ValueNotes Company Research Reports

LIC Housing Finance Q4FY13: Total income up by 23.6%

LIC Housing Finance recently came out with its Q4FY13 results, which were better than their expectations. Sequential improvement in NIMs & asset quality, (which were under pressure over the last few quarters), was encouraging.

Motherson Sumi: Strong performance by standalone business and SMR

Motherson Sumi’'s Q4FY13 results were in line with estimates, mainly led by higher EBITDA margin on a standalone business at 22.0% and 8.4% EBITDA margin at SMR level. However, SMP’s performance was disappointing on account of a 11.9% y-o-y decline in top‐line in Euro terms

NIIT Technologies: Beats expectations; Reiterate buy

NIIT Technologies (NIIT Tech) reported revenues/margin above PLe/Consensus expectation. Moreover, margins recovered due to improvement in GIS business. Improving revenue outlook in the Travel & Transportation space (IATA revised its growth commentary upwards), ramp-up in government deals and better order intake restores confidence in their revenue growth & margin profile

ITC: Cigarette continue to glow, FMCG turnaround

ITC reported PAT of Rs19.3bn on the back of 20.2% EBIT growth in cigarettes even as Paper and Hotels continued to disappoint. Non‐cigarette business growth is expected to pick up and 31% EBIT CAGR is estimated over FY13‐15. ITC has taken 15% price increase to mitigate the impact of excise and VAT increase

Dhanuka Agritech: In-line quarter; Maintain buy

Kalpataru Power: Weak execution leads to decline in sales

Kalpataru Power reported sales of Rs10.3bn, down 3% YoY (PLe: Rs11.1bn). Weak execution in both, T&D and Infrastructure, led to decline in sales. Sales in T&D segment were impacted by a new regulation regarding BIA certification of certain steel which led to the delay in execution

Sun TV's Q4FY13 PAT increased 12% y-o-y to Rs1.78 bn, maintain buy

Sun TV's 4QFY13 PAT increased 12% y-o-y to Rs1.78b, below the estimate of Rs1.86b. Revenue/EBITDA increased 11/6% y-o-y and were 1/5% below estimate. PAT was supported by higher other income. Maintain buy

Bajaj Auto: Net sales declined 4.5% y-o-y to Rs47.5 bn

Bajaj Auto's net sales declined 4.5% y-o-y to Rs47.5b (v/s est Rs49.9b) led by volume decline of 3.5% y-o-y (-13% q-o-q) to 9.8m units (v/s est 1.05m units) and realizations growth of 2.1% y-o-y (+0.8%) to Rs48,372 (v/s est Rs47,588)

ITC: Non-Cigarettes FMCG business posted strong sales growth

ITC's Q4FY13 sales grew 18.8% to Rs82.5b (est Rs81.8b), EBITDA grew 19% y-o-y to Rs27b (est Rs28.1b), while adj PAT grew 19.4% to Rs19.2b (est Rs19.4b). Non-Cigarettes FMCG business posted strong sales growth of 26% aided by low teens volume growth. It also reported its first ever positive EBIT at Rs119m

NIIT Technologies Q4FY13: Robust fresh order intake - Maintain Buy

NIIT Technologies' (NIIT Tech) Q4FY13 performance was a mixed-bag. The reported revenue grew by 4.4% QoQ to Rs5,372 mn (INSPL est: Rs5,429mn) led by 5.5% QoQ volume growth in US [offset by flat volume growth in Europe]. EBITDA margin expanded 65 bps QoQ [INSPL est: Up 60bps] to 16.5% due to turnaround in GIS margin.