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Ranbaxy Labs – 2QCY2011
Ranbaxy’s 2QCY2011 results came in-line with our expectations on the top-line front.
The company posted sales of `2,054.5cr, registering a decline of 2.1%. OPM came in at
10.4% for the quarter, which led the net profit before extraordinary expenditure to fall by
almost 50.9% during the quarter. Management is positive on resolving the USFDA issue
and monetising the Lipitor opportunity. We maintain our Neutral stance on the stock.
Bosch
Bosch reported better-than-expected performance during 2QCY2012 on account of
sustained momentum in the diesel cars, light commercial vehicle (LCV) and tractor
segments. The top line reported strong 21.1% yoy (down 1.3% qoq) growth to `2,059cr,
driven by a 22.1% yoy (down 1.4% qoq) increase in the auto segment’s revenue and
29.7% yoy (down 10.1% qoq) jump in the non-auto segment’s revenue. During the
quarter, the diesel systems segment grew by ~23% yoy and the automotive aftermarket
segment reported a ~15% yoy increase in sales. EBITDA margin posted a marginal 40bp
yoy (50bp qoq) decline on account of input cost pressures. Noticeably, a sharp 311bp yoy
decline in other expenses helped Bosch to maintain its margin. Led by strong top-line
performance and a substantial jump in interest and other income, net profit posted
better-than-expected 32.9% yoy (1.6% qoq) growth to `279cr.
At `6,945, the stock is trading at 21.2x CY2011E and 19x CY2012E earnings,
respectively. We recommend Accumulate on the stock with a target price of `7,304,
valuing it at 20x CY2012E earnings.
Britannia
Britannia reported a strong set of numbers for 1QFY2012, in-line with our estimates. The
company’s top line grew by 21.2% yoy to `1,106cr. Earnings grew strongly by 27.3% yoy
to `42cr. OPM marginally expanded by 12bp yoy to 4.6% on account of efficient cost
management. EBITDA for the quarter stood at `51cr. At the CMP, the stock is trading at
21x FY2013E EPS. The stock is under review.
MOIL
MOIL’s 1QFY2012 results were below our expectations. Net sales decreased by 40.1% yoy
to `210cr (below our estimate of `227cr), which in our view would be mainly on account
of the decrease in average realisation. EBITDA decreased by 49.2% yoy to `127cr. EBITDA
margin dipped by 1,074bp yoy to 60.3%. Other income increased by 46.1% yoy to `43cr.
Consequently, net profit decreased by 40.3% yoy to `109cr, slightly above our estimate of
`104cr. We maintain our Neutral view on the stock.
Aurobindo Pharmaceuticals
For 1QFY2011, Aurobindo Pharmaceuticals posted net sales of `1,077cr, registering
growth of 16.8%. Growth on the sales front was driven by formulations sales, which grew
by 26.2%. EBITDA for the quarter declined by 4.6%. PBT growth stood at 6.1% during the
quarter. We maintain our Buy recommendation on the stock with target price under review
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Ranbaxy Labs – 2QCY2011
Ranbaxy’s 2QCY2011 results came in-line with our expectations on the top-line front.
The company posted sales of `2,054.5cr, registering a decline of 2.1%. OPM came in at
10.4% for the quarter, which led the net profit before extraordinary expenditure to fall by
almost 50.9% during the quarter. Management is positive on resolving the USFDA issue
and monetising the Lipitor opportunity. We maintain our Neutral stance on the stock.
Bosch
Bosch reported better-than-expected performance during 2QCY2012 on account of
sustained momentum in the diesel cars, light commercial vehicle (LCV) and tractor
segments. The top line reported strong 21.1% yoy (down 1.3% qoq) growth to `2,059cr,
driven by a 22.1% yoy (down 1.4% qoq) increase in the auto segment’s revenue and
29.7% yoy (down 10.1% qoq) jump in the non-auto segment’s revenue. During the
quarter, the diesel systems segment grew by ~23% yoy and the automotive aftermarket
segment reported a ~15% yoy increase in sales. EBITDA margin posted a marginal 40bp
yoy (50bp qoq) decline on account of input cost pressures. Noticeably, a sharp 311bp yoy
decline in other expenses helped Bosch to maintain its margin. Led by strong top-line
performance and a substantial jump in interest and other income, net profit posted
better-than-expected 32.9% yoy (1.6% qoq) growth to `279cr.
At `6,945, the stock is trading at 21.2x CY2011E and 19x CY2012E earnings,
respectively. We recommend Accumulate on the stock with a target price of `7,304,
valuing it at 20x CY2012E earnings.
Britannia
Britannia reported a strong set of numbers for 1QFY2012, in-line with our estimates. The
company’s top line grew by 21.2% yoy to `1,106cr. Earnings grew strongly by 27.3% yoy
to `42cr. OPM marginally expanded by 12bp yoy to 4.6% on account of efficient cost
management. EBITDA for the quarter stood at `51cr. At the CMP, the stock is trading at
21x FY2013E EPS. The stock is under review.
MOIL
MOIL’s 1QFY2012 results were below our expectations. Net sales decreased by 40.1% yoy
to `210cr (below our estimate of `227cr), which in our view would be mainly on account
of the decrease in average realisation. EBITDA decreased by 49.2% yoy to `127cr. EBITDA
margin dipped by 1,074bp yoy to 60.3%. Other income increased by 46.1% yoy to `43cr.
Consequently, net profit decreased by 40.3% yoy to `109cr, slightly above our estimate of
`104cr. We maintain our Neutral view on the stock.
Aurobindo Pharmaceuticals
For 1QFY2011, Aurobindo Pharmaceuticals posted net sales of `1,077cr, registering
growth of 16.8%. Growth on the sales front was driven by formulations sales, which grew
by 26.2%. EBITDA for the quarter declined by 4.6%. PBT growth stood at 6.1% during the
quarter. We maintain our Buy recommendation on the stock with target price under review
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