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India Equity Research Reports, IPO and Stock News
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Save the FY09 blip, this segment’s ROEs have held up very well
through cycles for most companies. However, within the sector,
there is a big divergence. Havells passed through a bad patch in
FY09, because of the pain wreaked by its acquisition of Sylvania, but
has recovered smartly since then. Large cash-raising through both
debt and equity have been a drag on the ROE of Cox & Kings,
although its operating profitability has held up well. Pantaloon has
had low ROEs for the past many years on account of the continuing
expansion in new stores and large investments in multiple
subsidiaries. We expect near-term ROEs to remain reasonably stable
at current levels.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Save the FY09 blip, this segment’s ROEs have held up very well
through cycles for most companies. However, within the sector,
there is a big divergence. Havells passed through a bad patch in
FY09, because of the pain wreaked by its acquisition of Sylvania, but
has recovered smartly since then. Large cash-raising through both
debt and equity have been a drag on the ROE of Cox & Kings,
although its operating profitability has held up well. Pantaloon has
had low ROEs for the past many years on account of the continuing
expansion in new stores and large investments in multiple
subsidiaries. We expect near-term ROEs to remain reasonably stable
at current levels.
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