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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://www.icicidirect.com/mailimages/ICICIdirect_ConsolidatedResultPreview_Q4FY12E.pdf
Slowest revenue growth in several quarters…
• Macro headwinds are clearly far from over in the Indian economy, which
would reflect in the performance of our coverage universe. Our universe
coverage (ex-BFSI) is expected to witness a sharp decline in revenue
growth at 17.3% YoY vs. 27.8% in Q3FY12 and 32.0% in Q4FY11. This is
far lower than the last seven quarter average of 27.7%. The BFSI space
would post revenue growth of 22.0% YoY
• Deceleration in sales growth coupled with limited ability to pass on
price rise would also reflect in margin contraction. We expect our
universe coverage to post almost 100 bps decline in YoY EBITDA margin
(ex-BFSI) at 16.5%
• On the PAT front, we have built in growth of 5.9% YoY indicating higher
interest costs. However, on a sequential basis, PAT is expected to post
growth of 16.4% primarily on account of rupee appreciation against
US$ of ~1.5% against depreciation of 11.1% in the last quarter leading
to high MTM losses passed through the P&L.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://www.icicidirect.com/mailimages/ICICIdirect_ConsolidatedResultPreview_Q4FY12E.pdf
Slowest revenue growth in several quarters…
• Macro headwinds are clearly far from over in the Indian economy, which
would reflect in the performance of our coverage universe. Our universe
coverage (ex-BFSI) is expected to witness a sharp decline in revenue
growth at 17.3% YoY vs. 27.8% in Q3FY12 and 32.0% in Q4FY11. This is
far lower than the last seven quarter average of 27.7%. The BFSI space
would post revenue growth of 22.0% YoY
• Deceleration in sales growth coupled with limited ability to pass on
price rise would also reflect in margin contraction. We expect our
universe coverage to post almost 100 bps decline in YoY EBITDA margin
(ex-BFSI) at 16.5%
• On the PAT front, we have built in growth of 5.9% YoY indicating higher
interest costs. However, on a sequential basis, PAT is expected to post
growth of 16.4% primarily on account of rupee appreciation against
US$ of ~1.5% against depreciation of 11.1% in the last quarter leading
to high MTM losses passed through the P&L.
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