Thursday, May 28, 2009

[Investors Please Listen] 9AM with Emkay - 28 May 09

Mahindra & Mahindra  Limited – Q4FY09 Result expectation

We expect 13.1% YoY growth in net sales , led by 4.9% YoY increase in volumes. On account of inventory reduction exercise and cost pressure at all front, we expect EBITDA to decline by  6.8% YoY to Rs 3,175 mn. We expect APAT to increase by 4.1% YoY  to Rs 2,052 mn.However Q4FY09 numbers are not comparable with Q4FY08  due to merger of  Punjab Tractors.

Larsen & Toubro Q4FY09E Result Estimates (Standalone)

Results expected on May 28, 2009

We expect L&T to report muted performance in Q4FY09E following strong performance in 9MFY09. We expect revenues to increase marginally by 1.7% yoy to Rs86,235 mn. We expect L&T to maintain its operating margins at 15.2% with no benefits from falling input costs. Consecutively we expect operating profits to also increase marginally by 1.6% yoy to Rs13,150 mn. We expect adjusted net profits to decrease by 3.4% yoy to Rs8,495 mn owing to higher interest and depreciation costs. Management commentary on guidance on revenues / order booking and order inflows will be reviewed closely.

Tata Chemicals Q4FY09 results expectations

On consolidated basis, we expect net sales to increase by 25% to Rs 18.3 bn. EBITDA margins are expected to expand by 568 bps to 20.2%. As a result, EBITDA is expected to increase by 74% to Rs 3.7 bn. We expect PAT before minority (not adjusting for M-T-M forex loss) to increase by 87% to Rs 1.4 bn. APAT after minority interest  is expected to increase by 47% YoY to Rs 1.1 bn.

Emco LTD - Q4FY09 Result – Above estimates (First cut analysis)

Revenue grew by 9% yoy to Rs3.7bn in Q4FY09 - above estimates.  Operating profit grew 16% yoy and the operating profit stands at Rs561mn.  Operating Profit Margins stood at 15.0% (higher than estimated 12.3% margins) against 14.1% in Q4FY08 and 13.3% in Q3FY09.  Net Profit declined by 18% yoy to Rs235mn - above estimates.  Earnings for the quarter stood at Rs4.0/Share.  For Full Year, EPS stood at Rs8.9/Share.

TNPL Q4FY09 results below expectations

TNPL Q4FY09 results were below our expectations mainly on account of lower than expected EBITDA margins. Net sales increased by 19% YoY to Rs 3 bn. EBITDA margins improved by 310bps to 24.5% as a result EBITDA increased by 36.6% to Rs 732 mn. Interest and and depreciation increased increased significantly by 20% and 238%, respectively due to commissioning of pulp unit. As a result APAT declined by 27% YoY to Rs 202 mn. EPS for the quarter stood at Rs 2.9.  Company has also declared dividend of Rs 4.5 per share. We will be shortly coming with update on valuations.


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