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Dabur Q1 Net Profit Jumps 28% on Volume Growth, Higher Margin


Fast-moving consumer goods maker Dabur India Ltd reported a 28% jump in its consolidated net profit for the first quarter through June 2021 thanks to strong growth in business volumes and higher earnings margins.

Net profit for the April-June period rose toRs 438.3 crore from Rs 341.3 crore in the year-ago period, the maker of Dabur Chyawanprash, Real fruit juices and Vatika hair oil said.

The company’s revenue climbed 32% to Rs 2,611.5 crore from Rs 1,980 crore a year earlier, despite the mobility restrictions and disruptions due to localized lockdowns in the wake of the Covid-19 pandemic.

Dabur’s India FMCG business grew 35.4% during the quarter, with an underlying volume growth of34.4%.


Other key details:

1. Dabur’s EBITDA rose 32.5% to Rs 552 crore from Rs 416.5 crore. EBITDA margin widened to 21.1% from 21%.

2. April-June revenue from the food business soared 85% to Rs 402.5 crore.

3. Quarterly sales from the main consumer care business jumped 25% to Rs 2,168 crore.

4. Healthcare business reported 30% growth, with the ayurvedic OTC business growing 52%.

5. Overseas sales soared 34% in constant currency terms, with the MENA business growing 49% and SAARC business rising 41%.


Management Commentary: 

Dabur CEO Mohit Malhotra said the company learnt from last year to streamline its supply chain and ensured minimal disruption while firmly focusing on delivering volume-led growth.

Malhotra said the company has expanded its rural coverage by 16%, from 60,000 villages at the end of 2020-21 to 69,000 villages as of June 30, 2021, and that it plans to expand it to 80,000 villages over the next two years.

The company also said that its e-commerce vertical reported more than 100% growth and now contributes 8.2% to its India FMCG business.

It also said that discretionary spending in the country is reviving despite the pandemic. This helped its home and personal care business grow by 26% during the quarter while the skin care and salon business reported 66% growth.



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Rolex Rings IPO Allotment - How to Check the Allotment Status?

by Nikita Bhoota 03/08/2021

Rolex Rings IPO is subscribed 130.44 times and allotment of shares is happening on 4th August. Investors who have applied for Rolex Rings IPO are very keen to know if the IPO is being allotted to them. Allotment of shares happens based on rules prescribed by the regulatory body i.e. SEBI. Allocation is categorised as retail investors, non-institutional investors and qualified institutional investors. However, the allotment rules for all the three mentioned categories are different.

Several Investors wait for the email or messages from the depository. However, the investors sometimes might not get updated about IPO allotment information through emails or SMS due to technical reasons. Therefore, here we have discussed some of the other ways to check IPO allotment status.


Also Read: Rolex Rings IPO Final Subscription Status


Let’s understand what exactly is the allotment status

Allotment status denotes the number of shares allocated and the number of shares applied in an IPO. It is categorised as follows:

Allotted: It means full shares allotted against applied.

Partly/ partially allotted: This means less number of shares allotted against applied.

Non- Allotment: No shares allotted against applied number of shares. Some of the reasons for non-allotment are as follows

•    The issue price is more i.e. higher than the bid price
•    The application was not selected in the lottery process
•    Error in some of the details like pan card number, Demat Account number
•    More than one application has been submitted via the same pan card number

Some of the other ways to check Rolex Rings IPO Allotment status

Option 1 - Go to Registrar’s Website:
An investor can check the IPO allotment status on the registrars’ website. Below are the steps mentioned to check allotment status in detail – 

1.    Go to Link Intime India Website at - & select "Public Issues"

2.    Select the IPO name as – Rolex Rings IPO

3.    Choose to add PAN Card no./Application number, DP Id or account no./IFSC to check the allotment status

4.    Click on the search button

Following is the link of registrar to check the Rolex Rings IPO Allotment Status - 

Option 2 – BSE and NSE Website
On the BSE website investors have to click on the equity or debt category in the equity type field, select the issue name from the dropdown, enter the application number as well as pan card details to check the allotment status. The link to check allotment status is as below

Whereas, in the case of NSE, investors have to register one time by providing the PAN details. The investor shall be able to view the details of the bids entered against the registered PAN number.

On registration, the investor will receive an email notification from NSE on their registered email ID mentioning the login details.


Frequently Asked Questions - 

Q. How do I check whether Rolex Rings IPO is allotted to me or not?

A. You can check the IPO Allotment status using two ways - mentioned above. However you will also receive an email and SMS notification if you have got the shares allotted to your account or not.


Q. What if Rolex Rings IPO is not allotted to me?

A. If Rolex Rings IPO is not allotted to you, then -

     1) In case of no-allotment or partial allotment, the money will be refunded to investors of the application money. Once applied for the IPO, then the bank blocks the amount in the account equal to bid size and the amount gets debited from the bank account after final allotment. 

     2) Based on application status, the bank will initiate a full or partial refund which generally takes one or two days to receive the refund in your account. 


Q. When is the Rolex Rings IPO Allotment expected?

A. Rolex Rings IPO allotment is expected on 4th August 2021.


Q. When is Rolex Rings IPO getting listed?

A. Rolex Rings IPO is getting listed on 9th August 2021.


Q. How many times Rolex Rings IPO was subscribed?

A. Rolex Rings IPO was oversubscribed (44.17%).

     Retailer - 24.49 times

     QIB - 143.58 times

     NII - 360.11 times


Q. Where can I check the IPO Allotment status of Rolex Rings IPO?

A. You can login to Link Intime Website OR on BSE India Website to check Rolex Rings IPO. Above are the steps mentioned for both the websites.

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SBI Posts Record Profit in Q1 as Loan Loss Provisions Fall


State Bank of India reported a record profit for the first quarter through June 2021, helped by a sharp drop in provisions to cover potential bad loans.

The nation’s biggest lender said standalone net profit jumped 55% to Rs 6,504 crore for the April-June period from Rs 4,189.34 crore a year earlier.

Net interest income—the difference between interest earned and paid—rose3.74% to Rs 27,638 crore even though the net interest margin for its domestic business shrank a little to 3.15% from 3.24% a year earlier.

The bank’s provisions to cover for potential non-performing assets (NPAs) slumped47% to Rs 5,030 crore from Rs 9,420 crore in the corresponding period of the last financial year.


Other key details:

1. Operating profit for Q1 grew 5.06% from a year earlier to Rs 18,975 crore.

2. Total deposits increased 8.8% year-on-year but gross advances grew at a slower pace of 5.8%.

3. Retail personal loans recorded the fastest growth, of 16.5%, while corporate loans fell 2.33%.

4. The bank’s capital adequacy ratio improved by 26 basis points to 13.66%.

5. Asset quality slightly improved as gross NPA ratio was at 5.32% from 5.44% a year earlier.


Management Commentary: 

SBI said its digital strategy is on track as it opened 38% of retail asset accounts and 72% of savings accounts through its Yono app in the first quarter.

The bank recorded strong growth in personal retail loans, driven by home loans, credit and gold loans. It added the growth in corporate loans will revive in line with recovery in the investment cycle in the broader economy.

The state-run lender also said it has well provided for its stressed book with its provision coverage ratio at 85.93% as of June 30, 2021.

It acknowledged that the Covid-19 pandemic across the globe has resulted in a decline in economic activities and that the situation remains uncertain.It said that major challenges for the bank could be from extended working capital cycles, fluctuating cash flow trends and probable inability of the borrowers to repay their loans timely.

However, the bank is proactively providing against the challenges of likely stress on its assets, SBI said.


Also Read: State Bank of India - Quarterly results 2021



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Titan Ekes Out a Profit in Q1 but Local Lockdowns Hurt


Titan Company Ltd swung to a consolidated net profit for the first quarter through June 2021from a steep loss a year earlier when a nationwide lockdown to control the Covid-19 pandemic forced it to keep its stores closed.

The Tata Group company posted a consolidated net profit attributed to shareholders of Rs 20 crore for the April-June quarter, compared with a net loss of Rs 291 crore for the corresponding period of 2020.

However, the first-quarter profit was down 96.5% from Rs 564 crore in the preceding three-month period due to localised lockdowns that state governments imposed to tackle the pandemic’s devastating second wave.

The maker of Tanishq jewellery and Fastrack watches recorded revenue of Rs 3,473 crore in the first quarter. This is up from Rs 2,020 crore a year earlier but less than half the revenue it generated in the January-March period.


Other key details:

1. Jewellery division recorded revenue of Rs 2,467 crore for Q1 versus Rs 1,182 crore a year earlier.

2. Jewellery division clocked earnings before interest and tax of Rs 207 crore for Q1 versus a loss of Rs 54 crore.

3. The watches and wearables business recorded sales of Rs 292 crore as against Rs 75 crore earlier.

4. Eyewear business generated Rs 67 crore in Q1, compared with Rs 30 crore in the same period last year.

5. Titan added 13 stores in Q1 and now operates 1,922 outlets across 297 towns.


Management Commentary: 

The company said higher revenue in the first quarter of the current fiscal year was due mainly to the base effect of zero sales in April last year, when India was under a strict lockdown.

It also said its jewellery division, which accounts for more than four-fifths of its revenue, is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels.

Titan managing director CK Venkataraman said the company started the quarter with strong business momentum but the second wave of the pandemic severely disrupted it.

“The learnings and experience of the past year helped us navigate this quarter’s turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in June, and with the rising vaccination level, we saw demand coming back steadily,” he said.



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Berger Paints and Hindalco Ltd – Quarterly Results

Berger Paints

Berger Paints reported 93.23% growth in sales revenues for the Jun-21 quarter at Rs.1,799 crore. Net profits for the Jun-21 quarter was up 9-fold at Rs.141 crore. While COVID 2.0 has had an impact on sequential sales, the YoY growth is extremely strong. Berger’s traction comes from its focus on the decorative paints segment with emphasis on total home solutions, which promises a higher wallet share of the customer.


Rs in Crore






Total Income (Rs cr)

₹ 1,798.49

₹ 930.76


₹ 2,026.09


Net Profit (Rs cr)

₹ 140.59

₹ 15.42


₹ 208.59


Diluted EPS (Rs)

₹ 1.45

₹ 0.16


₹ 2.15


Net Margins







For the Jun-21 quarter, Berger saw sharp expansion in EBITDA with the standalone EBITDA expanding 94.5% and consolidated EBITDA expanding 159%. Higher sales ensured economies of scale and better absorption of fixed costs overheads, boosting profits. EBITDA margins were 13.3% on a consolidated basis with net margins at 7.28% in the Jun-21 quarter.

Hindalco Ltd reported 63.58% growth in sales for the Jun-21 quarter at Rs.41,358 crore. The onset of COVID 2.0 had an impact on sequential growth, but it was still positive. Net profit for the Jun-21 quarter-turned around to a record level of Rs.2,787 crore against losses of Rs-709 crore in the Jun-20 quarter. Among the verticals, Novelis grew 54% YoY, domestic aluminium showed growth of 41% while copper grew 134%. Novelis total shipments were up 26% at 973KT while Aluminium India output grew 137% at 82KT. EBITDA per ton for Novelis spurted from $327 to $570 on YoY basis.

Rs in Crore






Total Income (Rs cr)

₹ 41,358

₹ 25,283


₹ 40,507


Net Profit (Rs cr)

₹ 2,787

₹ -709


₹ 1,928


Diluted EPS (Rs)

₹ 12.51

₹ -3.19


₹ 8.66


Net Margins







Hindalco EBITDA was up 188% YoY at Rs.6,790 crore, another all-time record. While the Novelis EBITDA was up 119% at $555 million, the India business reported 121% growth in EBITDA at Rs.2,513 crore. Domestic aluminium EBITDA margins stood at 37.50%. The net margins for Jun-21 quarter at 6.74% was also supported by deleveraging which improved the Net debt to EBITDA ratio from 3.83X to 2.36X.

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Nuvoco Vistas - IPO Research Note


Nuvoco Vistas, the cement company promoted by Karsanbhai Patel of Nirma fame, has a pedigree of 22 years in the cement business. It began by acquiring the cement businesses of Tata Steel, L&T and Raymond and recently added cement plants of Lafarge India and Emami to emerge as the fifth largest cement company in India. With an installed capacity of 22.32 MTPA, Nuvoco ranks after Ultratech, Lafarge Holcim, Shree Cements and Dalmia Cements in terms of installed cement capacity. 

However, Nuvoco is the largest cement company in the East and has 17% of the total capacity in the East and 5% capacity in the North. It ranks among the top-4 ready mix concrete manufacturers in India. Its 11 cement plants are distributed, 8 in the East and 3 in the North while it has 49 RMX plants across India. Nuvoco has seen its installed capacity double in the last 5 years. 

Nuvoco Vistas IPO Details


Key IPO Details


Key IPO Dates


Nature of issue

Book Building

Issue Opens on


Face value of share

Rs.10 per share

Issue Closes on


IPO Price Band

Rs.560 - Rs.570

Basis of Allotment date


Market Lot


Refund Initiation date


Retail Investment limit

13 Lots (338 shares)

Credit to Demat


Retail limit - Value


IPO Listing date


Fresh Issue Size

Rs.1,500 crore

Pre issue promoter stake


Offer for Sale Size

Rs.3,500 crore

Post issue promoters


Total IPO Size

Rs.5,000 crore

Indicative valuation

Rs.20,360 crore

Listing on


HNI Quota


QIB Quota


Retail Quota


Data Source: IPO Filings

Some of the advantages in the business model of Nuvoco Vistas are as under.
•    It is the largest cement producer in the fast-growing East India market
•    Most cement plants are located in close proximity to key markets
•    Wide distribution network of over 16,000 dealers pan India
•    Excluding the COVID months, Nuvoco had capacity utilization of above 90%
•    Its cement enjoys EBITDA/tonne of Rs.966 with a net debt/EBITDA ratio of 4.50

A quick look at the financials of Nuvoco Vistas

Over the last 3 years, Nuvoco Vistas has shown steady revenues while the EBITDA is up more than 50% over last 2 years, improving EBITDA margins by 619 bps. 



Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Net Worth

Rs.6,959.45 cr

Rs.5,414.95 cr

Rs.5,126.94 cr


Rs.7,488.84 cr

Rs.6,793.24 cr

Rs.7,052.13 cr


Rs.1,494.35 cr

Rs.1,333.85 cr

Rs.971.44 cr

Net Profit / loss

Rs.(25.92) cr

Rs.249.26 cr

Rs.(26.49) cr





Data Source: Company RHP

We have considered ROCE instead of ROE as Nuvoco Vistas has made losses in FY21 and FY19. Revenues have been more or less static over the last 3 years, but the impact of increased capacities should show up in the post-COVID scenario. Also, the book value at over Rs.230 acts as a buffer for the value of the stock.

Out of the Rs.1,500 crore raised by way of fresh issue, Rs,1,350 crore will be used for pre-payment of loans and other borrowings. With net debt at Rs.6,730 crore, this debt repayment will help the company reduce leverage and also improve the net debt/EBITDA ratio and ROCE.

Investment Perspective for Nuvoco Vistas

While the company made profits in FY20, it has made small net losses in FY21 and FY19. However, if you look at Nuvoco Vistas as a macro play on cement demand, especially in East India, then the story looks a lot more compelling.

a)    The overall capacity utilization of 77.6% for cement and 83.3% for clinker is almost back to pre-COVID levels. This should facilitate better absorption of fixed costs and higher profits going ahead.

b)    Apart from being best positioned to serve markets in the East and the North, Nuvoco plants in Chhattisgarh and Rajasthan allows the company to easily serve the markets of Uttar Pradesh, Madhya Pradesh and Maharashtra.

c)    The company is gradually moving from cement manufacturing to building solutions. This is evident from their diverse product mix consisting of chemicals, adhesives, wall putty, dry plaster, cover blocks and dry concrete. This also de-risks their portfolio.

d)    Since 1999, when it took over the cement operations of Tata Steel, Nuvoco has a track record of completing and integrating cement acquisitions seamlessly into its model. That is key to future inorganic growth plans.

e)    The ready-mix-concrete business contributes Rs.1,088 crore to the top line which puts Nuvoco in the same league as leaders like Ultratech, ACC and India Cements. 

The issue price values Nuvoco at 50X FY20 earnings. That places the valuation even higher than Shree and Ultratech, the two leaders in India. However, that may not be very representative since the model of Nuvoco is still work-in-progress. Also, the gains of premium products will be evident in the coming years. Investors can look at Nuvoco IPO for its East India domination and as a macro play in infrastructure in India.

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