ValueNotes Company Research Reports

Dabur India: Buy on dips

2012-02-10

Dabur India's Q3FY12 revenue growth was above expectations. Organic growth was encouraging at 20.2% Y-o-Y and was driven by combination of volume growth, price increases and marginal translation gains.

Pratibha Industries: Strong execution of projects drive top-line in Q3FY12

2012-02-10

Pratibha registered revenue growth of 53% y-o-y (34% q-o-q) on account of strong execution of ongoing projects as well as revenue recognition from new projects. The order book stands at Rs6159 cr with a revenue visibility of 3-3.5 yrs. Maintain buy

Attractive MNC stock pick: Voith Paper Fabrics

2012-02-10

At current levels, the VPF stock appears attractive as it trades at about 10 times FY11 (Rs26.26) and at 8.8 times FY12E earnings (Rs30 - Rs 31). Investors with medium-long-term perspective can consider buying the company's stock in a phased manner

ONGC: Higher subsidy drag down bottom line in Q3

2012-02-10

ONGC reported 2.5% y-o-y and 20% q-o-q decline in net sales to Rs181 bn as the net realisation declined to USD 44.9/bbl on account of significant increase in ONGC's subsidy burden by 3x y-o-y and 2.2x q-o-q to Rs125 bn. However, ONGC's future outlook remains positive as domestic production is expected to increase from most of the existing JVs, IOR/ EOR gains and marginal field developments. Maintain buy

Titan Ind: Glittering growth story, accumulate

2012-02-10

TIL is the market leader in the organized segment (both jewellery & watch business), strong distribution channel, high brand equity and good product mix, all of which will help the company to generate good revenue growth with sustained margins. Accumulate for a price target of Rs226

J B Chemicals: Growth in progress, maintain buy

2012-02-10

In the past 2 quarters JB Chemicals has reflected good operational performance with steady revenues and sequential improvement in its margins despite higher fixed costs. At CMP of Rs81, the stock is trading at 5.9 times its FY2013E and 0.6 times its book value. Maintain buy for a price target of Rs85

JK Lakshmi Cement Q3FY12: Turn around in performance, maintain buy

2012-02-09

JK Lakshmi Cement's revenues for the quarter stood at Rs4401 mn (up 39% y-o-y). Higher revenues were driven by both, higher Volumes as well as higher realisations. At CMP of Rs62.95, the stock remains attractive, maintain buy

Phillips Carbon Black: Dismal performance in Q3FY12

2012-02-09

PCBL has yet again reported a bad quarter on account of lower off-takes from tyre sector, slowdown in passenger cars segment and cheap imports. EBITDA Margin squeezed off by 585 bps y-o-y on account of higher input costs but improved by 61 bps q-o-q, led by improvement in realizations and lower base of sequential quarter

Tulip Telecom Q3FY12: Results Below Expectations

2012-02-09

Tulip Telecom's revenues came in at Rs6866 million down 2.3% Q‐o‐Q but grew 13.9% Y‐o‐Y and were below expectations. The EBITDA was at Rs1991 million. Jaypee has a positive outlook on the company and believes that with a leadership position in the VPN segment, it is well placed to benefit from the growing Enterprise data market.

Tech Mahindra: BT pressure continues to mount, Satyam only silver lining

2012-02-09

Tech Mahindra (TECHM) reported Q3FY12 results below Prabhudas Lilladher's expectation; however, Satyam's contribution pushed the bottom-line performance. BT ramp down remains a matter of concern and Prabhudas Lilladher see no respite in the near term.