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1QFY2012 Result Reviews
Sun TV
Sun TV reported a dismal performance for 1QFY2011. The top line grew by 3.1% yoy and
declined 1.4% qoq to `454cr. Operating margins declined by 111bp yoy due to high other
expenditure and staff costs. The earnings for the quarter grew by 9.8% yoy to `187cr. The
stock is currently under review.
GSK Consumer – 2QCY2011
GSK Consumer reported its 2QCY2011 results. The company’s net sales came in at
`653cr (`537cr), growth of 21.6% yoy. Gross margin declined by 295bp yoy. OPM
declined by 155bp yoy on account of high raw-material cost inflation and high ad spends.
Employee expense decreased by 56bp yoy and other expenses came down by 222bp yoy.
Tax rate declined by 71bp yoy. The company reported earnings growth of ~15% yoy to
`82.5cr for the quarter. We maintain Reduce on the stock with a target price of under
review.
Indraprastha Gas
Indraprastha Gas reported robust set of numbers for 1QFY2012. Net sales grew by 59.9%
yoy to `536cr. However, raw-material costs increased by 80.0% yoy to `301cr. Hence,
EBITDA grew by only 47.1% yoy to `158cr in 1QFY2012. EBITDA margin slipped by
258bp yoy to 29.5% in 1QFY2012. Further, interest expense stood at `9cr in 1QFY2012
compared to nil in 1QFY2011. Hence, net profit decreased by 39.6% yoy to `80cr.
We maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Result Reviews
Sun TV
Sun TV reported a dismal performance for 1QFY2011. The top line grew by 3.1% yoy and
declined 1.4% qoq to `454cr. Operating margins declined by 111bp yoy due to high other
expenditure and staff costs. The earnings for the quarter grew by 9.8% yoy to `187cr. The
stock is currently under review.
GSK Consumer – 2QCY2011
GSK Consumer reported its 2QCY2011 results. The company’s net sales came in at
`653cr (`537cr), growth of 21.6% yoy. Gross margin declined by 295bp yoy. OPM
declined by 155bp yoy on account of high raw-material cost inflation and high ad spends.
Employee expense decreased by 56bp yoy and other expenses came down by 222bp yoy.
Tax rate declined by 71bp yoy. The company reported earnings growth of ~15% yoy to
`82.5cr for the quarter. We maintain Reduce on the stock with a target price of under
review.
Indraprastha Gas
Indraprastha Gas reported robust set of numbers for 1QFY2012. Net sales grew by 59.9%
yoy to `536cr. However, raw-material costs increased by 80.0% yoy to `301cr. Hence,
EBITDA grew by only 47.1% yoy to `158cr in 1QFY2012. EBITDA margin slipped by
258bp yoy to 29.5% in 1QFY2012. Further, interest expense stood at `9cr in 1QFY2012
compared to nil in 1QFY2011. Hence, net profit decreased by 39.6% yoy to `80cr.
We maintain our Neutral view on the stock.
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