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Dilip Buildcon Limited conducts business in infrastructure facilities on engineering procurement and construction (EPC) basis. The company takes contracts from government, special purpose vehicles promoted by the company and other parties. It has two business segments, which includes construction contracts and engineering contracts. Some of Dilip Buildcon’s subsidiaries include DBL Ashoknagar-Vidisha Tollways Limited, DBL Bankhlafata Dongawa Tollways Limited, Bhavya Infra & Systems Private Limited, etc. On the consolidated financial front, in Q1FY20, the company reported net sales of Rs.2436.44 crore, a decrease of around 3.41 per cent compared to the net sales of Rs.2522.59 crore in the Q1FY19. Its PBT decreased by 39.41 per cent to Rs.128.41 crore in the Q1FY20 as against of Rs.211.94 crore in Q1FY19. The company recorded net profit of Rs.100.27 crore for Q1FY20, a decrease by 54.74 per cent compared to the net profit of Rs.221.56 crore for Q1FY19. On the annual front, the company’s net sales in FY19 were Rs.9118.22 crore, a 17.72 per cent increase from the net sales of the previous fiscal. The PBT for FY19 increased by 21.28 per cent to Rs.804.97 2 crore as compared to Rs.663.72 crore of FY18. In FY19, the company’s net profit increased by 23.32 per cent YoY to Rs.764.94 crore from Rs.620.30 crore in FY18. We recommend the reader-investors to HOLD the stock.



Speciality Restaurants Limited has business operations in restaurants and mobile food service activity. It has a variety of restaurants located in India, Bangladesh and Tanzania. The company’s popular brands are Mainland China, Asia Kitchen, Oh! Calcutta, Sigree Global Grill, Cafe Mezzuna, Sweet Bengal, Hoppipola, Sigree, etc. Overall, the restaurants serve a variety of cuisines such as Chinese containing contrasting flavours and spices, Bengali, grilled food with Mediterranean flavours, Indian cuisine, etc. Sweet Bengal is the company’s confectionary chain serving Bengali sweets made with milk. On the consolidated financial front, the company has reported an increase of 10.38 per cent in net sales to Rs.87.59 crore for Q1FY20 as compared to net sales of Rs.79.35 crore for Q1FY19. For Q1FY20, the company incurred net loss of Rs.1.47 crore, which is less than the net loss of Rs.6.33 crore posted in the same quarter of the previous fiscal. On the annual front, the net sales increased by 16.7 per cent to Rs.346.36 crore for FY19 from Rs.296.79 crore for FY18. The company posted an operating loss of Rs.5.33 crore for FY19 and operating loss of Rs.31.15 crore for FY18. In FY19, the company incurred a net loss of Rs.6.34 core, which is less than the net loss incurred of Rs.53.41 crore in FY18. Based on our analysis, we recommend our reader-investors to currently avoid investing in the stock and to SELL if already invested.



MRF Ltd is engaged in manufacturing and selling of automotive tyres, tubes and flaps. The company also manufactures rubber products like tread rubber and conveyor belt. Its products include heavy duty trucks and bus tyres, which include Superlug, Nulug, M-77 and Superlug Ex; light truck tyres that include Super Traction, Supermiler and Steel Muscle; multi-utility vehicle or remote control vehicle (MUV/ RCV) passenger car tyres which are Rover and Estate. Tyres for motor sports, include Tarmac Rally and MoCross. Shakti Rear and Shakti Front are tractor or farm service tyres. Other than these, the company also manufactures tyres for military use. MRF’s popular brands for two and three wheeler tyres include Nylogrip, Zapper FS and Nylogrip Zapper. Other than its tyre business, the company is also engaged in painting and coating business and other various services such as TireTok, Tyredrome, MRF Fasst and the MRF Institute of Driver Development (MIDD).

On the consolidated financial front, the nets sales for the first quarter of FY20 was Rs.4470.82 crore, showcasing an increase of 15.13 per cent as compared to the net sales of Rs.3882.99 crore for the first quarter of FY19. The PBT for the first quarter of FY20 was reported at Rs.417.81 crore, an increase of 3.43 per cent as against Rs.403.94 crore reported for the same quarter of the previous fiscal. There was an increase in the net profit by 2.13 per cent for the first quarter of FY20 to Rs.273.27 crore, when compared to Rs.267.56 crore for the first quarter of the previous fiscal.

Looking at the annual trend, the net sales were reported at Rs.15837 crore for FY19, an increase of 4 per cent when compared to Rs.15227.07 crore for FY18. In FY19, PBDT also increased by 4.68 per cent to Rs.2415.16 crore as against Rs.2307.25 crore for FY18. The company posted net profit of Rs.1096.87 crore for FY19, a 0.5 per cent increase in the net profit when compared to the net profit of Rs.1092.28 crore in FY18. Therefore, we recommend a HOLD.



TV18 Broadcast Limited is engaged in television broadcasting networks and belongs to the Network 18 Group based in Mumbai. The company mainly operates news channels, which include CNBC-TV18, CNBCAwaaz, CNBC Bajar, CNBC-TV18 Prime HD, CNN-News18, IBN7 and IBN-Lokmat. Other than these, it also operates regional news channels such as ETV Urdu, ETV Bihar Jharkhand, ETV MP Chattisgarh, ETV Bangla, ETV Karnataka, ETV Gujarati, and ETV Odiya. TV18 and Viacom18 have a strategic joint venture called as IndiaCast, which is a multi-platform content asset monetization entity that allows for domestic and international channel distribution, placement services and content syndication for the bouquet of channels from the group and third parties. This allows TV18 to broadcast channels such as Colors, Comedy Central, Vh1, Nickelodeon, Colors Marathi, etc. TV18 Broadcast also has a joint venture with Forward A+E Networks, which operates the factual entertainment channel History TV18.

On the consolidated financial front, the revenue from operations for the first quarter of FY20 came in at Rs.1197.51 crore, posting an increase of 10.05 per cent as compared to Rs.1088.19 crore for the first quarter of FY19. The PBT for the first quarter of FY20 was reported at Rs.27.59 crore, a significant increase by 790 per cent as against Rs.3.10 crore reported for the same quarter of the previous fiscal year. In the first quarter of FY20, the company gained a net profit of Rs.23.17 crore as against a net loss of Rs.6.82 crore in the corresponding quarter of the previous fiscal year.

Looking at the annual trend, the company’s net sales grew by 46.74 per cent to Rs.1079.21 crore in FY19 from Rs.735.45 crore in FY18. The FY19 PBDT stood at Rs.54.30 crore, thus decreasing by 67.5 per cent when compared to Rs.167.32 crore for FY18. In FY19 the company’s net profit was Rs.85.05 crore, which is 11.7 per cent less than the net profit of Rs.96.37 crore in FY18. Due to weak annual financial performance, we recommend the readers to SELL.



Founded in 1985, Shri Jagdamba Polymers Limited is a textile and fabric finishing mill operator located in Ahmedabad, India. The products of Shri Jagdamba Polymers include PP woven bags, box bags, fabric, ground cover, lumber cover, geotextile, flexible intermediate bulk containers and silt fence.

The company has an installed capacity of 1000 MT per month to process woven polypropylene/polyethylene fabrics on both circular as well as sulzer looms. The company is equipped with latest technology machines to produce quality products and provide complete solutions in woven polypropylene market. Majority of the company’s products are exported to the US, Europe and many other countries. As part of its strategy for the next five years, the company has targeted to double its capacity to 2000 MT per month by installing higher end products to cover other areas in the global market. It also plans to put up in-house additive unit and machinery workshop.

For the first quarter of FY20, the company reported net sales of Rs.60.46 crore, an increase of 30.16 per cent as against the net sales of Rs.46.45 crore for the corresponding quarter of the previous fiscal. Its PBT increased by 30.66 per cent for the first quarter of FY20 and was Rs.8.99 crore as compared to Rs.6.88 crore for the first quarter of FY19. For the first quarter of FY20, the net profit increased by 18.46 per cent to Rs.6.16 crore when compared to Rs.5.2 crore posted for the first quarter of the previous fiscal.

On the annual front, net sales for FY19 were Rs.189.77 crore, an increase of 5.94 per cent when compared to Rs.179.12 crore for FY18. For FY19, the PBT increased by 26.28 per cent to be Rs.29.84 crore compared to Rs.23.63 crore for FY18. The net profit for FY19 was reported at Rs.21.87 crore, an increase of 32.78 per cent when compared to Rs.16.47 crore reported for the previous fiscal. Hence, we recommend a BUY.



Vidhi Speciality Food Ingrediants Ltd. is a company conducting business operations in the ‘dyes and pigments’ industry. It is a Mumbai-based company having its factory and plant operation in Raigad district in Maharashtra. It is a manufacturer of food colours as ingredients of foodstuffs, pharmaceuticals, confectionary, pet foods, healthcare, dairy, soft drinks and cosmetic industries. The company provides synthetic organic colouring products. Its product line consists of synthetic water solubles, FD and certified colours and lakes, and blends, to name a few. With exports accounting for 96 per cent of the total revenue of the company, food colours of Vidhi Speciality are distributed and consumed across six continents.

From the financial point of view, on a standalone basis, the total revenue of the company for Q1FY20 was Rs.51.94 crore as compared to the total revenue of Q1FY19 of Rs.56.67 crore, a 8.35 per cent decrease in total revenue of Q1FY20 as compared to Q1FY19. For Q1FY20, its PBDT stood at Rs.11.13 crore, an increase of 10.85 per cent as against Rs.10.04 crore for Q1FY19. For Q1FY20, the company recorded net profit of Rs.7.67 crore, a 1.28 per cent decrease in the net profit compared to Rs.7.77 crore for the same quarter of the previous fiscal.

On the annual front, for FY19, the company recorded net sales of Rs.228.35 crore, which is 5.23 per cent increase when compared to the net sales of Rs.217 crore for FY18. The PBDT for FY19 stood at Rs.43.23 crore as against Rs.26.96 crore FY18. For FY19, its PBDT increased by 60.35 per cent as compared to FY18. Also, the net profit was Rs.29.06 crore, an increase of 84.65 per cent as compared to the net profit of Rs.15.71 crore for FY18.

The company declared its first interim dividend for the financial year 2019 - 20 of Rs. 0.20 per equity share having face value of Re. 1. Thus, we recommend AVOID.

(Closing price as of Aug 28, 2019)