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Result Previews
Bharti Airtel
Bharti Airtel is set to announce its 4QFY2011 results. We expect the company to record
revenue of `16,501cr, with 4.7% qoq growth. This is expected primarily on the back of
subscriber growth of 6% qoq in the Indian mobile business, overshadowing the effect of
weak MOU at 441min (vs. 449min in 3QFY2011) and flat ARPM qoq at 0.44 `/min. Also,
we expect Zain’s mobile business revenue to grow by 17.4% qoq to 4,750cr, with EBITDA
margin of 27.0%. Consolidated EBITDA margin is expected to grow by 69bp qoq to
32.3%. PAT is expected to come in at `1,622cr, up 24.4% qoq. We recommend Neutral
on the stock.
Cipla
Cipla is scheduled to announce its 4QFY2011 results. We expect the company to post net
sales growth of 12.2% to `1,478cr, driven by its domestic performance. OPM (excluding
technical know-how fees) is likely to come in at 20.5%, up 522bp yoy, due to lower other
expenses. Net profit is expected to increase by 48.9% yoy to `268.7cr, boosted by strong
performance at the operating level and lower taxes during the quarter. We currently have
a Buy rating on the stock with a target price of `397.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Previews
Bharti Airtel
Bharti Airtel is set to announce its 4QFY2011 results. We expect the company to record
revenue of `16,501cr, with 4.7% qoq growth. This is expected primarily on the back of
subscriber growth of 6% qoq in the Indian mobile business, overshadowing the effect of
weak MOU at 441min (vs. 449min in 3QFY2011) and flat ARPM qoq at 0.44 `/min. Also,
we expect Zain’s mobile business revenue to grow by 17.4% qoq to 4,750cr, with EBITDA
margin of 27.0%. Consolidated EBITDA margin is expected to grow by 69bp qoq to
32.3%. PAT is expected to come in at `1,622cr, up 24.4% qoq. We recommend Neutral
on the stock.
Cipla
Cipla is scheduled to announce its 4QFY2011 results. We expect the company to post net
sales growth of 12.2% to `1,478cr, driven by its domestic performance. OPM (excluding
technical know-how fees) is likely to come in at 20.5%, up 522bp yoy, due to lower other
expenses. Net profit is expected to increase by 48.9% yoy to `268.7cr, boosted by strong
performance at the operating level and lower taxes during the quarter. We currently have
a Buy rating on the stock with a target price of `397.
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