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

Sundram Fasteners - In-Line Q4/FY18 Perf, Re-Iterate Positive Investment Thesis

Sundram Fasteners: In-Line Q1, Val Have Run-Up, Stock Likely to Consolidate in Near-Term

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

India Small Cap Tour: CEAT Riding the Growth in Passenger Vehicle Segment

India: Even as Market Share Falls, Commercial Vehicle Tyres Continue to Dominate Industry Revenue

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.