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Company specific view (Others)
Company Remarks
Cox & Kings Standalone India revenue is expected to improve by ~13% YoY due to peak-up in
demand. Leisure international business to growat 15% YoY to due to seaonality.
Education division to report moderate growth of 10% YoY due to seasonal weakness
in demand. Expect PAT margin of 8.7% vs 7.6% reported in the last year
Info Edge We expect revenues to grow 3.2% QoQ to | 143 crore led by demand uptick in Naukri
business while real estate business could witness slower growth than anticipated.
EBITDA margins could be flat QoQ at 33.8% (-20 bps) led by higher marketing
expenses offset by better growth in higher margin Naukri business. Investor interest:
Demand trends across businesses and margin outlook
Maharashtra
Seamless
We expect pipes segment sales volume for Q3FY15 to be 71750 tonnes (higher by
26.3% QoQ), wherein seamless pipes sales volume is expected at 57750 tonnes
(higher by 21% QoQ) while that of ERW is likely to be 14000 tonnes (higher by 5.4%
QoQ). We expect topline to increase ~17.6% QoQ. and EBITDA margins to increase
by 300 bps QoQ to 10.4%.
Jindal SAW For the quarter, we expect the pipes segment sales volume at ~240000 tonnes,
higher by 24.6% QoQ and pellet segment sales to be at 300000 tonnes. Subsequently,
we expect topline to increase 10.9% YoY. We expect EBITDA margins to increase by
380 bps YoY to ~13.4%
Jet Airways Domestic traffic to report robust growth of 14.2% YoY due to improvement in the
demand. Further with sharp rise in market share during the quarter due to
cancellation of spicejet flights, we expect company to report 18.8% YoY growth in
revenues. Margins to expand significantly due to 16% YoY fall in ATF prices
Navneet
Education
We expect revenues to increase 7.1% YoY to | 142 crore led by 5.6% & 4.6% YoY
growth in the publication & stationery segment, respectively. We expect ~34 bps
decline in operating margin to 19.3% owing to lower margin in the stationery
businness. Thereby, PAT is likely to grow 2.8% YoY to | 12.7 crore
Rallis India For Rallis, in the agro-chemical segment we expect the sales to grow marginally
~5% YoY to | 398 crore in Q3FY15. On the subsidiaries front, i.e. Metahelix & Zero
Waste we expect sales to increase 31.6% YoY to | 29.6 crore in Q3FY15. On the
consolidated level, we expect sales to grow 6.7% YoY while EBITDA margins are
expected at 13.1% down 140 bps YoY. The response of new hybrid seed variety
(maize) launched in the previous quarter i.e. Q2FY15 would be the key thing to watch
out for in the quarterly results
Sintex
Industries
Monolithic business inclunding EPC is expected to drive the growth during the
quarter with ~|250 crore of revenue from the EPC business. Sales of prefab is
expected to increase by 22% YoY while custom moulding is expected to grow by 7%
YoY. The company is expected to report EBITDA margin of 16.5% (down 90bps YoY)
due to lower margins from EPC segment
Talwalkars
Better Value
Fitness
Revenue is expected to grow ~22.7% YoY mainly due to growth in gym additions
and rise in average realisations. Operating margins are expected to improve by 50bps
YoY to at 41.8% due to healthy same store sales growth.
McLeod Russel We expect Mcleod Russel to witness 9% growth mainly on account of 10% increase
in tea prices as volumes remaining flat. The company to post 26.7 million kg of tea
with the avergae realisation of | 188 per kg. Operating margins for the company is
expected to be 32.1% as against 31.3%. Net profit is likely to grow at 13.6% to | 146
crore.
Source: Company, ICICIdirect.com Research
: Company specific view (Others)
TTK Prestige Revenues are likely to increase 12.8% YoY (| 416.6 crore) owing to low base and pick up in
demand of cookware and cookers due to festival season. Operating margin is likely to improve
30 bps YoY to 12.8% leading to YoY EBITDA growth of 15.2%. Consequently, PAT is likely to
increase 11.8% YoY to | 33.0 crore
Kajaria
Ceramics
Jaxx and Cosa have expanded their capacity by 4.5 MSM and 3 MSM respectively
from September, 2014. Hence, we expect production volume to grow by 38.6% YoY
to 12.7 MSM in Q3FY15. On financial front, we expect Kajaria to report 28.7% YoY net
sales growth to |566.1 crore. We expect EBITDA margins to remain at 15.0% in
Q3FY15. Consequently, bottomline is expected to grow by 30.6% YoY to | 38.4 crore
on account of significant top line growth
United Spirits We expect revenue growth to remain muted QoQ whereas YoY it is likely decline
~3.5% on account of higher base. EBITDA is expected to grow ~4% QoQ while YoY
it is expected to grow 9% owing to expansion in EBITDA margin by 110 bps YoY due
to stable ENA prices.Further, PAT is expected at |57 crore
United
Breweries
United Breweries revenue is expected to grow nearly 15% YoY to | 1099 crore on
account of better volume, however; in terms of EBITDA and EBITDA margin we
expect the growth to be lower due to high base effect. Further, PAT for Q3FY15 is
expected at |46 crore
CARE CARE is expected to report rating revenue growth of 21% YoY (down 12% QoQ) to |
65 crore. Booking of survelliance income in Q3 to support revenue traction. EBITDA
margin is expected at 60% which is lower than 69.4% seen in Q2FY13 as employee
cost increases QoQ owing to hiring in SME segment while revenue being lower QoQ.
Volume traction expected to be subdued especially in the bank loan rating segment.
PAT of | 37 crore is estimated.
Source: Company, ICICIdirect.com Research
LINK
http://content.icicidirect.com/mailimages/IDirect_ConsolidatedPreview_Q3FY15.pdf
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
Company specific view (Others)
Company Remarks
Cox & Kings Standalone India revenue is expected to improve by ~13% YoY due to peak-up in
demand. Leisure international business to growat 15% YoY to due to seaonality.
Education division to report moderate growth of 10% YoY due to seasonal weakness
in demand. Expect PAT margin of 8.7% vs 7.6% reported in the last year
Info Edge We expect revenues to grow 3.2% QoQ to | 143 crore led by demand uptick in Naukri
business while real estate business could witness slower growth than anticipated.
EBITDA margins could be flat QoQ at 33.8% (-20 bps) led by higher marketing
expenses offset by better growth in higher margin Naukri business. Investor interest:
Demand trends across businesses and margin outlook
Maharashtra
Seamless
We expect pipes segment sales volume for Q3FY15 to be 71750 tonnes (higher by
26.3% QoQ), wherein seamless pipes sales volume is expected at 57750 tonnes
(higher by 21% QoQ) while that of ERW is likely to be 14000 tonnes (higher by 5.4%
QoQ). We expect topline to increase ~17.6% QoQ. and EBITDA margins to increase
by 300 bps QoQ to 10.4%.
Jindal SAW For the quarter, we expect the pipes segment sales volume at ~240000 tonnes,
higher by 24.6% QoQ and pellet segment sales to be at 300000 tonnes. Subsequently,
we expect topline to increase 10.9% YoY. We expect EBITDA margins to increase by
380 bps YoY to ~13.4%
Jet Airways Domestic traffic to report robust growth of 14.2% YoY due to improvement in the
demand. Further with sharp rise in market share during the quarter due to
cancellation of spicejet flights, we expect company to report 18.8% YoY growth in
revenues. Margins to expand significantly due to 16% YoY fall in ATF prices
Navneet
Education
We expect revenues to increase 7.1% YoY to | 142 crore led by 5.6% & 4.6% YoY
growth in the publication & stationery segment, respectively. We expect ~34 bps
decline in operating margin to 19.3% owing to lower margin in the stationery
businness. Thereby, PAT is likely to grow 2.8% YoY to | 12.7 crore
Rallis India For Rallis, in the agro-chemical segment we expect the sales to grow marginally
~5% YoY to | 398 crore in Q3FY15. On the subsidiaries front, i.e. Metahelix & Zero
Waste we expect sales to increase 31.6% YoY to | 29.6 crore in Q3FY15. On the
consolidated level, we expect sales to grow 6.7% YoY while EBITDA margins are
expected at 13.1% down 140 bps YoY. The response of new hybrid seed variety
(maize) launched in the previous quarter i.e. Q2FY15 would be the key thing to watch
out for in the quarterly results
Sintex
Industries
Monolithic business inclunding EPC is expected to drive the growth during the
quarter with ~|250 crore of revenue from the EPC business. Sales of prefab is
expected to increase by 22% YoY while custom moulding is expected to grow by 7%
YoY. The company is expected to report EBITDA margin of 16.5% (down 90bps YoY)
due to lower margins from EPC segment
Talwalkars
Better Value
Fitness
Revenue is expected to grow ~22.7% YoY mainly due to growth in gym additions
and rise in average realisations. Operating margins are expected to improve by 50bps
YoY to at 41.8% due to healthy same store sales growth.
McLeod Russel We expect Mcleod Russel to witness 9% growth mainly on account of 10% increase
in tea prices as volumes remaining flat. The company to post 26.7 million kg of tea
with the avergae realisation of | 188 per kg. Operating margins for the company is
expected to be 32.1% as against 31.3%. Net profit is likely to grow at 13.6% to | 146
crore.
Source: Company, ICICIdirect.com Research
: Company specific view (Others)
TTK Prestige Revenues are likely to increase 12.8% YoY (| 416.6 crore) owing to low base and pick up in
demand of cookware and cookers due to festival season. Operating margin is likely to improve
30 bps YoY to 12.8% leading to YoY EBITDA growth of 15.2%. Consequently, PAT is likely to
increase 11.8% YoY to | 33.0 crore
Kajaria
Ceramics
Jaxx and Cosa have expanded their capacity by 4.5 MSM and 3 MSM respectively
from September, 2014. Hence, we expect production volume to grow by 38.6% YoY
to 12.7 MSM in Q3FY15. On financial front, we expect Kajaria to report 28.7% YoY net
sales growth to |566.1 crore. We expect EBITDA margins to remain at 15.0% in
Q3FY15. Consequently, bottomline is expected to grow by 30.6% YoY to | 38.4 crore
on account of significant top line growth
United Spirits We expect revenue growth to remain muted QoQ whereas YoY it is likely decline
~3.5% on account of higher base. EBITDA is expected to grow ~4% QoQ while YoY
it is expected to grow 9% owing to expansion in EBITDA margin by 110 bps YoY due
to stable ENA prices.Further, PAT is expected at |57 crore
United
Breweries
United Breweries revenue is expected to grow nearly 15% YoY to | 1099 crore on
account of better volume, however; in terms of EBITDA and EBITDA margin we
expect the growth to be lower due to high base effect. Further, PAT for Q3FY15 is
expected at |46 crore
CARE CARE is expected to report rating revenue growth of 21% YoY (down 12% QoQ) to |
65 crore. Booking of survelliance income in Q3 to support revenue traction. EBITDA
margin is expected at 60% which is lower than 69.4% seen in Q2FY13 as employee
cost increases QoQ owing to hiring in SME segment while revenue being lower QoQ.
Volume traction expected to be subdued especially in the bank loan rating segment.
PAT of | 37 crore is estimated.
Source: Company, ICICIdirect.com Research
LINK
http://content.icicidirect.com/mailimages/IDirect_ConsolidatedPreview_Q3FY15.pdf
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