28 February 2011

Angel Broking, Result Review -Areva T&D India

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Result Review
Areva T&D India
Areva T&D India announced its 4QCY2010 results, which were ahead of our estimates.
The company posted top-line growth of 14.4% yoy to `1,327cr, above our expectation of
`1,177cr. On the operating front, the company reported margin expansion of around
142bp to 13.4% (12%) for 4QCY2010. Strong top-line growth coupled with increased
margins led to PAT growth of 29.4% yoy to `29.4cr for 4QCY2010. The stock is currently
under review. We will revise our estimates post the conference call with the management.

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