Result Review 4QFY2013

Ambuja Cements

Ambuja cements posted a disappointing set of numbers for 1QCY2013. Top-line fell by 3.4% yoy to `2,545cr with cement volumes declining by 4% on a yoy basis and realization remaining flat yoy. OPM at 21.6% was down by 738bp on yoy basis impacted by higher costs, freight costs in particular. However, during the quarter company had `28cr of write back towards interest on income tax, which boosted its other income. The company also wrote back `117cr of income tax provision pertaining to previous which reduced its tax expense. Thus PAT came in higher than estimates at `488cr, although EBITDA was below estimates at `553cr. Source: AngelBroking

ACC

ACC’s top-line rose by 2.3% yoy to `2,956cr. The company’s grey cement division posted a 2.4% yoy decline in top-line as volumes fell by 4.5% yoy and realizations improved only by 2% on a yoy basis. Thus, the yoy growth in topline was on account of the merger of RMC business with the company’s standalone operations. OPM at 16.6% was down by 569bp on yoy basis impacted by higher costs. The company wrote back `141cr of income tax provision pertaining to previous year which reduced its tax expense. Thus PAT came in higher than estimates at `438cr, although EBITDA was below estimates at `492cr.Source: AngelBroking

Jaiprakash Associates 

For 4QFY2013, Jaiprakash Associates posted mixed set of numbers with subdue performance on revenue however earnings were lower than our estimate owing to lower-than-expected operating performance. On the top-line front, company’s reported a revenue of `3,907cr in 4QFY2013 (against our estimate of `3,365cr), indicating a decline of 3.8% yoy. The real estate segment had growth of 14.3% on yoy basis however cement and construction segment revenues declined by 3.0% and 13.4% respectively on yoy basis. Blended EBITDA margins decline by 222bp/424bp on a yoy/qoq basis to 22.9% and was below our expectation of 26.4%. This was mainly due to lower construction margins which came in at 19.1% (a decline of 478bps yoy). Interest cost increased by 3.1% on sequential basis to `549cr basis and was higher than our estimate of `534cr. Depreciation cost came in at `191cr in 4QFY13 a jump of 16.5%/5.2% on yoy/qoq basis. On the bottomline front, company reported a PAT of `124cr a decline of 56.5% yoy owing to lower-than-expected operating operating and high interest cost.Source: AngelBroking

Gujarat Gas

Gujarat Gas reported disappointing 1QCY2013 results. The company’s top line increased 6.1% yoy to `768cr mainly on account of higher realization partially offset by lower volumes. Natural gas volume sold declined by 13.2% yoy to 264mmscm during the quarter. The decline was mainly in the industrial PNG segment. The company’s cost of goods sold increased by 8.1% yoy to `644cr on account of higher proportion of expensive RLNG sales coupled with INR depreciation against the US dollar. Hence, EBITDA declined by 5.6% yoy to `72cr. Other income declined by 10.3% yoy to `26cr. Consequently company’s net profit declined by 9.2% yoy to `59cr.Source: AngelBroking

Honeywell Auto

Honeywell Automation India Ltd. (HAIL) reported disappointing set of numbers for 1QCY2013. Top line came in 6.6% lower yoy to `385cr against our estimates of `526cr. The company’s EBITDA came in marginally higher by 1.2% yoy to `24cr far lower than our estimate of `33cr. EBITDA margin was higher by 34 basis points yoy and came in at 6.2%. The improvement in EBITDA was mainly on account of lower raw material cost as percentage of sales by 677bp yoy which was majorly offset due to total 643bp rise in employee and other expenses. Net profit for the quarter stood at `15cr vis-à-vis `17cr in 1QCY2012 lower by 7.8% yoy, on the back of poor revenue growth.Source: AngelBroking