India Equity Research: 05/16/13

16 May 2013

FII DERIVATIVES STATISTICS FOR 16-May-2013

FII DERIVATIVES STATISTICS FOR 16-May-2013
	BUY		SELL		OPEN INTEREST AT THE END OF THE DAY
	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores
INDEX FUTURES	61666	1915.39	59718	1853.19	558383	17328.21	62.20
INDEX OPTIONS	483050	14774.61	499469	15283.93	2024363	62607.29	-509.32
STOCK FUTURES	64389	1889.45	70940	2084.67	1006573	29362.18	-195.22
STOCK OPTIONS	54662	1572.00	54811	1571.47	129165	3799.08	0.53
						Total	-641.81

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FII & DII trading activity on NSE, BSE and MCX-SX 16-05-2013

Category	Buy	Sell	Net
Category	Value	Value	Value
FII	3892.2	2821.88	1070.32
DII	1298.93	1689.35	-390.42

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Q4 FY13 Result V-Guard India: Team Microsec Research

Q4 FY13 Result

V-Guard India Ltd Net Sales increased by 39% YOY to INR379 crore YOY whereas its EBITDA decreased by 40% YOY to INR20 crore on back of higher advertisement and raw material expenses. EBITDA Margin of the company decreased from 12.1% to 5.3% YOY.PAT decreased by 53% YOY to INR9 crore. The Result was well below estimates

FY13 Annual Result

In FY13, the company’s Net Sales increased by 41% YOY to INR1360 crore YOY and it’s EBITDA increased by 18% YOY to INR110 crore. EBITDA Margin of the company decreased from 9.7% to 8.1% YOY. PBT increased by 19% YOY to INR82 crore. PAT increased by 24% YOY to INR63 crore due to lower taxes. At the CMP of INR503, the stock is trading at a P/E of 23.8x on its FY13 EPS of INR21.1.

DESCRIPTION	Mar-13	Dec-12	Mar-12	QOQ	YOY	FY13	FY12	% change
Total Income	379	349	273	9%	39%	1360	965	41%
Total Expenditure	359	323	240			1250	871
PBIDT (Excl OI)	20	26	33	-22%	-40%	110	94	18%
EBITDA (%)	5.3%	7.4%	12.1%			8.1%	9.7%
Other Income	1	1	1			4	2
Operating Profit	20	27	34			114	96
Interest	6	5	4			20	17
PBDT	14	22	30			94	79
Depreciation	3	3	3			11	10
PBT	11	19	27	-41%	-58%	82	69	19%
Tax	2	4	8			19	18
Profit After Tax	9	15	19	-42%	-53%	63	51	24%
PAT(%)	2.4%	4.4%	7.0%			4.6%	5.3%

Equity Capital	29.85	29.85	29.85			29.85	29.85
Face Value (In Rs)	10.00	10.00	10.00			10.00	10.00
No. of shares	2.98	2.98	2.99			2.98	2.98

EPS	3.0	5.14	6.42	-42%	-53%	21.1	17.0	24%