Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Tata Motors Ltd: 3QFY11: Strong results; beat on India and in line JLR
[Srinivas Rao]
Tata Motors 3QFY11 consolidated results were a shade above our estimates
driven by a modest beat in India and in line results at Jaguar Land Rover (JLR).
Consolidated revenue was Rs 317bn (in line) and EBITDA came at Rs 44.9bn
(5.5% above DBest).
HDIL: While in-line 3Q, delay in MIAL continues; TP cut to INR 340 [Abhay
Shanbhag]
Lower recognition from land sale (INR 0.6bn against receipt of INR 2.6bn and DBe
2bn) result in lower-than-expected revenues at INR 4.6bn (+11% yoy, +22% qoq,
INR 5.5bn) and EBIDTA at INR 3.9bn (+35%, +5%, INR 4.5bn). Margins (85%)
declined on qoq basis due to spike in costs (mainly sand), which drive
redevelopment costs.
Metals & Mining: Supreme Court allows export of ore from port inventory
[Anuj Singla]
As per media reports, the Indian Supreme Court has allowed export of iron ore
inventory lying at major Karnataka ports (Bloomberg estimates of ~0.4mn tonnes).
Please note the export ban relaxation is only on the inventory already lying at the
ports and the relaxation is not applicable for the total iron ore exports out of
Karnataka. The final decision on the export ban has been deferred till 4 April'2011.
Rural Electrification Corp: Growth slows a bit, but spreads and valuations
attractive [Dipankar Choudhury]
3QFY11 net profit at INR6.64bn, up 40% YoY and 7% QoQ, and 6% ahead of our
estimates. Higher net profit was driven by higher net interest income driven by
higher spreads which were up 20bps QoQ. Disbursements were up 8% QoQ and
sanctions growth was only 2% QoQ.
HPCL: 3Q result below estimates on lower government compensation
[Harshad Katkar]
HPCL reported lower than expected net profit of INR2.1bn (+572% YoY, -90%
QoQ) on account of higher net under-recoveries of INR5.4bn (26% higher than our
estimate) and lower other income of INR1.4bn (-36% YoY, -35% QoQ).
Gujarat State Petronet: 3Q results: Robust transmission tariffs help beat
estimate [Harshad Katkar]
GSPL reported Q3FY11 net profit of INR1.6bn, 86% above our estimate on on
account of higher than expected gas transmission tariff and volumes and
depreciation writeback. EBITDA at INR2.6bn (+4% YoY, +12% QoQ) was 15%
above our estimate.
Aban Offshore Limited: 3Q result disappoints on loss from Deep Venture JV
[Harshad Katkar]
Aban Offshore reported lower than expected net profit at INR620mn (-31% YoY, -
17% QoQ) due to a loss of INR433mn from JV on Deep Venture. Net profit before
JV earnings was 11% above our estimate at INR1.1bn (+85% YoY, flat QoQ).
India Economics Weekly: Inflation and monetary policy forecast, IP, fiscal
update [Taimur Baig, Kaushik Das]
We are revising up India's WPI inflation forecast for 2011, and as well as our policy
rate call. The new projections incorporate (i) sticky food price levels but no
additional spike, (ii) 10% increase in petrol price, and (iii) 5% increase in diesel
price in the first half of the year.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Tata Motors Ltd: 3QFY11: Strong results; beat on India and in line JLR
[Srinivas Rao]
Tata Motors 3QFY11 consolidated results were a shade above our estimates
driven by a modest beat in India and in line results at Jaguar Land Rover (JLR).
Consolidated revenue was Rs 317bn (in line) and EBITDA came at Rs 44.9bn
(5.5% above DBest).
HDIL: While in-line 3Q, delay in MIAL continues; TP cut to INR 340 [Abhay
Shanbhag]
Lower recognition from land sale (INR 0.6bn against receipt of INR 2.6bn and DBe
2bn) result in lower-than-expected revenues at INR 4.6bn (+11% yoy, +22% qoq,
INR 5.5bn) and EBIDTA at INR 3.9bn (+35%, +5%, INR 4.5bn). Margins (85%)
declined on qoq basis due to spike in costs (mainly sand), which drive
redevelopment costs.
Metals & Mining: Supreme Court allows export of ore from port inventory
[Anuj Singla]
As per media reports, the Indian Supreme Court has allowed export of iron ore
inventory lying at major Karnataka ports (Bloomberg estimates of ~0.4mn tonnes).
Please note the export ban relaxation is only on the inventory already lying at the
ports and the relaxation is not applicable for the total iron ore exports out of
Karnataka. The final decision on the export ban has been deferred till 4 April'2011.
Rural Electrification Corp: Growth slows a bit, but spreads and valuations
attractive [Dipankar Choudhury]
3QFY11 net profit at INR6.64bn, up 40% YoY and 7% QoQ, and 6% ahead of our
estimates. Higher net profit was driven by higher net interest income driven by
higher spreads which were up 20bps QoQ. Disbursements were up 8% QoQ and
sanctions growth was only 2% QoQ.
HPCL: 3Q result below estimates on lower government compensation
[Harshad Katkar]
HPCL reported lower than expected net profit of INR2.1bn (+572% YoY, -90%
QoQ) on account of higher net under-recoveries of INR5.4bn (26% higher than our
estimate) and lower other income of INR1.4bn (-36% YoY, -35% QoQ).
Gujarat State Petronet: 3Q results: Robust transmission tariffs help beat
estimate [Harshad Katkar]
GSPL reported Q3FY11 net profit of INR1.6bn, 86% above our estimate on on
account of higher than expected gas transmission tariff and volumes and
depreciation writeback. EBITDA at INR2.6bn (+4% YoY, +12% QoQ) was 15%
above our estimate.
Aban Offshore Limited: 3Q result disappoints on loss from Deep Venture JV
[Harshad Katkar]
Aban Offshore reported lower than expected net profit at INR620mn (-31% YoY, -
17% QoQ) due to a loss of INR433mn from JV on Deep Venture. Net profit before
JV earnings was 11% above our estimate at INR1.1bn (+85% YoY, flat QoQ).
India Economics Weekly: Inflation and monetary policy forecast, IP, fiscal
update [Taimur Baig, Kaushik Das]
We are revising up India's WPI inflation forecast for 2011, and as well as our policy
rate call. The new projections incorporate (i) sticky food price levels but no
additional spike, (ii) 10% increase in petrol price, and (iii) 5% increase in diesel
price in the first half of the year.
No comments:
Post a Comment