Coal India
Coal India (CIL) results came in above our estimate on account of higher than expected sales volumes. Net sales grew by 2.5% yoy to `19,905cr (above our estimate of `18,918cr). Sales volumes stood at 130mn tonnes indicating company’s focus on increasing off-take. EBITDA increased by 51.0% yoy to `6,600cr due to lower employee costs. Hence the adjusted net profit stood at `5,425cr (+34.5% yoy) above our estimate of `4,376cr. Source: AngelBroking
Nalco
Nalco reported better than expected performance both on top line and PAT front. Net sales grew by 4.6% yoy to `1,835cr (above our estimate of `1,656cr). Its aluminium segment reported a positive EBIT of `59cr, compared to an EBIT loss of `16cr in 4QFY2012 which led to improvement in the performance. Nalco reported an EBITDA growth of 37.6% yoy to `421cr due to lower power costs. Other income, however, declined by 33.6% yoy to `159cr and depreciation expenses also increased by 10.6% yoy to `136cr. Consequently, the company reported a net profit decline of 12.7% yoy to `246cr (significantly above our estimate of `201cr). Source: AngelBroking
Bhushan Steel
Bhushan Steel reported its 4QFY2013 results. Net sales was flat yoy at`2,819cr. However, EBITDA decreased by 2.5% yoy to `921cr on account of increase in employee costs and other expenses. Depreciation expense increased 27.2% yoy to `210cr on account of increased capacity and consequently, net profit decreased by 15.0% yoy to `280cr. Source: AngelBroking
Bajaj Electricals Ltd
Bajaj Electricals Ltd. (BEL) reported poor set of numbers for 4QFY2013. Top-line reported flat growth of 5.1% yoy to `1,114cr. The consumer durables (CD) and Lighting and luminous (LnL) segment registered growth of 22.4% and 14.9% yoy respectively while E&P segment dip by 22.5%. EBITDA stood at `15cr which was lower by 84.7% yoy while margins at 1.2% lower by 694bp owing to higher raw material cost. At EBIT levels, both CD and LnL segment reported margin of 8.0% and 7.9% respectively vis-à-vis 10.6% and 11.3% in the same quarter previous year. Lower EBIT margin is attributable to the inventory correction on account of new inventory policies of the company. E&P segment, however, reported EBIT loss of `51cr, 17.8% of the segment revenue, mainly due to unexpected hits from the closure of the older delayed sites. On annual front, top-line grew by 9.3% to `3,388cr contributed mainly by CD segment (54.2%), followed by LnL (25.4%) and E&P (20.3%). EBITDA came in at `110cr, lower by 53.4%, while margins at 3.3% lower by 440bp owing to 517bp higher raw material cost. On the back of sluggish top-line growth and poor operating performance, net profit dip by 56.9% to `51cr. Amidst poor performance for the quarter, BEL is set to start the FY2014 with a clean slate after the stock correction and significant hit from the cost over-run of E&P’s delayed projects closure. In addition, BEL has initiated its entry into premium segment of CD market with new launches slated to hit the market. On the back of recent developments, we expect the top-line and bottom line to grow at CAGR of 14.9% and 96.7% (due to low base) respectively over FY2013-15E. Source: AngelBroking
TTK Healthcare
TTKH reported a disappointing set of numbers for 4QFY2013. Topline came in at `86cr, 2.2% decline on a yoy basis from `88cr in 4QFY2012 and 11.7% lower from our estimate of `97cr. The EBITDA margin for the quarter contracted by 224bp yoy to 3.7% primarily due to increase in other expenses as compared to 4QFY2012. The margin contraction was attributable to loss of `3cr in the consumer products division. Consequently, net profit declined by 39% to `2cr on 4QFY2012. For FY2013, revenue growth stood at modest 8.1% yoy to `382cr from 354cr in FY2012. While EBITDA margin contracted by 145bp to 5.3% on account of increase in overall expenses. This led to a 9.5% yoy decline in net profit to `14cr in FY2013. Going forward we expect the EBITDA margin to expand on account of increasing contribution from high margin business like food business, thus resulting in better profit. At the current market price, the stock is trading at EV/sales of 0.7x for FY2015E, which we feel is attractive. Source: AngelBroking
Sarda Energy and Minerals
Sarda Energy and Minerals (SEML) reported healthy 4QFY2013 numbers. The net sales grew by 5.8% yoy to `315cr mainly driven by healthy performance from steel business. The EBITDA however declined by 3.9% yoy to `71cr due to higher staff costs and other expenses. The interest costs decreased by 77.4% yoy to `8cr and the other income declined by 95.5% yoy to `2cr. The company got a tax benefit of `1cr compared to a tax expense of `24cr in 4QFY2012 and as a result the net profit of the company increased by 34.0% yoy to `50cr. Source: AngelBroking
Siyaram Silk Mills
For 4QFY2013, Siyaram Silk Mills (SSM) reported numbers mixed set of numbers. The company's top line grew by 8.3% yoy to `290cr, in-line with our estimate of `296cr for the quarter. However, the company disappointed on the operating margin front as it came in at 91bp lower to 10.3% for the quarter against our estimate of 13.0% mainly due to higher than expected raw material cost as a per cent of net sales. On yoy basis, the operating margin dipped by 177bp yoy mainly because of higher other expense. Interest outgo for the quarter was `5cr, against our estimate of `10cr and depreciation cost for the quarter stood at `6cr, against our estimate of `11cr. Consequently, the company reported a bottomline of `13cr, 23.8% lower yoy, in line with our expectation. On annual basis, the company’s top line grew by 13.7% to `1,041cr against our
estimate of 1,048cr. Due to higher than expected raw material cost, the company’s operating margin stood at 10.6%, 69bp lower than our estimate of 11.3%. The interest cost as a per cent of loan decreased from 11.2% to 10.4% leading to an interest outgo of `29cr. Also, depreciation cost for the year stood at `22cr, against our estimate of `27cr. The company’s profit for the year dipped marginally by 3.0% as compared to FY2012 and came at `55cr, in line with our expectation. During the year the company installed 129 looms and 101 garment machines and further plans to add 50 looms and 100 garment machines in FY2014E. Also, the company has signed 27 franchise agreements in the first two months of FY2014 out of targeted 90 for the full year for strengthening and improving brand visibility. At CMP of `262, the stock is trading at a PE of 3.2x FY2015E earnings. Source: AngelBroking
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