Result Review 4QFY2013

South Indian Bank 

South Indian Bank reported modest set of numbers for the quarter. While, NII grew at 17.3% yoy (went down by 5.4% qoq) to `334cr, non-interest income grew strongly by 46.6% yoy to `121cr (possibly due to higher treasury gains, as seen in other banks), thereby resulting in operating profit growth of 26% yoy to `206cr. On the asset quality front, on an absolute basis, while the Gross NPA levels came off by 9% qoq, the Net NPA levels were higher by 27% qoq, even as provisioning expenses came much higher than expectations. Due to higher-than-expected provisioning, earnings at PBT level declined by 7% yoy to `140cr, however, aided by tax write-backs (`14cr compared to an expense `29cr), the bank reported 26% yoy growth in the bottom-line to `154cr. At the CMP, the stock is trading at 0.9x FY2015E ABV. Source: AngelBroking

Electrosteel Castings’ associate Electrosteel Steel 

Electrosteel Castings (ECL)’ associate, Electrosteel Steel (ESL) reported its 4QFY2013 results. Net sales grew by 31.5% yoy to `73cr. However, it reported a loss of `46cr at the EBITDA level due to higher employee costs and other expenditure. The company reported an exceptional item relating to depreciation not provided since the inception of the new unit amounting to `2cr and hence the adjusted net loss stood at `120cr due to higher depreciation expenses of `18cr and interest expenses of `57cr.Source: AngelBroking