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UBS Investment Research
GVK Power and Infrastructure
Q 4FY11 Results: Misses estimates
�� Below UBS and consensus estimates in Q4 led by power segment
GVK reported consolidated PAT of Rs368m (+11% y/y, UBS-e Rs470m,
consensus-e Rs424m), Operating profit of Rs1.04bn (+42% y/y, UBSe Rs1.35bn)
and revenues of Rs4.6bn (-5% y/y, UBSe Rs4.9bn). The miss in estimates is led by
the weak performance of the power segment, while the airport segment exceeded
estimates and the road segment’s was slightly below expectations.
�� Power segment disappoints, likely led by major maintenance in JP-1
There seem to have been a major maintenance work in JP-1 as in FY11 GVK
Industries reported a loss of Rs83m, while 9M PAT was of Rs84m. There is also a
tax outgo of Rs80m in Q4 (vs. Rs19m in 9M FY11). As the conference call is not
scheduled so far, we would need to get more details from the company on this
later.
�� Airport traffic exceeds estimates, while road traffic increased sequentially
Profit from associates was Rs354m, better than our expectation of Rs194m led by a
robust growth in traffic for both MIAL and BIAL. MIAL pax growth was ~15%
y/y in Q4 (14% in FY11, UBS-e of 12%) and BIAL pax growth was 14% in Q4
(17% in FY11, UBS-e of 12%). JKEL traffic growth remained at about 2% in Q4,
(2% y/y for 9M)
�� Valuation: Buy rating with PT of Rs43
Power/real estate (airport-related and SEZ)/airports (core) are 42/31/10% of our
valuation. GVK is our preferred pick among diversified developers.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
GVK Power and Infrastructure
Q 4FY11 Results: Misses estimates
�� Below UBS and consensus estimates in Q4 led by power segment
GVK reported consolidated PAT of Rs368m (+11% y/y, UBS-e Rs470m,
consensus-e Rs424m), Operating profit of Rs1.04bn (+42% y/y, UBSe Rs1.35bn)
and revenues of Rs4.6bn (-5% y/y, UBSe Rs4.9bn). The miss in estimates is led by
the weak performance of the power segment, while the airport segment exceeded
estimates and the road segment’s was slightly below expectations.
�� Power segment disappoints, likely led by major maintenance in JP-1
There seem to have been a major maintenance work in JP-1 as in FY11 GVK
Industries reported a loss of Rs83m, while 9M PAT was of Rs84m. There is also a
tax outgo of Rs80m in Q4 (vs. Rs19m in 9M FY11). As the conference call is not
scheduled so far, we would need to get more details from the company on this
later.
�� Airport traffic exceeds estimates, while road traffic increased sequentially
Profit from associates was Rs354m, better than our expectation of Rs194m led by a
robust growth in traffic for both MIAL and BIAL. MIAL pax growth was ~15%
y/y in Q4 (14% in FY11, UBS-e of 12%) and BIAL pax growth was 14% in Q4
(17% in FY11, UBS-e of 12%). JKEL traffic growth remained at about 2% in Q4,
(2% y/y for 9M)
�� Valuation: Buy rating with PT of Rs43
Power/real estate (airport-related and SEZ)/airports (core) are 42/31/10% of our
valuation. GVK is our preferred pick among diversified developers.
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