Nestle India
Nestle India posted a 9.8% yoy growth in net sales to `2,248cr, which was in-line with estimates aided by better realizations and superior product mix. OPM rose by 200bp yoy to 23.7% aided by better realization which offset the increase in input costs. Depreciation and Interest costs rose on account of addition of new capacity and increase in outstanding loans. Bottom-line remained flat at `279cr. Source: AngelBroking
Bank of Baroda
Bank of Baroda reported moderate operating performance for the quarter, as it posted subdued growth of 6.4% yoy in its pre-provisioning profit. The bank continued to witness sequential asset quality deterioration (in-line with the management’s guidance), as its gross and Net NPA levels were higher by 9.0% and 24.6% qoq, respectively. Consequently, the provisioning expenses for the bank almost doubled on a yoy basis, leading to PBT level earnings decline of 54.3% yoy, however, higher tax write-backs during the quarter (at `483cr compared to tax write-backs of `322cr during 4QFY2012) limited the net profit decline to 32.2% yoy. At the CMP, the stock is trading at valuations of 0.7x FY2015E ABV. Source: AngelBroking
Bank of India
Bank of India announced its 4QFY2013 results today. Bank reported subdued set of numbers, as its pre-provisioning profit grew by 3.0%. On the asset quality front, on an absolute basis, Gross and Net NPA levels increased by 1.6% and 9.0% qoq, respectively. Gross NPA ratio was 9bp lower at 3.0%, while Net NPA increased by 9bp at 2.1%. Due to the asset quality pressures (slippages and incremental restructuring) faced during the quarter, the provisioning expenses for the bank grew by 115.3% yoy and it reported a PBT level earnings decline of 57.0% yoy, however, tax write-backs during the quarter (at `192cr compared to tax expenses of `360cr during 4QFY2012) limited the net profit decline to 20.6% yoy. At the CMP, the stock is trading at 0.7x FY2015E ABV. Source: AngelBroking
Blue Star
Blue Star announced a mixed set of numbers for 4QFY2013. Topline came in at `858cr, 2.2% higher than our expectation of `840cr and 5.5% higher on a yoy basis from `814cr in 4QFY2012. However, EBITDA margin came at 2.3%, 282bp lower than our expectation of 5.1% and 193bp lower on a qoq basis. This was primarily due to lower margin in the EMPPACS division during the quarter. This decline in EBITDA was offset by an unexceptionally high other income, thus leading to a net profit of `19cr as compared to a loss of `45cr in 4QFY2013. For the full year FY2013, revenue grew by 3.7% yoy to `2924cr, while the EBITDA rebounded to a positive territory at `90cr during the year as compared to a loss of `23cr in FY2012 on account of improvement in margin in EMPPACS division. Moreover, lower interest cost and higher other income in FY2013 accelerated the net profit to `39cr from a loss of `105cr in FY2012. During the year, Blue Star Design and Engineering Ltd (BSDEL), a JV of the company, and synergy realtors and Services Pvt Ltd (SRSPL) filed a scheme of amalgamation of companies with a swap ratio of 180 fully paid up preference shares of `100 each of BSDEL for every 1 fully paid up equity share of `10 each of SRSPL. Upon the Scheme becoming effective, BSDEL would become a wholly owned subsidiary of the company. Source: AngelBroking
Relaxo Footwear
Relaxo reported mixed set of numbers for 4QFY2013. The revenue for the quarter grew considerably by 20.6% yoy and stood at `291cr, higher than our expectation of `275cr. However, on the operating margin front the company witnessed a contraction of 269bp on yoy basis and came in at 11.0% against out estimate of 11.8%. This contraction in operating margin is mainly attributable to the higher other expenses. Tax for the quarter stood at `8cr (38.1% of PBT). Subsequently, the profit for the quarter declined by 28.3% yoy and stood at `14cr, 27.7% lower than our estimate of `19cr. For FY2013, the company witnessed a revenue growth of 16.8% and stood at `1,005cr, against our estimate of `989cr, on account of healthy demand for coupled with price hikes. The operating margin came in at 10.4%, slightly below our estimate of 10.6% mainly because of higher other expenses. Subsequently the profit for FY2013 stood at `45cr (12.2% higher than FY2012), against our estimate of `50cr. We remain positive on the company with the growth triggers in place, which includes – 1) capacity expansion plan, 2) store expansion, 3) improved sales mix and 4) brand revamping. At `593, the stock is trading at 9.7x FY2015E earnings. Source: AngelBroking
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