Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews – 3QFY2011
Coal India
For 3QFY2011, Coal India reported net sales of `12,692cr, while 9MFY2011 net sales stood
at `35,217cr. Sales volumes increased by 2.9% yoy to 110.5mn tonnes in 3QFY2011.
EBITDA for 3QFY2011 stood at `3,444cr, while EBITDA for 9MFY2011 came in at `8,340cr.
EBITDA margin for 3QFY2011 stood at 27.1%, while that for 9MFY2011 stood at 23.7%.
Reported net income for 3QFY2011 stood at `2,610cr, while reported net income for
9MFY2011 came in at `6,646cr. Currently, we lack clarity on the volume growth of the
company in the wake of stricter government regulations on mining companies. Further, given
the current rich valuations, we recommend Neutral on the stock.
GSK Pharma - 4QCY2010
GSK Pharma reported its 4QCY2010 results. Net sales came in at `491cr (`444cr), an
increase of 10.4%, almost in line with our estimates of `511cr. Gross margin remained flat
at 63% (64%). The OPM came in at 30% (31.2%), in line with our estimates of 30% for the
quarter. The employee expense increased by 15% to `65cr (`57cr) yoy. The tax outgo
decreased by 17% during the quarter to `61cr (`74cr). This boosted the company’s net profit
(adj. for the extraordinary items) to `116cr (`104cr), an increase of 11.5% yoy. We remain
Neutral on the stock.
GIPCL
GIPCL’s 3QFY2011 top line grew by 29.1% yoy to `308cr on account of higher fuel costs
and increased sales volume due to the commissioning of 250MW SLPP 3&4 units. However,
the company’s overall PLFs were down on account of low gas availability. OPM increased by
137bp yoy to 26.6%. The bottom line declined by 15.4% yoy to `24cr due to higher interest
(`26.7cr, up 668% yoy) and depreciation (`38.8cr, up 76.9% yoy) costs. We maintain Buy on
the stock with a Target Price of `135.
Surya Roshni
Surya Roshni reported 20.5% yoy top-line growth to `597cr for 3QFY2011, which was below
our estimates of `659cr. OPM came in at 6.0%, a 42bp yoy improvement. However, it was
also below our estimates of 7.0%, mainly due to higher-than-expected raw-material costs.
PAT registered growth of 55.8% yoy on the back of higher sales and lower effective tax rate
during the quarter. We maintain Buy on the stock; however, our estimates are currently
under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews – 3QFY2011
Coal India
For 3QFY2011, Coal India reported net sales of `12,692cr, while 9MFY2011 net sales stood
at `35,217cr. Sales volumes increased by 2.9% yoy to 110.5mn tonnes in 3QFY2011.
EBITDA for 3QFY2011 stood at `3,444cr, while EBITDA for 9MFY2011 came in at `8,340cr.
EBITDA margin for 3QFY2011 stood at 27.1%, while that for 9MFY2011 stood at 23.7%.
Reported net income for 3QFY2011 stood at `2,610cr, while reported net income for
9MFY2011 came in at `6,646cr. Currently, we lack clarity on the volume growth of the
company in the wake of stricter government regulations on mining companies. Further, given
the current rich valuations, we recommend Neutral on the stock.
GSK Pharma - 4QCY2010
GSK Pharma reported its 4QCY2010 results. Net sales came in at `491cr (`444cr), an
increase of 10.4%, almost in line with our estimates of `511cr. Gross margin remained flat
at 63% (64%). The OPM came in at 30% (31.2%), in line with our estimates of 30% for the
quarter. The employee expense increased by 15% to `65cr (`57cr) yoy. The tax outgo
decreased by 17% during the quarter to `61cr (`74cr). This boosted the company’s net profit
(adj. for the extraordinary items) to `116cr (`104cr), an increase of 11.5% yoy. We remain
Neutral on the stock.
GIPCL
GIPCL’s 3QFY2011 top line grew by 29.1% yoy to `308cr on account of higher fuel costs
and increased sales volume due to the commissioning of 250MW SLPP 3&4 units. However,
the company’s overall PLFs were down on account of low gas availability. OPM increased by
137bp yoy to 26.6%. The bottom line declined by 15.4% yoy to `24cr due to higher interest
(`26.7cr, up 668% yoy) and depreciation (`38.8cr, up 76.9% yoy) costs. We maintain Buy on
the stock with a Target Price of `135.
Surya Roshni
Surya Roshni reported 20.5% yoy top-line growth to `597cr for 3QFY2011, which was below
our estimates of `659cr. OPM came in at 6.0%, a 42bp yoy improvement. However, it was
also below our estimates of 7.0%, mainly due to higher-than-expected raw-material costs.
PAT registered growth of 55.8% yoy on the back of higher sales and lower effective tax rate
during the quarter. We maintain Buy on the stock; however, our estimates are currently
under review.
No comments:
Post a Comment