KIFS Result update of UBI-DB Corp-Enil-Allahabad-Axis-Colgate

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KIFS Result update of:

UNION BANK

OVERVIEW

With a pan India reach with 3015 branches and 2634 ATM’s, Union Bank is also one of the most technologically advanced public sector banks. The bank has currently more than 27000 employees and is implementing a HR restructuring. The net profit per employee has grown almost 3 times since FY06 from Rs 2.66 cr to Rs 7.5 cr in FY11. With the implementation of CBS for all its branches in FY 08, gross profit per branch has increased almost 2 times from Rs 70 lakhs in FY06 to Rs 1.43 cr in FY 11.

Key highlights:

· Total income grew by 31% Y-o-Y to Rs.5400 cr. v/s Rs. 4121 cr in June-10

· Operating Profit grew by 12% Y-o-Y to Rs. 1166 cr.  v/s Rs. 1044 cr in June-10

· Net profit fell by a whopping 23% Y-o-Y to Rs. 464 cr. v/s Rs. 601 cr in June-10

· Gross NPA’s grew by 38 bps Y-o-Y to 2.57%  v/s 2.19% in June-10

· Net NPA’s grew by 38 bps Y-o-Y to 1.32%  v/s 0.94% in June-10

DB CORP

OVERVIEW

DB Corp is India’s largest print media company and home to flagship news papers Dainik Bhaskar, Divya Bhaskar and DNA (English) among others. It also operates FM radio stations in 17 cities under the brand name My FM. DB Corp Ltd. is the largest print media group amongst national dailies, with 18.1 million readers as revealed by the IRS survey of Q1 2011. Dainik Bhaskar is the No. 1 Newspaper of urban India in Average Issue Readership (AIR). DB Corp is a leader in Madhya Pradesh, Chattisgarh, Chandigarh, Haryana, Punjab, Rajasthan and Gujarat, its core area of operations.

Key highlights:

· Total income grew by 23% Y-o-Y to Rs. 353 cr. v/s Rs. 288 cr in June-10

· Operating Profit fell by 12% Y-o-Y to Rs. 106 cr.  v/s Rs. 120 cr in June-10

· OPM fell by 1161 bps Y-o-Y to 30.07%  v/s 41.68% in June-10

· Net profit fell by 14% Y-o-Y to Rs. 63 cr.  v/s Rs. 73 cr in June-10

· NPM fell by 753 bps Y-o-Y to 17.98% v/s 25.51% in June-10

· Raw Material Cost increased sharply by 44% Y-o-Y

ENIL

OVERVIEW

ENIL Operates in the radio broadcasting segment, out-of-home media segment and experiential marketing segment. With 'Radio Mirchi' being the No.1 Radio brand in the private FM space it has network across 14 states with 32 stations and more than 41 million listeners across all its stations. The Govt. has approved phase III licensing for FM stations in India. Phase III will open up expansion potential for FM radio to additional 227 towns boosting growth for radio advertising. ENIL seems well placed to take advantage of opening up of this new market.

Key highlights:

· Total income grew by 10% Y-o-Y to Rs.63 cr. v/s Rs. 58 cr in June-10

· Operating Profit grew by 73% Y-o-Y to Rs. 16 cr.  v/s Rs. 9 cr in June-10

· OPM grew by 947 bps Y-o-Y to 25.92%  v/s 16.45% in June-10

· Net profit grew by 124% Y-o-Y to Rs. 10 cr.  v/s Rs. 4 cr in June-10

· NPM grew by 778 bps Y-o-Y to 15.27%  v/s 7.49% in June-10

ALLAHABAD BANK

OVERVIEW

Having 2415 branches and 200 ATM’s with major concentration of branches in West Bengal, Bihar and UP, Allahabad Bank plans to add another 155 branches and 500 ATM’s by FY 12. The bank will be opening up these new branches in new CASA rich regions of Southern and Western India. The bank also plans to increase the fee based component of revenues by launching new products and services for NRI clients and bullion trading. Allahabad bank enjoys a higher than industry average NIM of 3.38% due to low cost deposits with a CASA ratio of over 33%.

Key highlights:

· Total income grew by 42% Y-o-Y to Rs.3836 cr. v/s Rs. 2702 cr in June-10

· Operating Profit grew by 26% Y-o-Y to Rs. 890 cr. v/s Rs. 705 cr in June-10

· Net profit grew by 20% Y-o-Y to Rs. 418 cr.  v/s Rs. 347 cr in June-10

· Gross NPA’s grew by 12 bps Y-o-Y to 1.62%  v/s 1.50% in June-10

· Net NPA’s grew by 19 bps Y-o-Y to 0.60%  v/s 0.41% in June-10

AXIS BANK

OVERVIEW

With a strong branch network expansion CAGR of 33% from 2004-11, Axis Bank is on a tipping point to capture a large part of the Indian financial services market. NII and fee based income for the bank has grown at a CAGR of 45% and 44% respectively in the last five years. Axis bank has over 1390 branches and extension counters and over 6270 ATM’s. With the use of high end technology, Axis Bank has been to service large corporate clients for cash management services. Axis Bank is also a dominant player in placement and syndication of debt issues. New frontiers are expected to open up and push the savings deposit CAGR of 35% achieved in last 5 years higher.

Key highlights:

· Total income grew by 40% Y-o-Y to Rs.6049 cr. v/s Rs. 4326 cr in June-10

· Operating Profit grew by 7% Y-o-Y to Rs. 1558 cr.  v/s Rs. 1450 cr in June-10

· Net profit grew by 27% Y-o-Y to Rs. 942 cr.  v/s Rs. 742 cr in June-10

· Gross NPA’s fell by 7 bps Y-o-Y to 1.06%  v/s 1.13% in June-10

· Net NPA’s fell by 4 bps Y-o-Y to 0.31%  v/s 0.35% in June-10

COLGATE PALMOLIVE

OVERVIEW

Colgate is a leading company in oral care– toothpaste segment. It has manufacturing facilities at Aurangabad (Maharashtra), Goa and Baddi (Himachal Pradesh). The company sells its products In around 200 countries and has global brands like "Colgate", "Mennen", "Palmolive", "Ajax", "Softsoap" and "Hill’s Pet Nutrition" in its stable. The company caters approximate 53% market share in domestic oral care market.

Key highlights:

· Total income grew by 14% Y-o-Y to Rs. 629 cr  v/s Rs. 550 cr in June-10

· Operating Profit fell by 11% Y-o-Y to Rs. 148 cr. v/s Rs. 165 cr. in    Jun-10

· OPM fell by 663 bps   Y-o-Y to 23.44 % v/s 30.07 % in June-10

· Net profit fell by 18% Y-o-Y to Rs. 100 cr.  v/s Rs. 122 cr. in June-10

· NPM fell by 623 bps       Y-o-Y to 15.96 % v/s 22.19 % in June-10