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

Q3-FY18 &amp;9M-FY18 -<table class="table table-striped">
<thead><tr>
<td>Particulars (Rs. Mn.)</td>
<td>Q3FY17</td>
<td>Q1FY18</td>
<td>Q2FY18</td>
<td>Q3FY18</td>
<td>9MFY17</td>
<td>9MFY18</td>
</tr></thead>
<tbody>
<tr>
<td>Net Sales</td>
<td>7,093</td>
<td>7,888</td>
<td>8,137</td>
<td>8,481</td>
<td>21,574</td>
<td>24,507</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>15.5%</td>
<td>10.9%</td>
<td>10.4%</td>
<td>19.6%</td>
<td>13.2%</td>
<td>13.6%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>-3.8%</td>
<td>1.8%</td>
<td>3.2%</td>
<td>4.2%</td>
</tr>
<tr>
<td>Raw Material</td>
<td>2,750</td>
<td>3,109</td>
<td>3,193</td>
<td>3,473</td>
<td>8,314</td>
<td>9,774</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>38.8%</td>
<td>39.4%</td>
<td>39.2%</td>
<td>40.9%</td>
<td>38.5%</td>
<td>39.9%</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>10.8%</td>
<td>12.4%</td>
<td>14.1%</td>
<td>26.3%</td>
<td>6.6%</td>
<td>17.6%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>-1.7%</td>
<td>2.2%</td>
<td>2.7%</td>
<td>8.8%</td>
</tr>
<tr>
<td>Employee Costs</td>
<td>757</td>
<td>812</td>
<td>793</td>
<td>817</td>
<td>2,193</td>
<td>2,421</td>
</tr>
<tr>
<td>as % of net sales</td>
<td>10.7%</td>
<td>10.3%</td>
<td>9.7%</td>
<td>9.6%</td>
<td>10.2%</td>
<td>9.9%</td>
</tr>
<tr>
<td>YoY (%)</td>
<td>14.7%</td>
<td>16.5%</td>
<td>7.1%</td>
<td>7.9%</td>
<td>12.4%</td>
<td>10.4%</td>
</tr>
<tr>
<td>QoQ (%)</td>
<td>2.3%</td>
<td>-4.2%</td>
<td>-2.4%</td>
<td>3.0%</td>
</tr>
<tr>
<td>Operating &amp; Manufacturing expenses</td>
</tr>
</tbody>
</table>…

Q3-FY18 &amp;9M-FY18 -

Particulars (Rs. Mn.)
Q3FY17
Q1FY18
Q2FY18
Q3FY18
9MFY17
9MFY18



Net Sales
7,093
7,888
8,137
8,481
21,574
24,507


YoY (%)
15.5%
10.9%
10.4%
19.6%
13.2%
13.6%


QoQ (%)
-3.8%
1.8%
3.2%
4.2%


Raw Material
2,750
3,109
3,193
3,473
8,314
9,774


as % of net sales
38.8%
39.4%
39.2%
40.9%
38.5%
39.9%


YoY (%)
10.8%
12.4%
14.1%
26.3%
6.6%
17.6%


QoQ (%)
-1.7%
2.2%
2.7%
8.8%


Employee Costs
757
812
793
817
2,193
2,421


as % of net sales
10.7%
10.3%
9.7%
9.6%
10.2%
9.9%


YoY (%)
14.7%
16.5%
7.1%
7.9%
12.4%
10.4%


QoQ (%)
2.3%
-4.2%
-2.4%
3.0%


Operating &amp; Manufacturing expenses


…

Sundram Fasteners – In-Line Q3-FY18 – Steady EBITDAM; Healthy BS, Re-Iterate Our Investment Thesis.

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 focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

<div class="content-highlight"><h2>Market Overview</h2></div>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.<ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6 million households, feature phones too are making a strong drive into the hands of consumers in India, especially in rural areas where wireless teledensity is a low 52.84 compared to 165.04 in urban India. According to Speeda, the Indian mobile phone market is predominantly a feature phone market with smartphones making up for only 39.7% of handset sales…

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6 million households, feature phones too are making a strong drive into the hands of consumers in India, especially in rural areas where wireless teledensity is a low 52.84 compared to 165.04 in urban India. According to Speeda, the Indian mobile phone market is predominantly a feature phone market with smartphones making up for only 39.7% of handset sales…

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

India

Sundram Fasteners Limited manufactures a wide range of nuts, bolts and related fastener equipment.  Products include high-tensile fasteners and equipment for the automotive industry, such as cold extruded parts, radiator caps and gear shifters.  The Company also manufactures water pumps and fuel pumps.

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Sundram Fasteners (SF IN)

Sundram Fasteners – In-Line Q3-FY18 – Steady EBITDAM; Healthy BS, Re-Iterate Our Investment Thesis.

Q3-FY18 &9M-FY18 -We re-iterate our positive outlook on the stock and are of the strong opinion that the stock has the potential of delivering...

DC India Research

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

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6...

Speeda Research

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