 0.7%

Manaksia Steels* Steel - Medium / Small 167.4 13.1 6.6 13.4 31.2 1 3.2 49.9% 13.8% 55.4% 483.6% 837.4% 609.2% 8.1% 3.1% -0.1% 6.2% 4.2 0.4 0.0%

Mangalam Drugs Pharmaceuticals 97.0 13.4 15.8 149.0 77.5 10 16.5 44.2% 51.7% -6.4% 1078.9% 977.5% 33.7% 18.2% 13.1% 9.1% 15.6% 9.0 1.9 0.0%


17

Co_Name Industry

Net Sales

Sep 20 PBT Sep


Growth in Sales

YoY


Growth in Sales

QoQ

Growth in PBT

YoY

Growth in PBT H-

o-H

Growth in PBT QoQ

OPM% w/o OI -

Sep 20

OPM% w/o OI -

Jun 20

OPM% w/o OI -

Sep 19

OPM% w/o OI - HY

Sep 20

P/E on

TTM EPS P/BV

Div Yield

Latest

Marksans Pharma* Pharmaceuticals 356.5 65.9 40.9 58.9 13.4 1 4.2 39.0% 37.1% 7.6% 95.8% 107.8% 7.3% 23.3% 21.1% 13.1% 22.3% 14.0 4.4 0.2%

Mastek* Computers - Software 409.7 76.9 12.3 962.6 109.5 5 68.0 68.2% 62.0% 6.1% 145.8% 135.6% 8.4% 21.1% 17.6% 11.8% 19.4% 14.2 8.8 0.8%

Max Financial* Finance - Investment / Others 7019.9 95.5 53.9 648.8 85.2 2 9.5 49.8% 45.1% 27.5% 34.9% 83.5% -36.6% 1.4% 2.5% 1.5% 1.9% 68.2 7.6 0.0%

Mindtree* Computers - Software - Large 1926.0 344.7 164.7 1417.5 224.2 10 52.8 0.6% 2.3% 0.9% 87.9% 104.9% 18.9% 20.3% 16.9% 13.0% 18.6% 26.8 6.3 0.9%

Morepen Labs.* Pharmaceuticals 336.4 27.5 90.0 29.4 7.8 2 1.5 57.6% 42.7% 30.6% 197.8% 178.3% 40.7% 9.4% 10.3% 7.1% 9.8% 19.3 3.7 0.0%

Motil.Oswal.Fin.* Finance - Investment / Others 798.5 300.5 14.7 609.6 202.1 1 30.4 29.6% 24.0% 11.9% 123.5% 53.0% 57.8% 52.7% 43.2% 43.6% 48.2% 20.0 3.0 0.7%

NACL Industries* Pesticides / Agrochemicals 344.2 29.2 19.3 39.3 19.7 1 1.7 14.1% 21.0% 36.6% 178.9% 210.2% 253.4% 11.6% 7.2% 6.6% 9.8% 22.9 2.0 0.3%

Nahar Poly* Packaging - BOPP Film 76.6 15.7 12.3 85.5 82.8 5 19.0 19.6% -2.1% 38.0% 102.8% 55.5% 19.7% 19.8% 22.3% 10.5% 20.8% 4.5 1.0 1.2%

Natco Pharma* Pharmaceuticals 802.2 270.7 36.4 921.6 222.0 2 28.8 65.2% 39.6% 42.4% 94.2% 32.7% 71.2% 34.5% 30.4% 27.7% 32.8% 32.0 4.2 0.7%

Natl. Aluminium* Aluminium 2374.9 154.8 932.8 39.2 54.2 5 1.0 0.5% -15.6% 72.0% 428.9% 78.2% 526.0% 11.6% 9.3% 1.4% 10.8% 38.4 0.7 3.8%

Natl.Fertilizer* Fertilizers - Nitrogenous 3174.0 115.6 490.6 34.2 43.2 10 9.0 -15.0% -4.4% 12.1% 394.3% 461.2% -22.7% 8.3% 11.4% 5.9% 9.7% 3.8 0.8 2.8%

Navin Fluo.Intl.* Chemicals - Organic - Large 318.9 89.1 9.9 2682.7 301.8 2 89.3 16.8% 1.8% 48.4% 30.2% 31.7% 12.9% 28.4% 25.0% 25.0% 27.1% 30.0 8.9 0.4%

NDTV* Entertainment - Electronic Media 94.4 25.6 25.8 42.5 39.9 4 6.8 22.2% -10.6% 29.7% 381.9% 223.1% 174.1% 29.4% 21.9% -1.4% 26.1% 6.3 1.1 0.0%

Netwrk.18 Media* Miscellaneous - Medium / Small 1060.9 89.1 517.7 34.1 10.5 5 -1.0 -9.6% -22.8% 31.4% 715.7% 122.7% 253.8% 14.9% 3.1% 6.4% 9.8% -32.7 3.3 0.0%

Neuland Labs.* Pharmaceuticals 241.4 28.7 12.9 1031.5 577.5 10 29.8 29.6% 21.7% 17.5% 130.4% 144.4% 41.3% 16.9% 16.5% 13.4% 16.7% 34.6 1.8 0.2%

Newgen Software* Computers - Software 155.0 38.5 69.2 270.6 78.6 10 15.0 0.7% 0.8% 17.3% 579.5% 419.3% 222.9% 26.5% 11.8% 5.9% 19.7% 18.0 3.4 0.7%

NGL Fine Chem* Pharmaceuticals 68.3 20.6 3.1 1314.5 200.0 5 42.2 83.7% 42.0% 61.5% 653.5% 228.9% 59.3% 29.9% 31.7% 11.6% 30.6% 31.1 6.6 0.1%

Orient Cement Cement - Major - South India 477.5 54.2 20.5 71.5 56.8 1 4.8 -7.3% -26.2% 16.4% 603.1% 27.1% 28.5% 23.7% 23.9% 10.4% 23.8% 14.8 1.3 1.0%

P & G Health Ltd Pharmaceuticals - Multinational 264.0 77.2 16.6 6878.7 546.0 10 116.1 17.2% 1.4% 31.2% 46.9% 10.7% 38.6% 29.6% 26.4% 22.2% 28.2% 59.2 12.6 3.3%

P & G Hygiene Personal Care - Multinational 1009.5 335.7 32.5 10552.4 356.7 10 169.5 18.5% 10.4% 59.1% 85.1% 84.6% 217.8% 33.5% 17.4% 21.4% 27.3% 62.3 29.6 1.0%

P I Industries* Pesticides / Agrochemicals 1157.7 262.7 15.2 2205.0 327.1 1 39.1 27.6% 33.5% 9.2% 55.2% 49.8% 38.3% 24.2% 21.6% 21.2% 23.0% 56.3 6.7 0.2%

Pacific Inds* Granite & Marble - Large 41.4 6.7 3.5 151.3 277.8 10 11.4 41.8% 14.8% 67.2% 98.2% 79.2% 232.3% 18.9% 12.1% 9.2% 16.3% 13.3 0.5 0.0%

Panacea Biotec* Biotechnology 182.0 -19.2 6.1 200.9 85.4 1 -23.6 45.4% 25.4% 37.1% 73.5% 45.9% 43.1% 20.6% 16.2% -18.8% 18.8% -8.5 2.4 0.0%

Panama Petrochem* Petrochemicals - Others 325.3 24.2 12.1 79.5 65.2 2 5.8 25.1% -8.5% 103.6% 287.3% 70.6% 408.8% 8.4% 5.7% 5.0% 7.5% 13.7 1.2 1.5%

Persistent Sys* Computers - Software 1007.8 137.5 76.4 1194.4 337.0 10 47.6 13.9% 16.5% 1.7% 19.0% 15.2% 12.7% 16.5% 14.7% 13.8% 15.6% 25.1 3.5 1.0%

Pix Transmission* Rubber - Products 101.6 25.9 13.6 218.5 188.1 10 30.0 34.7% 7.9% 69.5% 228.5% 105.8% 234.8% 32.0% 22.4% 17.3% 28.4% 7.3 1.2 0.9%

Poly Medicure* Medical Accessories 199.6 46.0 44.1 489.2 55.3 5 12.4 14.8% 10.3% 17.2% 29.6% 30.1% 26.8% 28.3% 26.9% 24.1% 27.7% 39.5 8.8 0.4%

Power Fin.Corpn.* Finance 18109.1 5289.0 2640.1 108.3 187.0 10 34.1 17.2% 16.5% 7.3% 46.1% 29.1% 14.3% 91.2% 91.7% 89.1% 91.5% 3.2 0.6 8.8%

Pricol Ltd* Auto Ancillaries - Others 376.2 48.9 9.5 49.9 44.6 1 0.6 19.8% -22.1% 253.6% 182.6% 118.6% 248.1% 14.7% -3.6% -9.5% 10.7% 82.6 1.1 0.0%

R Systems Intl.* IT Enabled Services 224.3 33.3 12.0 117.3 24.7 1 6.4 13.6% 8.6% 6.6% 139.1% 73.2% 75.6% 15.9% 11.0% 7.8% 13.5% 18.4 4.8 1.3%

Ramco Systems* Computers - Software 159.8 29.0 30.7 445.2 276.7 10 9.9 7.1% 5.6% 10.0% 112.0% 178.3% 3.2% 27.4% 31.0% 20.8% 29.1% 44.8 1.6 0.0%

REC Ltd* Finance - Term-Lending 8810.0 2784.3 1974.9 120.8 203.9 10 31.3 15.1% 17.7% 4.3% 49.2% 32.4% 12.1% 92.9% 90.9% 85.9% 91.9% 3.9 0.6 9.1%

Route Mobile* IT Enabled Services 349.3 39.4 56.9 1054.5 55.3 10 21.1 NA 55% 12.8% NA 120% 18.3% 12.0% 12.2% NA 12% 25.0 19.1 0.1%

Rupa & Co* Textiles - Readymade Apparel 302.7 61.6 8.0 224.8 84.6 1 11.3 5.6% 5.5% 44.9% 75.4% 101.8% 115.5% 21.8% 17.4% 14.5% 20.0% 19.8 2.7 1.3%

S H Kelkar & Co.* Chemicals - Inorganic - Large 351.9 70.5 141.3 130.4 41.9 10 6.9 27.4% -0.8% 83.9% 279.3% 89.5% 272.5% 20.2% 16.2% 13.8% 18.8% 18.9 3.1 0.7%

Sagar Cements* Cement - Mini - South India 325.9 76.2 23.5 713.7 498.6 10 33.5 22.8% -3.2% 23.4% 969.8% 141.0% 38.4% 32.1% 32.9% 16.0% 32.5% 21.3 1.4 0.4%

Sandesh* Printing & Stationery 60.0 31.8 7.6 564.2 1074.8 10 97.1 -29.0% -40.7% 36.9% 72.3% 45.4% 29.9% 37.6% 14.0% 18.0% 27.6% 5.8 0.5 0.9%


18

Co_Name Industry

Net Sales

Sep 20 PBT Sep


Growth in Sales

YoY


Growth in Sales

QoQ

Growth in PBT

YoY

Growth in PBT H-

o-H

Growth in PBT QoQ

OPM% w/o OI -

Sep 20

OPM% w/o OI -

Jun 20

OPM% w/o OI -

Sep 19

OPM% w/o OI - HY

Sep 20

P/E on

TTM EPS P/BV

Div Yield

Latest

Saregama India* Entertainment - Content Providers 108.1 38.2 17.4 780.5 214.8 10 40.1 -31.3% -34.9% 41.3% 59.4% 148.9% 73.7% 34.1% 24.7% 15.4% 30.2% 19.5 3.6 0.2%

Sayaji Industr* Starch 139.8 11.0 3.2 137.0 122.8 5 2.5 0.7% -29.7% 62.1% 301.5% 186.0% 261.3% 11.9% -1.6% 0.2% 6.8% 54.1 1.1 0.0%

SBI Life Insuran Life Insurance 12858.0 215.1 1000.1 846.3 96.6 10 16.1 27.2% 21.9% 69.4% 20.8% 14.8% -65.7% 1.6% 8.1% 1.6% 4.0% 52.5 8.8 0.0%

Sequent Scien.* Pharmaceuticals 346.3 29.3 49.7 155.8 39.9 2 3.4 21.8% 16.8% 11.6% 28.4% 47.0% -8.1% 13.7% 16.4% 13.1% 15.0% 45.2 3.9 0.0%

Shakti Pumps* Pumps 201.1 22.5 18.4 239.1 137.6 10 2.0 120.5% 48.9% 118.1% 616.8% 2191.1% 593.8% 15.3% 12.3% 4.9% 14.4% 118.8 1.7 0.0%

Sharda Cropchem* Pesticides / Agrochemicals 424.8 30.2 90.2 277.0 149.6 10 21.6 31.1% 9.3% 9.2% 736.4% 120.1% -12.9% 15.0% 15.7% 6.1% 15.3% 12.9 1.9 1.4%

Shree Cement* Cement - Major - North India 3249.9 729.5 36.1 24110.4 3835.5 10 471.8 8.2% -9.2% 31.0% 79.6% 29.1% 64.8% 30.8% 27.7% 29.1% 29.5% 51.1 6.3 0.5%

Smruthi Organic Pharmaceuticals 36.8 8.1 3.8 334.0 135.1 10 34.5 -2.7% -5.9% 25.5% 204.5% 115.1% 94.7% 25.4% 19.3% 12.1% 22.6% 9.7 2.5 0.9%

Solara Active* Pharmaceuticals 397.6 56.8 35.8 1164.6 411.8 10 44.2 13.2% 9.5% 14.1% 94.6% 78.0% 34.1% 24.6% 24.1% 19.4% 24.3% 26.4 2.8 0.2%

Sr.Rayala.Hypo* Chemicals - Inorganic 203.3 21.8 17.2 257.4 208.4 10 30.1 25.4% 18.3% 4.3% 99.0% 95.8% 18.3% 17.5% 16.6% 15.6% 17.0% 8.6 1.2 1.0%

St Bk of India* Banks - Public Sector 70043.1 7306.8 892.5 244.3 248.7 1 23.1 4.0% 5.3% 0.1% 21.1% 26.1% 1.3% 30.0% 40.2% 31.1% 35.1% 10.6 1.0 0.0%

Subex* Computers - Software 93.3 24.6 281.0 22.9 9.2 5 1.0 8.9% 10.6% 5.2% 43.7% 67.8% -4.7% 24.4% 33.4% 24.2% 28.8% 23.6 2.5 0.0%

Sumitomo Chemi.* Pesticides / Agrochemicals 902.0 212.1 499.2 282.1 28.4 10 5.2 8.7% 6.5% 39.3% 41.9% 43.2% 94.7% 24.3% 18.3% 18.8% 21.8% 54.3 9.9 0.3%

Sundaram Finance* Finance - Large 1298.7 323.4 110.2 1730.4 527.8 10 89.6 23.7% 25.9% 2.1% 38.3% 27.5% 23.7% 78.6% 76.6% 74.1% 77.6% 19.3 3.3 0.8%

Tanla Solutions* Computers - Software 583.3 92.3 13.6 612.7 41.6 1 8.0 19.7% 17.8% 28.0% 338.2% 206.5% 21.3% 16.7% 16.5% 6.2% 16.6% 76.3 14.7 0.0%

Tata Coffee* Coffee 543.4 57.9 18.7 103.2 54.2 1 4.8 12.9% 19.3% -7.5% 23.3% 44.4% -26.8% 16.3% 18.8% 16.5% 17.6% 21.3 1.9 1.5%

Tata Comm* Telecommunications 4401.1 501.3 285.0 1059.5 304.5 10 26.3 3.0% 4.3% 0.0% 207.1% 160.1% 47.5% 25.1% 23.4% 19.4% 24.2% 40.4 3.5 0.4%

Tata Consumer* Tea - Indian - Large 2781.3 321.5 92.2 539.0 119.1 1 9.5 18.5% 15.9% 2.5% 22.6% 46.1% -35.6% 13.5% 17.8% 13.3% 15.6% 56.6 4.5 0.5%

Tata Elxsi Computers - Software 430.2 110.0 62.3 1591.7 182.1 10 49.0 11.5% 11.1% 7.4% 56.1% 45.0% 17.0% 27.4% 23.1% 18.2% 25.4% 32.5 8.7 1.0%

Tata Metaliks Steel - Pig Iron 519.6 90.0 28.1 537.7 364.2 10 68.6 1.6% -27.8% 147.5% 295.6% 46.6% 641.3% 21.0% 4.8% 8.0% 16.4% 7.8 1.5 0.5%

TD Power Systems* Electric Equipment 183.1 22.8 30.9 126.2 147.5 10 8.0 31.3% 12.1% 148.8% 198.0% 138.3% 337.4% 15.2% -6.8% 7.0% 8.9% 15.7 0.9 1.8%

Themis Medicare* Pharmaceuticals 54.9 8.6 9.2 349.0 145.9 10 36.8 9.1% 1.7% 13.2% 618.5% 197.2% -12.1% 17.7% 25.4% 10.8% 21.3% 9.5 2.4 0.5%

Titan Biotech* Biotechnology 32.7 10.1 8.3 126.6 67.7 10 28.3 76.4% 77.5% -17.1% 407.0% 396.6% -42.6% 33.4% 46.1% 14.1% 40.3% 4.5 1.9 0.8%

Torrent Pharma.* Pharmaceuticals 1985.0 384.0 84.6 2611.1 341.5 5 70.7 0.9% 1.4% -1.4% 29.7% 36.7% -4.5% 32.0% 32.8% 27.5% 32.4% 36.9 7.6 1.2%

TV18 Broadcast* Entertainment 1012.8 135.1 342.9 29.7 16.2 2 1.6 -10.1% -23.1% 30.5% 139.6% 65.3% 3551.1% 16.2% 5.7% 9.3% 11.7% 18.4 1.8 0.0%

Uflex* Packaging - Lamination 2157.0 299.6 72.2 349.5 325.2 10 83.6 18.2% 8.8% 10.6% 143.0% 133.3% 14.1% 21.7% 21.3% 15.1% 21.5% 4.2 1.1 0.6%

Unichem Labs.* Pharmaceuticals 317.5 18.0 14.1 255.5 375.2 2 -2.9 18.4% 17.3% 0.1% 183.6% 171.0% 155.5% 9.4% 3.8% -10.0% 6.6% -87.2 0.7 1.6%

Vaibhav Global* Diamond Cutting / Jewellery 598.8 89.2 32.4 2127.0 162.2 10 70.5 23.4% 24.2% 8.8% 46.3% 47.1% 33.2% 16.0% 13.4% 13.7% 14.7% 30.2 13.1 1.6%

Vimta Labs Miscellaneous 58.8 9.7 4.4 135.1 80.7 2 4.7 38.5% 6.3% 80.5% 2017.4% 259.2% 516.2% 26.9% 11.2% 14.9% 21.3% 28.8 1.7 0.0%

Visaka Industrie* Cement Products 226.3 29.9 16.1 369.9 357.0 10 43.3 -0.9% -12.0% -20.7% 394.7% 85.2% -35.1% 17.9% 20.4% 8.0% 19.3% 8.5 1.0 4.1%

VST Till. Tract. Automobiles - Tractors 220.4 41.0 8.6 1924.5 722.6 10 54.5 37.0% 22.0% 50.7% 326.7% 153.8% 95.8% 17.1% 11.2% 2.6% 14.8% 35.3 2.7 0.8%

1) While compiling the above, we have excluded companies whose average of last 4 quarter sales is less than Rs.25 crore 2) * - Consolidated numbers; Book value is standalone even for companies with consolidated figures, CMP is as of 27 November 2020.


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