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ICICI Bank Q3FY11 result estimates
ICICI bank’s NII is likely to grow by 5.2% to Rs21.6bn in Q3FY11 driven by moderate growth in advances and 15bps contraction in margins. However operating profit to grow by 11.5% helped by robust growth in fee income. Key thing to watch – movement in NIMs as the bank has started growing its balance sheet and also due to ALM mismatch.
Manappuram General Finance and Leasing (MAGFIL) Q3FY11 result estimates
We expect MAGFIL to report a robust 129% yoy growth in NII driven by healthy growth in balance sheet aided by significant addition to the branch network. Key things to watch out – expansion of the branch network and movement in the NPAs.
Union Bank of India (UBI) Q3FY11 result estimates
The bank is likely to report strong 41% growth in NII, benefiting from low base and also as the deposit profile has higher maturity. However the benefit will partially offset by lower trading gains and higher provisioning. Provisioning costs to remain high as PCR has fallen to 58%.
Sesa Goa Limited Q3FY11 results estimates
Our expectations
n We expect a robust performance by Sesa Goa in Q3FY11.
n While, higher realizations due to strong iron ore prices would drive the YoY growth, rise in volume would be the key for the strong QoQ performance.
n Our estimated iron ore sales volume remains at 6.4 mln tonnes for the quarter.
n We expect EBITDA margin to improve by 140 bps and 1920 bps on YoY and QoQ basis respectively
Important things to watch out for
n Volume guidance for next year and update on 50 mtpa sales target
n Update/ announcement on expansion project including acquisition
n Comment on CAIRN deal
**A conference call to discuss these results has been organised at 9:00 AM IST on Tuesday, 25 January 2011. The dial in number for the conference call is +91 22 2781 3099.
Bharat Bijlee Q3FY11E Result Estimates
Healthy volume growth across segments - transformers, projects and motors to drive revenue growth of 30% yoy. EBITDA margins to improve on yoy basis by 360 bps to12.2% due to very low base. PAT is expected to grow 85% YoY to Rs137mn. Key things to watch - (1) performance of motors business, (2) order inflows and realizations trend in transformers, (3) pick up in projects business and (4) overall margins.
Idea Cellular Q3FY11 Results Expectation: Net Sales Rs 38.1 bn, PAT Rs 1.8 bn
(IDEA@IB, MCAP USD 4996 mn, CMP Rs 69, RECO Buy, TP Rs 60)
Idea cellular is expected to report its Q3FY11 results on Monday i.e. January 24th, 2011
Post the sluggish Q2FY11, robust subscriber addition coupled with modest decline in ARPU to drive revenue in Q3FY11. Idea registered net subscriber addition of 7.6 million during Q3FY11. On the back of strong subscriber addition and 5% qoq improvement in traffic on network would drive revenue growth by 4.0% qoq. ARPU is expected to decline by 2.5% qoq as compared to 8.2% in the last quarter. EBITDA margins at 24% are expected to remain flat qoq. We estimate PAT of Rs1.8 bn.
DB Corp Q3FY11 Results Expectation: Net Sales Rs 3.3 bn, PAT Rs 0.7 bn
(DBCL@IN, MCAP USD 944 mn, CMP Rs 239, RECO Buy, TP Rs 284)
DB Corp is expected to report its Q3FY11 results on Monday i.e. January 24th, 2011
With the shift in festive season to Q3FY11, we expect DB Corp to report strong ad revenue growth of 20.8% yoy to Rs2.6 bn. Circulation revenue is expected to remain flat yoy at Rs 0.5 bn. Consolidated revenues to grow by 16.5% yoy. EBITDA margin to decline 43 bps yoy to 33.1%. We estimate PAT at Rs 0.7 bn, growth of 35.4% yoy.
Key things to watch: 1) Impact of higher newsprint prices and 2) development in Jharkhand market.
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