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3QFY2011 Result Previews - Angel Broking
HUL
HUL is slated to declare its 3QFY2011 results. For the quarter, we expect HUL to report topline
growth of 11.5% yoy to `4,605cr (`4,157cr). The bottom line is expected to grow at a
slow pace of 7.7% to `698cr (`604cr) on account of muted top-line and flattish operating
margins of 15.6% (15.9%). We maintain Reduce on the stock with a Target Price of `276.
Sterlite
Sterlite is slated to announce its 3QFY2011 results. The top line is expected to grow by 7.0%
yoy to `7,143cr, led by higher realisations. However, EBITDA margins are expected to
contract marginally by 60bp to 24.9%. The bottom line is expected to grow by 14.1% yoy to
`1,147cr. We maintain Accumulate on the stock with a Target Price of `196.
UltraTech Cement
UltraTech Cement (ULTC) is slated to announce its 3QFY2011 results. Since the financials for
the quarter are for the merged entity (ULTC and Samruddhi Cement), they are not
comparable on a yoy basis. On a qoq basis, we expect the top line to grow by 7.4% to
`3,486cr (up 108% yoy) on account of an increase in despatches as well as better
realisations. The company’s despatches increased by 2.7% qoq to 9.35mn tonnes.
Realisations also improved on account of price hikes carried out during the quarter. We
expect the company to post OPM of 16%, up by 250bp qoq. On the bottom-line front, we
expect ULTC to report net profit of `206cr, up 77.6% qoq (up 5.3% yoy). We maintain our
Neutral view on the stock.
Dr Reddy’s
Dr Reddy’s (DRL) is scheduled to announce its 3QFY2011 results. The company is expected
to post top-line growth of 10.8% to `1,917cr, driven by the US market, which is expected to
post growth of around 35%. The company is expected to see strong traction in its Indian and
Russian formulation businesses as well. However, the PSAI segment is expected to post a
lackluster performance during the quarter. We expect the company to post OPM of 15.3%
for the quarter. On the net profit front, the company is expected to post net profit of
`259.5cr, vis-à-vis a loss during the last corresponding period, which was impacted by the
write-down on goodwill and intangibles. We currently have a Neutral rating on the stock.
Grasim
Grasim Industries (Grasim) is slated to announce its 3QFY2011 results. We expect the top
line to grow by 3% on a yoy basis to `4,987cr. Growth in the top line will primarily be on
account of better performance of the VSF division due to improved price realisation.
However, cement revenue is expected to decline by ~4% yoy. We expect the company to post
OPM of 17.4%. On the bottom-line front, we expect the company to report net profit of
`412cr, down 42.4% yoy. We maintain our Neutral view on the stock.
GSK Consumer – 4QCY2010
GSK Consumer is slated to announce its 4QCY2010 numbers. For the quarter, we expect the
company to post modest top-line growth of 25.6% yoy to `525.11cr, driven by growth in its
core brands and new product launches. The bottom line is expected to post 68.5% yoy
growth to `56.7, aided by top-line growth. At the CMP, we maintain Neutral on the stock.
Ipca Laboratories
Ipca Laboratories (Ipca) is scheduled to announce its 3QFY2011 results. We expect the top
line to grow by 20.6% to `474.9cr (`393.9cr) for 3QFY2011. The company is expected to
post strong growth both on the export and domestic fronts, where the company is expected
to log in growth of 17.2% and 23.8% yoy, respectively. OPM is expected to compress by
140bp yoy to 21.1% on the back of rise in other expenditure. Overall, net profit is expected
to rise by 8.8% yoy to `63.4cr on the back of pressure on operating margins. We currently
have a Neutral rating on the stock.
Alembic
Alembic is scheduled to announce its 3QFY2011 results. We expect the company’s top line
to register growth of 7% to `321.4cr (`300.3cr), attributed by the expected growth of 16.9%
on the domestic front. OPM is expected to come in at 11.7% (10.3%), up 138bp. Net profit is
expected to grow by 19.9% yoy to `16.3cr (`13.5cr), driven by top-line growth and OPM
expansion. We currently have an Accumulate recommendation on the stock with a Target
Price of `74.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
3QFY2011 Result Previews - Angel Broking
HUL
HUL is slated to declare its 3QFY2011 results. For the quarter, we expect HUL to report topline
growth of 11.5% yoy to `4,605cr (`4,157cr). The bottom line is expected to grow at a
slow pace of 7.7% to `698cr (`604cr) on account of muted top-line and flattish operating
margins of 15.6% (15.9%). We maintain Reduce on the stock with a Target Price of `276.
Sterlite
Sterlite is slated to announce its 3QFY2011 results. The top line is expected to grow by 7.0%
yoy to `7,143cr, led by higher realisations. However, EBITDA margins are expected to
contract marginally by 60bp to 24.9%. The bottom line is expected to grow by 14.1% yoy to
`1,147cr. We maintain Accumulate on the stock with a Target Price of `196.
UltraTech Cement
UltraTech Cement (ULTC) is slated to announce its 3QFY2011 results. Since the financials for
the quarter are for the merged entity (ULTC and Samruddhi Cement), they are not
comparable on a yoy basis. On a qoq basis, we expect the top line to grow by 7.4% to
`3,486cr (up 108% yoy) on account of an increase in despatches as well as better
realisations. The company’s despatches increased by 2.7% qoq to 9.35mn tonnes.
Realisations also improved on account of price hikes carried out during the quarter. We
expect the company to post OPM of 16%, up by 250bp qoq. On the bottom-line front, we
expect ULTC to report net profit of `206cr, up 77.6% qoq (up 5.3% yoy). We maintain our
Neutral view on the stock.
Dr Reddy’s
Dr Reddy’s (DRL) is scheduled to announce its 3QFY2011 results. The company is expected
to post top-line growth of 10.8% to `1,917cr, driven by the US market, which is expected to
post growth of around 35%. The company is expected to see strong traction in its Indian and
Russian formulation businesses as well. However, the PSAI segment is expected to post a
lackluster performance during the quarter. We expect the company to post OPM of 15.3%
for the quarter. On the net profit front, the company is expected to post net profit of
`259.5cr, vis-à-vis a loss during the last corresponding period, which was impacted by the
write-down on goodwill and intangibles. We currently have a Neutral rating on the stock.
Grasim
Grasim Industries (Grasim) is slated to announce its 3QFY2011 results. We expect the top
line to grow by 3% on a yoy basis to `4,987cr. Growth in the top line will primarily be on
account of better performance of the VSF division due to improved price realisation.
However, cement revenue is expected to decline by ~4% yoy. We expect the company to post
OPM of 17.4%. On the bottom-line front, we expect the company to report net profit of
`412cr, down 42.4% yoy. We maintain our Neutral view on the stock.
GSK Consumer – 4QCY2010
GSK Consumer is slated to announce its 4QCY2010 numbers. For the quarter, we expect the
company to post modest top-line growth of 25.6% yoy to `525.11cr, driven by growth in its
core brands and new product launches. The bottom line is expected to post 68.5% yoy
growth to `56.7, aided by top-line growth. At the CMP, we maintain Neutral on the stock.
Ipca Laboratories
Ipca Laboratories (Ipca) is scheduled to announce its 3QFY2011 results. We expect the top
line to grow by 20.6% to `474.9cr (`393.9cr) for 3QFY2011. The company is expected to
post strong growth both on the export and domestic fronts, where the company is expected
to log in growth of 17.2% and 23.8% yoy, respectively. OPM is expected to compress by
140bp yoy to 21.1% on the back of rise in other expenditure. Overall, net profit is expected
to rise by 8.8% yoy to `63.4cr on the back of pressure on operating margins. We currently
have a Neutral rating on the stock.
Alembic
Alembic is scheduled to announce its 3QFY2011 results. We expect the company’s top line
to register growth of 7% to `321.4cr (`300.3cr), attributed by the expected growth of 16.9%
on the domestic front. OPM is expected to come in at 11.7% (10.3%), up 138bp. Net profit is
expected to grow by 19.9% yoy to `16.3cr (`13.5cr), driven by top-line growth and OPM
expansion. We currently have an Accumulate recommendation on the stock with a Target
Price of `74.
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