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IVRCL
IVRCL reported a mixed set of numbers for 2QFY2012, with in-line performance
on the revenue front. However, better-than-expected performance at the EBITDAM
level and lower tax rate led to higher-than-expected earnings. The company
reported a decline of 2.7% yoy on the top-line front to `1,046.1cr (`1,075.0cr), inline
with our estimate of `1,075.0cr. On the EBITDAM front, the company posted
flat margin of 9.0% (8.9%) on a yoy basis, against our estimate of 8.0%. Interest
cost came in at `65.2cr (`48.0cr), a jump of 35.8% yoy/3.9% qoq, in-line with our
estimate. IVRCL reported a 65.0% decline yoy in its earnings to `8.1cr (`23.3cr),
against our estimate of a 95.3% decline owing to better-than-expected EBITDAM
and lower tax rate (8.3%). We maintain our Buy view on the stock with a target
price of `60.
SpiceJet
SpiceJet reported a disappointing set of numbers for 2QFY2012. The company’s
net sales increased by 22.0% yoy to `766cr (`628cr) on the back of strong fleet
expansion. EBITDA for the quarter came in at negative `232cr vs. positive `4cr in
2QFY2011. The decline in EBITDA can largely be attributed to high fuel cost and
stiff completion during the quarter. Consequently, PAT came in at negative `240cr
vs. positive `10cr in 2QFY2011. We continue to maintain our Neutral view on the
stock. We may revise our estimates and target price post management interaction.
TVS Srichakra
TVS Srichakra reported its 2QFY2012 numbers. The company’s net sales witnessed
robust growth of 31.3% yoy to `354cr (`269cr), in-line with our estimates. OPM
was flat on a qoq basis; and on yoy basis, it improved marginally by 88bp. PAT
increased only by 11.1% yoy to `11cr (`10cr), mainly due to high interest cost as
loans have increased substantially to `385.3cr for 1HFY2012. The company has
announced to invest in equity shares of a subsidiary being formed in the UK for the
acquisition of a distribution business in Europe. We maintain our Buy
recommendation on the stock with a target price of `468.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IVRCL
IVRCL reported a mixed set of numbers for 2QFY2012, with in-line performance
on the revenue front. However, better-than-expected performance at the EBITDAM
level and lower tax rate led to higher-than-expected earnings. The company
reported a decline of 2.7% yoy on the top-line front to `1,046.1cr (`1,075.0cr), inline
with our estimate of `1,075.0cr. On the EBITDAM front, the company posted
flat margin of 9.0% (8.9%) on a yoy basis, against our estimate of 8.0%. Interest
cost came in at `65.2cr (`48.0cr), a jump of 35.8% yoy/3.9% qoq, in-line with our
estimate. IVRCL reported a 65.0% decline yoy in its earnings to `8.1cr (`23.3cr),
against our estimate of a 95.3% decline owing to better-than-expected EBITDAM
and lower tax rate (8.3%). We maintain our Buy view on the stock with a target
price of `60.
SpiceJet
SpiceJet reported a disappointing set of numbers for 2QFY2012. The company’s
net sales increased by 22.0% yoy to `766cr (`628cr) on the back of strong fleet
expansion. EBITDA for the quarter came in at negative `232cr vs. positive `4cr in
2QFY2011. The decline in EBITDA can largely be attributed to high fuel cost and
stiff completion during the quarter. Consequently, PAT came in at negative `240cr
vs. positive `10cr in 2QFY2011. We continue to maintain our Neutral view on the
stock. We may revise our estimates and target price post management interaction.
TVS Srichakra
TVS Srichakra reported its 2QFY2012 numbers. The company’s net sales witnessed
robust growth of 31.3% yoy to `354cr (`269cr), in-line with our estimates. OPM
was flat on a qoq basis; and on yoy basis, it improved marginally by 88bp. PAT
increased only by 11.1% yoy to `11cr (`10cr), mainly due to high interest cost as
loans have increased substantially to `385.3cr for 1HFY2012. The company has
announced to invest in equity shares of a subsidiary being formed in the UK for the
acquisition of a distribution business in Europe. We maintain our Buy
recommendation on the stock with a target price of `468.
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