Monday, October 19, 2009

[Investors Please Listen] Sesagoa: Guidance on volume growth, Ramping up of Dempo mines and the utilization of the funds raised.

Sesagoa

Key things to watch out

Guidance on volume growth

Ramping up of Dempo mines and the utilization of the funds raised.

Sterlite Technologies Ltd (STL )– Q2FY10E result expectation

We expect STL's revenues to decline by 14% YoY due to 17% fall in power conductor realizations and lower revenues from the non-profitable copper cables business. Driven by stable conversion margins in power conductors and stable optic fiber realization at Rs395/fkm, we expect EBIDTA growth at 85% YoY to Rs895mn. With no unhedged forex exposure, we estimate APAT to grow by 139% YoY to Rs526mn. 

Key things to watch out: (1) Power conductor margins (2) Optic fiber realizations and volume for the quarter (3) Status of optic fiber capacity expansion

Apollo Tyres Ltd (ATL)– Q2FY10E result expectation

We expect 8.1% YoY growth in total revenue led by 3.0% YoY and 5.0% YoY increase in volume and average realization per ton respectively. In addition, significant improvement in profitability is expected due to decline in raw material cost (rubber).

- We expect net sales to grow by 8.1% YoY to Rs 10.6bn.

- We expect EBITDA to increase by 223.9% YoY to Rs 1.6bn and EBIDTA margin is likely to improve by 1030 bps YoY to 15.5%.

- We expect PAT to increase by 895.3% YoY to Rs 776mn.

Himadri Chemicals and Industries Ltd (Q2FY10 Results)

In Q2FY10, Himadri reported 9.9% yoy jump in net revenues to Rs1.3 bn - driven by better realization compare to last year. The net revenues were ahead of our estimates.

The operating profit surged 32.3% yoy to Rs506 mn driven by better revenue performance and lower raw material expenses during the quarter. Consequently, the operating margin expanded 690 bps yoy to 40.5%. The operating profit came above our estimates.

The adjusted net profit increased 20.7% yoy to Rs278 mn driven by strong operational performance, partially offset by increase in interest and depreciation expenses in Q2FY10. The adjusted net profit exceed our estimates.

JK Paper Q2FY10 Results Expectations: Net sales Rs 2.6 bn, PAT Rs 149 mn

We expect JK paper to report improved results on YoY basis though down QoQ, as the company gained from low cost inventory in Q1FY10. We estimate net sales of Rs 2.6 bn mainly on account of flat volumes and 7% YoY drop in realisations. We expect EBITDA margins to improve by 290bps YoY to 20% however margins are expected to decline by 330bps QoQ.  We expect EBITDA to increase by 9.2% YoY to Rs 528 mn. PAT is expected to increase by 20.4% to Rs 149 mn. We expect EPS an EPS of Rs 1.9 as against Rs 1.6 previous year.


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