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India Equity Research Reports, IPO and Stock News
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Wipro: June-Q results review [Aniruddha Bhosale]
We cut Wipro's FY12 revenue and earnings estimates by 1.3% and 6.7%, respectively. However, it seems to be making the right moves to achieve normalcy in operations by FY13E: 1) a significantly improved deal pipeline and recent wins, 2) a fall in attrition from September-Q onwards.
Dr Reddy's Labs: 18% revenue growth but stagnant profits in 1Q [Abhay Shanbhag]
Revenues at INR 19.8bn (+18% yoy, DBe INR 19.4bn) were driven by robust growth in US at INR 5.8bn (+48%yoy, INR 5.1bn) but neutralised by (a) INR 2.9bn in India (+6%, INR 3.05bn) (b) INR 0.8bn in RoW (+6%, INR 0.83bn) (c) INR 1.9bn in Europe (-1%, INR 2bn) & (d) INR 4.8bn in PSAI (+7%, INR 5.1bn).
Petronet LNG Limited : Raising target price on robust volume growth; reiterate Buy [Harshad Katkar]
We reiterate our Buy on Petronet LNG and raise our target price by 12.5% to INR180 based on expected higher volume growth. Our positive view is premised on 1) an LNG volume CAGR of 14% in FY2011-14 driving an EPS CAGR of 15%; 2) growth of 5% yoy in regas margins and higher marketing margins from spot volumes; and 3) further capacity expansions in the Dahej terminal.
Exide Industries Ltd: Weak results; downgrading to Hold [Amyn Pirani]
Exide’s 1QFY12 operating results are weak and were below our as well as consensus estimates. Management commentary indicates that revenue (Rs 124bn, 8% YoY, 6% below DB est) was weak on account of lower automotive OEM demand (15-20% of revenues) and industrial batteries (35-40% of revenues).
IRB Infrastructure Dev.: Looking to position for accelerated order inflows [Chockalingam Narayanan]
IRB 1QFY12 results were significantly ahead of DB expectations with net sales at INR 8 bn (+56% YoY), driving an EBITDA of INR 3.29 bn (+32% YoY) and net income of INR 1.34 bn (+14% YoY).
Industrials: Industrials earnings reflecting pains of slowdown [Manish Saxena]
Post Q1FY12 results announcement, Crompton Greaves (INR 174.9, unrated) stock fell 10% on the second consecutive day after a 16% fall yesterday, raising concern that whether there are widespread sector ramifications or the disappointing results are more specific to Crompton.
Resources: Not too encouraging signs for sector profitability [Chockalingam Narayanan]
Prism cement (unrated) results, the first of the quarterly results in the Indian cement sector, does not provide an encouraging trend for the sector. The company reported a Net sales of INR 10.5 bn driving an EBITDA of INR 582 mn and a Net loss of INR 100 mn.
Health Care: US FDA regulatory issues getting more serious [Abhay Shanbhag]
US FDA had issued an Import Alert (IA) for Dr Reddy’s (DRL, Sell rating) API plant in Mexico and a Warning Letter (WL) for Cadila’s (Unrated) new injectible formulation plant in India in last 4 weeks.
Sun Pharma: 5+ companies share exclusivity for alfuzosin (Uroxatral) [Abhay Shanbhag]
LIC Housing Finance: NIM declines sharply, provisions rise [Manish Shukla]
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Wipro: June-Q results review [Aniruddha Bhosale]
We cut Wipro's FY12 revenue and earnings estimates by 1.3% and 6.7%, respectively. However, it seems to be making the right moves to achieve normalcy in operations by FY13E: 1) a significantly improved deal pipeline and recent wins, 2) a fall in attrition from September-Q onwards.
Dr Reddy's Labs: 18% revenue growth but stagnant profits in 1Q [Abhay Shanbhag]
Revenues at INR 19.8bn (+18% yoy, DBe INR 19.4bn) were driven by robust growth in US at INR 5.8bn (+48%yoy, INR 5.1bn) but neutralised by (a) INR 2.9bn in India (+6%, INR 3.05bn) (b) INR 0.8bn in RoW (+6%, INR 0.83bn) (c) INR 1.9bn in Europe (-1%, INR 2bn) & (d) INR 4.8bn in PSAI (+7%, INR 5.1bn).
Petronet LNG Limited : Raising target price on robust volume growth; reiterate Buy [Harshad Katkar]
We reiterate our Buy on Petronet LNG and raise our target price by 12.5% to INR180 based on expected higher volume growth. Our positive view is premised on 1) an LNG volume CAGR of 14% in FY2011-14 driving an EPS CAGR of 15%; 2) growth of 5% yoy in regas margins and higher marketing margins from spot volumes; and 3) further capacity expansions in the Dahej terminal.
Exide Industries Ltd: Weak results; downgrading to Hold [Amyn Pirani]
Exide’s 1QFY12 operating results are weak and were below our as well as consensus estimates. Management commentary indicates that revenue (Rs 124bn, 8% YoY, 6% below DB est) was weak on account of lower automotive OEM demand (15-20% of revenues) and industrial batteries (35-40% of revenues).
IRB Infrastructure Dev.: Looking to position for accelerated order inflows [Chockalingam Narayanan]
IRB 1QFY12 results were significantly ahead of DB expectations with net sales at INR 8 bn (+56% YoY), driving an EBITDA of INR 3.29 bn (+32% YoY) and net income of INR 1.34 bn (+14% YoY).
Industrials: Industrials earnings reflecting pains of slowdown [Manish Saxena]
Post Q1FY12 results announcement, Crompton Greaves (INR 174.9, unrated) stock fell 10% on the second consecutive day after a 16% fall yesterday, raising concern that whether there are widespread sector ramifications or the disappointing results are more specific to Crompton.
Resources: Not too encouraging signs for sector profitability [Chockalingam Narayanan]
Prism cement (unrated) results, the first of the quarterly results in the Indian cement sector, does not provide an encouraging trend for the sector. The company reported a Net sales of INR 10.5 bn driving an EBITDA of INR 582 mn and a Net loss of INR 100 mn.
Health Care: US FDA regulatory issues getting more serious [Abhay Shanbhag]
US FDA had issued an Import Alert (IA) for Dr Reddy’s (DRL, Sell rating) API plant in Mexico and a Warning Letter (WL) for Cadila’s (Unrated) new injectible formulation plant in India in last 4 weeks.
Sun Pharma: 5+ companies share exclusivity for alfuzosin (Uroxatral) [Abhay Shanbhag]
LIC Housing Finance: NIM declines sharply, provisions rise [Manish Shukla]
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