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LIC Housing Finance
For 2QFY2012, LIC Housing Finance (LICHF) reported a sharp 58% drop in its net
profit to `98cr on account of one-off regulatory provisions (of `205cr) pursuant to
recent change in provisioning requirements on standard assets. Excluding these
one-off provisions, the bottom line was better than our expectation. NII growth was
moderate at 10% yoy to `334cr. Reported NIM for the quarter declined by 33bp
qoq to 2.45%. Disbursements to individuals registered healthy growth of 24% yoy;
while that to developers fell sharply by 65% yoy (on account of management’s
conscious strategy). Overall outstanding loan portfolio grew by healthy 29% yoy to
`56,098cr. On the asset-quality front, gross and net NPA ratios improved further.
Gross NPA ratio improved to 0.64% from 0.84% as of 1QFY2012 and net NPA
ratio improved to 0.12% as compared to 0.35% as of 1QFY2012. The stock is
trading at 1.7x FY2013E ABV. We maintain our Neutral stance on the stock.
Britannia
Britannia reported a strong set of numbers for 2QFY2012. The company
registered top-line growth of 18.2% yoy to `1,294, driven by volumes, price hikes
and improved product mix. Earnings growth during the quarter stood strong at
18.8% yoy and came in at `38cr. Operating margin marginally expanded and
stood at 4.8%, despite increased staff costs and ad spends. We maintain our
Neutral view on the stock.
MOIL Ltd.
MOIL’s 2QFY2012 results were above our expectations. The company’s net sales
decreased by 12.6% yoy to `248cr (above our estimate of `180cr), which in our
view would mainly be on account of decreased average realization. EBITDA
decreased by 43.7% yoy to `111cr. EBITDA margin dipped by 2,475bp yoy to
44.7% on account of slump in manganese ore prices. Other income increased by
49.3% yoy to `47cr. Consequently, net profit decreased by 31.9% yoy to `101cr,
above our estimate of `93cr. We maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
LIC Housing Finance
For 2QFY2012, LIC Housing Finance (LICHF) reported a sharp 58% drop in its net
profit to `98cr on account of one-off regulatory provisions (of `205cr) pursuant to
recent change in provisioning requirements on standard assets. Excluding these
one-off provisions, the bottom line was better than our expectation. NII growth was
moderate at 10% yoy to `334cr. Reported NIM for the quarter declined by 33bp
qoq to 2.45%. Disbursements to individuals registered healthy growth of 24% yoy;
while that to developers fell sharply by 65% yoy (on account of management’s
conscious strategy). Overall outstanding loan portfolio grew by healthy 29% yoy to
`56,098cr. On the asset-quality front, gross and net NPA ratios improved further.
Gross NPA ratio improved to 0.64% from 0.84% as of 1QFY2012 and net NPA
ratio improved to 0.12% as compared to 0.35% as of 1QFY2012. The stock is
trading at 1.7x FY2013E ABV. We maintain our Neutral stance on the stock.
Britannia
Britannia reported a strong set of numbers for 2QFY2012. The company
registered top-line growth of 18.2% yoy to `1,294, driven by volumes, price hikes
and improved product mix. Earnings growth during the quarter stood strong at
18.8% yoy and came in at `38cr. Operating margin marginally expanded and
stood at 4.8%, despite increased staff costs and ad spends. We maintain our
Neutral view on the stock.
MOIL Ltd.
MOIL’s 2QFY2012 results were above our expectations. The company’s net sales
decreased by 12.6% yoy to `248cr (above our estimate of `180cr), which in our
view would mainly be on account of decreased average realization. EBITDA
decreased by 43.7% yoy to `111cr. EBITDA margin dipped by 2,475bp yoy to
44.7% on account of slump in manganese ore prices. Other income increased by
49.3% yoy to `47cr. Consequently, net profit decreased by 31.9% yoy to `101cr,
above our estimate of `93cr. We maintain our Neutral view on the stock.
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