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Lupin
For 1QFY2012, Lupin’s net sales stood at `1,543cr (`1,312cr), registering 17.6% yoy
growth, in-line with our estimate of `1,533cr. Domestic and exports sales increased by
4.8% yoy and 18.7% yoy, respectively. Gross margin at 60% declined by 160bp during the
quarter. However, OPM decreased to 17.5% (20%), down 250bp yoy, on the back of
24.7% growth in other expenses at `329.8cr (`264.5cr). Employee expenses grew by
23.1% yoy to `219.3cr (`178.7cr). Adjusted net profit for the quarter increased by 7.0% to
`210cr (`196.3cr), almost similar to our estimate of `204cr. At the CMP, the stock trades
at 20.1x FY2012E and 15.1x FY2013E. We maintain our Buy view on the stock with a
target price of `593.
Dabur
Dabur posted a strong set of numbers for the quarter. The company’s top-line growth was
above our estimates at 31.4% yoy, primarily driven by volume growth, while earnings grew
by robust 19.9% yoy above our estimates due robust top-line growth. At the operating
front, Dabur recorded a margin contraction of 74bp yoy due high ad spends (up 387bp
yoy). In terms of segmental performance – CCD registered growth of 13% yoy, CHD grew
by 11.4% yoy and IBD grew by robust 98.9% yoy primarily due to acquisitions; organic
growth in IBD stood at 12.3% yoy. The stock is currently under review.
Marico
Marico posted a strong set of numbers. Results for the quarter are not comparable due to
acquisitions made by the company. Overall volume growth stood strong at 21%. In terms
of profitability, earnings grew strongly by 15% yoy, despite a 549bp yoy gross margin
contraction due to rising input costs and 148bp yoy. The company’s Kaya business grew by
~24% yoy (including Derma Rx) and international business continued its steady momentum
with ~26% growth yoy. The stock is under review.
BGR Energy Systems
After posting a strong set of results for past few quarters, BGR Energy retreated on its
1QFY2012 numbers. On a large base of the prior-year period, the top line declined by
19% yoy to `734cr (`934cr), which was 4.7% lower than our expectation of `771cr.
On the operating front, margin expanded by 164bp yoy to 13.1% mainly on lower
proportion of raw-material cost to sales. The margin was sharply higher than our estimate
of 11%. In tandem with lower sales, the bottom line decreased by 17.1% yoy to `50cr
(`61cr) but exceeded our estimates of `40cr, largely aided by margin expansion.
Currently, the stock in under review and will revisit our estimates post the conference call.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Lupin
For 1QFY2012, Lupin’s net sales stood at `1,543cr (`1,312cr), registering 17.6% yoy
growth, in-line with our estimate of `1,533cr. Domestic and exports sales increased by
4.8% yoy and 18.7% yoy, respectively. Gross margin at 60% declined by 160bp during the
quarter. However, OPM decreased to 17.5% (20%), down 250bp yoy, on the back of
24.7% growth in other expenses at `329.8cr (`264.5cr). Employee expenses grew by
23.1% yoy to `219.3cr (`178.7cr). Adjusted net profit for the quarter increased by 7.0% to
`210cr (`196.3cr), almost similar to our estimate of `204cr. At the CMP, the stock trades
at 20.1x FY2012E and 15.1x FY2013E. We maintain our Buy view on the stock with a
target price of `593.
Dabur
Dabur posted a strong set of numbers for the quarter. The company’s top-line growth was
above our estimates at 31.4% yoy, primarily driven by volume growth, while earnings grew
by robust 19.9% yoy above our estimates due robust top-line growth. At the operating
front, Dabur recorded a margin contraction of 74bp yoy due high ad spends (up 387bp
yoy). In terms of segmental performance – CCD registered growth of 13% yoy, CHD grew
by 11.4% yoy and IBD grew by robust 98.9% yoy primarily due to acquisitions; organic
growth in IBD stood at 12.3% yoy. The stock is currently under review.
Marico
Marico posted a strong set of numbers. Results for the quarter are not comparable due to
acquisitions made by the company. Overall volume growth stood strong at 21%. In terms
of profitability, earnings grew strongly by 15% yoy, despite a 549bp yoy gross margin
contraction due to rising input costs and 148bp yoy. The company’s Kaya business grew by
~24% yoy (including Derma Rx) and international business continued its steady momentum
with ~26% growth yoy. The stock is under review.
BGR Energy Systems
After posting a strong set of results for past few quarters, BGR Energy retreated on its
1QFY2012 numbers. On a large base of the prior-year period, the top line declined by
19% yoy to `734cr (`934cr), which was 4.7% lower than our expectation of `771cr.
On the operating front, margin expanded by 164bp yoy to 13.1% mainly on lower
proportion of raw-material cost to sales. The margin was sharply higher than our estimate
of 11%. In tandem with lower sales, the bottom line decreased by 17.1% yoy to `50cr
(`61cr) but exceeded our estimates of `40cr, largely aided by margin expansion.
Currently, the stock in under review and will revisit our estimates post the conference call.
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