Tuesday, May 19, 2009

[Investors Please Listen] Research Views


Punj Lloyd Q4FY09 Result – Disappointing performance

Punj Llyod's Q4FY09 results were marred by disappointing operational performance and provisioning on SABIC order. Consolidated revenues increased 38% yoy to Rs32.3 bn, ahead our estimates.  Operating margins contracted 570 bps yoy to 4.9%, way below our estimates of 8.3% – attributed to sharp increase in raw material costs (up from 31.9% to 34.4% as a percent of sales) and contractor charges (up from 25.4% to 31.3% as a percent of sales). Consequently operating profits declined 36% yoy to Rs1,583 mn, below estimates.  Sharp drop in operating margins, high interest charges and deferred tax provisioning resulted in decline in adjusted net profits for the second consecutive quarter to Rs343 mn, down 129% yoy – against our estimate of net profit of Rs1.3 bn. Punj Lloyd reported net loss of Rs2,556 mn after providing further for Rs2.2 bn on the SABIC order case for revocation of performance bonds / guarantee.  Order book increased 19.5% yoy to Rs208 bn with order inflows of Rs21.3 bn. The auditors qualification with respect to deductions and recoveries now stands at Rs700 mn (As on September 2008 – Rs536 mn) At CMP, the stock is trading at 14.0X FY10E consolidated earnings of Rs11.8 per share.

Bharat Bijlee - Q4FY09 Result – Below estimates (First cut analysis)

Revenue declined by 25% yoy to Rs1.5bn in Q4FY09 - below estimates.  Operating profit declined 50% yoy and the operating profit stands at Rs239mn.  Operating Profit Margins stood at 16.1% (Lower than estimated 19.2% margins) against 24.2% in Q4FY08 and 16.8% in Q3FY09.  Net Profit declined by 55% yoy to Rs141mn - Below estimates.  Earnings for the quarter stood at Rs24.9/Share.  For Full Year, EPS stood at Rs84.1/Share.


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