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Areva T&D – 2QCY2011
For 2QCY2011, Areva T&D reported 12.8% yoy top-line growth to `999cr, which was
almost in-line with our estimate of `1,009cr. EBITDA margin contracted by 137bp yoy to
7.8% (est. 9%) mainly on the back higher other expenditure during the quarter.
Consequently, EBITDA declined by 4% yoy to `78cr (`81cr). Interest expenses rose by
55.1% yoy to `16cr (`10cr). The combination of weak operating results and higher interest
expenses pulled down the bottom line by 18.5% yoy to `26cr (`32cr). Overall, the reported
numbers were lower than our estimates. At the CMP of `235cr, the stock is trading at
27.1x and 20.5x CY2011E and CY2012E earnings, respectively. Currently, we continue to
remain Neutral on the stock. We will revise our estimates post the conference call with
management.
PTC India
PTC India’s (PTC) 1QFY2012 net sales declined by 9.8% yoy to `2,487cr. The operating
profit rose by 71% yoy to `48cr on account of growth in trading volumes and higher
trading margins. OPM for the quarter rose substantially by 91bp to 1.91%. Net profit rose
by 62.6% yoy to `45cr. Robust growth in the bottom line was aided by higher operational
profit and higher other income at `17.4cr (up 26.3% yoy). We maintain our Neutral view
on the stock.
Finolex Cables
Finolex Cables posted a 6.6% yoy decline in its revenue to `461cr (`493cr) in 1QFY2012.
Revenue of the company’s copper rod and communication cables segments reported a
decline of 15.5% and 18.7 yoy, respectively. However, the company’s main segment,
electric cables witnessed strong growth of 26.8% yoy. OPM fell by 56bp yoy to 7.5% but
improved by 8bp on a qoq basis, mainly because of lower raw-material cost during the
quarter vs. 4QFY2011. PAT came in at `20cr, down 12.3% yoy, but increased by 8.2%
qoq. We continue to maintain our Buy recommendation the stock. We may revise our
estimates and target price post management’s interaction.
PVR
PVR reported its 1QFY2012 numbers. The top line came in at `116cr, up by 14.3% yoy.
Reported earnings grew strongly to `10cr, against `2cr in 1QFY2011, on account of an
exceptional item booked in the profit from profit on sale of investments in a subsidiary.
OPM expanded by 250bp yoy and stood at 16.6%. The stock is under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Areva T&D – 2QCY2011
For 2QCY2011, Areva T&D reported 12.8% yoy top-line growth to `999cr, which was
almost in-line with our estimate of `1,009cr. EBITDA margin contracted by 137bp yoy to
7.8% (est. 9%) mainly on the back higher other expenditure during the quarter.
Consequently, EBITDA declined by 4% yoy to `78cr (`81cr). Interest expenses rose by
55.1% yoy to `16cr (`10cr). The combination of weak operating results and higher interest
expenses pulled down the bottom line by 18.5% yoy to `26cr (`32cr). Overall, the reported
numbers were lower than our estimates. At the CMP of `235cr, the stock is trading at
27.1x and 20.5x CY2011E and CY2012E earnings, respectively. Currently, we continue to
remain Neutral on the stock. We will revise our estimates post the conference call with
management.
PTC India
PTC India’s (PTC) 1QFY2012 net sales declined by 9.8% yoy to `2,487cr. The operating
profit rose by 71% yoy to `48cr on account of growth in trading volumes and higher
trading margins. OPM for the quarter rose substantially by 91bp to 1.91%. Net profit rose
by 62.6% yoy to `45cr. Robust growth in the bottom line was aided by higher operational
profit and higher other income at `17.4cr (up 26.3% yoy). We maintain our Neutral view
on the stock.
Finolex Cables
Finolex Cables posted a 6.6% yoy decline in its revenue to `461cr (`493cr) in 1QFY2012.
Revenue of the company’s copper rod and communication cables segments reported a
decline of 15.5% and 18.7 yoy, respectively. However, the company’s main segment,
electric cables witnessed strong growth of 26.8% yoy. OPM fell by 56bp yoy to 7.5% but
improved by 8bp on a qoq basis, mainly because of lower raw-material cost during the
quarter vs. 4QFY2011. PAT came in at `20cr, down 12.3% yoy, but increased by 8.2%
qoq. We continue to maintain our Buy recommendation the stock. We may revise our
estimates and target price post management’s interaction.
PVR
PVR reported its 1QFY2012 numbers. The top line came in at `116cr, up by 14.3% yoy.
Reported earnings grew strongly to `10cr, against `2cr in 1QFY2011, on account of an
exceptional item booked in the profit from profit on sale of investments in a subsidiary.
OPM expanded by 250bp yoy and stood at 16.6%. The stock is under review.
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