Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

Q2FY18 &amp; HY-1-FY18 Performance Review – <table class="table table-striped"><tbody>
<tr>
<td>Particulars</td>
<td>q1-fy17</td>
<td>q2-fy17</td>
<td>q1-fy18</td>
<td>q2-fy18</td>
<td>H1FY17</td>
<td>H2FY17</td>
<td>H1FY18</td>
<td>H2FY18</td>
<td>FY17</td>
</tr>
<tr>
<td>Net Sales (Rs. Mn.)</td>
<td>7,110</td>
<td>7,371</td>
<td>7,888</td>
<td>8,137</td>
<td>14,844</td>
<td>18,056</td>
<td>16,025</td>
<td>20,329</td>
<td>32,900</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>12.5%</td>
<td>11.6%</td>
<td>10.9%</td>
<td>10.4%</td>
<td>13.4%</td>
<td>38.0%</td>
<td>8.0%</td>
<td>12.6%</td>
<td>1.1%</td>
</tr>
<tr>
<td>as % of Full Year Nos.</td>
<td>21.6%</td>
<td>22.4%</td>
<td>21.7%</td>
<td>22.4%</td>
<td>45.1%</td>
<td>54.9%</td>
<td>44.1%</td>
<td>55.9%</td>
</tr>
<tr>
<td>EBITDA (Rs. Mn.)</td>
<td>1,348</td>
<td>1,395</td>
<td>1,475</td>
<td>1,535</td>
<td>2,693</td>
<td>3,269</td>
<td>3,010</td>
<td>3,812</td>
<td>5,962</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>60.2%</td>
<td>81.1%</td>
<td>9.5%</td>
<td>10.0%</td>
<td>-1.8%</td>
<td>72.4%</td>
<td>11.8%</td>
<td>16.6%</td>
<td>55.3%</td>
</tr>
<tr>
<td>as % of Full Year Nos.</td>
<td>22.6%</td>
<td>23.4%</td>
<td>21.6%</td>
<td>22.5%</td>
<td>45.2%</td>
<td>54.8%</td>
<td>44.1%</td>
<td>55.9%</td>
</tr>
<tr>
<td>EBITDA Margin (%)</td>
<td>19.0%</td>
<td>18.9%</td>
<td>18.7%</td>
<td>18.9%</td>
<td>1…</td>
</tr>
</tbody></table>

Q2FY18 &amp; HY-1-FY18 Performance Review – 

Particulars
q1-fy17
q2-fy17
q1-fy18
q2-fy18
H1FY17
H2FY17
H1FY18
H2FY18
FY17


Net Sales (Rs. Mn.)
7,110
7,371
7,888
8,137
14,844
18,056
16,025
20,329
32,900


YoY (%)
12.5%
11.6%
10.9%
10.4%
13.4%
38.0%
8.0%
12.6%
1.1%


as % of Full Year Nos.
21.6%
22.4%
21.7%
22.4%
45.1%
54.9%
44.1%
55.9%


EBITDA (Rs. Mn.)
1,348
1,395
1,475
1,535
2,693
3,269
3,010
3,812
5,962


YoY (%)
60.2%
81.1%
9.5%
10.0%
-1.8%
72.4%
11.8%
16.6%
55.3%


as % of Full Year Nos.
22.6%
23.4%
21.6%
22.5%
45.2%
54.8%
44.1%
55.9%


EBITDA Margin (%)
19.0%
18.9%
18.7%
18.9%
1…



Sundaram Fasteners: In-Line Results Steady EBITDA Margins; Healthy BS, Re-Iterate Our Thesis.

<h2>Background &amp; Business</h2>Sundram Fasteners (SF), current M. Cap Rs. 110bn (CMP Rs. 518/-; FV @ Re. 1/-) &amp; FY17 Consolidated Topline ~Rs. 33bn is part of the illustrious TVS Group (49.5% Promoter stake); which comprises of noticeable companies – TVS Motors, Wheels India, Sundaram Clayton, Sundaram Finance, TVS Srichakra, TVS Electronics, TVS Logistics Services &amp; others.Established in 1966, SF is into the manufacturing of high precision, critical components for the automobile, infrastructure, windmill…

Background &amp; BusinessSundram Fasteners (SF), current M. Cap Rs. 110bn (CMP Rs. 518/-; FV @ Re. 1/-) &amp; FY17 Consolidated Topline ~Rs. 33bn is part of the illustrious TVS Group (49.5% Promoter stake); which comprises of noticeable companies – TVS Motors, Wheels India, Sundaram Clayton, Sundaram Finance, TVS Srichakra, TVS Electronics, TVS Logistics Services &amp; others.Established in 1966, SF is into the manufacturing of high precision, critical components for the automobile, infrastructure, windmill…

Sundram Fasteners -Future Ready Reaping Benefits of Richer Mix; Exceptional Mgt Pedigree & Strong CF

India

Sundram Fasteners is an Indian automotive components manufacturer and a key player in the global automotive component industry. The company manufactures high-tensile fasteners, powder metal components, cold extruded and hot forged parts, powertrain components, pumps, radiator caps, and wind energy components for the automotive, infrastructure, windmill, and aviation sectors. It was founded in 1962 and is headquartered in Chennai, India.

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Sundram Fasteners (SF IN)

Sundaram Fasteners: In-Line Results Steady EBITDA Margins; Healthy BS, Re-Iterate Our Thesis.

Q2FY18 & HY-1-FY18 Performance Review – Takeaways – q2-FY18 saw topline growth of 10%+ YoY with first half FY18 topline growth of ~11%...

DC India Research

Sundram Fasteners -Future Ready Reaping Benefits of Richer Mix; Exceptional Mgt Pedigree & Strong CF

Background & BusinessSundram Fasteners (SF), current M. Cap Rs. 110bn (CMP Rs. 518/-; FV @ Re. 1/-) & FY17 Consolidated Topline ~Rs. 33bn...

DC India Research

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