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Result Update
Kajaria Ceramics
Growth momentum continues, results in line
Q4 FY12 results were in line with our est. Revenues grew by
Reco
Previous Reco
Buy
Buy
CMP
Target Price
Rs 186
Rs 225
NA
NA
5,191
Nifty
17,134
Sensex
(%)
1M
3M
6M 12M
Absolute
17
68
57
109
Rel. to Nifty
17
67
62
133
Source: Bloomberg
% 140
176
110
152
80
128
50
104
20
80
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
-10
Apr-12
Stock Details
Sector
Ceramics
Bloomberg
KJC@IN
147
Face Value(Rs)
74
52 Week H/L
Source: Bloomberg
188/80
14/266
168132
0.5
Price Performance
200
53.5
53.5
52.0
FII/NRI
9.6
7.8
6.1
Institutions
6.8
8.6
9.6
Private Corp
10.8
12.1
12.7
Public
19.3
18.0
19.6
Source: Capitaline
Kajaria reported EBITDA of Rs 585mn, +37% yoy, in line with our est. EBITDA margins
at 15.7% (56bps yoy/-30bps qoq) were marginally above est of 15.5%. PAT for the
quarter stood at Rs 236mn, 28% yoy in line with est. Company reported EPS of Rs 3.2
for Q4FY12. For FY12, Kajaria reported PAT of Rs 810mn, 34% yoy. EPS for FY12
stood at Rs 11.
Net
Rs Mn
EBITDA
EPS
EPS
RoE
EV/
(Rs)
% chg
(%)
P/E
EBITDA
P/BV
Sales
(Core)
(%)
APAT
FY11
9,523
1,475
15.5
607
8.2
69.2
29.5
22.6
11.1
6.1
FY12
13,130
2,062
15.7
810
11.0
33.5
32.1
16.9
7.6
4.9
FY13E
15,437
2,432
15.8
1,095
14.9
35.3
33.7
12.5
6.3
3.7
FY14E
17,401
2,798
16.1
1,373
18.7
25.3
32.4
10.0
5.3
2.9
Kajaria Ceramics
Result Update
Rs Mn
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
FY12
FY11
YoY (%)
Revenue
2,819
2,718
3,179
3,507
3,727
32.2
6.2
13,130
9,534
37.7
Expenditure
2,392
2,285
2,695
2,947
3,142
31.3
6.6
11,068
8,049
37.5
84.3
84.4
9.2
5.3
6,508
5,399
49.6
56.6
2,107
927
16.0
9.7
1,072
758
8.2
8.0
965
as % of sales
84.9
84.1
84.8
84.0
84.3
1,742
1,232
1,566
1,807
1,903
as % of sales
61.8
45.3
49.3
51.5
51.1
242
476
540
529
562
as % of sales
8.6
17.5
17.0
15.1
15.1
169
256
288
265
263
6.0
9.4
9.1
7.5
7.0
239
320
300
346
415
8.5
11.8
9.5
9.9
11.1
427
433
484
561
Consumption of RM
Employee Cost
as % of sales
Other expenditure
as % of sales
EBITDA
Depreciation
EBIT
Other Income
Interest
132.2
55.2
6.2
(0.8)
20.6
127.4
41.4
73.6
20.0
1,381
43.1
10.5
10.1
585
37.1
4.3
2,062
1,485
38.8
72
90
91
103
108
51.3
5.2
393
295
33.1
355
343
393
458
477
34.2
4.1
1,669
1,190
40.2
15
15
67
91
109
154
132
98.5
(14.1)
485
299
62.5
PBT
289
252
284
304
359
24.5
18.2
1,199
892
34.4
Total Tax
104
78
88
91
123
18.4
35.8
381
285
33.4
Adjusted PAT
184
174
196
213
236
27.9
10.7
819
607
34.9
2.9
3.4
2.5
0.9
9.7
184
171
193
211
235
809
607
Reported PAT
184
171
193
211
235
27.5
11.5
809
607
33.3
Reported EPS
2.5
2.3
2.6
2.9
3.2
27.5
11.5
11.0
8.2
33.3
(bps)
(bps)
Margins (%)
27.5
11.5
33.3
(bps)
EBIDTA
15.1
15.9
15.2
16.0
15.7
56
(29)
15.7
15.6
12
EBIT
12.6
12.6
12.4
13.0
12.8
19
(26)
12.7
12.5
23
EBT
10.2
9.3
8.9
8.7
9.2
(99)
58
9.0
9.4
(33)
PAT
6.5
6.3
6.1
6.0
6.3
(24)
30
6.2
6.4
(20)
36.1
31.1
31.0
29.9
34.4
(176)
445
31.7
32.0
(25)
Emkay Research
27 April 2012
Kajaria Ceramics
Result Update
Key Financials
Income Statement
Balance Sheet
FY11
FY12
FY13E
FY14E
FY11
FY12P
FY13E
FY14E
Net Sales
9,523
13,130
15,437
17,401
147
147
147
147
2,078
2,674
3,529
4,645
Net worth
2,226
2,821
3,676
4,792
72
28
55
2,757
917
767
267
29.5
37.9
17.6
12.7
Expenditure
Growth (%)
8,049
11,068
13,005
14,602
Materials Consumed
5,399
6,508
8,131
9,018
Minority Interest
758
1,072
1,127
1,270
Secured Loans
Employee Cost
Other Exp
1,892
3,488
3,747
4,314
Unsecured Loans
EBITDA
1,475
2,062
2,432
2,798
Loan Funds
Growth (%)
28.4
39.8
18.0
15.1
15.5
15.7
15.8
16.1
Total Liabilities
Depreciation
295
393
429
451
1,180
1,669
2,003
2,347
12.4
12.7
13.0
13.5
11
15
10
10
EBIT
EBIT margin (%)
Other Income
Interest expenses
299
485
409
357
PBT
892
1,199
1,604
2,000
40
1,143
1,143
1,143
2,797
2,060
1,910
1,410
602
644
694
744
5,624
5,596
6,308
7,002
8,235
Gross Block
7,000
7,001
7,835
Less: Depreciation
2,209
2,602
3,031
3,482
Net block
4,790
4,399
4,804
4,753
834
400
300
90
90
90
90
5,127
Tax
285
381
481
600
Current Assets
3,263
3,900
4,211
32.0
31.7
30.0
30.0
Inventories
1,515
1,865
2,229
2,860
Adjusted PAT
607
819
1,123
1,400
909
1,442
1,368
1,526
Growth (%)
69.2
34.9
37.2
24.7
6.4
6.2
7.3
8.0
9.7
27.7
27.7
607
809
1,095
1,373
Sundry debtors
Cash & bank balance
Loans & advances
Other current assets
30
43
65
191
808
152
152
152
398
398
398
2,519
3,628
3,197
3,268
Current liabilities
2,130
3,209
2,806
2,860
Reported PAT
607
809
1,095
1,373
Provisions
389
419
391
408
PAT after MI
607
809
1,095
1,373
743
273
1,014
1,859
Growth (%)
69.2
33.3
35.4
25.3
Misc. exp
Total Assets
Cash Flow
5,624
5,596
6,308
7,002
FY11
FY12P
FY13E
FY14E
15.5
15.7
15.8
16.1
Key Ratios
FY11
FY12P
FY13E
FY14E
881
1,184
1,594
1,990
Profitability (%)
Depreciation
295
393
429
451
EBITDA Margin
Interest Provided
288
485
409
357
16
(701)
(133)
Y/E, Mar
6.4
6.2
7.1
7.9
ROCE
Net Margin
22.3
30.2
34.1
35.6
698
853
(692)
(735)
ROE
29.5
32.1
33.7
32.4
-210
-381
-431
-550
RoIC
22.5
33.2
39.0
38.8
1,968
1,833
1,176
1,513
(1,629)
(442)
(400)
(300)
EPS
8.2
11.0
14.9
18.7
340
1,392
776
1,213
CEPS
12.3
16.3
20.7
24.8
11
15
10
10
BVPS
30.2
38.3
50.0
65.1
(56)
2.0
2.5
2.8
3.0
-45
15
10
10
DPS
Valuations (x)
PER
22.6
16.9
12.5
10.0
169
(737)
(150)
(500)
P/CEPS
15.2
11.4
9.0
7.5
(288)
(485)
(409)
(357)
P/BV
6.1
4.9
3.7
2.9
(86)
(171)
(205)
(240)
EV / Sales
EV / EBITDA
Others
-103
Financing Cashflow
-309
-1,393
-764
-1,097
1.7
1.2
1.0
0.9
11.1
7.6
6.3
5.3
1.1
1.3
1.7
1.9
-15
14
22
126
1.2
0.7
0.5
0.2
45
30
43
65
Net Debt/EBIDTA
1.8
0.9
0.7
0.4
30
43
65
191
11
19
32
Emkay Research
27 April 2012
Company Update
Hexaware Technologies
Focus delivers consistency, retain ACCUMULATE
Hexawares Mar12 performance vindicate positive thesis.
Reco
Previous Reco
Accumulate
Accumulate
CMP
Target Price
Rs127
Rs140
10/16
27
5,189
Nifty
17,134
Sensex
(%)
1M
3M
6M 12M
Absolute
14
53
42
79
Rel. to Nifty
16
52
43
102
% 110
132
86
114
62
96
38
78
14
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Source: Bloomberg
60
Apr-11
Price Performance
150
-10
Apr-12
Source: Bloomberg
Hexaware reported rev at US$ 88 mn (+4.6% QoQ), seq vol growth of 6.6%) in line with
est and higher than co guidance of ~4% QoQ growth .EBITDA mgns at 22.4% (down
~60 bps QoQ) were better than est despite ~3% currency appreciation and strong hiring
(co had a net HC addition of ~307 during the qtr) aided by offshore shift ( offshore % of
rev increased by ~170 bps QoQ with offshore rev increasing by ~9% QoQ). Profits at Rs
884 mn were flat QoQ, beat expectations aided by better margin show and forex gains
(V/s est of forex losses). Top clients continued to drive growth with top 1/5/10 clients
growing by 11%/4.6%/4.8% sequentially and US and Europe growing impressively by
3.7%/8% QoQ respectively. Amongst service lines, BI/ Analytics (+25% QoQ) and
IMS(+15% QoQ) drove growth. Emp addition was in line with co adding ~307 people
during the qtr to take the HC to 8,624 with attrition declining to nearly lowest in the
industry at 11%.
Stock Details
Sector
IT Services
Bloomberg
HEXW@IN
591
Face Value(Rs)
295
52 Week H/L
134/61
38/723
2727168
5.8
28.0
28.2
28.2
FII/NRI
51.4
50.3
51.8
Institutions
9.6
9.4
7.4
Private Corp
1.4
1.1
1.5
Public
9.8
11.0
11.2
Source: Capitaline
June12 qtr rev guidance of 3.4-4.5% QoQ growth, See raise in CY12
revenue outlook ahead
Hexaware has guided for rev of US$ 91-92 mn (3.4-4.5% seq rev growth) which implies
a 2.1-3.2% CQGR through H2CY12 for company to achieve its annual rev guidance of
~US$ 370 mn (+20% growth). We raise our est further and now build in 22.4% YoY
growth for CY12 and expect the company to raise its annual guidance going forward.
Hexaware has announced 2 US$ 10 mn+ TCV deals in Q1CY12 and is currently
pursuing 6 large deals (TCV of US$ 25 mn+) currently with 2 in advanced stages of
negotiation. We highlight that Hexaware intends to give low double digit wage hikes in
Q2CY12 ahead of Tier I peers showing confidence on growth over the next few quarters
Net
EBITDA
(Core)
PAT
%
EPS
ROE
P/E
EV/
P/B
(Rs)
(x)
EBITDA
(x)
9.4
44.2
35.7
3.9
26.9
14.1
12.6
3.7
31.5
11.3
8.1
3.3
30.4
10.1
7.0
2.9
(in Rs mn)
Sales
FY11
10,545
938
8.9
853
2.9
FY12
14,505
2,646
18.2
2,670
9.2
FY13E
18,830
4,254
22.6
3,452
11.5
FY14E
21,354
4,764
22.3
3,857
12.8
Hexaware Technologies
Result Update
Quarterly performance
Rs mn
Q4CY10
Q1CY11
Q2CY11
Q3CY11
Q4CY11
Q1CY12
YoY (%)
YoY (%)
66.6
70.4
74.8
78.8
84.1
88.0
25.0
4.6
88.0
70.4
25.0
2,996
3,185
3,341
3,660
4,319
4,383
37.6
1.5
4,382.9
3,185
37.6
Operating Expenditure
2,651
2,730
2,830
2,974
3,325
3,401
24.6
2.3
3,401
2,730
24.6
Cost of revenues
1,962
1,998
2,117
2,262
2,562
2,574
28.8
0.5
2,574
1,998
28.8
65.5
62.7
63.4
61.8
59.3
58.7
58.7
62.7
Revenue Rs. Mn
as % of sales
SG&A expenses
689
732
713
712
763
827
as % of sales
23.0
23.0
21.3
19.5
17.7
18.9
EBITDA
345
455
511
686
994
982
66
62
59
64
63
71
EBIT
279
394
452
622
931
911
Other Income
172
188
267
160
62
138
PBT
451
582
719
782
993
Depreciation
Total Tax
13.0
8.4
115.6
-1.2
827
732
18.9
23.0
13.0
982
455
115.6
71
62
14.7
131.4
131.4
-2.1
911
394
138
188
1,049
80.3
5.6
1,049
582
80.3
55
44
116
136
111
165
276.5
48.6
165
44
276.5
396
538
603
646
882
884
64.3
0.2
884
538
64.3
396
538
603
646
882
884
884
538
Reported PAT
396
538
603
646
882
884
64.3
0.2
884
538
64.3
Reported EPS
1.4
1.9
2.1
2.2
3.0
2.9
58.7
-3.2
2.9
1.9
58.7
(bps)
(bps)
Adjusted PAT
(Profit)/loss from JV's/Ass/MI
APAT after MI
Extra ordinary items
64.3
Margins (%)
EBIDTA
0.2
64.3
(bps)
11.5
14.3
15.3
18.7
23.0
22.4
811
(61)
22.4
14.3
811
EBIT
9.3
12.4
13.5
17.0
21.6
20.8
843
(77)
20.8
12.4
843
EBT
15.1
18.3
21.5
21.4
23.0
23.9
566
94
23.9
18.3
566
PAT
13.2
16.9
18.1
17.7
20.4
20.2
328
(25)
20.2
16.9
328
12.2
7.5
16.1
17.3
11.2
15.7
819
454
15.7
7.5
819
All fig in Rs mn
except (EPS and %)
Emkay Research
27 April 2012
CY12E
Old
New
CY13 E
% change
Old
New % change
372.4
377.1
1.3%
432
445
3.0%
18,788
18,830
0.2%
20,755
21,354
2.9%
3,928
4,254
8.3%
3,830
4,764
24.4%
20.9
22.6
169
18.5
22.3
385
3,039
3,452
13.6%
3,204
3,857
20.4%
10.5
11.5
9.5%
11.0
12.8
16.1%
Hexaware Technologies
Result Update
% QoQ
% YoY
BFSI
27.3%
0.2%
19.3%
TTHL
22.0%
11.2%
10.9%
Emerging Segment
33.4%
1.6%
20.7%
17.3%
10.4%
80.2%
38.9%
2.5%
25.0%
EAS
28.9%
1.5%
14.3%
Testing/BTO
10.5%
1.7%
41.1%
12.5%
24.6%
57.8%
BPO
4.7%
-3.6%
3.1%
Others
4.5%
14.8%
22.3%
US
63.8%
3.7%
20.8%
Europe
29.6%
7.9%
32.6%
6.6%
0.1%
35.2%
Onsite
53.4%
1.8%
13.9%
Offshore
46.6%
9.1%
44.3%
Top client
14.8%
11.4%
59.5%
Top 5 clients
38.9%
4.6%
29.0%
Top 10 clients
52.7%
4.8%
33.1%
49.5%
4.4%
17.1%
8,624
6%
29%
Geographical Split
ROW
Onsite Offshore Revenue Mix
Client Concentration
TOTAL HEADCOUNT
Emkay Research
27 April 2012
Hexaware Technologies
Result Update
Financials
Income Statement
Balance Sheet
FY11
FY12
FY13E
FY14E
FY11
FY12
FY13E
FY14E
10,545
14,505
18,830
21,354
581
586
586
586
37.6
29.8
13.4
9,074
9,575
11,172
12,998
(9,607)
(11,859)
(14,576)
(16,590)
23.4
22.9
13.8
9,655
10,162
11,758
13,585
(8,939)
(11,170)
(13,030)
112
29.3
25.0
16.7
Unsecured Loans
65.6
61.6
59.3
61.0
Loan Funds
112
(2,692)
(2,920)
(3,406)
(3,560)
8.5
16.6
4.5
20.1
18.1
16.7
Growth (%)
Total Expenditure
Growth (%)
Cost Of Revenues
(6,915)
Growth (%)
COR, as % of Revenues
SG&A expenses
Growth (%)
SG&A exp. as % of Revenues
25.5
EBIDTA
938
Minority Interest
Networth
Secured Loans
13
32
Total Liabilities
9,780
10,194
11,758
13,585
Goodwill
1,160
1,377
1,377
1,377
2,646
4,254
4,764
182.1
60.8
12.0
Less: Depreciation
8.9
18.2
22.6
22.3
Net block
Other Income
249
677
347
463
Depreciation
242
247
302
345
EBIT
945
3,076
4,299
4,882
Growth (%)
EBIDTA %
Interest
Gross Block
3,469
4,292
5,038
5,998
(1,519)
(1,697)
(1,999)
(2,344)
3,109
3,972
4,417
5,032
Capital WIP
969
813
813
813
Investment
397
229
229
229
7,907
9,317
10,748
12,560
Current Assets
EBT
945
3,076
4,299
4,882
Sundry debtors
1,919
2,993
3,611
4,095
Tax
92
406
847
1,025
4,356
4,377
4,506
5,481
EAT
853
2,984
Growth (%)
EAT (%)
8.1
Inventories
2,670
3,452
3,857
976
1,946
2,631
212.9
29.3
11.7
657
18.4
18.3
18.1
2,785
4,331
4,643
5,265
Current liabilities
1,475
2,891
4,643
5,265
Provisions
1,309
1,440
5,122
4,986
6,105
7,295
Misc exps
Deferred Tax Assets
Total Assets
Cash Flow
182
195
195
195
9,780
10,194
11,759
13,563
Key Ratios
FY11
FY12
FY13E
FY14E
Y/E, Dec.
FY11
FY12
FY13E
FY14E
853
2,670
3,452
3,857
EPS (Rs)
2.9
9.2
11.5
12.8
Add : Depreciation
242
247
302
345
CEPS (Rs)
3.8
10.0
12.5
14.0
33.2
35.0
39.1
45.2
1.5
4.0
5.2
5.8
66.4
75.3
70.0
70.0
Net changes in WC
(1,683)
276
393
(142)
122
3,082
2,730
3,988
DSO
Valuations Ratios (x)
37
(954)
(747)
(960)
Investments
1,047
(1,275)
PER
44.2
14.1
11.3
10.1
1,084
(954)
(747)
(2,235)
P/CEPS
34.4
12.9
10.4
9.3
Borrowings
(51)
(112)
(510)
(1,359)
(1,817)
(2,030)
342
(246)
(219)
(1,717)
(1,817)
(2,030)
changes in cash
1,363
411
166
(278)
Opening balance
2,992
4,356
4,377
4,506
Closing balance
4,356
4,377
4,506
5,481
dividend paid
Issue of shares
Share Premium
Emkay Research
27 April 2012
P/BV
3.9
3.7
3.3
2.9
35.7
12.6
8.1
7.0
EV/Sales
3.2
2.3
1.8
1.6
M-Cap/sales
3.6
2.6
2.0
1.8
RoCE
7.5
24.0
36.0
34.9
RoNW
9.4
26.9
31.5
30.4
EBITDA Margin
8.9
18.2
22.6
22.3
EBIT Margins
6.6
16.5
21.0
20.7
8.1
18.4
18.3
18.1
EV/EBIDTA
Result Update
Idea Cellular
Another strong quarter, Maintain ACCUMULATE
Q4FY12 results were better than expected Revenues at
Reco
Previous Reco
Accumulate
Accumulate
CMP
Target Price
Rs82
Rs101
+13.6/ -
-3.8
5,191
Sensex
17,134
Nifty
Price Performance
(%)
1M
3M
6M 12M
Absolute
20
Rel. to Nifty
(17) (14)
33
(9)
Strong revenue growth was led by 5.8% and 13.5% qoq revenue growth in
Source: Bloomberg
Rs
80
110
60
95
40
80
20
65
50
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Reported EBITDA from established circles was flat qoq, however EBITDA losses
from new circles reduced to Rs1.6bn v/s Rs1.7bn in last quarter.
APAT at Rs3.3bn (our est. of Rs2.2bn) grew 41% qoq. Higher APAT is primarily
attributed to solid EBITDA (adj.). Tax rate for Q4FY12 was at 30.8% v/s 32.8% in
Q3FY12. Forex gain at Rs135mn v/s loss of Rs311mn in Q3FY12.
-20
Jan-12
Source: Bloomberg
Idea reported subscriber addition of 6.2mn (+5.9% qoq). ARPU stood at Rs160 v/s
Stock Details
Sector
Telecom
Bloomberg
IDEA@IN
33088
Face Value(Rs)
No of shares o/s (mn)
52 Week H/L
10
3309
104/63
270/5,134
5188251
9.1
Reported EBIDTA from established circles remained flat sequentially with EBITDA
margin of 28.6% v/s 30.4% in Q3FY12. Losses in new circles declined to Rs1.6bn
v/s Rs1.7bn in Q3FY12.
46.0
46.0
46.0
FII/NRI
45.2
43.5
42.2
Institutions
6.2
7.6
8.7
Private Corp
0.5
0.7
0.8
Public
2.1
2.3
2.3
Source: Capitaline
Revision in estimates
Given the strong performance in Q4FY12, we are raising our FY13E revenue and
EBITDA estimates by 2.3% and 4.5% respectively. Our revised EPS for FY13E stands
at Rs4.3 v/s Rs3.9 earlier. We have introduced FY14E EPS at Rs5.8.
Rs Mn
Y/E-
Net
PAT
EPS
EPS
ROE
Mar
Sales
(Core)
EBITDA
(%)
(Rs)
(Rs)
%chg
(%)
FY11
155034
37908
24.5
8989
2.7
-2.5
7.3
FY12
195412
50923
26.1
7230
2.2
-19.6
5.6
FY13E
236570
65092
27.5
14620
4.4
102.2
FY14E
269156
73895
27.5
19016
5.8
30.1
EV/
P/E
EBITDA
P/BV
30.0
9.6
2.2
37.2
7.8
2.1
10.1
18.4
6.0
1.9
11.6
14.2
5.3
1.6
Idea Cellular
Result Update
Quarterly financials
Rs mn
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
FY12
YTD11
Mobile
41,751
44,843
45,817
49,924
53,146
27.3
6.5
193,730
153,480
26.2
478
646
615
637
692
44.8
8.6
2,591
1,759
47.3
3,210
3,345
3,352
3,488
3,575
11.4
2.5
13,760
12,031
14.4
360
49
121
105
250
(30.5)
139.5
525
648
(19.0)
45,799
48,882
49,906
54,154
57,664
25.9
6.5
210,605
167,918
25.4
NLD
Others
Other operating revenue
Total gross Sales
YoY (%)
Inter-segmental elimination
3451.3
3675.2
3706.4
3845.3
3966.8
15193.7
12,884
17.9
Net Sales
42,347
45,207
46,199
50,308
53,697
26.8
6.7
195,412
155,034
26.0
6812.4
7321.4
7877.2
8456.6
9143.6
34.2
8.1
32,799
24,755
32.5
16.8
16.0
22.5
3.3
47,340
40,456
24.2
26.1
9,499
8,056
4.9
5.2
19,743
as % of sales
Network Operating
as % of sales
Employee Expenses
as % of sales
Marketing Expenses
as % of sales
License Fee
as % of sales
Administrative expenses
as % of sales
Total operating expenditure
EBITDA
16.1
16.2
17.1
16.8
17.0
10269.7
11155.8
11422.6
12182.4
12579.2
24.3
24.7
24.7
24.2
23.4
2113.6
2110.4
2416.9
2424.0
2547.9
5.0
4.7
5.2
4.8
4.7
6160.2
5492.0
5421.5
6431.5
6805.2
5.1
20.5
17.0
17.9
10.5
5.8
24,150
12.4
12.7
54.3
31.4
23,232
17,728
11.9
11.4
7,468
6,389
3.8
4.1
144488
117126
23.4
14.5
12.1
11.7
12.8
12.7
4779.5
5116.1
5132.4
5610.7
7372.6
11.3
11.3
11.1
11.2
13.7
1459.8
1971.5
2062.3
1757.1
1677.3
3.4
4.4
4.5
3.5
3.1
31595
33167
34333
36862
40126
27.0
8.9
14.9
(4.5)
22.3
31.0
16.9
10752.0
12040.0
11866.3
13445.9
13571.1
26.2
0.9
50,923
37,908
34.3
Depreciation
6572.1
7026.1
7368.7
7574.8
7843.8
19.3
3.6
29813.4
23973.4
24.4
EBIT
4179.9
5013.9
4497.6
5871.1
5727.3
37.0
(2.4)
21110
13935
51.5
Other Income
Interest
PBT
0.0
0.0
0.0
0.0
0.0
0.0
0.0
854.1
2463.4
2938.9
2880.3
2274.7
166.3
(21.0)
10557.3
3964.6
166.3
3325.8
2550.5
1558.7
2990.8
3452.6
3.8
15.4
10552.6
9970.4
5.8
Tax
580.6
777.9
501.1
981.0
1062.8
83.1
8.3
3322.8
981.5
238.5
PAT
2745.2
1772.6
1057.6
2009.8
2389.8
(12.9)
18.9
7229.8
8988.9
(19.6)
(bps)
(bps)
25.4
26.6
25.7
26.7
25.3
130
-145
26.1
24.5
EBIT
9.9
11.1
9.7
11.7
10.7
167
-100
10.8
9.0
181
EBT
7.9
5.6
3.4
5.9
6.4
(18)
48
5.4
6.4
(103)
PAT
6.5
3.9
2.3
4.0
4.5
(169)
46
3.7
5.8
(210)
17.5
30.5
32.1
32.8
30.8
2,369
-202
31.5
9.8
2,164
Margins (%)
EBIDTA
(bps)
161
KPIs
KPIs
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Subscribers ('000)
63,824
68,886
74,213
81,778
89,503
95,108
1,00,180
1,06,400
1,12,722
QoQ %
10.8%
7.9%
7.7%
10.2%
9.4%
6.3%
5.3%
6.2%
5.9%
ARPU (Rs)
185
182
167
168
161
160
155
159
160
(% QoQ)
-7.5
-1.6
-8.2
0.6
-4.2
-0.6
-3.1
2.6
0.6
MOU (mins)
398
415
394
401
397
391
364
369
379
(% QoQ)
2.3
4.3
-5.1
1.8
-1.0
-1.5
-7.8
1.4
2.7
RPM (Rs)
0.46
0.44
0.42
0.42
0.41
0.41
0.43
0.43
0.42
(% QoQ)
Total traffic (mn)
(% QoQ)
Emkay Research
-9.6
-5.7
-3.3
0.0
-2.9
1.0
4.1
1.4
-2.5
68,275
82,274
84,828
93,503
1,01,960
1,08,275
1,06,627
1,13,964
1,24,305
18.0
20.5
3.1
10.2
8.7
6.5
-2.2
7.3
9.1
27 April 2012
Idea Cellular
Result Update
Wireless churn came down to 9.9% from 10.4% in 3QFY12 and 10.7% in 4QFY11.
Idea added 2,553 2G cell-sites taking total count to 83,190 at the end of FY12. 3G
Node B count increased 1,923 to 12,825 at the end of Q4FY12.
Standalone capex for the quarter was Rs9.5 bn, Idea ended FY12 with total capex
of Rs42bn which stands in line with managements guidance. Capex guidance for
FY2013E stands at Rs35 bn, in line with our assumption.
Indus revenues grew 2.6% sequentially with flat EBITDA margin at 45.3%.
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
QoQ %
YoY %
35,941.0
38,298.0
40,746.0
41,579.0
45,144.0
47,784.0
5.8%
24.8%
9597
10667
12066.4
12212
13708
13671
-0.3%
28.2%
26.7
27.9
29.6
29.4
30.4
28.6
(176)bps
76bps
3960
4393
4814
4975
5508
6251
13.5%
42.3%
-1384
-1173
-1397
-1776
-1722
-1601
-7.0%
36.5%
-34.95
-26.70
-29.02
-35.70
-31.26
-25.61
565bps
109bps
Rsm
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
QoQ %
YoY %
5.7%
24.1%
11.1%
50.4%
34174.4
36698.9
39417.1
39768.9
43084.4
45546.3
8.6%
7.4%
7.4%
0.9%
8.3%
5.7%
5107
5052
5426
6048
6840
7600
9.6%
-1.1%
7.4%
11.5%
13.1%
11.1%
Outlook
Idea continues to impress with its strong execution ability to manage the volume/pricing
balance in highly competitive environment. Idea managed strong show on both volume and
margin front (adjusting for one-off items). Voice ARPM declined 3.0% QoQ was offset by
the strong volume growth of 9% QoQ. We believe decline in voice ARPM is the indicative of
pricing pressure due to intense competition. We remain positive on the execution ability and
strong operational performance in medium term. However, regulatory uncertainties would
limit the share price movement in short term.
New
Chg %
Revenue
231255
236570
2.3%
EBIDTA
61723
65092
5.5%
26.7
27.5
82 bps
PAT
12875
14620
13.6%
EPS
3.9
4.4
13.6%
EBIDTA %
Emkay Research
27 April 2012
Idea Cellular
Result Update
Financials
Profit & Loss
Balance Sheet
FY11
FY12
FY13E
FY14E
155,034
195,412
236,570
269,156
25.0
26.0
21.1
13.8
Growth (%)
Employee cost
FY11
FY12
FY13E
FY14E
33,033
33,033
33,033
33,033
89,461
96,691
111,311
130,327
8,056
9,499
11,792
14,340
Net worth
122,494
129,724
144,344
163,360
24,754
32,799
40,453
46,026
Loan Funds
120,705
135,705
122,205
112,205
40,131
47,340
55,505
63,196
3,099
3,099
3,099
3,099
Licence fees
17,728
23,232
26,496
30,146
Other liabilities
497
497
497
497
SG&A
19,743
24,150
29,571
32,837
Others
6,714
7,468
7,661
8,717
117,126
144,488
171,478
195,261
37,908
50,923
65,092
73,895
12.9
34.3
27.8
13.5
Depreciation
23,973
29,813
34,106
EBIT
13,935
21,110
30,986
9.0
10.8
13.1
13.8
Interest expenses
3,965
10,557
9,165
8,752
PBT
9,970
10,553
21,821
28,382
Tax
982
3,323
7,201
9,366
Total Liabilities
246,795
269,025
270,145
279,161
Gross Block
265,320
313,305
346,289
375,204
89,316
115,175
144,731
176,742
Less: Depreciation
176,005
198,130
201,558
198,462
36,467
26,467
24,467
24,467
36,761
48,851
46,917
44,387
41,657
37,134
Investment
10,200
10,200
10,200
10,200
9.8
31.5
33.0
33.0
8,989
7,230
14,620
19,016
Net block
Goodwill on consolidation
Current Assets
Inventories
Tax paid
61
61
56,206
72,992
659
832
1,008
1,148
4,789
5,890
7,051
7,675
4,562
20,126
25,476
41,058
19,756
21,041
21,483
21,760
776
980
1,187
1,351
68,678
55,331
61,618
66,735
-24,789
-12,750
-10,528
4,314
Total Assets
246,795
269,025
270,145
279,161
FY11
FY12
FY13E
FY14E
Ratios
FY11
FY12
FY13E
FY14E
Y/E, Mar
9,970
10,553
21,821
28,382
Profitability (%)
23,973
29,813
34,106
36,761
3,965
10,557
9,165
8,752
61
48,868
Sundry debtors
61
30,543
24.5
26.1
27.5
27.5
Net Margin
8.1
7.4
8.8
9.2
ROCE
5.7
7.9
11.6
13.5
22,401
3,525
3,129
739
ROE
7.3
5.6
10.1
11.6
8.3
12.1
16.9
20.7
-982
-3,323
-7,201
-9,366
RoIC
59,328
51,125
61,020
65,268
Capital expenditure
-98,153
-40,004
-33,004
-30,934
2.7
2.2
4.4
5.8
-38,824
11,121
28,016
34,334
CEPS
10.0
11.2
14.8
16.9
BVPS
37.2
39.4
43.8
49.6
0.0
0.0
0.0
0.0
30.0
37.2
18.4
14.2
8.2
7.3
5.5
4.8
Operating Cashflow
Other income
Investments
Investing Cashflow
1,104
-97,049
-40,004
-33,004
-30,934
EPS (adjusted)
DPS
Valuations (x)
69
42,112
15,000
-13,500
-10,000
Interest Paid
-3,965
-10,557
-9,165
-8,752
P/BV
2.2
2.1
1.9
1.6
EV / Sales
2.4
2.0
1.6
1.5
1,178
-4
EV / EBITDA
9.6
7.8
6.0
5.3
39,394
4,439
-22,665
-18,752
0.0
0.0
0.0
0.0
1,673
15,559
5,351
15,582
PER
P/CEPS
2,889
4,562
20,126
25,476
0.7
0.7
0.5
0.3
4,562
20,122
25,476
41,058
Net Debt/EBIDTA
1.8
1.3
0.8
0.4
Emkay Research
27 April 2012
Result Update
ICICI Bank
Surprised positively; Upgrade to BUY
ICICI Bank Q4FY12 NII at Rs31bn / PAT Rs19bn ahead of
Reco
Buy
CMP
Rs861
Target Price
Rs1,200
6.7/-
NA
Nifty
5,191
Sensex
17,134
Price Performance
1M
3M
6M 12M
Absolute
(2)
(8)
(23)
Rel. to Nifty
(3)
(5)
(14)
(%)
Source: Bloomberg
1125 Rs
% 10
1030
935
-6
840
-14
745
-22
Jun-11
cost, RoA / core RoE inching upwards (avg 1.6% /16% FY1214E). Valuations seem reasonable post recent correction
650
Apr-11
Previous Reco
Accumulate
Aug-11
Oct-11
Dec-11
Feb-12
-30
Apr-12
ICICI Bank Q4FY12 NII at Rs31bn (+24% yoy / 15% qoq) and net profit at Rs19bn
(+31% yoy / 10% qoq) was significantly ahead of our / street estimates. The NII growth
was aided by 17% yoy growth in loan portfolio and 30bps sequential improvement in
reported NIM to 3.01% (highest in near past). Growth in non-interest income came in
healthy at 36% yoy (18% qoq) and compensated for higher provisioning (+22% yoy /
38% qoq) and taxes (tax rate @28%). The bank has added 200 branches in Q4. Asset
quality continues to report second quarter of sequential improvement with GNPA /
NNPA down 4%/11% qoq respectively. Restructured loan portfolio increased to
Rs42.6bn (+39% qoq). This increase however was largely anticipated.
Source: Bloomberg
Stock Details
Sector
Banks
Bloomberg
ICICIBC@IN
On the balance sheet front: Domestic loan portfolio grew 14% yoy (4% qoq) largely
led by healthy growth in SME and domestic corporate front. Growth in international book
adjusted for INR depreciation was at 10%yoy. Deposits were up 13% yoy (-2% qoq);
CASA ratio continues to remain at healthy 40+% levels for consecutive ninth quarter.
11492
Face Value(Rs)
10
1149
Yield analysis
1,129/641
989/18,806
5521697
94.7
Q4FY12
Yield on advances*
8.6
9.0
9.5
9.5
9.8
123
33
Yield on investments*
6.6
6.6
6.5
6.6
6.8
18
11
Yield on assets*
7.2
7.4
7.6
7.6
7.9
70
23
Cost of funds*
4.7
5.1
5.3
5.2
5.2
55
-2
NIM*
2.5
2.3
2.3
2.4
2.7
15
25
2.6
2.6
2.6
2.7
3.0
37
31
0.0
0.0
61.8
65.0
NIM (Reported)
Institutions
27.8
25.1
4.0
4.4
4.2
Public
6.2
6.0
5.7
(bps)
Q3FY12
0.0
26.6
(bps)
Q2FY12
63.2
Private Corp
QoQ
Q1FY12
FII/NRI
Promoters
YoY
Q4FY11
Source: Capitaline
Valuation table
Y/E March 31
Net
Net
EPS
ABV
RoA
RoE
PE
P/ABV
income
profit
(Rs)
(Rs)
(%)
(%)
(x)
(x)
FY11
156,648
51,514
44.7
457.4
1.3
9.7
19.3
1.9
FY12A
182,364
64,648
56.1
506.7
1.5
11.2
15.4
1.7
FY13E
212,451
76,026
66.0
548.4
1.6
12.1
13.1
1.6
FY14E
248,713
90,265
78.3
601.7
1.6
13.1
11.0
1.4
ICICI Bank
Result Update
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
YTD' 12
YTD' 11
YoY (%)
25,097
24,109
25,064
27,120
31,048
23.7
14.5
107,342
90,169
19.0
Other Income
16,410
16,429
17,396
18,918
22,280
35.8
17.8
75,023
66,478
12.9
Fee Income
17,910
15,780
17,000
17,010
17,280
-3.5
1.6
67,070
64,190
4.5
Net Income
41,507
40,538
42,460
46,038
53,328
28.5
15.8
182,364
156,647
16.4
18,455
18,198
18,922
19,168
22,216
20.4
15.9
78,504
66,168
18.6
As % Of Net Income
44.5
44.9
44.6
41.6
41.7
43.0
42.2
Employee Expenses
8,566
7,329
8,427
8,366
11,031
35,153
28,169
As % Of Net Income
20.6
18.1
19.8
18.2
20.7
19.3
18.0
9,436
10,533
10,133
10,429
10,652
41,747
36,433
22.7
26.0
23.9
22.7
20.0
22.9
23.3
23,053
22,340
23,538
26,870
31,111
90,479
Other Expenses
As % Of Net Income
Operating Profit
As % Of Net Income
Provisions
PBT
Total Tax
Adjusted PAT
Extra Ordinary Items
28.8
12.9
31.9
2.1
35.0
15.8
103,860
24.8
14.6
14.8
55.5
55.1
55.4
58.4
58.3
57.0
57.8
3,836
4,539
3,188
3,411
4,693
22.3
37.6
15,831
22,867
-30.8
19,217
17,802
20,350
23,459
26,418
37.5
12.6
88,030
67,612
30.2
4,692
4,480
5,318
6,179
7,405
57.8
19.8
23,382
16,093
45.3
14,524
13,322
15,032
17,280
19,013
30.9
10.0
64,648
51,519
25.5
Reported PAT
14,524
13,322
15,032
17,280
19,013
30.9
10.0
64,648
51,519
25.5
Reported EPS
12.6
11.6
13.0
15.0
16.5
30.8
10.0
56.1
45.0
24.6
Full impact of base rate hike this came as a surprise as we believed that repricing impact was over
b)
c)
Lower domestic deposits during the quarter the domestic CDR was higher by
500bps qoq as the domestic term deposits declined by ~2.7% qoq
d)
Emkay Research
27 April 2012
ICICI Bank
Result Update
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Retail
837
828
819
825
901
YoY (%)
QoQ (%)
% of total
7.6
9.2
35.5
26.0
-0.2
27.4
International
552
558
669
697
695
Rural
210
188
175
175
223
6.4
27.8
8.8
16.2
5.3
SME
Others
Total
104
110
110
116
134
29.5
461
2,164
523
2,207
566
2,340
650
2,462
584
2,537
26.6
-10.2
23.0
17.3
3.1
100.0
Q4FY11
Cars
CV
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
% of total
77
78
75
80
87
13.4
9.2
9.7
148
137
131
141
178
20.3
26.5
19.8
Personal loans
23
20
12
10
10
-57.7
0.1
1.1
Credit cards
28
26
25
25
25
-8.7
1.9
2.8
539
554
551
548
576
6.9
5.3
64.0
Mortgages
Others
Total
22
12
24
21
23
7.6
9.2
2.6
837
828
819
825
901
7.6
9.2
100.0
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
Current Deposits
348
298
330
400
350
0.6
-12.7
Savings Deposits
669
669
701
735
760
13.7
3.5
CASA
1,016
966
1,031
1,135
1,110
9.2
-2.2
Term deposits
1,240
1,340
1,419
1,471
1,445
16.6
-1.7
Total Deposits
2,256
2,307
2,451
2,606
2,555
13.3
-2.0
45.1
41.9
42.1
43.6
43.5
-160
-12
CASA (%)
Source: Company, Emkay Research
Emkay Research
27 April 2012
ICICI Bank
Result Update
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Fee/Commission income
17,910
15,780
17,000
17,010
17,280
Trading gains/(losses)
-1,960
-250
-804
-650
1,580
460
899
1,200
2,558
3,420
16,410
16,429
17,396
18,918
22,280
Others
Total
YoY (%)
QoQ (%)
YTD' 12
YTD' 11
YoY (%)
-3.5
1.6
67,070
64,190
4.5
-180.6
-343.1
-124
-2,150
-94.2
643.5
33.7
8,077
4,438
82.0
35.8
17.8
75,023
66,478
12.9
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Gross NPAs
100,343
99,828
101,070
98,200
94,753
-5.6
-3.5
24,074
23,025
22,360
20,820
18,608
-22.7
-10.6
4.5
4.4
4.1
3.8
3.6
1.1
1.3
0.8
0.7
0.7
4.4
4.1
3.8
3.4
3.1
76.0
76.9
77.9
78.8
80.4
Net NPAs
YoY (%)
QoQ (%)
Aging of NPAs to ensure provisions do not cross 70bps even if there are
higher slippages
An analysis of the profile of ICICI Banks NPAs suggests that the aging of NPAs for ICICI
Bank is almost over. Amongst most of the private and PSU banks, ICICI Bank is one of the
few banks where migration of NPAs from sub-standard and D1 category to the lower
categories has already happened.
Hence, going forward there will be very minimal requirement of provisions for D2/3 and loss
category and the provision costs will largely go towards fresh slippages only. For the same,
we are anyways building in 70bps of credit costs over next two years.
Emkay Research
27 April 2012
ICICI Bank
Result Update
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
1.3
1.2
1.2
1.2
1.0
-28.0
-16.4
3.6
3.4
3.0
2.8
2.4
-32.6
-13.9
0.3
0.2
0.2
0.2
0.2
-21.5
4.6
0.7
0.6
0.3
0.2
0.2
-74.0
-23.5
0.1
0.1
0.1
0.1
0.1
-15.7
18.6
0.4
0.4
0.4
0.3
0.2
-43.3
-29.0
Total
6.4
6.0
5.1
4.8
4.1
-35.9
-14.6
QoQ (%)
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
0.5
0.6
0.5
0.6
0.7
22.4
1.3
0.1
0.0
0.0
0.0
0.0
-74.3
-1.9
0.3
1.1
1.3
1.6
1.4
340.5
-13.1
Loans to customers
3.0
2.8
2.6
2.5
2.6
-13.7
3.4
0.1
0.1
0.1
0.1
0.1
-18.4
-1.9
0.5
0.5
0.5
0.5
0.5
0.7
4.2
Total
4.5
5.1
5.1
5.3
5.2
15.6
-1.9
FY12
FY11
FY10
YoY (%)
770
1,130
1,230
-31.9
ICICI Securities PD
860
530
850
62.3
ICICI Venture
680
740
510
-8.1
880
720
1,280
22.2
2,600
2,330
1,610
11.6
13,840
8,080
2,580
71.3
-416
-800
1,440
-48.0
19,214
12,730
9,500
50.9
Emkay Research
27 April 2012
ICICI Bank
Result Update
Capital remains healthy; factoring 12% CAGR in balance sheet for FY12-14E
ICICI Bank continues to enjoy healthy capital base CAR at 18.5% including Tier I CAR at
12.7%. Improved loan mix (more in favor of secured loans) and enhanced asset quality has
enabled the bank to conserve capital and in-turn suffice balance sheet growth. However,
given tough environment and intense competition, we are now factoring 12% CAGR in
balance sheet for FY12-14E.
Emkay Research
27 April 2012
ICICI Bank
Result Update
Key Financials
Income Statement (Rs. Mn)
(Year Ending Mar 31)
Net interest income
Other income
Net income
Operating expenses
FY12A
FY13E
FY14E
90,169
107,342
126,545
148,023
Liabilities
FY11
FY12A
FY13E
FY14E
66,479
75,023
85,907
100,689
Equity
11,518
11,528
11,528
11,528
156,648
182,364
212,451
248,713
Reserves
539,391
592,525
643,147
708,008
66,173
78,504
87,891
100,563
Net worth
550,909
604,052
654,674
719,535
90,476
103,860
124,561
148,150
Deposits
2,256,021
2,555,000
2,754,444
3,568,592
88,299
103,984
123,461
147,050
Borrowings
1,255,406
1,577,419
1,625,954
1,683,839
Total liabilities
4,062,337
4,736,471
5,035,072
5,971,966
340,901
362,293
330,763
428,529
Provisions
22,898
15,831
21,823
26,170
67,577
88,030
102,738
121,980
Tax
16,063
23,382
26,712
31,715
Tax rate
23.8%
26.6%
26.0%
26.0%
Investments
1,185,397
1,384,137
1,285,666
1,510,274
51,514
64,648
76,026
90,265
Customer assets
2,325,122
2,748,740
3,175,986
3,787,897
Assets
Others
Total assets
210,917
241,301
242,658
245,267
4,062,337
4,736,471
5,035,072
5,971,966
Valuations Table
FY11
FY12A
FY13E
FY14E
FY11
FY12A
FY13E
FY14E
51,514
64,648
76,026
90,265
1,152
1,153
1,153
1,153
NIM
2.3
2.4
2.6
2.7
Non-II/avg assets
1.7
1.7
1.8
1.8
1.4
1.3
1.3
1.4
EPS (Rs)
44.7
56.1
66.0
78.3
Opex/avg assets
1.7
1.8
1.8
1.8
PER (x)
19.3
15.4
13.1
11.0
Provisions/avg assets
1.0
0.7
0.7
0.7
FDEPS(Rs)
44.7
56.1
66.0
78.3
PBT/avg assets
1.8
2.0
2.1
2.2
FDPER (x)
Tax/avg assets
0.4
0.5
0.5
0.6
RoA
1.3
1.5
1.6
1.6
P/BV (x)
RoAE
19.3
15.4
13.1
11.0
478.3
524.0
567.9
624.2
1.8
1.6
1.5
1.4
9.7
11.2
12.1
13.1
457.4
506.7
548.4
601.7
Core RoAE
11.9
14.5
16.2
17.8
P/ABV (x)
1.9
1.7
1.6
1.4
GNPA (%)
5.0
4.0
3.9
3.9
P/PPP (x)
11.0
9.6
8.0
6.7
NNPA (%)
1.1
0.8
0.8
0.7
1.8
1.9
2.6
2.6
Emkay Research
27 April 2012
Result Update
Axis Bank
Results inline; slippages/recoveries surprise positively
April 27, 2012
Reco
Previous Reco
Accumulate
Accumulate
CMP
Target Price
Rs1,103
Rs1,380
4.7/ -
NA
5,191
Nifty
17,134
Sensex
Price Performance
(%)
1M
3M
6M 12M
Absolute
(1)
(4)
(17)
Rel. to Nifty
(1)
(1)
(8)
Source: Bloomberg
% 10
1250
1125
-6
1000
-14
875
-22
750
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
-30
Apr-12
Source: Bloomberg
Stock Details
Sector
Banks
Bloomberg
AXSB@IN
4132
Face Value(Rs)
Axis Banks Q4FY12 NII grew by 26.2%yoy to Rs21.5bn, inline with consensus
expectations. However driven by lower provisions, net profit at Rs12.8bn was ahead of
consensus/our expectations. While advances grew by a strong 19.2% yoy (14.1%qoq),
deposit growth was relatively lower at 16.3% yoy (5.5% qoq). Resultantly CD ratio
increased significantly from 71.3% in Q3FY12 to 77.1% in Q4FY12helping the
contraction in NIMs remain limited to 20bps qoq to 3.1%, inline with our expectations.
The bank surprised positively on the balance sheet front as GNPA declined by
5.7%qoq. Stable slippages at Rs5.1bn and substantially higher recoveries at Rs5.9bn
(Rs1.3bn avg rec/upgradation in earlier two quarters) led to the improvement in asset
quality. Resultantly the provision cover also improved to 80.2% from 75.3% (incl tech
write off) in previous quarter. However the restructuring during the quarter was slightly
on the higher side at Rs5.9bn, as against the run rate of Rs3bn in last two quarters.
Yield analysis
10
413
52 Week H/L
1,370/785
456/8,671
2494053
55.3
YoY
QoQ
(bps)
(bps)
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Yield on advances*
9.2
10.1
10.8
11.0
10.7
148
-28
Yield on investments*
7.4
7.2
7.7
8.1
7.6
20
-53
Yield on assets*
7.8
8.2
8.7
8.9
8.7
96
-15
Cost of funds*
4.7
5.3
5.4
5.6
5.6
90
NIM*
3.0
2.9
3.3
3.3
3.1
-20
Cost of funds #
5.6
6.1
6.2
6.3
6.5
89
11
3.4
3.3
3.8
3.8
3.6
11
-20
Promoters
37.4
37.6
37.2
NIM #
FII/NRI
41.7
40.6
42.9
Institutions
13.4
6.7
7.0
Private Corp
1.3
8.7
7.0
Public
6.2
6.4
6.0
Source: Capitaline
Valuation table
Y/E March 31
Net
Net
EPS
ABV
RoA
RoE
PE
income
profit
(Rs)
(Rs)
(%)
(%)
(x)
P/ABV
(x)
FY2011
111,951
33,885
82.5
440.8
1.6
19.3
14.0
2.5
FY2012A
134,379
42,682
103.3
528.7
1.6
20.4
11.1
2.1
FY2013E
154,333
48,777
113.7
633.1
1.6
19.1
9.7
1.7
FY2014E
181,699
58,840
136.1
736.8
1.7
19.2
8.0
1.5
Axis Bank
Result Update
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
YTD' 12
YTD' 11
YoY (%)
17,010
17,241
20,073
21,403
21,461
26.2
0.3
80,178
65,630
22.2
Other Income
14,504
11,679
12,349
14,298
15,876
9.5
11.0
54,202
46,321
17.0
Fee Income
12,311
10,570
11,207
12,210
13,270
7.8
8.7
47,256
37,904
24.7
Net Income
31,514
28,920
32,422
35,701
37,337
18.5
4.6
134,380
111,951
20.0
13,306
13,335
14,665
15,109
16,962
27.5
12.3
60,071
47,794
25.7
As % Of Net Income
42.2
46.1
45.2
42.3
45.4
44.7
42.7
Employee Expenses
3,960
5,100
4,986
5,420
5,296
20,802
16,139
As % Of Net Income
12.6
17.6
15.4
15.2
14.2
15.5
14.4
9,346
8,235
9,679
9,689
11,666
39,269
31,655
29.7
28.5
29.9
27.1
31.2
29.2
28.3
18,208
15,585
17,756
20,592
20,376
64,157
Other Expenses
As % Of Net Income
Operating Profit
As % Of Net Income
33.7
24.8
-2.3
20.4
11.9
-1.1
74,309
28.9
24.1
15.8
57.8
53.9
54.8
57.7
54.6
55.3
57.3
Provisions
2,544
1,758
4,056
4,223
1,393
-45.2
-67.0
11,430
11,497
-0.6
1,760
1,530
2,470
3,340
1,393
-20.9
-58.3
8,733
9,021
-3.2
15,664
13,827
13,701
16,369
18,983
21.2
16.0
62,879
52,660
19.4
PBT
Total Tax
Adjusted PAT
5,463
4,403
4,497
5,346
6,210
13.7
16.2
20,456
17,472
17.1
10,201
9,424
9,203
11,023
12,773
25.2
15.9
42,422
35,188
20.6
Reported PAT
10,201
9,424
9,203
11,023
12,773
25.2
15.9
42,422
35,188
20.6
Reported EPS
24.8
22.9
22.3
26.7
30.9
24.4
15.7
102.8
86.0
19.6
Large corp/ Retail drive advances growth; PSL targets may still be way off
The banks advances grew by a strong 19.2%yoy to Rs1.7tn led by strong growth in Retail
and large corporate book. While retail book grew by a stellar 35.3%yoy to Rs376bn, large
corporate book grew by a healthy 19.9%yoy to Rs911bn. The growth in retail book was
driven by strong growth in all the segments (ex personal loans); mortgages which constitute
75% of the total retail book grew by 49.3%yoy to Rs282bn.
The large spike in the agriculture loans was more seasonal in nature for meeting year end
PSL targets. However, since as % of last years loan book the agricultural loans stood at
12.2% vs 16% last year, we believe that PSL targets are still way off the norm and may
continue to put pressure on NIMs next year.
Advances mix
Rs bn
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
Large corporates
759
703
794
841
911
Mid-corporate/SME
214
198
208
207
238
Agriculture
173
147
106
107
Retail
278
270
293
333
39
11
12
Mortgages
189
203
Car Loans
31
35
Personal loans
Credit cards
Others
Total
QoQ (%)
% of total
19.9
8.3
53.6
11.2
15.0
14.0
173
0.1
62.1
10.2
376
35.3
12.9
22.1
20
23
-42.0
12.9
1.3
223
249
282
49.3
12.9
16.6
38
43
49
60.0
12.9
2.9
35.3
125.9
0.4
14
16
15
17
15
8.3
-9.6
0.9
1,424
1,319
1,401
1,487
1,698
19.2
14.1
100.0
Emkay Research
27 April 2012
Axis Bank
Result Update
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Current Deposits
369
315
354
395
Savings Deposits
409
429
468
473
CASA
778
744
821
Term deposits
1,115
1,092
Total Deposits
1,892
1,836
41.1
40.5
CASA
YoY (%)
QoQ (%)
398
7.7
0.7
517
26.5
9.2
868
914
17.6
5.4
1,123
1,219
1,287
15.4
5.5
1,945
2,087
2,201
16.3
5.5
42.2
41.6
41.5
44
-4
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
YTD' 12
YTD' 11
YoY (%)
Corporate banking
5,381
4,560
4,430
5,390
5,590
3.9
3.7
19,970
15,591
28.1
Business banking
1,070
990
970
1,090
1,280
19.6
17.4
4,330
3,880
11.6
190
160
150
130
130
-31.6
0.0
570
700
-18.6
3,120
2,760
2,910
3,280
3,770
20.8
14.9
12,720
10,010
27.1
Capital markets
Retail banking
Treasury
Total fee income
2,550
2,100
2,740
2,320
2,490
-2.4
7.3
9,650
7,710
25.2
12,311
10,570
11,200
12,210
13,260
7.7
8.6
47,240
37,891
24.7
Trading gains/(losses)
Others
Total
581
702
277
1,180
1,460
151.2
23.7
3,619
4,970
-27.2
1,612
407
866
908
1,146
-28.9
26.2
3,327
3,448
-3.5
14,504
11,679
12,349
14,298
15,876
9.5
11.0
54,202
46,321
17.0
Note: The growth in fee income on yoy basis adjusted for change in accounting policy at 39%
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
YoY (%)
QoQ (%)
15,994
15,731
17,438
19,145
18,063
12.9
-5.7
15.2
-30.8
4,104
4,625
5,488
6,829
4,726
1.0
1.1
1.1
1.1
0.9
0.3
0.3
0.3
0.4
0.3
2.2
2.3
2.6
3.1
2.1
74.3
70.6
68.5
64.3
73.8
Emkay Research
27 April 2012
Axis Bank
Result Update
Emkay Research
27 April 2012
Axis Bank
Result Update
Key Financials
Profit and loss (Rs mn)
(Year Ending Mar 31)
FY12A
FY13E
FY14E
65,630
80,178
91,592
108,463
Other income
46,321
54,202
62,741
73,236
Net income
FY11
FY12A
FY13E
FY14E
4,106
4,132
4,288
4,324
325,714
Liabilities
Equity
111,951
134,379
154,333
181,699
Reserves
185,883
223,953
278,025
Operating expenses
47,794
59,811
68,917
80,571
Net worth
189,988
228,085
282,314
330,037
64,157
74,568
85,417
101,128
Deposits
1,892,378
2,201,043
2,553,941
3,062,319
67,820
78,187
89,036
105,108
Borrowings
344,767
427,150
440,412
454,499
2,427,134
2,856,278
3,276,667
3,846,854
Provisions
12,793
11,430
13,262
14,087
Total liabilities
51,364
63,138
72,154
87,041
Assets
Tax
17,479
20,456
23,377
28,201
214,087
139,339
186,588
223,729
34%
32%
32%
32%
Investments
539,211
658,928
744,720
870,742
33,885
42,682
48,777
58,840
1,604,783
1,970,589
2,259,180
2,667,688
68,999
87,422
86,179
84,695
2,427,134
2,856,278
3,276,667
3,846,854
Tax rate
Profit after tax
Customer assets
Others
Total assets
Key Ratios
Valuations
FY11
FY12A
FY13E
FY14E
FY11
FY12A
FY13E
FY14E
NIM
3.1
3.0
3.0
3.0
Non-II/avg assets
2.2
2.1
2.0
2.1
33,885
42,682
48,777
58,840
411
413
429
2.8
2.8
2.9
2.8
432
EPS (Rs)
82.5
103.3
113.7
136.1
Opex/avg assets
2.3
2.3
2.2
2.3
PER (x)
13.4
10.7
9.7
8.1
137.2
Provisions/avg assets
1.0
0.7
0.7
0.7
FDEPS(Rs)
79.0
99.5
113.7
PBT/avg assets
2.4
2.4
2.4
2.4
FDPER (x)
14.0
11.1
9.7
8.0
Tax/avg assets
0.8
0.8
0.8
0.8
450.8
540.1
646.9
752.0
P/BV (x)
RoA
1.6
1.6
1.6
1.7
19.3
20.4
19.1
19.2
GNPA (%)
1.0
0.9
1.0
1.0
NNPA (%)
0.3
0.3
0.3
0.3
RoAE
Emkay Research
27 April 2012
2.4
2.0
1.7
1.5
440.8
528.7
633.1
736.8
P/ABV (x)
2.5
2.1
1.7
1.5
P/PPP (x)
7.1
6.1
5.5
4.7
1.3
1.5
1.6
2.1
Result Update
Reco
Previous Reco
Reduce
Reduce
CMP
Target Price
Rs1,397
Rs 1,270
(12.2)
Nifty
5,191
Sensex
17,134
12M
Price Performance
1M
3M
6M
Absolute
16
22
Rel. to Nifty
16
26
18
(%)
Source: Bloomberg
Net Sales ~4% below est., sharp increase in discounts in petrol cars
1400 Rs
% 20
1300
12
1200
1100
-4
1000
-12
900
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
-20
Apr-12
Net sales disappointed at Rs 117bn (est. of Rs 123bn) despite favorable product mix
and price hikes. Average selling prices (ASP) declined 0.4% QoQ (11% YoY) to Rs
318,779 vs our est. of Rs 333,886. Management commentary indicated sequential
increase of domestic ASPs by Rs 12,000. However, lower share of spare and other
parts led to lower overall revenues. Also, we were surprised by a 12% QoQ jump in
discounts on petrol cars.
Product mix %
Source: Bloomberg
Stock Details
Sector
Automobiles
Bloomberg
MSIL@IN
1445
Face Value(Rs)
289
52 Week H/L
1,428/906
398/7,568
755380
18.8
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
53.0
48.7
50.7
48.4
47.9
13.4
16.3
16.9
13.0
11.9
20.8
22.2
20.2
25.3
25.4
Dzire
9.5
10.0
9.1
11.6
12.5
SX4
3.0
2.2
2.0
1.2
1.7
Gypsy, Vitara
0.3
3.2
4.3
2.1
1.2
Exports
Units sold (nos)
YoY change
9.0
11.0
11.9
11.6
10.8
343,420
281,526
252,299
239,528
360,324
19.5
(0.6)
(19.6)
(27.6)
4.9
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
10,600
9,300
13,500
12,200
13,493
14.8
58.8
14.0
27.3
54.2
54.2
54.2
FII/NRI
21.5
19.5
19.3
% YoY
Institutions
15.8
17.4
17.7
Private Corp
5.8
6.1
6.2
12,815
12,037
16,999
16,531
18,518
Public
2.6
2.9
2.6
% YoY
25.3
67.5
27.9
44.5
Source: Capitaline
Financial Snapshot
YE-
Net
Mar
Sales
(Core)
(%)
APAT
365,747
31,990
8.7
22,886
FY11
EBITDA
EPS
EPS
RoE
(Rs)
%chg
(%)
P/E
EBITDA
EV/
P/BV
79.2
(8.8)
17.8
17.6
10.3
2.9
FY12E
354,451
24,575
6.9
16,321
56.5
(28.7)
11.2
24.7
13.4
2.7
FY13E
429,021
37,937
8.8
24,823
85.9
52.1
15.1
16.3
8.7
2.3
FY14E
506,261
46,873
9.3
30,226
104.6
21.8
15.9
13.4
6.7
2.0
Result Update
Quarterly Summary
Rs mn
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
YoY(%)
QoQ(%)
FY12
FY11
YoY(%)
Revenue
100,922
85,293
78,316
78,824
117,270
16.2
48.8
359,703
369,654
(2.7)
90,825
77,149
73,104
74,652
108,685
19.7
45.6
320,794
332,359
(3.5)
89.2
89.9
18.7
49.5
284,244
287,943
79.0
77.9
8,438
7,036
2.3
1.9
28,112
37,381
7.8
10.1
Expenditure
as % of sales
Consumption of RM
90.0
90.5
93.3
94.7
92.7
78,629
66,917
61,566
62,433
93,328
77.9
78.5
78.6
79.2
79.6
1,534
1,794
1,995
2,090
2,560
1.5
2.1
2.5
2.7
2.2
10,662
8,438
9,544
10,129
12,797
10.6
9.9
12.2
12.9
10.9
as % of sales
Employee Cost
as % of sales
Other expenditure
as % of sales
EBITDA
66.9
20.0
22.5
26.3
(1.3)
19.9
(24.8)
10,097
8,144
5,212
4,172
8,585
(15.0)
105.8
38,910
37,295
4.3
Depreciation
2,967
2,425
2,664
2,989
3,306
11.4
10.6
11,383
10,135
12.3
EBIT
7,131
5,719
2,548
1,183
5,279
(26.0)
346.3
27,526
27,160
1.3
Other Income
1,199
1,801
1,177
1,604
2,969
147.6
85.1
7,550
4,823
56.5
64
58
109
174
208
548
244
124.5
PBT
8,266
7,463
3,617
2,613
8,040
(2.7)
207.7
34,529
31,739
8.8
Total Tax
1,667
1,970
1,018
557
1,642
(1.5)
194.8
5,187
8,489
(38.9)
Adjusted PAT
6,599
5,492
2,598
2,056
6,398
(3.0)
211.2
29,342
23,250
26.2
(3.0)
211.2
29,342
22,573
30.0
Interest
6,599
5,492
2,598
2,056
6,398
(194)
(194)
(676)
(71.3)
Reported PAT
6,599
5,492
2,405
2,056
6,398
(3.0)
211.2
29,148
22,573
29.1
Reported EPS
22.8
19.0
8.3
7.1
22.1
(3.0)
211.2
56.6
78.1
(27.6)
(bps)
(bps)
Margins (%)
EBIDTA
(bps)
10.0
9.5
6.7
5.3
7.3
(268)
203
10.8
10.1
EBIT
7.1
6.7
3.3
1.5
4.5
(256)
300
7.7
7.3
31
EBT
8.2
8.7
4.6
3.3
6.9
(133)
354
9.6
8.6
101
PAT
Effective Tax rate
73
6.5
6.4
3.3
2.6
5.5
(108)
285
8.2
6.3
187
20.2
26.4
28.1
21.3
20.4
25
(89)
15.0
26.7
(1,173)
YoY(%)
QoQ(%)
YoY(%)
Revenue
293,941
302,967
310,400
329,081
325,457
10.7
(1.1)
317,287
290,836
9.1
Raw Material
229,012
237,695
244,010
260,648
259,012
13.1
(0.6)
250,725
226,547
10.7
Staff Cost
4,468
6,371
7,905
8,726
7,104
59.0
(18.6)
7,443
5,536
34.4
Other Expense
31,053
29,973
37,828
42,288
35,516
14.4
(16.0)
24,797
29,410
(15.7)
EBITDA
29,409
28,928
20,657
17,418
23,826
(19.0)
36.8
34,322
29,343
17.0
PAT
19,219
19,509
10,299
8,584
17,757
(7.6)
106.9
25,882
18,292
41.5
Emkay Research
30 April 2012
Result Update
Sharp jump in other income and lower tax rate drives net profits
Net profits at Rs 6.4bn was 7% above estimates due to sharp jump in higher other income
(Rs 2.9bn vs est. of Rs 1.3bn) and lower tax rates (20% vs est of 26%). Other income was
higher due to maturity of several fixed maturity plans. Depreciation expense at Rs 3.3bn was
higher than our est. of Rs 3bn. Tax rates at ~20.4% were significantly lower than our est.
largely due to higher R&D spend (benefit of 200% weighted deduction for taxes) and higher
share of other income. Absolute tax amount at Rs 1.6bn was 35% lower than our estimate.
Earlier
Revised
1,296,754
429,109
FY14E
% Change
Our est.
% YoY
1,330,183
2.6
1,526,609
14.8
429,021
(0.0)
506,261
18.0
41,615
37,937
(8.8)
46,873
23.6
9.7
8.8
28,284
24,823
(12.2)
30,226
21.8
97.9
85.9
(12.2)
104.6
21.8
9.3
Emkay Research
30 April 2012
Result Update
Emkay Research
30 April 2012
Demand outlook: Strong polarity in demand witnessed in FY12 with petrol sales
declining 14% while diesel sales increasing 37%. Outlook for FY13 continues to remain
subdued for petrol vehicles driven by rising cost of ownership and increase in fuel
prices. Company is taking steps to lower cost of ownership by offering exchange
bonuses, targeting customers with lower usage and considering interest subventions.
Diesel demand continues to remain strong with waiting periods at 4-5 months for Dzire
and 6 months for Swift.
Current diesel engine capacity stands at 400,000 units. New diesel engine plant in
Gurgaon is expected to come on stream in 1HFY14 with a capacity of 150,000 units
and rest 150,000 units by FY15. Total proposed capex for this is Rs 17 bn
Average discount levels have increased to Rs 13,493 per vehicle vs Rs 12,200 in Q3.
Compensation to vendors for indirect imports in Yen (payment with a lag of 1 quarter)
impacted EBITDA by Rs 2bn during this quarter
Company has hedged ~40% of its FY13 USD/Yen net exposure at favorable rates. It
has fully hedged Q1 exposure and 67% of Q2 exposure. It targets to hedge ~50% of
net exposure each year.
It also has natural hedges for Euro exposure and ~25% of USD exposure. USD/Re has
been partially covered for Q1 and rest is unhedged.
Company has received 22,000 bookings for Ertiga with diesel share at more that 80%.
It is expected to commence exports to Indonesia in the coming months in CKD form
followed with roll out in other geographies.
Result Update
Financials
Income Statement
Y/E, Mar (Rs. mn)
Balance Sheet
FY11
FY12
FY13E
FY14E
365,747
354,451
429,021
506,261
1,445
1,445
1,445
1,445
24.7
(3.1)
21.0
18.0
137,230
150,429
174,549
201,966
Expenditure
333,757
329,877
391,083
459,388
Net worth
Materials Consumed
284,902
281,294
335,685
395,126
Minority Interest
Net Sales
Growth (%)
Employee Cost
FY11
FY12
FY13E
FY14E
138,675
151,874
175,994
203,411
7,036
8,438
9,844
11,444
Secured Loans
312
10,784
312
312
Other Exp
41,819
40,144
45,554
52,818
Unsecured Loans
2,781
966
2,781
2,781
EBITDA
31,990
24,575
37,937
46,873
Loan Funds
3,093
11,749
3,093
3,093
(12.8)
(23.2)
54.4
23.6
8.7
6.9
8.8
9.3
Depreciation
10,135
10,802
12,657
14,724
EBIT
21,855
13,773
25,280
32,150
6.0
3.9
5.9
6.4
9,477
8,884
9,023
9,556
244
300
300
300
PBT
31,088
22,357
34,004
Tax
8,202
6,036
9,181
Growth (%)
EBITDA margin (%)
Gross Block
164,377
186,377
72,885
85,542
100,266
Net block
55,294
66,492
78,835
86,111
14,286
14,829
15,000
15,000
41,406
Investment
51,067
61,473
72,567
76,067
11,180
Current Assets
63,563
80,228
75,242
102,521
Inventories
14,150
17,965
18,127
21,414
8,933
9,377
18,127
21,414
25,085
24,362
3,761
18,379
13,722
24,498
33,554
39,640
27.0
27.0
24,823
30,226
(8.8)
(28.7)
52.1
21.8
6.3
4.6
5.8
6.0
22,886
16,321
24,823
30,226
22,886
16,321
24,823
30,226
(8.8)
(28.7)
52.1
21.8
Growth (%)
208,148
139,377
27.0
E/O items
1,644
180,731
62,083
16,321
1,644
166,646
117,377
26.4
3,023
143,412
Less: Depreciation
22,886
Growth (%)
1,644
Total Liabilities
Sundry debtors
1,673
4,027
1,673
1,673
40,798
56,376
60,913
71,552
Current liabilities
35,540
49,391
54,752
64,314
5,258
6,985
6,161
7,237
22,765
23,852
14,329
30,969
143,412
166,646
180,731
208,148
FY11
FY12
FY13E
FY14E
9.3
Provisions
Net current assets
Misc. exp
Total Assets
Cash Flow
Key Ratios
FY11
FY12E
FY13E
FY14E
Y/E, Mar
21,611
13,473
24,980
31,850
Profitability (%)
Depreciation
10,135
10,802
12,657
14,724
244
300
300
300
3,331
3,384
(1,810)
(11,077)
Tax paid
(8,202)
(6,036)
Operating Cashflow
30,503
16,728
Interest Provided
Capital expenditure
EBITDA Margin
8.7
6.9
8.8
Net Margin
6.3
4.6
5.8
6.0
ROCE
23.1
14.6
19.8
21.4
(2,023)
ROE
17.8
11.2
15.1
15.9
(9,181)
(11,180)
RoIC
41.9
23.2
32.5
34.2
17,679
33,671
(23,720)
(22,543)
(25,171)
(22,000)
79.2
56.5
85.9
104.6
6,783
(5,814)
(7,492)
11,671
CEPS
114.3
93.8
129.7
155.5
Other income
9,477
8,884
9,023
9,556
BVPS
479.8
525.5
609.0
703.8
Investments
14,977
(10,406)
(11,094)
(3,500)
7.5
4.5
6.9
8.4
Investing Cashflow
24,454
(1,522)
(2,071)
6,056
EPS
DPS
Valuations (x)
PER
17.6
24.7
16.3
13.4
(5,121)
8,656
(8,656)
P/CEPS
12.2
14.9
10.8
9.0
(244)
(300)
(300)
(300)
P/BV
2.9
2.7
2.3
2.0
(2,518)
(1,517)
(2,307)
(2,810)
EV / Sales
0.9
0.9
0.8
0.6
EV / EBITDA
10.3
13.4
8.7
6.7
(226)
226
0.5
0.3
0.5
0.6
6,613
(11,038)
(3,110)
(7,134)
24,103
(723)
(20,600)
14,618
(0.5)
(0.5)
(0.4)
982
25,085
24,362
3,761
Net Debt/EBIDTA
(2.2)
(3.0)
(1.8)
(1.9)
25,085
24,362
3,761
18,379
(12.4)
(29.9)
(21.0)
(20.7)
Emkay Research
30 April 2012
Result Update
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Emkay Research
30 April 2012
www.emkayglobal.com
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