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Marico
Marico posted healthy top-line growth of 25% yoy to `975cr, in-line with our
estimates. Growth was led by 14% volume growth, with Parachute rigids and
Saffola registering ~10% and 11% volume growth, respectively. The international
business registered 33% yoy growth. Recurring earnings grew by muted 9.4% yoy
and came in at `78cr, despite margin contraction and a 573bp increase in tax
rate. We maintain our Neutral view on the stock.
Madras Cements
Madras Cements reported 27.6% yoy growth in its net sales during
2QFY2012, in-line with our estimates. Robust top-line growth was aided by
phenomenal 32.6% yoy growth in cement realization on a low base. The
company is majorly present in the southern region, from where it derives more
than ~90% of its revenue. Prices in this region had declined to extremely low
levels in 2QFY2011, as a result of which the company had the benefit of low
base during 2QFY2012. However, dispatches fell by 9.3% yoy during the
quarter, indicating the low demand scenario in the south. The company’s OPM
rose by 1,555bp yoy to 33.4%. The bottom line rose by 257.5% yoy to `111cr.
We maintain our Neutral view on the stock.
Punj Lloyd
For 2QFY2012, Punj posted 20.3% yoy top-line growth to `2,392cr (`1,988cr).
The company’s EBITDA margin for the quarter stood at 8.4% against 9.2% in
2QFY2011. Interest and depreciation came in at 129.9cr (`92.4cr) and `78.1cr
(`67.9cr) respectively. On the earnings front, Punj reported profit of `24.7cr
against a profit of `23.9cr in 2QFY2011 on account of other income of `67.7cr.
Order inflow for Punj Lloyd in 1HFY2012 was `10,286cr against `9,978cr in
1HFY2011. We maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Marico
Marico posted healthy top-line growth of 25% yoy to `975cr, in-line with our
estimates. Growth was led by 14% volume growth, with Parachute rigids and
Saffola registering ~10% and 11% volume growth, respectively. The international
business registered 33% yoy growth. Recurring earnings grew by muted 9.4% yoy
and came in at `78cr, despite margin contraction and a 573bp increase in tax
rate. We maintain our Neutral view on the stock.
Madras Cements
Madras Cements reported 27.6% yoy growth in its net sales during
2QFY2012, in-line with our estimates. Robust top-line growth was aided by
phenomenal 32.6% yoy growth in cement realization on a low base. The
company is majorly present in the southern region, from where it derives more
than ~90% of its revenue. Prices in this region had declined to extremely low
levels in 2QFY2011, as a result of which the company had the benefit of low
base during 2QFY2012. However, dispatches fell by 9.3% yoy during the
quarter, indicating the low demand scenario in the south. The company’s OPM
rose by 1,555bp yoy to 33.4%. The bottom line rose by 257.5% yoy to `111cr.
We maintain our Neutral view on the stock.
Punj Lloyd
For 2QFY2012, Punj posted 20.3% yoy top-line growth to `2,392cr (`1,988cr).
The company’s EBITDA margin for the quarter stood at 8.4% against 9.2% in
2QFY2011. Interest and depreciation came in at 129.9cr (`92.4cr) and `78.1cr
(`67.9cr) respectively. On the earnings front, Punj reported profit of `24.7cr
against a profit of `23.9cr in 2QFY2011 on account of other income of `67.7cr.
Order inflow for Punj Lloyd in 1HFY2012 was `10,286cr against `9,978cr in
1HFY2011. We maintain our Neutral view on the stock.
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