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1QFY2012 Results Review
DLF
For 1QFY2012, DLF reported lower-than-expected performance. The company’s top line
grew by 20.5% yoy to `2,503cr vs. our estimate of `2,796cr. EBITDA came in at `1,111cr,
up 13.4% yoy. EBITDA margin declined by 288bp yoy to 45.4% (48.3%), which was
marginally lower than our estimate of 45.8%. PAT declined by 12.8% yoy to `358cr
(`411cr) vs. our estimate of `488cr, largely on the back of lower-than-estimated top-line
growth. PAT margin was down by 560bp yoy to 14.7% (20.3%). We continue to maintain
our Neutral recommendation on the stock. We may revise our numbers post
management’s concall.
Monnet
Monnet’s net sales grew by only 1.6% yoy to `427cr despite the production shut down of
its sponge iron. The company produced only 857 tonnes of sponge iron in 1QFY2012
compared to 175,527 tonnes in 1QFY2011. Net realisation of structural steel increased by
10.0% yoy to `31,693/tonne, while power realisation dipped by 29.4% yoy to `3.4/unit.
On account of lower realisation on power sales, EBITDA declined by 4.1% to `116cr.
Other income increased to `11cr, compared to `2cr in 1QFY2011. Hence, net profit
increased by 0.6% yoy to `73cr in 1QFY2012. Monnet has received stage II of forest
clearance for its Utkal Mine (reserves of 117mn tones). The company expects to start
production soon after the mining lease is executed by December 2011. We maintain our
Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Results Review
DLF
For 1QFY2012, DLF reported lower-than-expected performance. The company’s top line
grew by 20.5% yoy to `2,503cr vs. our estimate of `2,796cr. EBITDA came in at `1,111cr,
up 13.4% yoy. EBITDA margin declined by 288bp yoy to 45.4% (48.3%), which was
marginally lower than our estimate of 45.8%. PAT declined by 12.8% yoy to `358cr
(`411cr) vs. our estimate of `488cr, largely on the back of lower-than-estimated top-line
growth. PAT margin was down by 560bp yoy to 14.7% (20.3%). We continue to maintain
our Neutral recommendation on the stock. We may revise our numbers post
management’s concall.
Monnet
Monnet’s net sales grew by only 1.6% yoy to `427cr despite the production shut down of
its sponge iron. The company produced only 857 tonnes of sponge iron in 1QFY2012
compared to 175,527 tonnes in 1QFY2011. Net realisation of structural steel increased by
10.0% yoy to `31,693/tonne, while power realisation dipped by 29.4% yoy to `3.4/unit.
On account of lower realisation on power sales, EBITDA declined by 4.1% to `116cr.
Other income increased to `11cr, compared to `2cr in 1QFY2011. Hence, net profit
increased by 0.6% yoy to `73cr in 1QFY2012. Monnet has received stage II of forest
clearance for its Utkal Mine (reserves of 117mn tones). The company expects to start
production soon after the mining lease is executed by December 2011. We maintain our
Neutral view on the stock.
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