11 August 2011

1QFY2012 Result Previews Tata Motors : Apollo Tyres:: Angel Broking,

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1QFY2012 Result Previews
Tata Motors
Tata Motors will be announcing its 1QFY2012 results. On a consolidated basis, we expect
the company’s top line to grow by strong 23% yoy to `33,166cr, led by 6% and 9% yoy
growth in domestic and JLR volumes, respectively. On the operating front, EBITDA margin
is expected to contract by 175bp yoy to 12.5% due to input cost pressures. As a result,
the bottom line is expected to increase by 11.9% yoy to `2,226cr. The stock rating is
under review.


Apollo Tyres
Apollo Tyres is slated to announce its 1QFY2012 results. On a consolidated basis,
we expect the company to report a strong 33% yoy increase in revenue to `2,426cr.
EBITDA margin is expected to post a 90bp yoy decline to 10% on account of higher natural
rubber prices. However, net profit is expected to jump by 22% yoy to `91cr.
The stock rating is under review.

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