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Result Previews
Coal India
Coal India is slated to report its 2QFY2012 results tomorrow. We expect net sales
to increase by 18.2% yoy to `13,774cr mainly on account of increase in coal
prices. EBITDA margin is expected to expand 1,207bp yoy to 28.0% in 2QFY2012.
Net profit is expected to increase by 111.7% yoy to `3,164cr. We recommend
Accumulate on the stock.
Nalco
Nalco is slated to report its 2QFY2012 results. We expect net sales to decrease
by 1.0% yoy to `1,440cr despite higher realization on account of production
cuts during the quarter. EBITDA margin is expected to contract by 122bp yoy
to 21.0% due to lower volumes and rise in prices of key inputs (primarily coal).
Net profit is expected to increase by 6.2% yoy to `238cr. We maintain our
Neutral view on the stock.
MOIL
MOIL is slated to report its 2QFY2012. We expect net sales to decline by 36.8%
yoy and 14.5% qoq to `180cr, mainly on account of a sharp decline in
manganese ore prices. Nevertheless, EBITDA margin is expected to improve by
1,967bp yoy, but decline by 430bp qoq, to 56.0% in 2QFY2012. Net profit is
expected to decrease by 70.2% yoy and 15.1% qoq to `93cr. We maintain our
Neutral view on the stock.
Britannia
Britannia is expected to announce its 2QFY2012 results. For the quarter, we expect
the company to report healthy revenue growth of 18% yoy to `1,291cr due to
improvement in sales mix. We expect the company to report a margin
improvement yoy for the quarter, despite high raw-material cost pressure. Earnings
for the quarter are expected to grow by 27% yoy to `42cr on the back of margin
expansion and healthy top-line growth. At the CMP, the stock is trading at 21.1x
F2013E EPS of `21.1. We recommend a Neutral rating on the stock.
Dishman Pharma
For 2QFY2012, Dishman Pharma (DISH) is expected to post net sales growth of
12.8% yoy. OPM for the quarter is likely to expand to 18.6%. However, the
company’s net profit is expected to come in at `16cr, reporting a dip of 43.1% yoy.
We maintain our Buy rating on the stock with a target price of `133.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Previews
Coal India
Coal India is slated to report its 2QFY2012 results tomorrow. We expect net sales
to increase by 18.2% yoy to `13,774cr mainly on account of increase in coal
prices. EBITDA margin is expected to expand 1,207bp yoy to 28.0% in 2QFY2012.
Net profit is expected to increase by 111.7% yoy to `3,164cr. We recommend
Accumulate on the stock.
Nalco
Nalco is slated to report its 2QFY2012 results. We expect net sales to decrease
by 1.0% yoy to `1,440cr despite higher realization on account of production
cuts during the quarter. EBITDA margin is expected to contract by 122bp yoy
to 21.0% due to lower volumes and rise in prices of key inputs (primarily coal).
Net profit is expected to increase by 6.2% yoy to `238cr. We maintain our
Neutral view on the stock.
MOIL
MOIL is slated to report its 2QFY2012. We expect net sales to decline by 36.8%
yoy and 14.5% qoq to `180cr, mainly on account of a sharp decline in
manganese ore prices. Nevertheless, EBITDA margin is expected to improve by
1,967bp yoy, but decline by 430bp qoq, to 56.0% in 2QFY2012. Net profit is
expected to decrease by 70.2% yoy and 15.1% qoq to `93cr. We maintain our
Neutral view on the stock.
Britannia
Britannia is expected to announce its 2QFY2012 results. For the quarter, we expect
the company to report healthy revenue growth of 18% yoy to `1,291cr due to
improvement in sales mix. We expect the company to report a margin
improvement yoy for the quarter, despite high raw-material cost pressure. Earnings
for the quarter are expected to grow by 27% yoy to `42cr on the back of margin
expansion and healthy top-line growth. At the CMP, the stock is trading at 21.1x
F2013E EPS of `21.1. We recommend a Neutral rating on the stock.
Dishman Pharma
For 2QFY2012, Dishman Pharma (DISH) is expected to post net sales growth of
12.8% yoy. OPM for the quarter is likely to expand to 18.6%. However, the
company’s net profit is expected to come in at `16cr, reporting a dip of 43.1% yoy.
We maintain our Buy rating on the stock with a target price of `133.
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