Monday, May 18, 2009

[Investors Please Listen] Research Views


Thermax Q4FY09E Result Estimates (Result on 19 May 2009)

We expect Thermax to continue to report muted performance in Q4FY09E, primarily due to low order book cover. We expect standalone revenues to grow by 3% yoy to Rs9,479 mn with 16% yoy growth in Environment segment and no growth in Energy segment. e expect operating profits to decrease by 6.7% yoy to Rs1,186 mn led by decline of 130 bps yoy in operating margins. e expect adjusted net profits to decrease marginally by 1.1% yoy to Rs776 mn, attributed to lower tax incidence.  anagement commentary on current order execution and new order inflow in face of low order book cover will have an important bearing on FY10E earnings.

TRF Q4FY09E Result Estimates (Result on 19 May 2009)

We expect TRF to witness continued momentum in order booking in Q4FY09E. We expect TRF to report strong topline growth at 41% yoy to Rs2,400 mn led by strong growth in Projects division (+48% yoy) and stable performance by Product division (-8% yoy).  e expect operating margins to decline 190 bps yoy to 11.6% due to higher contribution from low margin Projects division. Consequently we expect lower operating profit growth at 22% yoy to Rs278 mn.  e expect high interest charge (on account of extended working capital and acquisition of acquired business - York Transport) and low other income. Hence we expect marginal increase of 1% yoy in adjusted net profits to Rs156 mn. he key thing to watch out in the results would be (1) ability to sustain order booking, (2) ability to manage receivables and working capital cycle and (3) performance of acquired business - York Transport.

Indotech Transformers - Q4FY09 Result – Significantly below estimates (First cut analysis)

Revenues declined by 32% yoy to Rs322mn in Q4FY09 - below estimates. Operating profit declined by 58% yoy and the operating profit stands at Rs60mn.  Operating Profit Margins stood at 18.6% (significantly lower than estimated 30.7% margins) against 30.6% in Q4FY08 and 32.4% in Q3FY09.  Adjusted Net Profit declined by 64% yoy to Rs35mn - Below estimates.  Earnings for the quarter stood at Rs3.3/Share.  For Full Year, EPS stood at Rs38.1/Share.


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