NAGARJUNA-Good performance; order intake remains muted– Edelweiss

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NAGARJUNA CONSTRUCTION
Good performance; order intake remains muted


􀂃 Revenue and PAT above estimates
Nagarjuna Construction’s (NCC) Q2FY11 top line, at INR 12 bn, was above our
expectation. Revenue jumped 12.6% and 10.6% Y-o-Y and Q-o-Q, respectively.
EBITDA margin, at 10.3%, rose 10bps and 50bps Y-o-Y and Q-o-Q, respectively.
However, due to higher tax rate, PAT margin remained flat at 3.8% Q-o-Q and
declined 30bps Y-o-Y.

Earnings Result Calendar 15-Nov-10

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15-Nov-10
Company	Company	Company	Company	Company
ABG Shipyard	Dr Wellmans	JCT	OCL India	Shree Bhawani
Accurate Trans	East Coast Steel	Kaushalya Infra	Oriental Trimex	Shree Renuka Sug
Acknit Inds	Enbee Trade	Kaveri Seed	Oxford Inds	Shreyas Inter
Adinath Tex	Energy Dev	Keerthi Inds	Panchmahal Steel	Shri Gang Inds
Aditya Gears	Ennore Coke	KIC Metaliks	Paramount Cosm	Signet Overseas
AGC Networks	Ensa Steel	Kinetic Motor	Parsoli Corp	Sigrun Holdings
Akar Tools	ESSAR SECU	Kiri Dyes	Polygenta Tech	SKY Inds
Anik Inds	FARMAX IND	Kitex Garments	Prajay Engr	SPL Inds
Anjani Syn	Faze Three	Kohinoor Foods	PREMIER ENER	SQL Star
Ansal Housing	Frontier Leas	Kopran	Prime Focus	Steel Strp Infra
Anshuni Comm	Futuristic Offs	Kumar Wire	Raasi Refrac	Sterling Intl
Arshiya Intl	Ganesh Benz	Laffans Petro	Rama Paper	Sunitee Chem
Aster Silicates	Geecee Vent	Lloyd Rock	RAS Extrusions	SV Trading
Aunde Faze Three	Gennex Lab	Lords Chloro	RAS Pro Lamipack	Svaraj Trad
Aurionpro Sol	Gitanjali Gems	Lotus Eye Care	Rathi Bars	Swan Mills
Austral Coke	Glance Finance	LT Foods	Rathi Steel	SYNCOM HEAL
Axis Capital	Golechha Glob	Luminaire Tech	Ravindra Trad	Systematix Corp
Badal Exports	GR Cables	Lyka Labs	RCL FOODS	Tamilnadu Steel
Bajaj Global	GSS America	Mahashree Trad	Regal Entert	Taneja Aero
Balmer Lawr Inv	Haria Exports	Malabar Trad	Remidicherla Infra & Power	Tarai Foods
BCC Finance	HFCL Infotel	Marksans Pharma	Resonance Specialties	Tashi India
BGIL Films	Himachal Fibres	Media Matrix	Riga Sugar	Terai Tea
Bharat Rasayan	Himachal Futur	Midland Poly	Ritesh Intl	Thakkers Dev
Binayak Tex	Hiran Orgochem	Mobile Telecom	Roman Tarmat	Thyrocare Lab
Blue Bird India	IFL Promoters	Modern Mall	RR Fin	TRINETHRA IN
Boss Securities	IG Petro	Morgan Ventures	Ruby Mills	Tutis Tech
Brilliant Sec	Inani Marbles	Moving Picture	S KumarsCom	Unimin India
Cambridge Tech	India Sec	MSP Steel	Sahyadri Inds	Vaghani Tech
Century Twnty	Indianivesh	Murli Inds	Samtex Fashions	Victoria Mills
CHD Developers	Indus Fila	Natco Pharma	Sanathnagar Enterprises	Vintage Cards
Chordia Food	Infodrive	National Stand	Sancia Global Infraprojects	Visisth Merc
City Union Bank	ISMT	Neemtek Org	Saptarishi Agro	Weizmann
Coral Hub	Ispat Profiles	Neo Corp	SARK SYS	Windsor Mach
Deccan Poly	IST	New Sagar Trd	Sarvamangal Merc	Yogi Sungwon
Devika Prot	Jagjanani Tex	Nikhil Adhsv	Satyam Comp
Devine Impex	Jayabharat Cred	Nutraplus Prod	Sharyans Res

DLF - 2QFY11 - below expectations: Motilal Oswal

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DLF (DLFU IN; Mkt Cap USD13.4b, CMP Rs346, Buy)

-     DLF posted 2QFY11 results that were below our expectations. EBITDA was Rs9.3b, up 1.7% YoY and EBITDA margins fell to 39.2% (v/s 52.2% in 2QFY10).

Revenue was up 35.3% YoY at Rs23.7b (against our estimate of Rs21.7b) and adjusted net profit declined by 4.9% YoY to Rs4.2b.

-     In 2QFY11 DLF booked sales of 2.1msf in the residential and commercial verticals and witnessed commercial leasing of 1.6msf (v/s 0.9msf in 1QFY11).

With net leasing of ~2.5msf of commercial space in 1HFY11, DLF seems to be on track to surpass its FY11 leasing guidance of ~4msf.

-     With the repayment of Rs11.7b CCPS, net debt/equity increased from ~0.74x in 1QFY11 to ~0.8x in 2QFY11.

-     A key near-term catalyst to improve the valuation multiple for the stock is (1) progress on debt leveraging, (2) revival in the commercial and retail verticals, (3) successful REIT listing at an attractive cap-rate, and (4) monetization of its Mumbai property. DLF trades at a 10% discount to our revised FY12E NAV of Rs384. It trades at a PER of 21.8x its FY12E EPS of Rs15.8 and P/B of 2x its FY12E BV of Rs170.4/share. Maintain Buy.

Royal Orchid Hotels-Margin expansion led by growth in sales:: ICICI Sec

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Margin expansion led by growth in sales…
Royal Orchid Hotels came out with better than expected Q2FY11
numbers. The company’s net sales registered an increase of 29.6% YoY
to Rs 34.3 crore from Rs 26.5 crore last year. The growth in revenues
came in mainly from a rise in occupancy levels backed by a pick-up in
demand from the IT/BFSI segment. Its operating costs also remained
under control and increased 16% YoY to Rs 25.6 crore while it declined
2% QoQ due to a reduction in employee cost (decrease of 13% QoQ). As
a result, its operating margin increased to 25.3% (up 887 bps YoY, 868
bps QoQ). Net profit for the quarter stood at Rs 2.0 crore as against Rs
60 lakh in the corresponding quarter of the previous year.

Gravita, Power Grid-Grey Market Premium - 14th NOV, 2010

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Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
Gravita India	125 (upper band)	66 to 68
Power Grid FPO	90 (+ 5% retail discount)	7 to 9