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Result Previews
HDFC Bank
HDFC Bank is expected to announce a healthy performance for 2QFY2012.
We expect the bank to report reasonable NII growth of 18.0% yoy to `2,982cr
on the back of sequentially stable NIM. Non-interest income is expected to
register growth of 22.0% yoy, leading to operating income growth of 19.1%
yoy. Due to relatively faster rise in operating expenses, pre-provision profit is
expected to grow by relatively lower 16.8% yoy. However, provisions are
expected to decline by 22.9% yoy, leading to healthy net profit growth of
30.3% yoy to `1,188cr. At the CMP, the stock is trading at attractive valuations
of 3.2x FY2013E P/ABV, in our view. We maintain our Accumulate
recommendation on the stock with a target price of `517.
Hindustan Zinc
Hindustan Zinc is slated to announce its 2QFY2012 results. The company’s top
line is expected to register 22.2% yoy growth to `2,643cr on account of higher
sales volume and realisation. However, the company’s EBITDA margin is
expected to contract by 200bp yoy to 50.0% on account of higher costs.
Nevertheless, the bottom line is expected to grow by 33.3% yoy to `1,265cr.
We maintain our Buy view on the stock with a target price of `156.
Crompton Greaves
Crompton Greaves is scheduled to announce its 2QFY2012 results.
The company is expected to report muted top-line growth of 6.0% yoy to
`2,542cr, attributable to the power system segment, which has remained a
drag since the past few quarters. The company’s EBITDA margin is expected to
witness a steep contraction of ~490bp yoy to 9% on account of high input
costs and pricing pressures. Interest cost is also expected to post a two-fold
increase on a yoy basis. Lower revenue coupled with operational weakness is
expected to drive down PAT by whopping 45.8% yoy to `115.8cr. Currently,
we continue to remain Neutral on the stock.
Infotech Enterprises
Infotech Enterprises is slated to announce its 2QFY2012 results. We expect the
company to post revenue of US$80.1mn, up 3.4% qoq, majorly led by volume
growth. In INR terms, revenue is expected to come in at `366cr, up 5.6% qoq.
EBITDA margin is expected to expand by 106bp qoq to 13.6%. PAT is expected
to come in at `29cr. We maintain our Neutral view on the stock.
Alembic Pharmaceuticals
For 2QFY2012, Alembic Pharmaceutical’s net sales are expected to be come
in at `317cr. The company is expected to report OPM of 14.0%. Net profit is
expected to come in at ~`23.4cr. At the CMP, the stock is trading at 8.4x
FY2012E and 6.9x FY2013E earnings. We maintain our Buy recommendation
on the stock with a target price of `65.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Previews
HDFC Bank
HDFC Bank is expected to announce a healthy performance for 2QFY2012.
We expect the bank to report reasonable NII growth of 18.0% yoy to `2,982cr
on the back of sequentially stable NIM. Non-interest income is expected to
register growth of 22.0% yoy, leading to operating income growth of 19.1%
yoy. Due to relatively faster rise in operating expenses, pre-provision profit is
expected to grow by relatively lower 16.8% yoy. However, provisions are
expected to decline by 22.9% yoy, leading to healthy net profit growth of
30.3% yoy to `1,188cr. At the CMP, the stock is trading at attractive valuations
of 3.2x FY2013E P/ABV, in our view. We maintain our Accumulate
recommendation on the stock with a target price of `517.
Hindustan Zinc
Hindustan Zinc is slated to announce its 2QFY2012 results. The company’s top
line is expected to register 22.2% yoy growth to `2,643cr on account of higher
sales volume and realisation. However, the company’s EBITDA margin is
expected to contract by 200bp yoy to 50.0% on account of higher costs.
Nevertheless, the bottom line is expected to grow by 33.3% yoy to `1,265cr.
We maintain our Buy view on the stock with a target price of `156.
Crompton Greaves
Crompton Greaves is scheduled to announce its 2QFY2012 results.
The company is expected to report muted top-line growth of 6.0% yoy to
`2,542cr, attributable to the power system segment, which has remained a
drag since the past few quarters. The company’s EBITDA margin is expected to
witness a steep contraction of ~490bp yoy to 9% on account of high input
costs and pricing pressures. Interest cost is also expected to post a two-fold
increase on a yoy basis. Lower revenue coupled with operational weakness is
expected to drive down PAT by whopping 45.8% yoy to `115.8cr. Currently,
we continue to remain Neutral on the stock.
Infotech Enterprises
Infotech Enterprises is slated to announce its 2QFY2012 results. We expect the
company to post revenue of US$80.1mn, up 3.4% qoq, majorly led by volume
growth. In INR terms, revenue is expected to come in at `366cr, up 5.6% qoq.
EBITDA margin is expected to expand by 106bp qoq to 13.6%. PAT is expected
to come in at `29cr. We maintain our Neutral view on the stock.
Alembic Pharmaceuticals
For 2QFY2012, Alembic Pharmaceutical’s net sales are expected to be come
in at `317cr. The company is expected to report OPM of 14.0%. Net profit is
expected to come in at ~`23.4cr. At the CMP, the stock is trading at 8.4x
FY2012E and 6.9x FY2013E earnings. We maintain our Buy recommendation
on the stock with a target price of `65.
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