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Madras Cements
For 1QFY2012, Madras Cements registered 9.6% yoy growth in its top line to `764cr,
primarily due to a substantial 28.1% increase in cement realisation. Realisation improved
due to high cement prices sustained in the company’s prime markets situated in the
southern region. On the operating front, the company’s profit rose by 27.0% yoy to
`248cr, with a 445bp yoy expansion in OPM. The robust improvement in cement
realisation resulted in margin expansion despite the increase in raw material, power and
fuel and freight costs. On the bottom-line front, the company’s net profit rose by 35.1%
yoy to `98cr. We maintain our Neutral view on the stock.
GIPCL
GIPCL’s 1QFY2012 top line rose by 36.9% yoy to `340cr, aided by higher capacity. The
SLPP 3&4 units, which were in trial stages during 1QFY2011, were commercially
operational during 1QFY2012. Overall power generation rose by 11.1% yoy to 1,208MU.
The company’s operating margin rose substantially by 1,246bp yoy to 37.8% on account
of healthy availability factor in all the plants, enabling full recovery of fixed costs and
incentives; and lower PLFs resulting in low fuel costs. Despite the huge 102.4% increase in
operating profit, the bottom line rose only marginally by 2.8% yoy to `43cr on account of
higher interest (`32cr vs. `4cr in 1QFY2011) and depreciation (`41cr v/s `21cr in
1QFY2011) costs. We maintain our Buy view on the stock with a target price of `94.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Madras Cements
For 1QFY2012, Madras Cements registered 9.6% yoy growth in its top line to `764cr,
primarily due to a substantial 28.1% increase in cement realisation. Realisation improved
due to high cement prices sustained in the company’s prime markets situated in the
southern region. On the operating front, the company’s profit rose by 27.0% yoy to
`248cr, with a 445bp yoy expansion in OPM. The robust improvement in cement
realisation resulted in margin expansion despite the increase in raw material, power and
fuel and freight costs. On the bottom-line front, the company’s net profit rose by 35.1%
yoy to `98cr. We maintain our Neutral view on the stock.
GIPCL
GIPCL’s 1QFY2012 top line rose by 36.9% yoy to `340cr, aided by higher capacity. The
SLPP 3&4 units, which were in trial stages during 1QFY2011, were commercially
operational during 1QFY2012. Overall power generation rose by 11.1% yoy to 1,208MU.
The company’s operating margin rose substantially by 1,246bp yoy to 37.8% on account
of healthy availability factor in all the plants, enabling full recovery of fixed costs and
incentives; and lower PLFs resulting in low fuel costs. Despite the huge 102.4% increase in
operating profit, the bottom line rose only marginally by 2.8% yoy to `43cr on account of
higher interest (`32cr vs. `4cr in 1QFY2011) and depreciation (`41cr v/s `21cr in
1QFY2011) costs. We maintain our Buy view on the stock with a target price of `94.
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