09 February 2011

Result Previews – 3QFY2011 Mahindra and Mahindra, GIPCL :Angel Broking

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Result Previews – 3QFY2011
Mahindra and Mahindra
Mahindra and Mahindra (M&M) is slated to announce its 3QFY2011 results. We expect the
company’s top line to grow strongly by 33.3% yoy to `5,972cr due to robust 32.5% yoy
growth in total volumes. On the operating front, EBITDA margin is expected to decline
marginally by 13bp yoy to 14.8%. However, we expect the bottom line to increase by 44%
yoy to `611cr. The stock rating is under review.

GIPCL
GIPCL is slated to announce its 3QFY2011 results. We expect the company to register an
8.0% yoy increase in its top line to `257cr, primarily on account of higher realisation. OPM
is expected to expand by 603bp yoy to 31.2%, while the bottom line is set to increase by 15%
yoy to `33cr. We maintain our Buy view on the stock with a Target Price of `135.

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