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Sesa Goa
For 2QFY2012, Sesa Goa's net sales decreased by 14.0% yoy to `790cr, lower
than our estimate of `1,125cr on account of lower-than-expected iron ore sales
volumes. The decline in revenue was mainly on account of a 23.0% yoy dip in iron
ore sales volumes to 1.7mn tonnes. Iron ore realization increased by 14.4% yoy to
US$84/tonne on wet metric tonne basis. Export duty increased by 65.5% yoy to
`87cr in 2QFY2012, as the government had raised export duty on iron ore to
20.0% during February 2011. EBITDA declined by 23.5% yoy to `260cr mainly
due to lower net sales. EBITDA margin slipped by 408bp yoy, as the increase in
higher iron ore realization was more than offset by increased export duty. The
company reported an exceptional item related to forex loss of `234cr in
2QFY2012. Consequently, PAT stood at `1cr in 2QFY2012 compared to `385cr
in 2QFY2011. Excluding exceptional items, adjusted PAT decreased by 32.2% yoy
to `235cr (below our estimate of `322cr). The stock is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sesa Goa
For 2QFY2012, Sesa Goa's net sales decreased by 14.0% yoy to `790cr, lower
than our estimate of `1,125cr on account of lower-than-expected iron ore sales
volumes. The decline in revenue was mainly on account of a 23.0% yoy dip in iron
ore sales volumes to 1.7mn tonnes. Iron ore realization increased by 14.4% yoy to
US$84/tonne on wet metric tonne basis. Export duty increased by 65.5% yoy to
`87cr in 2QFY2012, as the government had raised export duty on iron ore to
20.0% during February 2011. EBITDA declined by 23.5% yoy to `260cr mainly
due to lower net sales. EBITDA margin slipped by 408bp yoy, as the increase in
higher iron ore realization was more than offset by increased export duty. The
company reported an exceptional item related to forex loss of `234cr in
2QFY2012. Consequently, PAT stood at `1cr in 2QFY2012 compared to `385cr
in 2QFY2011. Excluding exceptional items, adjusted PAT decreased by 32.2% yoy
to `235cr (below our estimate of `322cr). The stock is currently under review.
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