Result Previews SAIL, TVS Motor, Ashok Leyland ::Angel Broking,

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Result Previews
SAIL
SAIL is expected to announce its 2QFY2012 results. We expect the company’s top
line to grow by 5.0% yoy to `11,135cr mainly on account of higher realization.
However, EBITDA margin is expected to decline by 357bp yoy to 10.5% on
account of higher input costs. The bottom line is expected to decline by 23.3% yoy
to `836cr. We maintain our Buy rating on the stock with a target price of `139.


Ashok Leyland
Ashok Leyland (ALL) is slated to announce its 2QFY2012 results. The company’s
top line is expected to grow strongly by 17% yoy, led by growth in average net
realization as volumes during the quarter posted a marginal 1% yoy decline.
The company’s EBITDA margin is expected to post a 188bp yoy decline to 9.4%,
owing to higher raw-material cost and lower operating leverage. As a result, the
company’s bottom line is expected to decline by 33% yoy to `112cr. The stock
rating is under review.

TVS Motor
TVS Motor is scheduled to announce its 2QFY2012 results. We expect the
company’s top line to report strong 22% yoy growth to `1,943cr, owing to 16%
yoy growth in volumes and a 6% yoy increase in realization. EBITDA margin is
expected to remain flat at 6.5%. As a result, the bottom line is expected to post
robust 23% yoy growth to `67cr. The stock rating is under review.