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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HDFC Bank Q1 FY12
OVERVIEW
HDFC Bank is one of India’s premier private sector bank with a customer base of 21.9 million. With 2111 online real time branches and 5998 ATM’s in over 996 cities, HDFC bank derives its major revenues from the customer segment. However the bank is equally positioned to grow in both retail and wholesale segment. HDFC bank has 70% branches located outside the top 9 cities. With core CASA ratio above 50% and Average Saving Balance per account at Rs 50000, HDFC bank believes in quality growth rather than mere numbers. The bank has amongst the lowest Cost of Deposits (4.3% FY11) and highest Net Interest Margins (4.25% FY11).
Key highlights:
· Total income grew by 32% Y-o-Y to Rs. 7098 cr. v/s Rs. 5360 cr in June-10
· Operating Profit grew by 16% Y-o-Y to Rs. 2033 cr. v/s Rs. 1749 cr in June-10
· Net profit grew by 34% Y-o-Y to Rs. 1085 cr. v/s Rs. 812 cr in June-10
· Gross NPA’s fell by 17 bps Y-o-Y to 1.04% v/s 1.21% in June-10
· Net NPA’s fell by 10 bps Y-o-Y to 0.2% v/s 0.3% in June-10
Cadila Healthcare
OVERVIEW
Cadila Healthcare (CHL) is a part of the Zydus Cadila Group having business operation in areas of active pharmaceutical ingredients (API) to formulations, and animal health products to cosmeceuticals. The company has total 8 manufacturing facilities across India and operates in four continents spread across USA, Europe, Japan, Brazil, South Africa and 25 other emerging markets. Recently CHL acquired US based Nesher Pharam showing that the company is eyeing to regulated generic market.
Key highlights:
· Total income grew by 12% Q-o-Q to Rs. 782 cr. v/s Rs. 696 cr in Mar-11
· Operating Profit grew by 81% Q-o-Q to Rs. 199 cr. v/s Rs. 110 cr in Mar-11
· OPM grew by 959 bps Q-o-Q to 25-15% v/s 15.56% in Mar-11
· Net profit grew by 70% Q-o-Q to Rs. 153 cr. v/s Rs. 90 cr in Mar-11
· NPM grew by 659 bps Q-o-Q to 19.32% v/s 12.73 % in June-10
CROMPTON GREAVES
OVERVIEW
Crompton Greaves Limited is engaged in designing, manufacturing and marketing electrical products and services related to power generation, transmission and distribution. The company has formed a JV with ZIV application, a Spain-based company for the manufacture of substation automation system to become a complete service provider in Automation space. JV is likely to start manufacturing from its Bangalore based plant in DEC 2012. Change in PGCIL qualification norm for Substations is likey to benefit the company in the medium term as it becomes eligible to bid for PGCIL 765KV substation orders.
Key highlights:
· Total income grew by 9% Y-o-Y to Rs. 1469 cr. v/s Rs. 1343 cr in June-10
· Operating Profit fell by 10% Y-o-Y to Rs. 202 cr. v/s Rs. 224 cr in June-10
· OPM fell by 375 bps Y-o-Y to 12.1% v/s 15.8% in June-10
· Net profit fell by 9% Y-o-Y to Rs. 129 cr. v/s Rs. 142 cr in June-10
· NPM fell by 168 bps Y-o-Y to 8.4% v/s 10% in June-10
· Depreciation grew 66% Y-o-Y to Rs. 29 cr. v/s Rs. 17 cr in June-10
NIIT TECHNOLOGIES
OVERVIEW
NIIT Technologies provides IT solutions to its customers located at North America, Europe, Japan, Asia and Australia. Incorporated in 1992, the company has presence in areas such as Application Development & Management and Enterprise Solutions including Managed Services and BPO. The Company added 14 new clients and expanded its order intake as well as 12-month order backlog. The total order intake during FY2011 was US$ 266 million, resulting in an order book of US$ 169 million executable over the next 12 months. The company has bagged a five year contract worth $85 million from US-based media firm Morris Communications.
Key highlights:
· Total income fell by 6% Y-o-Y to Rs. 176 cr. v/s Rs. 187 cr in June-10
· Operating Profit fell by 14% Y-o-Y to Rs. 33 cr. v/s Rs. 38 cr in June-10
· OPM fell by 183 bps Y-o-Y to 18.75% v/s 20.58% in June-10
· Net profit fell by 40% Y-o-Y to Rs. 17 cr. v/s Rs. 29 cr in June-10
· NPM fell by 567 bps Y-o-Y to 9.8% v/s 15.5% in June-10
SOUTH INDIAN BANK
OVERVIEW
Operating since over 82 years, South Indian Bank is one of the oldest and well known banks in India. With over 643 branches and 533 ATM’s the bank has grown at a CAGR of 26% in last 5 years. With its well diversified loan portfolio, the bank enjoys high asset quality. The bank has 9% market share in Kerala’s NRI deposit base and recently there is a strong boost to income from high yielding gold loans which form almost 20% of the loan book. The bank is restructuring operations with a highly skilled workforce. 43% of the employees are under the age of 30.
Key highlights:
· Total income grew by 41% Y-o-Y to Rs.820 cr. v/s Rs. 582 cr in June-10
· Operating Profit grew by 37% Y-o-Y to Rs. 143 cr. v/s Rs. 104 cr in June-10
· Net profit grew by 41% Y-o-Y to Rs. 82 cr. v/s Rs. 58 cr in June-10
· Gross NPA’s fell by 26 bps Y-o-Y to 1.07% v/s 1.33% in June-10
· Net NPA’s fell by 10 bps Y-o-Y to 0.29% v/s 0.39% in June-10
HT MEDIA
OVERVIEW
HT Media is a unique play on both English and Hindi print media and other emerging businesses like Radio and portals. Revenues are growing on the back of expanding readership base, strong product innovation and visible improvement in the advertising environment. Hindi business though is in a consolidation phase with readership and ad revenues growing at a sluggish pace. Mint is fast gaining traction in India as a leading business daily. Shine.com though lagging market leaders is also contributing to revenues as India Inc. has come back on its feet after the financial crisis. Radio business is now in the black and is becoming bottom line additive. HT Media-Burda JV opens up some interesting possibilities.
Key highlights:
· Total income grew by 19% Y-o-Y to Rs.331 cr. v/s Rs. 277 cr in June-10
· Operating Profit grew by 46% Y-o-Y to Rs. 93 cr. v/s Rs. 64 cr in June-10
· OPM grew by a whopping 519 bps Y-o-Y to 28.14% v/s 22.95% in June-10
· Net profit grew by 67% Y-o-Y to Rs. 53 cr. v/s Rs. 32 cr in June-10
· NPM grew by 453 bps Y-o-Y to 15.97% v/s 11.44% in June-10
ASHOK LEYLAND
OVERVIEW
Ashok Leyland is the 2nd largest truck and bus maker in India with a 38% share of the passenger segment market and an 18% share of the goods segment. ALL has five manufacturing plants in India at Chennai, Hosur, Bhandara, Alwar and Pantnagar and one in the Middle East. Ashok Leyland sells about 27% of its volumes in the Passenger side and 73% on the goods side. The company has presence in only Medium Heavy Commercial Vehicle segment and will be entering the Light Commercial Vehicle Segment from H2FY12.
Key highlights:
· Total income grew by 6% Y-o-Y to Rs.2496 cr. v/s Rs. 2348 cr in June-10
· Operating Profit grew by 4% Y-o-Y to Rs. 249 cr. v/s Rs. 240 cr in June-10
· OPM fell by 26 bps Y-o-Y to 9.97% v/s 10.23% in June-10
· Net profit fell by 30% Y-o-Y to Rs. 86 cr. v/s Rs. 123 cr in June-10
· NPM fell by 176 bps Y-o-Y to 3.46% v/s 5.22% in June-10
· Interest Cost increased sharply by 69% Y-o-Y
HMVL
OVERVIEW
With a rich legacy of 75 years, HMVL’s hindi daily, Hindustan, has informed and empowered millions of Indians. HMVL is expanding its leadership franchise in the Indo Gangetic Belt. The entire portfolio of the Hindustan brand was re launched in April 2011. FICCI-KPMG estimated the total literate population in India at 579 million, with print media’s penetration put at a little over 30%. In terms of Total Readership, Hindustan raced ahead of the competition to emerge as the second largest read newspaper with TR of 352 lac readers in the latest round of IRS Q4 2010.
Key highlights:
· Total income grew by 12% Y-o-Y to Rs. 149 cr. v/s Rs. 133 cr in June-10
· Operating Profit fell by 5% Y-o-Y to Rs. 31 cr. v/s Rs. 33 cr in June-10
· OPM fell by 104 bps Y-o-Y to 21.09% v/s 25.02% in June-10
· Net profit grew by 2% Y-o-Y to Rs. 19 cr. v/s Rs. 18 cr in June-10
· NPM fell by 101 bps Y-o-Y to 12.49% v/s 13.79% in June-10
BLUE DART EXPRESS
OVERVIEW
Blue Dart Express is one of the leading logistics companies in the world. Blue Dart Express is South Asia's premier courier, and integrated express package distribution company. Blue Dart has warehouses spread across 50 locations in India. It also owns bonded warehouses located at 7 major metros of Ahmedabad, Bangalore, Chennai, Delhi, Mumbai, Kolkata and Hyderabad. The company management is now targeting Tier-II and III cities across the nation. At the end of June the company was having total 419 stores across India.
Key highlights:
· Total income grew by 34% Q-o-Q to Rs. 372 cr. v/s Rs. 277 cr in June-10
· Operating Profit grew by 34% Q-o-Q to Rs. 56 cr. v/s Rs. 41 cr in June-10
· OPM grew by 2 bps Q-o-Q to 14.98% v/s 14.96% in June-10
· Net profit grew by 33% Q-o-Q to Rs. 34 cr. v/s Rs. 26 cr in June-10
· NPM fell by 10 bps Q-o-Q to 9.14% v/s 9.24% in June-10
