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1QFY2012 Result Preview
BHEL
BHEL is scheduled to announce its 1QFY2012 results. The top line is expected to grow by
25% yoy to `8,251cr. On the operating front, we expect OPM to marginally contract by
12bp yoy to around 14.5%. Net profit is expected to increase by 17.6% yoy to `785cr.
The stock is trading at 15x and 12.8times FY2012E and FY2013E earnings, respectively.
Currently, we remain Neutral on the stock and will revisit our estimates post the
conference call.
Cairn India
Cairn India is slated to announce its 1QFY2012 results. We expect net sales to grow by
422.4% yoy to `4,393cr mainly on account of ramp-up of oil production from MBA fields
as well as increased realisations. Operating margin is expected to expand by 1,452bp yoy
to 91.5% due to a sharp increase in crude oil prices. Net profit is expected to increase by
850.0% yoy to `2,670cr. We maintain our Neutral view on the stock.
Maruti Suzuki
Maruti Suzuki is scheduled to announce its 1QFY2012 results. We expect the company’s
top line to grow marginally by 2.5% yoy to `8,250cr, as volumes during the quarter
declined by 0.6% yoy. Volume growth was impacted by the slowdown in sales in the
passenger vehicle segment and the 13-day strike at the Manesar plant resulting in
production loss of ~12,600 units. On the operating front, EBITDA margin is expected to
decline marginally by 13bp yoy to 9.5%. As a result, the company’s bottom line is expected
to decline by 3.7% yoy to `448cr. The stock rating is under review.
Asian Paints
Asian Paints (APL) is expected to announce its 1QFY2012 results. For the quarter,
we expect APL to report modest 16.2% yoy to `2,127cr growth in its consolidated top line,
driven by strong pricing power. We expect APL’s bottom line to register growth of 13.7%
yoy to `252.6cr, aided by margin contraction of 67bp yoy to 18.3% on the back of higher
input costs. We maintain Neutral view on the stock.
JSW Steel
JSW Steel is slated to announce its 1QFY2012 results. On a consolidated basis,
net revenue is expected to grow by 34.9% yoy to `6,448cr mainly on account of increased
volumes as well as realisations. However, operating margin is expected to contract by
315bp yoy to 20.6% due to higher raw-material cost. Nevertheless, net profit is expected to
increase by 47.3% yoy to `489cr. We maintain our Buy rating on the stock with a target
price of `1,024.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Result Preview
BHEL
BHEL is scheduled to announce its 1QFY2012 results. The top line is expected to grow by
25% yoy to `8,251cr. On the operating front, we expect OPM to marginally contract by
12bp yoy to around 14.5%. Net profit is expected to increase by 17.6% yoy to `785cr.
The stock is trading at 15x and 12.8times FY2012E and FY2013E earnings, respectively.
Currently, we remain Neutral on the stock and will revisit our estimates post the
conference call.
Cairn India
Cairn India is slated to announce its 1QFY2012 results. We expect net sales to grow by
422.4% yoy to `4,393cr mainly on account of ramp-up of oil production from MBA fields
as well as increased realisations. Operating margin is expected to expand by 1,452bp yoy
to 91.5% due to a sharp increase in crude oil prices. Net profit is expected to increase by
850.0% yoy to `2,670cr. We maintain our Neutral view on the stock.
Maruti Suzuki
Maruti Suzuki is scheduled to announce its 1QFY2012 results. We expect the company’s
top line to grow marginally by 2.5% yoy to `8,250cr, as volumes during the quarter
declined by 0.6% yoy. Volume growth was impacted by the slowdown in sales in the
passenger vehicle segment and the 13-day strike at the Manesar plant resulting in
production loss of ~12,600 units. On the operating front, EBITDA margin is expected to
decline marginally by 13bp yoy to 9.5%. As a result, the company’s bottom line is expected
to decline by 3.7% yoy to `448cr. The stock rating is under review.
Asian Paints
Asian Paints (APL) is expected to announce its 1QFY2012 results. For the quarter,
we expect APL to report modest 16.2% yoy to `2,127cr growth in its consolidated top line,
driven by strong pricing power. We expect APL’s bottom line to register growth of 13.7%
yoy to `252.6cr, aided by margin contraction of 67bp yoy to 18.3% on the back of higher
input costs. We maintain Neutral view on the stock.
JSW Steel
JSW Steel is slated to announce its 1QFY2012 results. On a consolidated basis,
net revenue is expected to grow by 34.9% yoy to `6,448cr mainly on account of increased
volumes as well as realisations. However, operating margin is expected to contract by
315bp yoy to 20.6% due to higher raw-material cost. Nevertheless, net profit is expected to
increase by 47.3% yoy to `489cr. We maintain our Buy rating on the stock with a target
price of `1,024.
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