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3QFY2011 Result Previews
NTPC
NTPC is slated to announce its 3QFY2011 results. We expect the company to witness a
13.4% yoy increase in its top line to `13,277cr during the quarter, aided by volume growth
due to commencement of new capacities; and higher tariffs. However, the company's
operating profit is expected to decline by 17.3% yoy to `3,217cr. We estimate NTPC's net
profit to dip by 9.8% yoy to `2,132cr due to lower operating profits and high depreciation
costs. We maintain Buy on the stock with a Target Price of `230.
Sun Pharma
Sun Pharma is scheduled to announce its 3QFY2011 results. The company is likely to post
48.1% yoy growth in sales, mainly on the back of integration of Taro, which will drive export
formulation sales during the period. On the domestic front, Indian formulation sales would
continue to grow at a healthy pace at 20%. However, despite strong top-line growth, on
account of the integration, operating profit is likely to grow only by 22.8%, with margins
likely to be around 29.9%, a dip of around 619bp yoy, resulting in net profit registering yoy
growth of 32.0% during the period. We currently have a Neutral view on the stock.
DLF
DLF is scheduled to announce its 3QFY2011 results. We expect the company to report
moderate revenue growth of 7.0% qoq (25.2% yoy) to `2,536cr, largely driven by the
execution of its pre-sold projects and new launches. We expect residential volumes to remain
flattish qoq, which will witness sales guidance of DLF for FY2011 to come under pressure.
We eagerly await for details pertaining to debt reduction. We expect DLF to report OPM of
45.2%, up 387bp yoy. However, we expect a substantial jump in interest cost to `450cr (75%
yoy). Consequently, net profit is estimated to grow by mere 1.4% yoy and 13.4% qoq to
`474.6cr. We continue to recommend Neutral on the stock.
Dabur
Dabur is slated to announce its 3QFY2011 numbers. For the quarter, we expect Dabur to
post robust growth of 23.1% yoy in its consolidated top line to `1,140cr, driven by steady
growth in its core brands and new product launches. The bottom line is expected to register
modest growth of 24% yoy to `171cr, aided by strong top-line growth. At the CMP of `91,
the stock is currently trading at 19.6x FY2012 EPS. We maintain Buy on the stock with a
Target Price of `121.
Colgate
Colgate is expected to announce its 3QFY2011 results. We expect the company to post
modest 15.2% yoy growth in its top line to `565cr, aided by steady volume growth. Earnings
for the quarter are expected to register a 7.7% yoy decline to `107.4cr, aided by a sharp rise
in tax rate. We maintain Neutral on the stock with a Target Price of `820.
KEC International
KEC International is scheduled to announce its 3QFY2011 results. The top line is expected to
grow by 25% yoy to `1,186cr. On the operating front, we expect margins to contract by
25.2bp yoy to around 10%. Net profit is expected to increase by 27% yoy to `59cr. The stock
is currently trading at 9.2x FY2011E and 7.3x FY2012E earnings. We will revisit our
estimates post the conference call.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
3QFY2011 Result Previews
NTPC
NTPC is slated to announce its 3QFY2011 results. We expect the company to witness a
13.4% yoy increase in its top line to `13,277cr during the quarter, aided by volume growth
due to commencement of new capacities; and higher tariffs. However, the company's
operating profit is expected to decline by 17.3% yoy to `3,217cr. We estimate NTPC's net
profit to dip by 9.8% yoy to `2,132cr due to lower operating profits and high depreciation
costs. We maintain Buy on the stock with a Target Price of `230.
Sun Pharma
Sun Pharma is scheduled to announce its 3QFY2011 results. The company is likely to post
48.1% yoy growth in sales, mainly on the back of integration of Taro, which will drive export
formulation sales during the period. On the domestic front, Indian formulation sales would
continue to grow at a healthy pace at 20%. However, despite strong top-line growth, on
account of the integration, operating profit is likely to grow only by 22.8%, with margins
likely to be around 29.9%, a dip of around 619bp yoy, resulting in net profit registering yoy
growth of 32.0% during the period. We currently have a Neutral view on the stock.
DLF
DLF is scheduled to announce its 3QFY2011 results. We expect the company to report
moderate revenue growth of 7.0% qoq (25.2% yoy) to `2,536cr, largely driven by the
execution of its pre-sold projects and new launches. We expect residential volumes to remain
flattish qoq, which will witness sales guidance of DLF for FY2011 to come under pressure.
We eagerly await for details pertaining to debt reduction. We expect DLF to report OPM of
45.2%, up 387bp yoy. However, we expect a substantial jump in interest cost to `450cr (75%
yoy). Consequently, net profit is estimated to grow by mere 1.4% yoy and 13.4% qoq to
`474.6cr. We continue to recommend Neutral on the stock.
Dabur
Dabur is slated to announce its 3QFY2011 numbers. For the quarter, we expect Dabur to
post robust growth of 23.1% yoy in its consolidated top line to `1,140cr, driven by steady
growth in its core brands and new product launches. The bottom line is expected to register
modest growth of 24% yoy to `171cr, aided by strong top-line growth. At the CMP of `91,
the stock is currently trading at 19.6x FY2012 EPS. We maintain Buy on the stock with a
Target Price of `121.
Colgate
Colgate is expected to announce its 3QFY2011 results. We expect the company to post
modest 15.2% yoy growth in its top line to `565cr, aided by steady volume growth. Earnings
for the quarter are expected to register a 7.7% yoy decline to `107.4cr, aided by a sharp rise
in tax rate. We maintain Neutral on the stock with a Target Price of `820.
KEC International
KEC International is scheduled to announce its 3QFY2011 results. The top line is expected to
grow by 25% yoy to `1,186cr. On the operating front, we expect margins to contract by
25.2bp yoy to around 10%. Net profit is expected to increase by 27% yoy to `59cr. The stock
is currently trading at 9.2x FY2011E and 7.3x FY2012E earnings. We will revisit our
estimates post the conference call.
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