Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HCC
For 2QFY2012, HCC’s numbers came much lower than our and street
expectations. On the top-line front, HCC’s revenue declined by 6.3% yoy to
`828.6cr (`884.6cr), against our estimate of `946.5cr, due to slowdown in
execution. EBITDAM came in at 11.3% (12.8%), a dip of 150bp yoy and lower
than our estimate of 13.2%, on account of commodity price pressures and fixed
overheads not covered by lower revenue. On the earnings front, HCC reported a
loss of `40.5cr vs. profit of `12.1cr in 2QFY2011, against our estimate of loss of
`7.4cr. Shocking performance on the bottom-line front was due to lower revenue
and EBITDA margin and higher interest cost (`107.4cr, growth of 60.2% yoy).
Owing to the uncertainties surrounding Lavasa project and other concerns such as
subdued order inflow, deteriorating working capital situation and high interest
cost, we continue to maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HCC
For 2QFY2012, HCC’s numbers came much lower than our and street
expectations. On the top-line front, HCC’s revenue declined by 6.3% yoy to
`828.6cr (`884.6cr), against our estimate of `946.5cr, due to slowdown in
execution. EBITDAM came in at 11.3% (12.8%), a dip of 150bp yoy and lower
than our estimate of 13.2%, on account of commodity price pressures and fixed
overheads not covered by lower revenue. On the earnings front, HCC reported a
loss of `40.5cr vs. profit of `12.1cr in 2QFY2011, against our estimate of loss of
`7.4cr. Shocking performance on the bottom-line front was due to lower revenue
and EBITDA margin and higher interest cost (`107.4cr, growth of 60.2% yoy).
Owing to the uncertainties surrounding Lavasa project and other concerns such as
subdued order inflow, deteriorating working capital situation and high interest
cost, we continue to maintain our Neutral view on the stock.
No comments:
Post a Comment