KIFS Result update of Chambal-Wipro-Dr Reddy-Petronet-IRB-Dish TV

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CHAMBAL FERTILISERS

OVERVIEW

Chambal Fertilizers & Chemicals is part of KK Birla Group .It has three divisions catering agri products, shipping & textiles. Company’s Ammonia Plant has a capacity to produce 1,350 MT per day and the Urea Plant has a production capacity of 2,350 MT per day. Its brand ‘Uttam Veer’ has distribution network of 1500 dealers & 20,000 village level outlets spanning ten states. It has two modern soil & water testing laboratories. The company also has interest area in business of shipping under India Steamship Company , a wholly owned subsidiary.

Key highlights:

· Total income  grew by 21% Y-o-Y to Rs. 1164 cr v/s Rs. 961 cr in Jun-10

· Operating Profit grew by 3% Y-o-Y to Rs. 190 cr  v/s Rs. 185 cr in June-10

· OPM fell by 292 bps Y-o-Y to 16.31%  v/s 19.23% in June-10

· Net profit remained unchanged Y-o-Y to Rs. 64 cr. for the Quarter

· NPM fell by 119 bps Y-o-Y to 5.47%  v/s 6.66% in June-10

WIPRO

OVERVIEW

Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. Wipro also has profitable presence in niche market segments of consumer products and lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro Consumer Care and Lighting, a business unit of Wipro Limited, has a profitable presence in the branded retail market of toilet soaps, hair care soaps and baby care products.

Key highlights:

· Total income  grew by 22% Y-o-Y to Rs. 7311 cr. v/s Rs. 5982 cr in June-10

· Operating Profit grew by 15% Y-o-Y to Rs. 1751 cr.  v/s Rs. 1520 cr in June-10

· OPM fell by 145 bps Y-o-Y to 23.95%  v/s 25.4% in June-10

· Net profit grew by 10% Y-o-Y to Rs. 1219 cr.  v/s Rs. 1110 cr in June-10

· NPM grew by 125 bps Y-o-Y to 12.43%  v/s 11.18% in June-10

· Depreciation grew 28% Y-o-Y to Rs. 174 cr.  v/s Rs. 136 cr in June-10

DR REDDY’S LAB

OVERVIEW

Dr. Reddy’s Laboratories Ltd. (DRL) is an integrated global pharmaceutical company having geographically focus on India, USA, Russia & CIS and other emerging markets of the world. The company has three business divisions – Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products. DRL has therapeutic focus on gastro-intestinal, cardiovascular, dialectology, pain management, pediatrics , etc.

Key highlights:

· Total income  grew by 18% Y-o-Y to Rs. 1978 cr. v/s Rs. 1673 cr in June-10

· Operating Profit grew by 12% Y-o-Y to Rs. 402 cr.  v/s Rs. 360 cr in June-10

· OPM fell by 106 bps Y-o-Y to 20.34%  v/s 21.4% in June-10

· Net profit grew by 25% Y-o-Y to Rs. 262 cr.  v/s Rs. 209 cr in June-10

· NPM grew by 84 bps Y-o-Y to 13.26%  v/s 12.42% in June-10

DISH TV

OVERVIEW

Dish TV’s Revenue model is based on subscription revenues which are collected in advance as against credit being availed from business creditors. The company currently has a 32% market share of the 6 player private DTH industry in India. The Indian DTH industry has seen phenomenal growth, currently encompassing close to 35 Million subscribers. In a very short span of time of 5 years, the DTH sector has already acquired 25% of the cable and satellite household and is expected to reach 50% in the next 3 years.

Key highlights:

· Total income grew by 51% Y-o-Y to Rs.460 cr. v/s Rs.304 cr in June-10

· Operating Profit grew by 222% Y-o-Y to Rs.126 cr. v/s Rs.39 cr in June-10

· OPM grew by 1450 bps Y-o-Y to 27.33%  v/s 12.83% in June-10

· Net loss fell by 71% Y-o-Y to Rs. 18 cr. v/s Rs. 63 cr in June-10

· NPM grew by 1678 bps Y-o-Y to -3.98%  v/s -20.76% in June-10

· Interest Cost increased sharply by 150% Y-o-Y

PETRONET LNG

OVERVIEW

Petronet LNG Ltd. (PLL) is India’s first LNG terminal company, promoted by GAIL, ONGC, IOC and BPCL. The company has its re-gasification plant on the west coast at Dahej. The company imports natural gases in liquefied form by sell and purchase agreement (SPA) from Qatar and re-gasifies to distribute to its promoters on take or pay contract basis. PLL is on final stage to launch its new re-gasification plant at Kochi. The company is also looking to setup LNG terminal on the East coast. 

 Key highlights:

· Total income  grew by 83% Y-o-Y to Rs. 4623 cr. v/s Rs. 2526 cr in June-10

· Operating Profit grew by 78% Y-o-Y to Rs. 464 cr.  v/s Rs. 260 cr in June-10

· OPM fell by 27 bps Y-o-Y to 10.04%  v/s 10.31% in June-10

· Net profit grew by 131% Y-o-Y to Rs. 257 cr.  v/s Rs. 111 cr in June-10

· NPM grew by 114 bps Y-o-Y to 5.55%  v/s 4.41 % in June-10

IRB INFRASTRUCTURE

OVERVIEW

IRB Infrastructure Developers Ltd. was incorporated to fund the capital requirements of the IRB Group initiatives in the infrastructure sector. The revenue of the company may be impacted in the result due to mark to market provisioning for interest rate currency swap for Mumbai—Pune Express highway. The management of the company expected to bag another contract same as Ahmedabad - Vadodara Express highway in FY12. Tolling on Tumkur - Chitradurg project has commenced from Jun, 2011 and company is collecting toll of nearly Rs 42 lakh per day as against its estimate of Rs 44 - 45 lakh per day.

Key highlights:

· Total income  grew by 17.5% Q-o-Q to Rs. 179 cr. v/s Rs. 152 cr in June-10

· Operating Profit fell by 53% Q-o-Q to Rs. 44 cr.  v/s Rs. 94 cr in June-10

· OPM ( Excl OI) fell by 371 bps Q-o-Q to 12.7%  v/s 16.4% in June-10

· Net profit fell by 75% Q-o-Q to Rs. 18 cr.  v/s Rs. 72 cr in June-10

· NPM fell by 3715 bps Q-o-Q to 9.97%  v/s 47.1% in June-10

· Interest grew 23% Q-o-Q to Rs. 18 cr.  v/s Rs. 14.6 cr in June-10