Nik's Diary
The Indian market opened flat with a
negative bias, mirroring SGX Nifty which is trading lower in the opening
trades. Major Asian indices except Nikkei are still closed for the Lunar New
Year holiday. The US market saw modest weakness throughout the trading session.
Selling pressure prevailed although subdued. The major averages climbed
near the unchanged line in the final hour of trading but still ended the day in
the red. The European markets finished Monday's trading session with mixed
results. Some negative news for pharmaceutical company Novo Nordisk weighed on
investor sentiment at the start of the new trading week. Meanwhile Indian
shares swung between gains and losses before ending modestly lower on Monday,
dragged down by capital goods, IT and FMCG stocks. Adding to growth concerns,
Reserve Bank of India Governor cautioned that the country was headed for the
highest ever current account deficit this fiscal year.
ONGC - RU3QFY2013
ONGC reported better than expected
3QFY2013 results. The company’s top line increased by 15.7% yoy to
`21,093cr (above our expectation of `19,294cr). ONGC’s crude oil
net realization increased by 6.7% yoy to US$47.9/bbl and gas realizations
increased 10.5% yoy to 8.4/scm due to INR depreciation against the USD. Crude
oil sales volumes grew 7.0% yoy to 6mn tonnes while gas sales volumes remained
flat yoy at 5bcm. The company shared a subsidy burden of `12433cr in 3QFY2013.
The company's EBITDA increased by 5.4% yoy to `11,342cr. Other income grew by
33.7% yoy to `1,280cr which resulted in adjusted net profit growing by
54.5% yoy to `5,562cr (above our expectation of `4,843cr). The company has
maintained its oil/gas production guidance to 27.0mn tonnes/25.7bcm and 29.1mn
tonnes /26.4bcm for FY2013 and FY2014, respectively. Source: Angel
Broking
JaiPrakash Associates
- RU3QFY2013
For 3QFY2013, Jaiprakash Associates
posted mixed set of numbers with strong performance on revenue however earnings
were lower than our estimate owing to lower-than-expected operating performance
On the top-line front, company’s reported revenue of `3,431cr in
3QFY2013, registering a growth of 15.5% yoy which was higher than our estimate
by 4.3%. The cement segment had growth of 7% on a yoy basis while construction
segment and real estate revenue grew by 2.7% and 98.9% on a yoy basis
respectively. Blended EBITDA margins decline by 603bp/395bp on a yoy/qoq basis
to 23.2% and was below our expectation of 25.9%. Cement margins came in at 8.0%
which led to decline in margins. Interest cost stood at `533cr a jump of
20.7%/14.7% on yoy/qoq basis and marginally higher than our estimate of `478cr.
Depreciation cost came at `181cr a jump of 9.9% on yoy basis. On the
bottom-line front, company reported a PAT `111cr a dip of 64.2% on a yoy basis
owing to lower-than-expected at operating level and high interest cost. Source:
Angel Broking
Britannia Industries -
RU3QFY2013
Britannia Industries posted a 16.8%
yoy growth in standalone topline to `1,453cr, which was in-line with estimates.
The topline growth was aided by price hikes carried out by the company. OPM
fell by 20bp yoy to 6.4%. Net Profit rose by 5.4% yoy to `57cr. Source:
Angel Broking
Indraprasth Gas -
RU3QFY2013
Indraprasth Gas reported robust
3QFY2013 results. Net sales grew by 31.1% yoy to `869cr which was driven
by increases in both, sales as well as realizations. CNG and PNG volumes
increased by 7.6% and 17.4% yoy to 194mn kg and 84mmscm, respectively. Average
CNG realisation increased 20.0% yoy to `38/kg, whereas average PNG realizations
increased by 11.3% yoy to `26/scm. EBITDA increased by 24.9% yoy to
`188cr. However, EBITDA margin slipped 107bp yoy to 21.6% due to higher cost of
gas purchases. Further, interest expense was flat yoy at `14cr in 3QFY2013. Tax
provisions for this quarter were also higher at 32.4% compared to 31.9% in
3QFY2012. Hence, net profit grew by 24.3% yoy to `86cr. Source: Angel
Broking
Hexaware - RU3QFY2013
For 4QCY2012, Hexaware reported
broadly in-line set of results. The USD revenue came in at US$92.4mn, down 0.4%
qoq. In INR terms, revenue came in at `502cr, down 1.0%. The company’s
EBITDA and EBIT margin declined by ~480bp qoq each to 16.9% and 15.1%,
respectively. Margin decline was less than expectations as well as less than
management’s guidance of ~500-700bp qoq. PAT came in at `66cr. Management has
guided for double digit revenue growth in CY2013 and indicated intention to
retain ~50% dividend payout ahead. Management has given 2-3% qoq USD revenue
growth for 1QCY2013 and expects margins to improve by ~150-200bp qoq in
1QCY2013. The company expects growth to be driven by aggressive client mining
outside of top 10 clients and BFSI vertical. We continue to remain positive on
the stock and the target price in currently under review. Source: Angel
Broking
Punj Lloyd -
RU3QFY2013
For 3QFY2013, Punj posted mixed set
of numbers with muted performance on revenue and EBITDAM front, however higher
share of profits from associates led to a profit at earnings level. The company
reported a flat top-line growth of 2.6% yoy to `2,881cr in 3QFY2013.
EBITDA margins showed an improvement of 431bp yoy to 10.1% in 3QFY2013. For the
quarter, interest cost increase by 22.2% yoy to `198cr while depreciation came
in flat at `88cr respectively. On the bottom-line front, PAT came in at
`9cr in 3Q FY2013 vs. `70cr in 2QFY2013. This was mainly due to higher
share of profit from associate (`8cr vs. a loss of `5cr in
2QFY2013). Source: Angel Broking
GIPCL - RU3QFY2013
For 3QFY2013, GIPCL reported
sluggish top-line performance in-line with our expectations. Top-line declined
by 4.8% yoy to `369cr, in spite of 6.6% yoy increase in power generation.
OPM expanded by 1,344bp yoy to 37% mainly on account of 1,207bp yoy reduction
in fuel cost. The company posted robust growth in net profit to `70cr
(v/s `17cr in 3QFY2012) aided by margin expansion and lower tax
provision. Source: Angel Broking
Dishman Pharma -
RU3QFY2013
Dishman Pharma reported sales mostly
in line with expectations, while the net profit came in below expectations. The
top-line grew by 19.6% to `318cr , mostly in line with expectations of
`315cr during the quarter 3QFY2013. The top-line growth was mainly driven
by the CRAMS, which grew by 23.8%, while MM grew by 12.4% yoy. The OPM came in
slightly lower than expectations at 19.1%, a 120bp decline. This along with
high interest expenses led the net profit to come in at `16.4cr, almost same as
`16.7cr. Source: Angel Broking
Godawari Power and
Ispat - RU3QFY2013
Godawari Power and Ispat (GPIL)
reported healthy 3QFY2013 results. The company’s net sales grew by 25.3% yoy to
`603cr on account of higher sales volumes of Billets, HB wire and ferro
alloys partially offset by lower realizations. On the operating front EBITDA
margin was flat at 11.6% and EBITDA grew by 24.9% yoy to `70cr. Interest
expenses increased by 8.9% yoy to `30cr however, net profit increased by
75.8% yoy to `20cr. Source: Angel Broking
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