KIFS Result update of Graphite India-Thermax-Maruti Suzuki-NTPC-Glenmark Pharma

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KIFS Result update of:

GRAPHITE INDIA

OVERVIEW

Graphite India (GIL) is engaged in manufacturing of graphite electrodes. Besides graphite electrodes, the company also manufactures anodes, other miscellaneous carbon and graphite products and calcined petroleum coke. The capacity expansion by 20,000 MT of Graphite Electrodes at Durgapur Plant is progressing well and it is expected to be completed in the first quarter of the FY 2012-13. Power supply from Wardha Power Company (WPC), with whom the Company had entered into a long term agreement and had made a commitment to invest ` 9 crore in WPC, is expected to commence from the second quarter of FY 2011-12.

Key highlights:

· Total income  grew by 23% Y-o-Y to Rs. 319 cr. v/s Rs. 258 cr in June-10

· Operating Profit grew by 10% Y-o-Y to Rs. 68 cr.  v/s Rs. 62 cr in June-10

· OPM fell by 258 bps Y-o-Y to 20.4%  v/s 23% in June-10

· Net profit grew by 7% Y-o-Y to Rs. 37 cr.  v/s Rs. 34 cr in June-10

· NPM fell by 168 bps Y-o-Y to 11%  v/s  12.7% in June-10

· Interest cost grew 408% Y-o-Y to Rs 3 cr. v/s Rs 1 cr.

THERMAX

OVERVIEW

Thermax offers engineering solutions to various industries. It offers wide range of products and services in heating, cooling, waste heat recovery, captive power, water treatment, recycling and waste management. The company has three plants coming up in the next 18 months including supercritical boilers, chemicals and air pollution control equipments. The company has consolidated its strong position in the sub-15 MW power plants with a 40% market share. Commercial production from manufacturing and assembly shop for air pollution control equipment at Solapur is expected to begin in the last quarter of FY12.

Key highlights:

· Total income grew by 32% Y-o-Y to Rs.1044 cr. v/s Rs. 790 cr in June-10

· Operating Profit grew by 17% Y-o-Y to Rs.128 cr. v/s Rs.110 cr in June-10

· OPM fell by 162 bps Y-o-Y to 12.3%  v/s 13.92% in June-10

· Net profit grew by 21% Y-o-Y to Rs. 80 cr.  v/s Rs. 66 cr in June-10

· NPM fell by 73 bps Y-o-Y to 7.65%  v/s 8.38% in June-10

MARUTI SUZUKI

OVERVIEW

Maruti Suzuki (Maruti) is one of India’s premier Auto Companies. Maruti’s Gurgaon Facility is spread across 300 acres with a capacity of 7 lakh cars/annum, Manesar Facility which is spread across 500 acres has a capacity of 14 lakh cars/ annum. Maruti also has a Diesel Engine JV with SPIL with a capacity of 2 lakh units/annum. All in all, Maruti has a total capacity of 21 lakh cars/annum. Maruti has multiple offerings in  A1, A2, A3, B & C car segments. Maruti also exports cars to Europe, Africa & S. America. Demand outlook for FY12 remains uncertain due to headwinds on rising fuel prices and interest rates as 75% cars are purchased on finance.

Key highlights:

· Total income grew by 3% Y-o-Y to Rs.8529 cr. v/s Rs. 8309 cr in June-10

· Operating Profit grew by 11% Y-o-Y to Rs. 994 cr. v/s Rs. 893 cr in June-10

· OPM grew by 80 bps Y-o-Y to 10.46%  v/s 9.66% in June-10

· Net profit grew by 18% Y-o-Y to Rs. 549cr.  v/s Rs. 465 cr in June-10

· NPM grew by 74 bps Y-o-Y to 5.78%  v/s 5.04% in June-10

· Other Income increased sharply by 79%

NTPC

OVERVIEW

NTPC is a leading power generator in India with a regulated business model. NTPC’s capacity addition is expected to accelerate, as 14.7 GW of projects under construction are anticipated to be commissioned over the next few years. With commissioning of the 1st Unit of 660 MW of Sipat Super Thermal Power Project, the total capacity of NTPC group has become 34,854 MW. The total installed capacity of Sipat Super Thermal Power Project has become 1,660 MW. NTPC has recently signed an MOU with Government of Kerala with an objective to plan and develop around 200 MW Wind Energy based power projects.

Key highlights:

· Total income grew by 12% Y-o-Y to Rs.14524 cr. v/s Rs. 13006 cr in June-10

· Operating Profit grew by 15% Y-o-Y to Rs. 3826 cr. v/s Rs. 3331 cr in June-10

· OPM grew by 73 bps Y-o-Y to 26.34%  v/s 25.61% in June-10

· Net profit grew by 13% Y-o-Y to Rs. 2076 cr.  v/s Rs. 1842 cr in June-10

· NPM grew by 13 bps Y-o-Y to 14.29%  v/s 14.16% in June-10

GLENMARK PHARMA

OVERVIEW

Glenmark is a leading research based pharmaceutical company based in India. The company is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity) with eight molecules in various stages of clinical development. Glenmark Generics Ltd (GGL), a subsidiary of Glenmark Pharma, is engaged in marketing of APIs in US and other regulated markets. Currently the company has production facilities at Nasik, Goa, Baddi, Pune and Ankleshwar for manufacturing formulations and specialized bulk drugs.

Key highlights:

· Total income  grew by 27% Y-o-Y to Rs. 868 cr. v/s Rs. 685 cr in June-10

· Operating Profit grew by 28% Y-o-Y to Rs. 309 cr.  v/s Rs. 242 cr in June-10

· OPM grew by 22 bps Y-o-Y to 35.6%  v/s 35.38% in June-10

· Net profit grew by 23% Y-o-Y to Rs. 210 cr.  v/s Rs. 171 cr in June-10

· NPM fell by 71 bps Y-o-Y to 24.19%  v/s 24.9% in June-10

Thanks and Regards,

KIFS Research