ONGC
ONGC reported lower than expected 4QFY2013 profitability performance due to higher operating costs. The company’s top line increased by 13.6% yoy to `21,388cr (above our expectation of `19,938cr). The company’s crude oil production volumes declined 1.8% yoy to 6.47mn tonnes while gas volumes stood at 6.2bcm. The company shared a subsidy burden of `12,310cr in 4QFY2013. The company's EBITDA decreased by 7.3% yoy to `10,731cr. Depreciation expenses grew by 76.9% yoy to `2,387cr which resulted in net profit declining by 39.9% yoy to `3,389cr (below our expectation of `4,172cr). The company has notified two new gas discoveries in KG basin deepwater field. The company estimates a potential gas reserve base of 4.85TCF from these fields. Source: AngelBroking
Tata Motors
For 4QFY2013, Tata Motors (TTMT) consolidated performance better than our as well as street expectations on all broader fronts, as strong operating performance from JLR offset soft performance at standalone biz and other subsidiaries. The standalone operations posted loss of `312cr, against our expectations of a net loss of ~`490cr, primarily on account of higher discounts and higher operating costs for transport operators impacting demand for MHCV industry. The consolidated top-line registered a strong sequential growth of 21.5% qoq to `56,002cr, which was above our estimate of `50,605cr on account of strong performance from JLR. The JLR top-line grew by ~22% yoy to GBP 5,053mn, led by ramp-up in volumes of the new Range Rover On a sequential basis, consolidated EBITDA margins grew by ~160bp qoq to at 14.9% (~+80bp yoy) vs. our expectations of 12.5%, driven by the robust performance of JLR, which was underlined by the favorable impact of the new Range Rover. JLR margins came in at 16.9% (+230bp yoy, +290bp qoq) benefitting from better geographic/product mix and favorable currency. Depreciation expense in JLR at GBP 213mn (+73% yoy) continues to maintain upward trajectory as new products/platforms got amortized. Adjusted net profit at GBP 466mn was marginally ahead of estimates. Standalone margins stood at 3.6% (-600bp yoy, +140 bps qoq). On consolidated level, adjusted net profit came in at `3,931, beating our estimate of `2,298cr, aided by ~19% qoq lower tax, driven by a tax credit for past income tax losses of GBP 225mn in a UK subsidiary. As of 4QFY2013, on a consolidated level, TTMT has a healthy net auto debt/equity of ~0.24x. While the 4QFY2013 results are on expected lines, management’s commentary did not indicate any major signs of a revival in domestic business soon. In trucks, TTMT has contained inventory and discounts at the cost of market share. Company remains cautiously optimistic on JLR, with the key positive being the JLR model cycle; the company stated that margins on new Range Rover and Range Rover Sport are good.Source: AngelBroking
Cipla
Cipla posted below expected numbers during the quarter. Cipla posted a growth in net sales by 5.1% to `1,906cr V/s expected `2,057cr. The low growth during the quarter on sales front, was on account of the low growth in domestic formulation, which grew by 5.2% yoy, while exports grew by 4.0%, on account of the 24% dip in the API exports. On the operating front, the OPM (excluding technical know-how fees) came in at 18.3%, down by 80bp over the corresponding period of last year. This along with the 684% rise in the interest expenses aided the net profit to dip by 8.3% yoy to `268cr. Source: AngelBroking
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