Microsec: Diwali Picks for Prosperous Samvat 2072!!!

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

Lupin -- Buy; Target Price: Rs1,680; Microsec

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

Hold Nestle; Target Price: Rs5,450; Microsec

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

SAIL Q1FY14: Team Microsec Research

SAIL Ltd announced its Q1FY14e results on 14^thAugust, 2013.

The company arrived at net sales of INR10106.12 crore, which was down by 5.02% and 16.91% on YoY and QoQ basis. The EBITDA for the quarter was INR967.26 crore, which was down by 36.17% on YoY basis, but up marginally by 4.7% on QoQ basis. The company posted net profit excluding the exceptional item of INR538.79 crore, which was down by 43.48% on YoY basis, but up by 25.3% on QoQ basis.

Particulars	Actual	Consensus	Var (%)
Net Sales	10106.12	10745.00	-5.95%
EBITDA	967.26	911	6.18%
PAT	538.79	338	59.41%
EPS	1.30	0.84	55.29%

SAIL Ltd Q1FY14 Standalone Results
Particulars	Q1FY14A	Q1FY13A	Q4FY13A	YoY(%)	QoQ(%)
Net Sales	10106.12	10640.73	12162.49	-5.02%	-16.91%
Other Operating Income	161.79	136.77	167.93
Total Operating Income	10267.91	10777.5	12330.42
Total Expenditure	9300.65	9262.22	11406.56
EBITDA	967.26	1515.28	923.86	-36.17%	4.70%
EBITDA Margin (%)	9.42%	14.06%	7.49%	(486)bps	193bps
Other Income	226.17	278.45	208.95
Operating Profit	1193.43	1793.73	1132.81
Depreciation	392.85	401.83	193.62
PBIT	800.58	1391.9	939.19
Interest	191.82	124.88	214.59
Exceptional Items	-87.88	-256.94	16.49
PBT	520.88	1010.08	741.09
Tax	69.97	313.67	294.56
PAT	450.91	696.41	446.53	-35.25%	0.98%
PAT Margin (%)	4.39%	6.46%	3.62%	(207)bps	77bps
PAT excluding non-recurring item	538.79	953.35	430.04	-43.48%	25.3%
PAT Margin (%)	5.2%	8.8%	3.5%	(360)bps	170bps
Equity Capital	4130.53	4130.53	4130.53
Face Value	10	10	10
No. of Outstanding shares	413.05	413.05	413.05
EPS	1.09	1.69	1.08	-35.25%	0.98%
EPS excluding non-recurring item	1.30	2.31	1.04	-43.48%	25.29%
Source: Company Data, Microsec Research. All data in INR crores unless specified.

Regards,

Team Microsec Research

State Bank of India (SBI) Q1FY14 result :: Team Microsec Research

State Bank of India Ltd. announced its Q1FY14 result on 12^th August 2013.

The Bank’s total income decreased by 3.84% QoQ while increased by 9.36% YoY to INR15986.17 crores, driven by 28.09% YoY growth in its Other Income. Whereas, Profit After Tax (PAT) decreased by 1.76% QoQ and 13.61% YoY to INR3241.08 crores. The Bank increased its provisions by 16.67% YoY to INR2865.88 crores.

The Bank's loan book and total deposits expanded by 15.69% and 14% YoY to INR1060688.74 and INR1257388.87 crores respectively. On the asset quality front, the Bank’s asset quality is still the matter of concern. Net NPA and Gross NPA increased by 73 and 81bps QoQ and 61 and 57bps YoY to 2.83% and 5.56% respectively. Capital Adequacy Ratio (Basel III) stood at 11.85% which is 2.85% more than the regulator’s stipulated norm. However, Provision Coverage Ratio stood at 60.60% decreased by 598bps QoQ and 369bps YoY.

During the quarter, the Bank has reported a fresh slippage of INR13766 crores as against INR5868 crores in the previous quarter, increased by 134.59%. Whereas, total restructuring assets were at INR4384 crores as against INR8669 crores in the previous quarter.

Q1’14 (INR Crores)	Consensus	Actual	Variance %
Total Income	16093.90	15986.17	-0.67%
Operating Profit	8523.70	7551.27	-11.41%
PAT	3463.40	3241.08	-6.42%

State Bank of India Quarterly-[INR-Crores]
DESCRIPTION	Q1'14	Q4'13	Q1'13	QoQ%	YoY%
Interest Earned	31718.33	30784.19	28922.44	3.03	9.67
Interest Expended	20206.45	19705.77	17797.85	2.54	13.53
NII	11511.88	11078.42	11124.59	3.91	3.48
Other Income	4474.29	5546.68	3493.05	-19.33	28.09
Total Income	15986.17	16625.10	14617.64	-3.84	9.36
Operating Expenses	8434.90	8864.46	6440.97	-4.85	30.96
Operating Profit before Prov.& Cont.	7551.27	7760.64	8176.67	-2.70	-7.65
Provisions and Contingencies	2865.88	4180.99	2456.33	-31.45	16.67
PBT	4685.39	3579.65	5720.34	30.89	-18.09
Tax	1444.31	280.43	1968.78	415.03	-26.64
Profit After Tax	3241.08	3299.22	3751.56	-1.76	-13.61
Adj Calculated EPS	47.38	49.13	55.91	-3.56	-15.26
Advances	1060688.74	1045616.55	916840.62	1.44	15.69
Deposits	1257388.87	1202739.57	1102926.31	4.54	14.00
	Q1'14	Q4'13	Q1'13	QoQ (bps)	YoY(bps)
Capital Adequacy Ratio Basel III	11.85%	-	-	-	-
% of Net NPAs	2.83%	2.10%	2.22%	73	61
% of Gross NPAs	5.56%	4.75%	4.99%	81	57
Provisions Coverage%	60.60%	66.58%	64.29%	-598	-369
C/D ratio	84.36%	86.94%	83.13%	-258	123
C/I Ratio	52.76%	53.32%	44.06%	-56	870
OI/TI	47.24%	46.68%	55.94%	56	-870

Regards,

Team Microsec Research