Result Review 4QFY2013

DLF 

For 4QFY2013, DLF reported disappointing set of numbers which were below consensus estimate, both on revenue and profitability front. On the top-line front, DLF reported revenue of `2,226 a decline of 15.0% yoy in 4QFY2013; which was below consensus estimate of `2,553cr. EBIDTAM came in at 32.6% in 4QFY2013 which was below street estimate of 38.7%. However, owing to losses of subsidiary and poor sales during the quarter, the company reported a loss of `4cr (consensus estimate was a profit of `156cr) against a profit of `213cr in 4QFY2012. Source: AngelBroking

Cadila Healthcare 

Cadila Healthcare posted better than expected results for the quarter, registering a growth of 15.9% to `1,565cr v/s expected `1,344cr on sales front. On the OPM front, the OPM came in at 15.3% V/s expectation of 19.2% , a dip of 175bps. This came inspite of contraction in the OPM’s, on back of `58.3cr tax write-back. This lead the net profit to come in at `262cr, V/s `171cr during the last period. Source: AngelBroking

Madras Cements 

Madras Cements posted a weak financial performance for 4QFY2013. Top-line rose by 5.5% yoy to `927cr. OPM stood at 15.2%, down 732bp yoy, impacted by decline in realizations and increase in freight costs, employee costs and other expenses. Bottom-line fell by 35% yoy to `64cr. Source: AngelBroking

Aurobindo Pharma

Aurobindo Pharmaceuticals posted numbers, above expectation on the sales front, while net profit came in mostly in line with expectations. On the sales front, the company posted sales of `155cr, a growth of 32.5% yoy. The margins came in at 14.3% V/s10.2% in the corresponding period of last year, which lead the company to post a reported net profit of `108.6cr V/s a net profit of `108.0cr, respectively.  Source: AngelBroking

Page Industries 

For 4QFY2013, Page Industries healthy set of numbers which were in-line with our estimates. The company's top line grew by 35.5% yoy to `209cr, marginally above our estimate of `201cr for the quarter. The EBITDA margin for the quarter expanded by 190bp yoy and came in at 17.6%, mainly because of lower other expense as a percent of net sales, in-line with our estimate of 17.7%. Consequently, the company reported a profit of `24cr, 38.5% higher yoy from `17cr in 3QFY2012, in-line with our estimate. For FY2013, the company’s revenue grew by 26.3% to `863cr with an EBITDA margin of 19.0%. The profit for the year grew by 24.8% to `113cr, in-line with our estimate. The company paid a total dividend of `50 per share for FY2013. Given the huge market size, Page’s predominant position, strong brand recall and capacity expansion plans for next four years to cater to the increasing demand; we remain positive on the company’s growth outlook. At the CMP of `4,265, the stock is trading at a PE of 27.5x FY2015E earning. Source: AngelBroking