1.Aurobindo Pharma: Q2FY21 revenues grew 15.8% YoY to | 6483 crore (I-direct estimate: | 6386 crore) mainly due to 12.5% YoY growth in the US to | 3190 crore. EU business grew 8.1% YoY to | 1515 crore. ARV segment grew 111.3% YoY to | 503 crore. RoW markets also posted a robust growth of 39.9% YoY to | 447 crore. API segment grew 2.9% YoY to | 829 crore. EBITDA margins grew 174 bps YoY to 22.1% (I-direct estimate: 20.6%) with higher gross margins being partly offset by higher other expenditure. EBITDA grew 25.7% YoY to | 1433 crore against I-direct estimates of | 1315 crore. Adjusted Net Profit grew 23.5% YoY to | 806 crore (I-direct estimate: | 789 crore). Delta vis-à-vis EBITDA was due to a higher tax rate (31.9% vs 26.0% in Q2FY20) partly offset by higher other income.
2.Brigade Enterprises (BEL) reported resilient operating performance with sales volumes almost back to the pre-covid levels. The company reported sales volume of .99 mn sq feet (I-direct estimate: 0.8 mn sq feet), reporting a decline of merely ~1% YoY (our expectations – 20% YoY decline). The presales (sales value) was up 8.9% YoY at | 576 crore, as realisations were up 9.9% YoY at | 59833/sq feet (largely a function of project mix). On financial front, revenues were down ~58% YoY at | 311 crore. The company reported losses of | 17.1 crore at PAT levels.
3.Petronet LNG: The topline declined 33.4% YoY to | 6235.8 crore while total volumes were up 1.6% YoY and 33.7% QoQ to 254 tbtu. Blended margins stood at | 59.7/mmbtu. Subsequently, EBITDA was at | 1363.2 crore (up 17.5% YoY) leading to reported PAT at | 927.3 crore, down 15.9% YoY as company had negative tax outgo in base quarter
4.Coal India (CIL) reported operationally subdued set of numbers for Q2FY21, wherein EBITDA and PAT came in lower than our estimate. CIL reported sales volume of 134 Million tonnes (MT), up 9% YoY. Total consolidated operating income for the quarter under review stood at |21153 crore, down 1% YoY (our estimate of |21278 crore). EBITDA came in at |3975 crore (up 10% YoY), lower than our estimate of |4468 crore. EBITDA margin came in at 18.8% (up 110 bps YoY), lower than our estimate of 21.0%. Ensuing PAT came in at |2952 crore (down 16% YoY), lower than our estimate of |3381 crore.
5.Shree Cement’s operational performance for Q2FY21 remained ahead of our estimates. Revenue for Q2FY21 grew by 7.9% YoY to 3022.4 crore (I-direct est: |2964.1 crore) led by 13% YoY growth in volumes. Despite dip in the realisations (down 4.5% YoY), EBITDA margins expanded by 256bps YoY to 32.7%. Higher other income and lower depreciation also fueled the net profit growth of 77% for the quarter.
6.For Q2FY21E, we expect Page Industries to report sales decline of 6% YoY to | 726.6 crore. We expect EBITDA margins to remain constant YoY at 19.0% (EBITDA loss of | 35 crore in Q1FY21). PAT is expected to decline 22% YoY to | 89.4 crore
