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Ranbaxy – 3QCY2011
For 3QCY2011, Ranbaxy reported net sales of `2,023cr, up 7.7% yoy. Gross
margin decreased by 65bp yoy for the quarter. OPM increased to 5.0% (4.7%)
during the quarter. The company reported loss of `465cr in earnings due to loss
on foreign exchange on foreign currency option derivatives (loss of ~`400cr). The
stock is under review.
Lupin
For 2QFY2012, Lupin reported net sales of `1,742cr, up 23.6% yoy. Gross margin
increased by 465bp yoy for the quarter. OPM increased to 21.4% (19.4%) during
the quarter, despite higher manufacturing and other expenses (up 319bp yoy).
Adjusted net profit increased by 23.5% yoy to `267cr (`216cr) despite higher
depreciation and tax rate. We maintain our Buy rating on the stock with a target
price of `593.
Mahindra Satyam
Mahindra Satyam (Satyam) announced its 2QFY2012 results, which were lower
than our expectations on the operating front. However, the company outperformed
on the PAT front. Dollar revenue came in at US$330mn, up 3.1% qoq, on the back
of 4.5% qoq volume growth. In rupee terms, the company’s revenue came in at
`1,578cr, up by whopping 10.0% qoq. EBITDA margin expanded by 49bp qoq to
15.3%, lower than our expectation, due to higher operational expense because of
deployment of hardware and software licenses (25cr-30cr). PAT came in at
`238cr, up 5.8% qoq. The stock is currently under review.
Bharat Forge
Bharat Forge (BFL) registered better-than-expected 26.6% yoy (6.1% qoq) jump in
its standalone revenue to `910cr, driven by robust 57.6% yoy (13.3% qoq) growth
in exports revenue. Strong growth in the CV segment and non auto segment in the
Europe and US benefitted the company’s exports performance. During 2QFY2012,
tonnage volume increased by 16.5% yoy (1.5% qoq) to 53,740MT on strong
export demand and increased average net realization increased (8.1% yoy, 4.7%
qoq). Domestic revenue growth was, however, sluggish as it grew modestly by
5.2% yoy (0.5% qoq) on account of slowdown in the automotive sector and
industrial activity. On the operating front, the company's margin slipped by 56bp
yoy (63bp qoq) to 23.7%. While raw-material costs as a percentage of sales
remained stable, manufacturing expenses as a percentage of sales increased by
116bp yoy. Led by stable operating performance, a substantial increase in other
income and lower tax rate, BFL's net profit jumped by 56.1% yoy (9.2% qoq)
to `106cr.
On a consolidated basis, BFL reported strong 25.3% yoy (flat qoq) growth in its top
line to `1,559cr. EBITDA margin came in slightly ahead of our estimates at 16.2%,
an increase of 50bp yoy (42bp qoq), resulting in a 55.2% yoy (1.2% qoq) increase
in PBT to `155cr. The stock rating is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Ranbaxy – 3QCY2011
For 3QCY2011, Ranbaxy reported net sales of `2,023cr, up 7.7% yoy. Gross
margin decreased by 65bp yoy for the quarter. OPM increased to 5.0% (4.7%)
during the quarter. The company reported loss of `465cr in earnings due to loss
on foreign exchange on foreign currency option derivatives (loss of ~`400cr). The
stock is under review.
Lupin
For 2QFY2012, Lupin reported net sales of `1,742cr, up 23.6% yoy. Gross margin
increased by 465bp yoy for the quarter. OPM increased to 21.4% (19.4%) during
the quarter, despite higher manufacturing and other expenses (up 319bp yoy).
Adjusted net profit increased by 23.5% yoy to `267cr (`216cr) despite higher
depreciation and tax rate. We maintain our Buy rating on the stock with a target
price of `593.
Mahindra Satyam
Mahindra Satyam (Satyam) announced its 2QFY2012 results, which were lower
than our expectations on the operating front. However, the company outperformed
on the PAT front. Dollar revenue came in at US$330mn, up 3.1% qoq, on the back
of 4.5% qoq volume growth. In rupee terms, the company’s revenue came in at
`1,578cr, up by whopping 10.0% qoq. EBITDA margin expanded by 49bp qoq to
15.3%, lower than our expectation, due to higher operational expense because of
deployment of hardware and software licenses (25cr-30cr). PAT came in at
`238cr, up 5.8% qoq. The stock is currently under review.
Bharat Forge
Bharat Forge (BFL) registered better-than-expected 26.6% yoy (6.1% qoq) jump in
its standalone revenue to `910cr, driven by robust 57.6% yoy (13.3% qoq) growth
in exports revenue. Strong growth in the CV segment and non auto segment in the
Europe and US benefitted the company’s exports performance. During 2QFY2012,
tonnage volume increased by 16.5% yoy (1.5% qoq) to 53,740MT on strong
export demand and increased average net realization increased (8.1% yoy, 4.7%
qoq). Domestic revenue growth was, however, sluggish as it grew modestly by
5.2% yoy (0.5% qoq) on account of slowdown in the automotive sector and
industrial activity. On the operating front, the company's margin slipped by 56bp
yoy (63bp qoq) to 23.7%. While raw-material costs as a percentage of sales
remained stable, manufacturing expenses as a percentage of sales increased by
116bp yoy. Led by stable operating performance, a substantial increase in other
income and lower tax rate, BFL's net profit jumped by 56.1% yoy (9.2% qoq)
to `106cr.
On a consolidated basis, BFL reported strong 25.3% yoy (flat qoq) growth in its top
line to `1,559cr. EBITDA margin came in slightly ahead of our estimates at 16.2%,
an increase of 50bp yoy (42bp qoq), resulting in a 55.2% yoy (1.2% qoq) increase
in PBT to `155cr. The stock rating is currently under review.
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