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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.