NTPC
For 4QFY2013, NTPC’s top-line performance was below our estimates, registering a growth 1.2% yoy to `16,462cr, due to lower off take. Gross generation in 4QFY2013 stood at 60.3bn unit, flat yoy. On the EBITDA front, OPM contracted by 156bp yoy mainly on account of increase in other expenditure (due to higher water charges). Consequently, net profit grew by 4.0% yoy to `2,698cr. Source: Angelbroking
Reliance Communication
Reliance Communication (RCom) reported modest set of numbers for 4QFY2012, aided mainly by a jump in data usage and GSM connections and other income from reversal of an earlier provision. The company registered top-line (including other income) of `5,956, up 12.3% qoq. Revenues from wireless business came in at `4,626cr, up 2.5% qoq. The better-than-expected result was also in part due to a one-time reversal from money provisioned towards write-down of assets in the course of a subsidiary restructuring exercise. RCom had earlier provisioned `3,000cr in anticipation of required write-downs during a court-approved plan to restructure its subsidiaries, but credited `550cr from it back during the quarter. Adjusting for that, revenues grew by 2.0% qoq. ARPM came in at `0.44/min, almost flat qoq. Total minutes in the network grew by 2.3% qoq to 105.4bn. Adjusted EBITDA margin came in at 30.9%, down 30bp qoq. PAT came in at `303cr, up 187% qoq.Source: Angelbroking
Ashok Leyland
Ashok Leyland (AL) reported extremely weak performance for 4QFY2013, which was broadly on the expected lines, on account of significant contraction in operating margins (down sharply by 554bp yoy to 5.3%) owing to higher discounts in the medium and heavy commercial vehicle (MHCV) segment, inferior productmix and lower utilization levels. Additionally, higher interest cost due to higher working capital requirement also impacted the adjusted bottom-line. The company reported a net profit of `150cr primarily on account of an exceptional gain of `134cr (due to profit on sale of non-current investments). Adjusted for the exceptional gain, AL’s bottom-line stood at `16cr which was broadly on the expected lines. For 4QFY2013, net sales posted a significant decline of 14% yoy to `3,728cr; however, it was slightly ahead of our expectations of `3,520cr. The decline in the top-line was driven by an 11.2% yoy drop in net average realization following higher levels of discounts and adverse product-mix (higher proportion of Dost in the volume-mix at ~32% vs. ~14% in 4QFY2012). Total volumes too registered a decline of 2.9% yoy led by 23.3% yoy decline in MHCV volumes. However, Dost sales witnessed a substantial increase of 125.3% yoy (on a low base) and 38.1% qoq during the quarter. At the operating level, EBITDA margins registered a sharp contraction of 554bp yoy to 5.3% as against our estimates of 6.4%, largely on account of higher discounting and lower utilization levels. As a result, other expenditure and staff cost as a percentage of sales surged 210bp and 190bp yoy respectively. Further, raw-material expenditure as a percentage of sales too
increased 170bp yoy during the quarter. Consequently, adjusted net profit stood at `16cr for the quarter. On a sequential basis, EBITDA margins improved 102bp driven by 52.8% and 1.4% growth in volumes and net average realization respectively. At `22, the stock is trading at 8.2x FY2015E earnings. We shall release a detailed result note post earnings conference call with the management which is scheduled today.Source: Angelbroking
Central Bank
Central Bank reported healthy set of numbers for the quarter, as it posted Net profit of `169cr as against a loss of `105cr in 4QFY2012 (the bank had completely switched-over to system based NPA recognition during that quarter, resulting in substantial provisioning). Key takeaways from the result were healthy NII growth (21.4% yoy, in-line with expectations), strong performance on the noninterest income front (growth of 47.4% yoy) and sequential improvement in the asset quality front (after witnessing continued stress for several quarters, Gross and Net NPA levels, on an absolute basis came in lower by 5.4% and 14.9% qoq). At the CMP, the stock trades at valuations of 0.6x FY2015E ABV, which is relatively expensive than some of the other mid-size PSU banks with a better asset quality outlook and return ratios.Source: Angelbroking
Dena Bank
During 4QFY2013, Dena Bank posted a moderate operating performance, with operating income and operating profit decline of 1.4% and 15.7% yoy, respectively. The bank faced asset quality pressures during the quarter (as their gross and Net NPA on an absolute basis increased by 10.3% and 12.3% qoq, respectively) and consequently their provisioning expenses increased by 17.5% yoy. Due to higher provisioning expenses and moderate operating performance, the bank reported a PAT decline of 50.7% yoy to `126cr. At CMP, the stock trades at valuations of 0.5x FY2015 ABV.Source: Angelbroking
Punj Lloyd
For 4QFY2013, Punj posted mixed set of numbers with subdued performance on revenue front, however owing to higher tax credit provision during the quarter led to a profit at earning levels. The company reported a top-line of `3,292cr in 4QFY2013 registering a growth of 8.4% yoy. EBITDA margins decline by 45bp/217bp on a yoy/qoq basis to 7.9% in 4QFY2013. Interest cost for the quarter came in at `195cr, a jump of 4.5% yoy while depreciation came at `79cr, an increase of 12.9% yoy. On the bottom-line front, PAT came in at `16cr (`9cr) in 4QFY2013, registering a growth of 75.8%. This was mainly due to higher tax credit provision of `11cr in 4QFY13 vs. `5cr in 4QFY2012. Source: Angelbroking
Ashoka Buildcon
Ashoka Buildcon (ABL) posted 4QFY13 results reflect improvement in execution however bottom-line disappoints owing to lower-than-expected operating performance and exceptional item. ABL’s top line reported a robust growth of 38.8% yoy to `542cr in 4QFY2013 and was higher than our estimate by 19.0%. On the EBITDAM front, ABL’s margins came in at 16.7%, a dip of 336bp on a yoy basis and below our estimate of 23.0%. This was mainly due to increase in operating expense (a jump of 44% yoy). On the bottom line, ABL reported a PAT of `6cr (our estimate was `45cr) in 4QFY2013, indicating a decline of 86.2% yoy. This was mainly on back of lower-than-expected operating performance and an exceptional item of `15.7cr. Adjusting to this, PAT came in at `22cr, a decline of 52.6% for the quarter. At CMP, the stock is trading at P/E and P/BV of 9.2x and 0.9 FY2015 earnings.Source: Angelbroking
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