KIFS Result update of Bharti Airtel Q1FY12

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KIFS Result update of:

BHARTI AIRTEL

OVERVIEW

Bharti Airtel is India’s largest integrated and the first private telecom services provider with a footprint in all the 23 telecom circles. Bharti recently announced a tariff hike of 20% in six of its circles (A.P, Delhi, Rajasthan, Bihar, U.P (E) and M.P), these six circles account for 45% of the total AGR. The rate hike pertains to its Freedom and Advantage plan, call tariff now stands at Rs0.6pm from Rs0.5pm. It is expected that the impact of price hike would be visible in the coming quarters leading to better profitability, leaving scope for telcos to expand their 3G network aggressively.

Key highlights:

· Total income grew by 9% Y-o-Y to Rs. 10180 cr. v/s Rs. 9324 cr in June-10

· Operating Profit fell by 3% Y-o-Y to Rs. 3214 cr.  v/s Rs. 3301 cr in June-10

· OPM fell by 383 bps Y-o-Y to 31.57%  v/s 35.4% in June-10

· Net profit fell by 26% Y-o-Y to Rs. 1432 cr.  v/s Rs. 1931 cr in June-10

· NPM fell by 664 bps Y-o-Y to 14.1% v/s 20.7% in June-10

Thanks and Regards,

KIFS Research

KIFS Result update of ITC-Havells-Engineers-Blue Star-Bajaj Electricals-Siemens-HEG-HCC-Jinal Steel-NMDC

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KIFS Result update of:

ITC Q1 FY12

OVERVIEW

ITC is a leading player in cigarette business, having approximate 80% market share. The company also have business interest in area of hotels, agri-business, packaging and paper boards.  ITC's wholly owned Information Technology subsidiary, ITC Infotech India Ltd, provides IT services and solutions to leading global customers. ITC Infotech has carved a niche for itself by addressing customer challenges through innovative IT solutions. The FMCG business has a retail network of over 2 mn retailers in the country, ranging from premium outlets in metros to small shops in the interiors of rural India.

Key highlights:

· Total income grew by 21% Y-o-Y to Rs. 5860 cr  v/s Rs. 4860 cr in June-10

· Operating Profit grew by 22% Y-o-Y to Rs. 2120 cr. v/s Rs. 1742 cr. in    Jun-10

· OPM grew by 33 bps   Y-o-Y to 36.18 % v/s 35.85 % in June-10

· Net profit grew by 25% Y-o-Y to Rs. 1333 cr.  v/s Rs. 1070 cr. in June-10

· NPM grew by 72 bps       Y-o-Y to 22.74 % v/s 22.02 % in June-10

HAVELLS INDIA

OVERVIEW

Havells India is engaged in manufacturing of electrical and power distribution equipments. It is among the largest and fastest growing electrical and power distribution equipment manufacturers in India.  Sylvania brand has been launched in India and placed in Premium Segment (Pricing products above Havells Brands); management expects decent growth in Sales from India. On annual basis also Sylvania’s performance was much better operationally largely due to higher sales in Latin America and better price realization, restructuring and operational efficiencies in Europe. Management expects sales to grow by 20% next year in Europe & Latin America and by 15% in US & Asian markets.

Key highlights:

· Total income grew by 16% Y-o-Y to Rs. 803 cr. v/s Rs. 689 cr in June-10

· Operating Profit grew by 10% Y-o-Y to Rs. 89 cr.  v/s Rs. 80 cr in June-10

· OPM fell by 61 bps Y-o-Y to 11.03%  v/s 11.64% in June-10

· Net profit grew by 8% Y-o-Y to Rs. 58 cr.  v/s Rs. 53 cr in June-10

· NPM fell by 57 bps Y-o-Y to 7.2%  v/s 7.7% in June-10

ENGINEERS INDIA

OVERVIEW

Engineers India (EIL), incorporated in 1965, is engaged in the business of providing engineering and related technical services for petroleum refineries and other industrial projects. The company has broadened its activities in other areas such as pipelines, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. The company expects HPCL Mittal's Bathinda refinery to start processing crude in August, the company said on Wednesday. "The refinery will receive crude by Aug. 10 and then processing will start by the middle or third week.

Key highlights:

· Total income grew by 41% Y-o-Y to Rs. 854 cr. v/s Rs. 606 cr in June-10

· Operating Profit grew by 27% Y-o-Y to Rs. 222 cr.  v/s Rs. 174 cr in June-10

· OPM fell by 282 bps Y-o-Y to 25.95%  v/s 28.77% in June-10

· Net profit grew by 29% Y-o-Y to Rs. 148 cr.  v/s Rs. 115 cr in June-10

· NPM fell by 155 bps Y-o-Y to 17.4% v/s 18.9% in June-10

BLUE STAR

OVERVIEW

Blue Star has a wide range of cooling solutions for all types of customers. Its client list includes big names like Aditya Birla Group, Adlabs, Apollo Hospitals, Café Coffee Day, DLF, Future Group, HDFC Bank, ICICI Bank, Infosys,Kotak Group, Microsoft, Moser Baer, RMZ, Reliance, Vishal Retail , Vodafone,etc.  The contracting environment in the country is becoming increasingly challenging as labour, raw material input costs and general operating expenses increases continue unabated.

Key highlights:

· Total income  grew by 6% Y-o-Y to Rs. 705 cr. v/s Rs. 665 cr in June-10

· Operating Profit fell by 55% Y-o-Y to Rs. 28 cr.  v/s Rs. 61 cr in June-10

· OPM fell by 529 bps Y-o-Y to 3.9%  v/s 9.2% in June-10

· Net profit fell by 74% Y-o-Y to Rs. 10 cr.  v/s Rs. 37 cr in June-10

· NPM fell by 420 bps Y-o-Y to 1.4%  v/s 5.6% in June-10

BAJAJ ELECTRICALS

OVERVIEW

Bajaj Electricals (BEL) is engaged in business appliances, fans, lighting, luminaries and engineering and projects. In India, Bajaj Electricals has network of 600 distributors, 3000 authorised dealers, over 2,50,000 retail outlets and over 230 service franchises. Management has highlighted that the company has been taking several measures to contain the overhead costs and increase efficiency in the E&P business. For that, it has been looking to reduce the project sites from current 60 locations to 32 locations.

Key highlights:

· Total income grew by 12% Y-o-Y to Rs. 544 cr. v/s Rs. 484 cr in June-10

· Operating Profit fell by 27% Y-o-Y to Rs. 31 cr.  v/s Rs. 42 cr in June-10

· OPM fell by 303 bps Y-o-Y to 5.7%  v/s 8.7% in June-10

· Net profit fell by 51% Y-o-Y to Rs. 11 cr.  v/s Rs. 23 cr in June-10

· NPM fell by 261 bps Y-o-Y to 2.04%  v/s 4.65% in June-10

SIEMENS

OVERVIEW

Siemens’s business interest covers the areas of energy, industry, communications, information, transportation, healthcare, components and lighting. The company has inaugurated a state of the art bogie factory (undercarriage of a wagon) in Aurangabad, which will serve the Indian and Asian markets. To increase share of renewable energy, the company is exploring investment in solar power. The company plans to spend Rs 2.0 bn for expanding its Automation and Medium Voltage products capacity.

Key highlights:

· Total income grew by 25% Y-o-Y to Rs. 2797 cr. v/s Rs. 2246 cr in June-10

· Operating Profit grew by 3% Y-o-Y to Rs. 269 cr.  v/s Rs. 260 cr in June-10

· OPM fell by 196 bps Y-o-Y to 9.6%  v/s 11.6% in June-10

· Net profit fell by 1% Y-o-Y to Rs. 155 cr.  v/s Rs. 156 cr in June-10

· NPM fell by 142 bps Y-o-Y to 5.5%  v/s 6.95% in June-10

HEG

OVERVIEW

HEG is amongst the leading graphite electrode manufacturer in India. The company owns one of the largest integrated graphite electrode plants in South-East Asia that processes sophisticated UHP (Ultra High Power) Electrodes. The management continues to maintain that the phase- II of the final capacity addition (66 ktpa to 80 ktpa) has been progressing well and is expected to be fully commissioned by Q3. Due to optimization of borrowing arrangements, the company was able to lower its finance costs from 9.1 crore in Q1FY11 to 7.9 crore in Q1FY12. The recent price hikes announced by global majors might start having positive effect from late Q4FY12.

Key highlights:

· Total income grew by 26% Y-o-Y to Rs. 279 cr. v/s Rs. 222 cr in June-10

· Operating Profit fell by 21% Y-o-Y to Rs. 47 cr.  v/s Rs. 59 cr in June-10

· OPM fell by 990 bps Y-o-Y to 16.7%  v/s 26.6% in June-10

· Net profit fell by 26% Y-o-Y to Rs. 20 cr.  v/s Rs. 27 cr in June-10

· NPM fell by 488 bps Y-o-Y to 7.1% v/s 12% in June-10

HCC

OVERVIEW

HCC, as an industry leader in engineering construction, currently nurtures projects that span across such diverse segments as transportation, power, marine projects, oil and gas pipeline constructions, irrigation and water supply, utilities and urban infrastructure, all of which impact the nation of India, and the progress of its people. The gross debt for the quarter rose by Rs 300 crore on sequential basis to Rs 3712 crore. Higher debt, increased working capital and rise in cost of debt from 8% to over 10% resulted into substantial rise in interest expenses. At the end of the quarter HCC had an order backlog of Rs 17000 cr and targets to add Rs 6000 cr of new order in FY12E.

Key highlights:

· Total income  grew by 6% Y-o-Y to Rs. 1058 cr. v/s Rs. 995 cr in June-10

· Operating Profit grew by 8% Y-o-Y to Rs. 139 cr.  v/s Rs. 129 cr in June-10

· OPM grew by 16 bps Y-o-Y to 13.1%  v/s 12.94% in June-10

· Net profit fell by 90% Y-o-Y to Rs. 3 cr.  v/s Rs. 28 cr in June-10

· NPM fell by 257 bps Y-o-Y to 0.3%  v/s 2.8% in June-10

JINDAL STEEL AND POWER

OVERVIEW

Jindal Steel & Power (JSPL) is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers. The company is augmenting its 3mtpa capacity, with three modules of 1.6mtpa, using the coal gasification sponge iron route at Angul and Raigarh, and 1mtpa at Shadeed. Only 1/3rd of the 12mtpa steel capacity will be exposed to coking coal imports.

Key highlights:

· Total income  grew by 19% Y-o-Y to Rs. 2527 cr. v/s Rs. 2122 cr in June-10

· Operating Profit grew by 23% Y-o-Y to Rs. 980 cr.  v/s Rs. 798 cr in June-10

· OPM grew by 120 bps Y-o-Y to 38.8%  v/s 37.6% in June-10

· Net profit grew by 8% Y-o-Y to Rs. 470 cr.  v/s Rs. 436 cr in June-10

· NPM fell by 193 bps Y-o-Y to 18.6%  v/s 20.5% in June-10

NMDC

OVERVIEW

NMDC is involved in the exploration of a wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands, etc. NMDC is India's single largest iron ore producer and exporter, presently producing about 30 million tonnes of iron ore. NMDC has signed a non-binding memorandum of understanding with Mine makers Ltd. to develop the Wonarah phosphate deposit in Australia. NMDC will buy a 50% stake in the project once the project feasibility is established.

Key highlights:

· Total income  grew by 11% Y-o-Y to Rs. 2783 cr. v/s Rs. 2518 cr in June-10

· Operating Profit grew by 19% Y-o-Y to Rs. 2696 cr.  v/s Rs. 2273 cr in June-10

· OPM grew by 663 bps Y-o-Y to 96.9%  v/s 90.3% in June-10

· Net profit grew by 20% Y-o-Y to Rs. 1801 cr.  v/s Rs. 1504 cr in June-10

· NPM grew by 500 bps Y-o-Y to 64.7%  v/s 59.7% in June-10

Thanks and Regards,

KIFS Research

KIFS Result update of Sun Pharma Q1 FY12

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KIFS Result update of Sun Pharma Q1 FY12.

OVERVIEW

SunPharma ia an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is lende n niche therapy areas of psychiatry, neurology, cardiology, ets. The company has strong skills in product development, process chemistry and manufacturing of complex API as well as dosage forms.

Key highlights:

· Total income grew by 20% Y-o-Y to Rs. 1636 cr  v/s Rs. 1365 cr in June-10

· Operating Profit grew by 3% Y-o-Y to Rs. 644 cr. v/s Rs. 628 cr. in    Jun-10

· OPM fell by 658 bps   Y-o-Y to 39.39 % v/s 45.97 % in June-10

· Net profit fell by 2% Y-o-Y to Rs. 565 cr.  v/s Rs. 578 cr. in June-10

· NPM fell by 776 bps       Y-o-Y to 34.56 % v/s 42.32 % in June-10

Thanks and Regards,

KIFS Research

KIFS Result update of: BHEL and TTML

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KIFS Result update of:

BHEL

OVERVIEW

BHEL has diversified its product base over the years and today caters to the needs of almost all the key sectors of the economy. In addition to the power generation equipment , BHEL products cater to a wide spectrum of customers encompassing various fields of operation, like Fertilisers & Petrochemicals, Refineries, Oil Exploration and production, steel and metals etc. BHEL has order book of 65,000 MW of BTG equipment at the end of FY11, giving it a visibility for next 3-4 years. Further, by FY14-FY15 ordering for 13th plan will start, where the opportunity is expected to the tune of 1.5 lakh MW. Company has guided for the order inflows of Rs. 66,550 crore in FY12, about 16-17 GW of BTG orders.

Key highlights:

· Total income  grew by 14% Y-o-Y to Rs. 7540 cr. v/s Rs. 6601 cr in June-10

· Operating Profit grew by 35% Y-o-Y to Rs. 1528 cr.  v/s Rs. 1128 cr in June-10

· OPM grew by 386 bps Y-o-Y to 20.3%  v/s 16.4% in June-10

· Net profit grew by 22% Y-o-Y to Rs. 816 cr.  v/s Rs. 668 cr in June-10

· NPM grew by 112 bps Y-o-Y to 10.8%  v/s 9.7% in June-10.

TTML

OVERVIEW

TTML provides a range of telephony services such as mobile, fixed wireless phones (FWP), public telephone booths & wireline services. Its suite of broadband data network and application services include leased lines, DSL, Wi-Fi, Ethernet, Managed Gateway services & Web Conferencing services. The company has opened True Value Shops, its franchisee models, which gives a platform to display its products and services. It has also launched USB plug-to-surf modems catering to laptop and desktop users.

Key highlights:

· Total income  grew by 5% Y-o-Y to Rs. 590 cr. v/s Rs. 560 cr in June-10

· Operating Profit fell by 85% Y-o-Y to Rs. 121 cr.  v/s Rs. 788 cr in June-10

· OPM fell by 12024 bps Y-o-Y to 20.5%  v/s 140.7% in June-10

· Net profit fell by 121% Y-o-Y to Rs. –119 cr.  v/s Rs. 558 cr in June-10

· NPM fell by 11984 bps Y-o-Y to –20.2% v/s 99.6% in June-10

Thanks and Regards,

KIFS Research

KIFS Result update of JSW Steel-Shoppers Stop

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 KIFS Result update of:

JSW STEEL

OVERVIEW

JSW Steel is part of the $3.7 billion diversified conglomerate JSW Group. JSW Steel is one of the largest Indian private sector steel companies. It manufactures wide range of products such as hot rolled steel, cold rolled steel, galvanised steel and pre-painted galvanised steel.  The management has informed that shipments from Chile have started with one consignment left shipped in the month of April. The company still targets to sell 1 mt of iron ore from Chile in FY12. JSW Shoppe, the company’s retail outlets increased to 280 from 174 a year ago. Sales through the Shoppe also increased 77% YoY to 1.12 mt.

 Key highlights:

· Total income  grew by 51% Y-o-Y to Rs. 7069 cr. v/s Rs. 4680 cr in June-10

· Operating Profit grew by 36% Y-o-Y to Rs. 1411 cr.  v/s Rs. 1038 cr in June-10

· OPM fell by 194 bps Y-o-Y to 18.5%  v/s 20.4% in June-10

· Net profit grew by 65% Y-o-Y to Rs. 578 cr.  v/s Rs. 350 cr in June-10

· NPM grew by 68 bps Y-o-Y to 7.6%  v/s 6.9% in June-10

SHOPPERS STOP

OVERVIEW

Shopper's Stop is largest chain of department stores at present in India. The company has a 19% stake in Hypercity Retail (India). The company’s subsidiary Gateway Multichannel Retail (India) has introduced the concept of catalogue stores, call and collect stores, internet retail website and telephone orders. SSL added 0.3 million sq ft taking its total retail area to 3.4 million sq ft. In FY12, the company plans to add 10 departmental stores, eight Crossword stores, three Home Shop outlets and three Hyper City stores. 

Key highlights:

· Total income  grew by 14% Y-o-Y to Rs. 393 cr. v/s Rs. 344 cr in June-10

· Operating Profit grew by 20% Y-o-Y to Rs. 30 cr.  v/s Rs. 25 cr in June-10

· OPM grew by 35 bps Y-o-Y to 7.7%  v/s 7.3% in June-10

· Net profit grew by 17% Y-o-Y to Rs. 12 cr.  v/s Rs. 10 cr in June-10

· NPM grew by 5 bps Y-o-Y to 2.97%  v/s 2.92% in June-10

Thanks and Regards,

KIFS Research

KIFS Result update of NIIT-Thermax-Praj

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KIFS Result update of:

NIIT LTD

OVERVIEW

NIIT offers training solutions in area of IT, business process outsourcing (BPO), banking, finance and insurance, executive management education and professional life skills. The company is restructuring the business by reducing the dependence on the government schools business. The company has not initiated a single new project in FY11 on the Government schools side. The eGuru program is gaining increased acceptance. NIIT has more than 2000 private schools. In transitioning new projects (CLS) business is expected to grow by about 16% in FY12. Improving sentiment in developed economies is expected to help CLS report better numbers.

 Key highlights:

· Total income  grew by 10% Y-o-Y to Rs. 156 cr. v/s Rs. 142 cr in June-10

· Operating Profit fell by 55% Y-o-Y to Rs. 9 cr.  v/s Rs. 19 cr in June-10

· OPM fell by 794 bps Y-o-Y to 5.6% v/s 13.5% in June-10

· Net loss widen by 1118% Y-o-Y to Rs. –12 cr. v/s Rs. –1 cr in June-10

· NPM fell by 708 bps Y-o-Y to –6.4%  v/s 0.8% in June-10

THERMAX

OVERVIEW

Thermax offers engineering solutions to various industries. It offers wide range of products and services in heating, cooling, waste heat recovery, captive power, water treatment, recycling and waste management. The company has three plants coming up in the next 18 months including

supercritical boilers, chemicals and air pollution control equipments. The company has consolidated its strong position in the sub-15 MW power plants with a 40% market share. Commercial production from manufacturing and assembly shop for air pollution control equipment at Solapur is expected to begin in the last quarter of FY12.

Key highlights:

· Total income grew by 32% Y-o-Y to Rs.1044 cr. v/s Rs. 790 cr in June-10

· Operating Profit grew by 17% Y-o-Y to Rs.128 cr. v/s Rs.110 cr in June-10

· OPM fell by 162 bps Y-o-Y to 12.3%  v/s 13.92% in June-10

· Net profit grew by 21% Y-o-Y to Rs. 80 cr.  v/s Rs. 66 cr in June-10

· NPM fell by 73 bps Y-o-Y to 7.65%  v/s 8.38% in June-10

PRAJ INDUSTRIES

OVERVIEW

Praj Industries was set up in 1984 with a vision to deliver cutting edge technologies to distillery industries. It is leading biofuel Technology Company providing number of processes and systems for ethanol and biodiesel productions. For last two quarters company has been booking orders in excess of Rs 250 crores. The total order book of the company stood at Rs 750 crore. The order book composition shows some optimistic picture. Order book is gradually shifting towards export market and order book composition as on March 31,2011 between export and domestic stands at 60: 40 compared to 40:60 as on March 31,2010.

Key highlights:

· Total income grew by 76% Y-o-Y to Rs. 165 cr. v/s Rs. 94 cr in June-10

· Operating Profit grew by 37% Y-o-Y to Rs. 20 cr.  v/s Rs. 15 cr in June-10

· OPM fell by 345 bps Y-o-Y to 12.2%  v/s 15.7% in June-10

· Net profit grew by 32% Y-o-Y to Rs. 14 cr.  v/s Rs. 10 cr in June-10

· NPM fell by 274 bps Y-o-Y to 8.32%  v/s 11.1% in June-10

Thanks and Regards,

KIFS Research

KIFS Derivatives Brief for 19/01/11

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KIFS Recommends:

SUNTV BUY ABV  520 SL  514  T 526-531

JINDALSAW  BUY  ABV  225  SL  222  T  228-230

SESAGOA  SELL  BLW 314  SL  317 T  310-308

Indices Levels:

Nifty - Trend: Down, Support   5645-5689, Resistance 5759-5785

Bank Nifty - Trend: Down, Support  10457-10547, Resistance 10714-10791