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1QFY2012 Results Reviews
Cipla
Cipla’s 1QFY2012 results were well below our expectations. Overall sales grew by only 8%
on the back of lower domestic formulation sales growth, which came in at 10%. Exports
also grew by 8%. However, performance on the operating margin front surprised positively
by coming in at 22.9%, well above our expectation of 20.8%. However, despite such strong
performance on the operating front, net profit came in well below our expectations
account of higher interest, deprecation and tax expenses during the quarter. At the CMP,
the stock trades at 20x FY2012E and 16x FY2013E earnings. We maintain our Buy rating
on the stock with target price under review.
ITNL
For 1QFY2012, ITNL reported top line of `1,093cr (`776.1cr), registering 40.9% yoy
growth, primarily due to higher revenue of the C&EPC segment. EBITDA margin for the
quarter stood at 30.3% vs. 33.7% in 1QFY2011, down 340bp, mainly on account of
increased contribution from the comparatively lower-margin C&EPC segment, as expected.
ITNL’s interest cost grew by 35.2% yoy to `142.6cr (`105.5cr). The bottom line witnessed
moderate 10.6% yoy growth to `115.7cr (`104.6cr), owing to lower EBITDAM and higher
tax provisioning (39.3%) during the quarter.
We have valued ITNL on an SOTP basis, by assigning 6x EV/EBITDA to its standalone
business and have valued its investments on DCF/Mcap/BV basis on FY2013E.
We continue to maintain our Buy recommendation on the stock with a revised target price
of `259/share (`308/share), implying an upside of 26.1% from current levels.
GE Shipping
Great Eastern Shipping Co. Ltd (GESCO) reported its 1QFY2012 numbers. The top line
grew by modest 5.8% yoy to `682cr (`644cr). Operating profit increased by 4.1% to
`272cr. OPM declined by mere 65bp yoy to 39.9% (40.6%). PAT declined by 5.3% to
`163cr and margin declined by 283bp to 24.0% (26.8%), largely because of higher
depreciation and tax provision. Depreciation increased by 17.7% yoy to `123cr and tax
rate as a percentage of PBT increased to 12.6% in 1QFY2012 vs. 7.7% in 1QFY2011.
Currently, the stock is under review and we will be coming out with a detailed report post
the management concall today.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Results Reviews
Cipla
Cipla’s 1QFY2012 results were well below our expectations. Overall sales grew by only 8%
on the back of lower domestic formulation sales growth, which came in at 10%. Exports
also grew by 8%. However, performance on the operating margin front surprised positively
by coming in at 22.9%, well above our expectation of 20.8%. However, despite such strong
performance on the operating front, net profit came in well below our expectations
account of higher interest, deprecation and tax expenses during the quarter. At the CMP,
the stock trades at 20x FY2012E and 16x FY2013E earnings. We maintain our Buy rating
on the stock with target price under review.
ITNL
For 1QFY2012, ITNL reported top line of `1,093cr (`776.1cr), registering 40.9% yoy
growth, primarily due to higher revenue of the C&EPC segment. EBITDA margin for the
quarter stood at 30.3% vs. 33.7% in 1QFY2011, down 340bp, mainly on account of
increased contribution from the comparatively lower-margin C&EPC segment, as expected.
ITNL’s interest cost grew by 35.2% yoy to `142.6cr (`105.5cr). The bottom line witnessed
moderate 10.6% yoy growth to `115.7cr (`104.6cr), owing to lower EBITDAM and higher
tax provisioning (39.3%) during the quarter.
We have valued ITNL on an SOTP basis, by assigning 6x EV/EBITDA to its standalone
business and have valued its investments on DCF/Mcap/BV basis on FY2013E.
We continue to maintain our Buy recommendation on the stock with a revised target price
of `259/share (`308/share), implying an upside of 26.1% from current levels.
GE Shipping
Great Eastern Shipping Co. Ltd (GESCO) reported its 1QFY2012 numbers. The top line
grew by modest 5.8% yoy to `682cr (`644cr). Operating profit increased by 4.1% to
`272cr. OPM declined by mere 65bp yoy to 39.9% (40.6%). PAT declined by 5.3% to
`163cr and margin declined by 283bp to 24.0% (26.8%), largely because of higher
depreciation and tax provision. Depreciation increased by 17.7% yoy to `123cr and tax
rate as a percentage of PBT increased to 12.6% in 1QFY2012 vs. 7.7% in 1QFY2011.
Currently, the stock is under review and we will be coming out with a detailed report post
the management concall today.
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