COMPLIMENTARY TO THE READERS OF MINT
mintmoney.livemint.com
The Q Report Quarterly Results Series I
mint money
Mint money Q1 report
Monika Halan Editor, Mint Money
EDITOR'S NOTE EDITORIAL TEAM Editor, Mint Money Monika Halan Compiled by Prashant Mukherjee Mark to Market team Manas Chakravarty Mobis Philipose Pallavi Pengonda Ravi Ananthanarayanan Vatsala Kamat Data Ashwin Ramarathinam Analysts Angel Securities Asit C. Mehta Edelweiss Securities India Infoline Motilal Oswal Prabhudas Lilladher Sharekhan Desk Nidhi Sinha Saurabh Kumar DESIGN TEAM Abel Robinson Uttam Sharma DATA SOURCE Capitaline
Cover illustration Uttam Sharma/Mint
M
ost people’s eyes glaze over when they look at rows and columns filled with data. But those who read the language of data find stories and stories in the long lines of numbers. The basis of making money is either to be able to read data yourself or allow those who can—fund managers—to read it for you. But most successful stock investing needs this basic skill of data reading. For those who can and want to read data, the next problem arises— where to get data in a form that is easy to read, easy to store and easy to carry around. I always thought that investors would find it easy to get this data off the Internet. The first time we fully understood the value of getting value-added data to our readers in a form and font that is useful was when we discontinued the mutual fund listings some months ago. The sheer reader upset got us to quickly fix our systems and get the data back again in the paper. A similar request—for value-added data—has now come from readers for compiling and printing quarterly results of companies in a book. The more we thought about this input, the more we liked the idea. Yes, the data was available online and yes it can be downloaded, but the sheer utility of a book that holds the data together in one easy-to-use format beats 30 downloads any day. So dear reader, what you hold in your hand right now is the first of a four-part series called the Mint Money Q Report. The Q1 Report documents the first quarter results of the 30 Sensex companies and the Q2 Report will document the second quarter and so on. I know it is a bit late in the day for Q1 results, but we will be prompt with the Q2 Report once all the results are in. We’ve sourced the data from Capitaline. The analysis of the result is partly in-house with Mint’s Mark to Market team writing and partly from analysts’ reports that are outsourced. This is a first cut of a new idea. We’re very open to suggestions and ideas to make this better. Happy data reading! SEPTEMBER 2010 | 1
mint money
Mint money Q1 report
ACC Ltd
Cement and cement products
BSE code
500410
Price as on 24 September 2010
NSE symboL
ACC
R1,012.30
A
CC Ltd is one of the leading cement manufacturers of the country with operations in almost all parts of the country. The quarterly results of the company were in line with expectations of Edelweiss Securities with realization increasing by R3 per bag sequentially. However, volumes fell 5.2% leading to a 4% decline in sales. Increase in realizations by 1.5% was offset by 5% increase in the overall cost, leading to a 6% decline in earnings before interest, tax, depreciation and amortization per tonne to R1,049 on a sequential basis. View of Edelweiss Securities
Quarter ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
2,020.70
2,101.81
1,921.46
1,969.39
2,081.26
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
2,020.70
2,101.81
1,921.46
1,969.39
2,081.26
Other operating income
41.46
34.47
62.42
36.07
38.60
Other income
18.26
26.43
20.04
14.78
17.73
Total income
2,080.42
2,162.71
2,003.92
2,020.24
2,137.59
Total expenditure
1,467.75
1,479.58
1,490.79
1,301.48
1,346.90
PBDIT
612.67
683.13
513.13
718.76
790.69
Interest
14.07
12.75
18.06
13.51
15.95
PBDT
598.60
670.38
495.07
705.25
774.74
Depreciation
96.16
93.53
105.19
79.58
78.40
Tax
143.51
171.72
109.17
190.04
210.72
Reported profit after tax
358.93
405.13
280.71
435.63
485.62
Extraordinary items
-
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
358.93
405.13
280.71
435.63
485.62
EPS (R)
19.12
21.58
14.93
23.21
25.87
Equity
187.94
187.94
187.94
187.91
187.89
Public Shareholding (no. of shares in million)
101.01
101.01
101.01
100.97
100.41
Public Shareholding (% in equity share capital)
53.80
53.80
53.80
53.79
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
53.50 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 3
mint money
Mint money Q1 report
Bharti Airtel Ltd Telecom services
BSE code
532454
Price as on 24 September 2010
NSE symboL
BHARTIARTL
R368.00
B
harti Airtel Ltd’s results were ahead of analysts’ estimates, just like its competitors Idea Cellular Ltd and Vodafone Essar Ltd. In a trend reversal, the core mobile services business in India and South Asia reported a 6.1% increase in revenues and a 4.9% rise in earnings before interest, tax, depreciation and amortization. This reflects improvement in the domestic wireless business since competition from new entrants, such as Uninor, hasn’t been as intense as was expected. But concerns remain. According to a recent Citigroup report, there is renewed regulatory concern on the sector; erosion of fundamental profitability thanks to the overshooting of third-generation (3G) spectrum bids and the possibility of sharp cuts in postpaid tariffs owing to operators’ fragmented 3G footprint. Number portability, when implemented, could affect tariffs. The performance of Zain is also critical. Mobis Philipose
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
9,323.70
8,911.92
8,755.45
8,901.66
9,040.50
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
9,323.70
8,911.92
8,755.45
8,901.66
9,040.50
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
50.00
32.40
16.11
25.44
15.70
Total income
9,373.70
8,944.32
8,771.56
8,927.10
9,056.20
Total expenditure
5,957.00
5,695.63
5,450.36
5,365.99
5,453.60
PBDIT
3,416.70
3,248.69
3,321.20
3,561.11
3,602.60
Interest
144.60
-279.84
-225.66
80.02
-430.20
PBDT
3,272.10
3,528.53
3,546.86
3,481.09
4,032.80
Depreciation
1,066.70
1,002.86
990.18
944.00
953.00
Tax
312.70
246.87
221.13
188.65
286.10
Reported profit after tax
1,930.90
2,129.61
2,312.10
2,296.94
2,687.50
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,930.90
2,129.61
2,312.10
2,296.94
2,687.50
EPS (R)
5.09
5.61
6.09
6.05
14.16
Equity
1,898.80
1,898.77
1,898.48
1,898.42
1,898.37
Public Shareholding (no. of shares in million)
1,220.15
1,221.74
1,221.16
1,226.59
618.73
Public Shareholding (% in equity share capital)
32.13
32.17
32.16
32.31
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
4 | SEPTEMBER 2010
32.59 Figures in R crore unless specified
mint money
Mint money Q1 report
Bharat Heavy Electricals Ltd Heavy electrical equipment
BSE code
500103
Price as on 24 September 2010
NSE symboL
BHEL
R2,454.90
B
harat Heavy Electricals Ltd (Bhel) has recently floated an expression of interest (EoI) to appoint a consultant to work on ideas to use its cash reserves and to explore the possibility of the formation of a separate finance company in a joint venture with a strategic partner to finance power projects. As per the EoI, subsequently the proposed non-banking finance company (NBFC) could also target the opportunities in the overseas markets, particularly in countries where Bhel has a sizeable presence. This NBFC venture could also play a major role in facilitating orders from customers requiring equipment as well as financing and necessary financial advisory services. View of Sharekhan
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
6,761.23
14,096.33
7,386.00
6,916.55
5,799.59
Excise duty
281.54
537.23
285.66
291.34
203.94
Net sales
6,479.69
13,559.10
7,100.34
6,625.21
5,595.65
Other operating income
121.35
385.55
128.88
102.31
75.77
Other income
163.45
207.98
193.29
195.50
227.09
Total income
6,764.49
14,152.63
7,422.51
6,923.02
5,898.51
Total expenditure
5,636.02
11,071.84
5,667.53
5,495.68
5,079.46
PBDIT
1,128.47
3,080.79
1,754.98
1,427.34
819.05
Interest
3.83
17.80
6.90
4.52
4.28
PBDT
1,124.64
3,062.99
1,748.08
1,422.82
814.77
Depreciation
126.89
164.69
103.81
93.41
96.10
Tax
330.10
988.72
571.68
471.53
248.08
Reported profit after tax
667.65
1,909.58
1,072.59
857.88
470.59
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
667.65
1,909.58
1,072.59
857.88
470.59
EPS (R)
13.64
39.01
21.91
17.53
9.61
Equity
489.52
489.52
489.52
489.52
489.52
Public Shareholding (no. of shares in million)
158.01
158.01
158.01
158.01
158.01
Public Shareholding (% in equity share capital)
32.28
32.28
32.28
32.28
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
32.28 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 5
mint money
Mint money Q1 report
Cipla Ltd
Pharmaceuticals
BSE code
500087
Price as on 24 September 2010
NSE symboL
CIPLA
R316.90
T
he management of Cipla Ltd believes that revenue for FY11 will cross R6,000 crore and aggressive capital expenditure will continue. This represents growth of more than 7% over FY10. Cipla indicated it would invest R1,000 crore in the near future to build manufacturing facilities and expand existing ones to keep abreast of development and maintain its leading position in the pharmaceuticals space. Cipla is targeting profitability improvement through backward integration and focusing on more complex and low competition areas, such as biotechnology. The firm will invest $65 million in biotechnology ventures over three years and is likely to sell the products in India by early 2012. View of Motilal Oswal
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
1,441.03
1,329.01
1,357.87
1,383.91
1,339.46
Excise duty
13.65
11.52
13.71
12.73
14.20
Net sales
1,427.38
1,317.49
1,344.16
1,371.18
1,325.26
Other operating income
52.38
57.20
94.34
71.70
48.69
Other income
16.75
140.08
17.84
12.82
11.97
Total income
1,496.51
1,514.77
1,456.34
1,455.70
1,385.92
Total expenditure
1,129.16
1,116.70
1,058.62
1,062.04
1,032.43
PBDIT
367.35
398.07
397.72
393.66
353.49
Interest
0.11
0.46
4.37
8.36
10.47
PBDT
367.24
397.61
393.35
385.30
343.02
Depreciation
54.82
49.48
45.67
47.81
45.81
Tax
51.25
67.60
52.65
57.75
50.50
Reported profit after tax
257.42
275.53
289.03
275.74
241.71
Extraordinary items
0.00
95.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
257.42
180.53
289.03
275.74
241.71
EPS (R)
3.21
3.43
3.60
3.55
3.11
Equity
160.58
160.58
160.58
160.58
155.46
Public Shareholding (no. of shares in million)
500.99
500.85
500.52
489.69
464.37
Public Shareholding (% in equity share capital)
62.40
62.38
62.34
60.99
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
6 | SEPTEMBER 2010
59.74 Figures in R crore unless specified
mint money
Mint money Q1 report
DLF Ltd Realty
BSE code
532868
Price as on 24 September 2010
NSE symboL
DLF
R365.65
T
he first quarter results of DLF Ltd were largely in line with expectations with revenue being slightly better than our estimates. DLF reported a revenue growth of 23% year-on-year (y-o-y) and sequential growth of 1.7%. The earnings before interest, tax, depreciation and amortization margins stood firm at 48.3%. The company’s profit after tax grew 3.7% y-o-y, but a sequential decline of 3.6%. DLF just soft launched one project this quarter. This is a citycentric project located in Chennai, where the company sold 0.23 million sq. ft. View of Prabhudas Lilladher
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
651.89
781.97
887.16
314.19
417.97
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
651.89
781.97
887.16
314.19
417.97
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
162.63
415.01
130.30
117.19
147.86
Total income
814.52
1,196.98
1,017.46
431.38
565.83
Total expenditure
221.97
410.42
487.52
189.19
210.00
PBDIT
592.55
786.56
529.94
242.19
355.83
Interest
308.71
261.86
210.87
167.78
206.73
PBDT
283.84
524.70
319.07
74.41
149.10
Depreciation
32.08
31.76
32.26
31.29
30.74
Tax
46.66
81.93
74.00
2.21
17.12
Reported profit after tax
205.10
411.01
224.43
33.78
100.40
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
205.10
411.01
224.43
33.78
100.40
EPS (R)
1.21
2.42
1.33
0.20
0.59
Equity
339.48
339.48
339.47
339.44
339.43
Public Shareholding (no. of shares in million)
362.60
362.59
362.54
362.39
362.39
Public Shareholding (% in equity share capital)
21.36
21.36
21.36
21.35
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
21.35 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 7
mint money
Mint money Q1 report
hdfc bank Ltd BANK
BSE code
500180
Price as on 24 September 2010
NSE symboL
HDFCBANK
R2,491.40
H
DFC Bank Ltd has justified its premium valuations once again. Its performance has been far better than the industry’s. Deposit growth was a good 25.6% year-on-year (y-o-y), although dwarfed by a growth of 40.2% in gross advances—10% of the increase in advances was due to one-off short-term wholesale loans. Net interest margins rose a bit to 4.3% from 4.2% in the year ago period, but was down from the 4.4% during the March 2010 quarter. The profit is up 33.9% y-o-y compared with 32.6% y-o-y in the March quarter. Two factors helped the bank maintain its profit growth despite lower treasury income—one, lower provisions and two, higher core earnings. Manas Chakravarty
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Interest earned
4,420.15
4,053.11
4,034.81
3,991.89
4,093.10
Other income
939.88
903.55
853.01
1,007.40
1,043.65
Total income
5,360.03
4,956.66
4,887.82
4,999.29
5,136.75
Operating expenses
3,611.32
3,262.29
3,264.12
3,406.29
3,618.10
Operating profit before provisions
1,748.71
1,694.37
1,623.70
1,593.00
1,518.65
Provisions and contingencies
555.02
439.91
447.72
594.14
658.82
Depreciation
0.00
0.00
0.00
0.00
0.00
Provision for taxes
381.98
417.84
357.48
311.40
253.72
Interest earned
4,053.11
4,053.11
4,053.11
4,053.11
4,053.11
Net profit
811.71
836.62
818.50
687.46
606.11
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
811.71
836.62
818.50
687.46
606.11
EPS (R)
17.70
18.30
18.70
16.10
14.20
Equity
459.69
457.74
455.24
427.36
426.18
Public shareholding (no. of shares in million)
351.05
349.10
346.59
344.91
343.74
Public shareholding (% in equity share capital
76.40
76.30
76.10
80.70
80.70
Net interest margin (%)
0.00
4.40
4.30
4.20
0.00
Net non-performing assets
0.30
0.30
0.50
0.50
0.60
Total deposits
183,033.00
167,404.00
154,789.00
149,805.00
0.00
Total advances
147,620.00
127,262.00
121,051.00
115,104.00
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
8 | SEPTEMBER 2010
0.00 Figures in R crore unless specified
mint money
Mint money Q1 report
Housing Development Finance Corp Ltd HOUSING FINANCE
BSE code
500010
Price as on 24 September 2010
NSE symboL
HDFC
R731.95
H
DFC Ltd’s profit before tax (PBT) for the June quarter, at R966.59 crore, was higher by R186.67 crore or 24% over the PBT during the corresponding quarter last year. The single important reason for the rise in profits was lower interest on bonds and debentures. This was R269 crore lower in the June 2010 quarter compared with the June 2009 quarter. HDFC’s June quarter results show a slight increase in loan growth. Including loans sold during the year, the year-on-year (y-o-y) growth in loan outstanding was 23% at end-June compared with 22% at the end of March 2010. While disbursements were up 25% y-o-y, loan approvals were up 30%, indicating strong lending growth ahead. Manas Chakravarty
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
2,797.13
2,892.30
2,756.95
2,844.83
2,844.20
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
2,797.13
2,892.30
2,756.95
2,844.83
2,844.20
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
4.82
7.02
5.26
5.40
4.87
Total income
2,801.95
2,899.32
2,762.21
2,850.23
2,849.07
Total expenditure
111.76
68.62
96.24
96.32
102.38
PBDIT
2,690.19
2,830.70
2,665.97
2,753.91
2,746.69
Interest
1,719.59
1,559.54
1,704.23
1,836.51
1,962.80
PBDT
970.60
1,271.16
961.74
917.40
783.89
Depreciation
4.01
5.28
4.49
4.46
3.97
Tax
272.00
339.50
286.00
249.00
215.00
Reported profit after tax
694.59
926.38
671.25
663.94
564.92
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
694.59
926.38
671.25
663.94
564.92
EPS (R)
24.02
32.24
23.47
23.27
19.82
Equity
290.95
287.11
285.86
284.90
284.56
Public Shareholding (no. of shares in million)
290.95
287.11
285.86
284.91
284.56
Public Shareholding (% in equity share capital)
100.00
100.00
100.00
100.00
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
100.00 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 9
mint money
Mint money Q1 report
Hero Honda Motors Ltd
Automobiles- 2/3 wheelers
BSE code
500182
Price as on 24 September 2010
NSE symboL
HEROHONDA
R1,865.15
O
n the operating margin front, the company has seen a contraction of 298 basis points (bps) on the back of increase in raw material costs. Optimal operating leverage, however, supported the marginal decline in staff cost and other expenditure. Other expenditure declined by 22 bps year-on-year (y-o-y) during the quarter due to relatively lower advertising expenditure, while staff cost declined by 25 bps y-o-y. The company reported 7.3% y-o-y decline in operating profit to R603 crore in the first quarter of FY11. On the operating front, the company reported 7.3% y-o-y fall in earnings before interest, tax, depreciation and amortization. View of Angel Securities
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
4,590.22
4,373.04
4,047.73
4,300.49
4,059.36
Excise duty
325.61
280.43
233.31
260.39
248.31
Net sales
4,264.61
4,092.61
3,814.42
4,040.10
3,811.05
Other operating income
32.00
29.71
12.61
19.34
18.11
Other income
53.42
69.49
54.95
68.71
42.48
Total income
4,350.03
4,191.81
3,881.98
4,128.15
3,871.64
Total expenditure
3,694.07
3,410.58
3,166.11
3,315.27
3,179.04
PBDIT
655.96
781.23
715.87
812.88
692.60
Interest
-2.66
-4.47
-4.59
-6.10
-5.46
PBDT
658.62
785.70
720.46
818.98
698.06
Depreciation
48.28
48.66
46.89
50.34
45.58
Tax
118.65
138.23
137.80
171.50
152.37
Reported profit after tax
491.69
598.81
535.77
597.14
500.11
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
491.69
598.81
535.77
597.14
500.11
EPS (R)
24.62
29.99
26.83
29.90
25.04
Equity
39.94
39.94
39.94
39.94
39.94
Public Shareholding (no. of shares in million)
95.43
89.94
89.94
89.94
89.94
Public Shareholding (% in equity share capital)
47.79
45.04
45.04
45.04
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
10 | SEPTEMBER 2010
45.04 Figures in R crore unless specified
mint money
Mint money Q1 report
Hindalco Industries Ltd Aluminium
BSE code
500440
Price as on 24 September 2010
NSE symboL
HINDALCO
R190.90
T
he aluminium business contributed 82% of stand-alone earnings before interest and tax (Ebit) and 36% of stand-alone revenues for Hindalco Industries Ltd. Higher volumes and better product mix drove revenue growth in the last quarter, but the benefits were eroded partly by rupee appreciation and higher energy cost. Revenue increased 31% year-on-year (y-o-y), while Ebit grew just 21% y-o-y. Production rate of base metals has increased substantially in recent months across the world. China’s domestic production was also strong in the last few months, leading to a decline in imports. However, production in China is unlikely to remain at the current levels. View of Motilal Oswal
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
5,145.51
5,358.46
5,286.10
4,892.56
3,868.31
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
5,145.51
5,358.46
5,286.10
4,892.56
3,868.31
Other operating income
32.74
45.94
29.18
24.55
28.59
Other income
68.92
77.66
49.58
57.29
75.32
Total income
5,247.17
5,482.06
5,364.86
4,974.40
3,972.22
Total expenditure
4,345.79
4,569.03
4,567.69
4,307.95
3,139.10
PBDIT
901.38
913.03
797.17
666.45
833.12
Interest
59.33
70.54
72.94
66.29
68.23
PBDT
842.05
842.49
724.23
600.16
764.89
Depreciation
169.09
168.41
167.61
165.86
165.33
Tax
138.56
10.16
129.52
90.25
119.00
Reported profit after tax
534.40
663.92
427.10
344.05
480.56
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
534.40
663.92
427.10
344.05
480.56
EPS (R)
2.79
3.47
2.41
2.02
2.83
Equity
191.37
191.37
191.36
170.05
170.05
Public Shareholding (no. of shares in million)
1,137.69
0.00
1,134.54
920.86
917.58
Public Shareholding (% in equity share capital)
59.46
0.00
59.29
54.16
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
53.97 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 11
mint money
Mint money Q1 report
Hindustan Unilever Ltd Personal products
BSE code
500696
Price as on 24 September 2010
NSE symboL
HINDUNILVR
R314.65
H
industan Unilever Ltd’s (HUL) comeback plan appears to be working. Its performance slipped in fiscal 2010 and it has been battling to regain volume growth and market share in the past few quarters. Its strategy appears to be finally showing results. Volumes rose by 11% in the June quarter, a good performance even after adjusting for the low base of 2% growth in the yearago period. HUL’s overall sales rose by 7% during the June quarter over the yearago period, but material costs rose by only 6%. Profitability would have increased but for a sharp 34% jump in advertising costs, which caused a fall of 2 percentage points in its operating profit margin, though it was higher on a sequential basis. If this trend continues, a recovery may well be round the corner. Ravi Ananthanarayanan
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
4,793.89
4,315.75
4,504.26
4,228.11
4,475.68
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
4,793.89
4,315.75
4,504.26
4,228.11
4,475.68
Other operating income
82.32
64.49
68.97
41.12
26.95
Other income
65.03
230.44
90.60
78.12
42.49
Total income
4,941.24
4,610.68
4,663.83
4,347.35
4,545.12
Total expenditure
4,199.67
3,791.29
3,792.97
3,783.29
3,790.02
PBDIT
741.57
819.39
870.86
564.06
755.10
Interest
0.08
0.14
0.19
1.48
5.17
PBDT
741.49
819.25
870.67
562.58
749.93
Depreciation
53.50
50.29
45.01
46.24
42.49
Tax
154.78
187.76
176.55
87.81
164.25
Reported profit after tax
533.21
581.20
649.11
428.53
543.19
Extraordinary items
14.34
160.49
34.97
-112.19
5.89
Adjusted profit after extraordinary items
518.87
420.71
614.14
540.72
537.30
EPS (R)
2.44
2.66
2.98
1.96
2.49
Equity
218.21
218.17
218.14
218.09
218.05
Public Shareholding (no. of shares in million)
1,047.23
1,046.84
1,046.59
1,046.05
1,045.69
Public Shareholding (% in equity share capital)
47.99
47.98
47.98
47.96
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
12 | SEPTEMBER 2010
47.96 Figures in R crore unless specified
mint money
Mint money Q1 report
ICICI Bank Ltd Bank
BSE code
532174
Price as on 24 September 2010
NSE symboL
ICICIBANK
R1,112.75
A
t end-June, the bank’s outstanding advances were higher by a cautious 1.8% compared with end-March, but the retail loan book continued to shrink. Domestic corporate lending increased substantially, while vehicle and personal loans came down. In the 12 months to end-June, the domestic corporate loan book has grown 43.5%, while the retail book has shrunk by 20.5%. Net profit at R1,026 crore was up 17% year-on-year (y-o-y) largely because of lower provisions. Net interest income was flat y-o-y with net interest margin up slightly and loan growth negative (both compared with the year-ago period). Fee income growth too was a tepid 7%, while trading profits were much lower y-o-y. The stock has underperformed the BSE Bankex. Manas Chakravarty
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Interest earned
5,812.54
5,826.98
6,089.57
6,656.94
7,133.44
Other income
1,680.51
1,890.84
1,673.14
1,823.79
2,089.88
Total income
7,493.05
7,717.82
7,762.71
8,480.73
9,223.32
Operating expenses
5,304.98
5,318.93
5,393.87
6,045.40
6,694.20
Operating profit before provisions
2,188.07
2,398.89
2,368.84
2,435.33
2,529.12
Provisions and contingencies
797.82
989.75
1,002.16
1,071.30
1,323.65
Depreciation
0.00
0.00
0.00
0.00
0.00
Provision for taxes
515.10
342.31
463.13
402.29
393.05
Interest earned
5,826.98
5,826.98
5,826.98
5,826.98
5,826.98
Net profit
1,025.98
1,005.57
1,101.06
1,040.13
878.22
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,025.98
1,005.57
1,101.06
1,040.13
878.22
EPS (R)
9.20
9.02
9.89
9.34
7.89
Equity
1,115.50
1,114.89
1,114.17
1,113.60
1,113.36
Public shareholding (no. of shares in million)
1,115.46
1,114,84
1,114.13
1,113.56
1,113.32
Public shareholding (% in equity share capital
100.00
100.00
100.00
100.00
100.00
Net interest margin (%)
2.50
2.60
2.60
2.50
2.40
Net non-performing assets
1.87
2.12
2.43
2.36
2.33
Total deposits
200,913.00
202,017.00
197,653.00
197,832.00
210,236.00
Total advances
184,378.00
181,206.00
179,269.00
190,860.00
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
198,102.00 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 13
mint money
Mint money Q1 report
Infosys Technologies Ltd IT consulting and software
BSE code
500209
Price as on 24 September 2010
NSE symboL
INFOSYSTCH
R3,040.65
I
nfosys Technologies Ltd results were a mixed bag. The company reported strong volume growth for the June quarter and its guidance suggests that growth would be strong for the entire year. But average billing rates of its offshore unit fell sharply that, coupled with its high wage increase in April, led to a sharper-than-expected decline in margins. With the company reporting a 2.4% decline in net profit year-on-year, it’s not surprising that its shares fell by about 3.5% after the results. Volumes grew by 7.6% in the information technology services business last year, the highest in the last 10 quarters, and the company’s dollar revenue guidance suggests that volumes could grow by 25% in FY11. Mobis Philipose
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
5,758.00
5,500.00
5,335.00
5,201.00
5,104.00
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
5,758.00
5,500.00
5,335.00
5,201.00
5,104.00
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
237.00
248.00
223.00
232.00
265.00
Total income
5,995.00
5,748.00
5,558.00
5,433.00
5,369.00
Total expenditure
3,896.00
3,606.00
3,442.00
3,402.00
3,331.00
PBDIT
2,099.00
2,142.00
2,116.00
2,031.00
2,038.00
Interest
0.00
0.00
0.00
0.00
0.00
PBDT
2,099.00
2,142.00
2,116.00
2,031.00
2,038.00
Depreciation
180.00
194.00
205.00
207.00
201.00
Tax
488.00
345.00
440.00
386.00
373.00
Reported profit after tax
1,431.00
1,430.00
1,471.00
1,438.00
1,464.00
Extraordinary items
0.00
48.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,431.00
1,382.00
1,471.00
1,438.00
1,464.00
EPS (R)
24.93
24.92
25.66
25.08
25.56
Equity
287.00
287.00
287.00
287.00
287.00
Public Shareholding (no. of shares in million)
374.99
374.86
373.91
372.57
373.84
Public Shareholding (% in equity share capital)
65.34
65.32
65.19
64.99
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
14 | SEPTEMBER 2010
65.24 Figures in R crore unless specified
mint money
Mint money Q1 report
ITC Ltd
Cigarettes
BSE code
500875
Price as on 24 September 2010
NSE symboL
ITC
R178.80
I
TC Ltd’s FY10 balance sheet contains several nuggets of information. Its cigarette sales rose by 7% in volume terms, reversing the previous year’s 3% decline. It had attributed the decline to a lopsided taxation structure, but launched new products to attract customers. ITC appears to have been selective about price increases. Either that or a change in its product mix saw a rise in per unit realizations match volume growth. The moderation in realizations is remarkable considering raw material prices shot up. In FY11, higher excise duty imposed by the Budget will burden ITC, but the new and lower excise slab for low-end cigarettes should help ITC get back some of its lost sales. ITC hiked cigarette prices in response to higher duties, ensuring its margins do not suffer. Ravi Ananthanarayanan
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
4,816.63
5,053.79
4,531.85
4,292.59
4,147.58
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
4,816.63
5,053.79
4,531.85
4,292.59
4,147.58
Other operating income
30.71
77.82
48.30
52.69
50.24
Other income
98.48
59.20
159.12
68.44
87.57
Total income
4,945.82
5,190.81
4,739.27
4,413.72
4,285.39
Total expenditure
3,210.25
3,513.65
2,872.51
2,755.16
2,810.49
PBDIT
1,735.57
1,677.16
1,866.76
1,658.56
1,474.90
Interest
5.80
18.51
10.87
18.14
5.84
PBDT
1,729.77
1,658.65
1,855.89
1,640.42
1,469.06
Depreciation
159.68
153.86
154.87
148.39
151.59
Tax
499.78
476.57
556.85
482.12
438.77
Reported profit after tax
1,070.31
1,028.22
1,144.17
1,009.91
878.70
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,070.31
1,028.22
1,144.17
1,009.91
878.70
EPS (R)
2.80
2.71
3.02
2.67
2.33
Equity
381.82
381.82
379.53
378.02
377.44
Public Shareholding (no. of shares in million)
3,804.23
3,803.48
3,780.58
3,763.69
3,756.10
Public Shareholding (% in equity share capital)
99.63
99.61
99.61
99.56
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
99.52 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 15
mint money
Mint money Q1 report
Jaiprakash Associates Ltd
Construction and engineering
BSE code
532532
Price as on 24 September 2010
NSE symboL
JPASSOCIAT
R121.20
I
n the next round of capacity additions, Jaiprakash Associates Ltd’s cement division, Jaypee Cement, is targeting production of 50 million tonnes (mt). The business has already witnessed significant ramp up in capacity from 7 mt in FY08 to 22.8 mt in March 2010. We understand that a large part of planned cement capacity addition from 34 mt to 50 mt will be brown field, entailing competitive capital cost. Jaypee Group comprising Jaiprakash Associates, Jaypee Infratech and JPSK Sports has crossed cumulative real estate bookings (pre-sales) of R12,600 crore as on June 2010 (35.8 million sq. ft). This is commendable since a large part of the sales took place over the past two years. View of Motilal Oswal
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
3,174.19
3,345.20
2,852.37
1,824.26
2,067.08
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
3,174.19
3,345.20
2,852.37
1,824.26
2,067.08
Other operating income
40.28
1.30
111.46
64.59
49.78
Other income
516.47
10.99
4.83
965.42
374.72
Total income
3,730.94
3,357.49
2,968.66
2,854.27
2,491.58
Total expenditure
2,532.77
2,492.24
2,290.53
1,368.71
1,627.00
PBDIT
1,198.17
865.25
678.13
1,485.56
864.58
Interest
327.94
298.92
276.23
258.75
221.89
PBDT
870.23
566.33
401.90
1,226.81
642.69
Depreciation
150.34
133.37
110.94
110.04
101.71
Tax
142.82
76.66
81.28
219.84
61.91
Reported profit after tax
515.98
243.97
103.02
870.19
491.18
Extraordinary items
367.32
0.00
0.00
731.96
241.72
Adjusted profit after extraordinary items
148.66
243.97
103.02
138.23
249.46
EPS (R)
2.43
1.14
0.49
6.21
3.50
Equity
424.93
424.93
424.37
280.41
280.36
Public Shareholding (no. of shares in million)
1,147.85
1,147.54
1,144.39
750.29
699.62
Public Shareholding (% in equity share capital)
54.03
54.01
53.93
53.51
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
16 | SEPTEMBER 2010
49.91 Figures in R crore unless specified
mint money
Mint money Q1 report
Jindal Steel & Power Ltd
Iron and steel/interm products
BSE code
500228
Price as on 24 September 2010
NSE symboL
JINDALSTEL
R692.70
J
indal Steel and Power Ltd’s first quarter FY11 revenue declined 11.2% sequentially, but was higher than our expectation of R2,050 crore. The outperformance in revenue was led by higher-than-expected realizations, which offset lower sales volume. Average steel realisations for the quarter stood at R44,935 per tonne against our expectation of R36,000 per tonne. This could be due to superior steel product mix and lower sales of metals. The positive impact of higher realizations on revenue was lowered due to a 29.4% sequential decline in volumes. Sales volume during the quarter was 452,809 tonnes, much lower than our expectation of 570,000 tonnes. View of India Infoline
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
2,118.86
2,388.84
1,757.57
1,596.53
1,587.64
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
2,118.86
2,388.84
1,757.57
1,596.53
1,587.64
Other operating income
2.74
0.00
11.81
1.71
0.43
Other income
6.20
98.37
16.95
20.46
4.59
Total income
2,127.80
2,487.21
1,786.33
1,618.70
1,592.66
Total expenditure
1,330.27
1,610.47
1,150.52
1,046.89
1,017.42
PBDIT
797.53
876.74
635.81
571.81
575.24
Interest
74.17
83.59
69.10
54.50
32.76
PBDT
723.36
793.15
566.71
517.31
542.48
Depreciation
147.47
131.27
130.96
127.03
122.89
Tax
140.20
112.88
110.13
85.27
119.53
Reported profit after tax
435.69
549.00
325.62
305.01
300.06
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
435.69
549.00
325.62
305.01
300.06
EPS (R)
4.68
5.90
3.50
3.28
19.40
Equity
93.39
93.12
93.08
93.08
15.47
Public Shareholding (no. of shares in million)
388.29
385.58
385.49
385.49
63.83
Public Shareholding (% in equity share capital)
41.58
41.41
41.42
41.42
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
41.26 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 17
mint money
Mint money Q1 report
Larsen & Toubro Ltd
Construction and engineering
BSE code
500510
Price as on 24 September 2010
NSE symboL
LT
R2,016.35
L
arsen and Toubro Ltd’s (L&T) expansion in operating profit margin (OPM) for the June quarter surprised the market—at 12.8% of sales, it was higher than 11.2% in the year-before period and the analysts’ average estimates of 10.8%. This was despite a disappointing 6% year-on-year (y-o-y) growth in revenues to R7,835 crore against expectations of a 15% growth. Margin expansion came from the engineering and construction (E&C) segment. Although the nonE&C segments account for merely 15% of revenues, they buoyed the overall revenue growth rate. Overall, L&T’s net profit for the quarter registered a 15% y-o-y growth to R666 crore, excluding the R1,020 crore “exceptional gain” from its stake sale in UltraTech Cement Ltd. The outlook for the current fiscal is robust. Vatsala Kamat
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
7,912.95
13,489.52
8,139.30
7,936.26
7,430.85
Excise duty
77.85
114.63
67.93
70.08
68.14
Net sales
7,835.10
13,374.89
8,071.37
7,866.18
7,362.71
Other operating income
50.21
210.21
50.79
52.66
45.58
Other income
226.76
430.53
296.14
285.16
1,244.64
Total income
8,112.07
14,015.63
8,418.30
8,204.00
8,652.93
Total expenditure
6,878.26
11,534.34
7,115.29
7,121.83
6,578.38
PBDIT
1,233.81
2,481.29
1,303.01
1,082.17
2,074.55
Interest
142.34
135.56
133.92
130.96
109.59
PBDT
1,091.47
2,345.73
1,169.09
951.21
1,964.96
Depreciation
114.15
116.22
104.52
100.13
93.73
Tax
311.05
804.56
302.16
272.62
264.91
Reported profit after tax
666.17
1,438.10
758.82
580.40
1,598.20
Extraordinary items
0.00
100.58
62.55
18.61
871.07
Adjusted profit after extraordinary items
666.17
1,337.52
696.27
561.79
727.13
EPS (R)
11.05
23.90
12.72
9.90
27.28
Equity
120.63
120.44
120.05
117.53
117.25
Public Shareholding (no. of shares in million)
584.47
585.99
582.94
569.38
568.12
Public Shareholding (% in equity share capital)
96.90
97.31
97.11
96.90
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
18 | SEPTEMBER 2010
96.91 Figures in R crore unless specified
mint money
Mint money Q1 report
Mahindra & Mahindra Ltd Cars and utility vehicles
BSE code
500520
Price as on 24 September 2010
NSE symboL
M&M
R690.20
F
or Mahindra and Mahindra Ltd (M&M), the acquisition of South Korean automaker, Ssangyong Motor Co., will help access overseas markets and add sizeable production capacity. With the acquisition, M&M would have a global presence in the sport utility vehicle (SUV) segment. In the past, M&M has successfully managed acquisitions like Punjab Tractors Ltd, Kinetic Motor Co. and, more recently, Reva Electric Car Co. Tech Mahindra Ltd also resurrected the bankrupt Satyam Computer Services Ltd. In fact, the group’s core auto business is growing. Analysts estimate a 20% growth in revenues over the next two years. If managed well, Ssangyong acquisition could morph M&M from a domestic leader in SUV’s to a global entity. Vatsala Kamat
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
5,607.10
5,762.79
4,877.52
4,930.67
4,675.05
Excise duty
482.93
483.93
398.82
465.67
445.59
Net sales
5,124.17
5,278.86
4,478.70
4,465.00
4,229.46
Other operating income
35.93
25.77
18.42
92.77
13.13
Other income
20.48
18.12
53.68
256.24
23.57
Total income
5,180.58
5,322.75
4,550.80
4,814.01
4,266.16
Total expenditure
4,384.52
4,459.05
3,827.61
3,726.59
3,633.62
PBDIT
796.06
863.70
723.19
1,087.42
632.54
Interest
-22.70
0.90
37.53
44.94
5.95
PBDT
818.76
862.80
685.66
1,042.48
626.59
Depreciation
97.62
94.74
98.36
89.19
88.49
Tax
158.75
197.80
173.60
250.35
137.25
Reported profit after tax
562.39
570.26
413.70
702.94
400.85
Extraordinary items
0.00
0.00
0.00
66.92
0.00
Adjusted profit after extraordinary items
562.39
570.26
413.70
636.02
400.85
EPS (R)
9.94
10.17
15.12
26.73
14.70
Equity
283.05
282.95
273.56
273.36
272.98
Public Shareholding (no. of shares in million)
396.31
396.15
187.79
186.06
181.17
Public Shareholding (% in equity share capital)
68.51
68.49
67.11
66.73
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
64.95 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 19
mint money
Mint money Q1 report
Maruti Suzuki India Ltd Cars and utility vehicles
BSE code
532500
Price as on 24 September 2010
NSE symboL
MARUTI
R1,481.05
I
ncrease in raw material costs coupled with an unexpected rise in royalty payment to its parent, Suzuki Motor Corp., dragged down the Maruti Suzuki India Ltd’s June quarter profits. The reported net profit at R465.4 crore fell 20% on a year-on-year (y-o-y) basis and 29% sequentially. Although exports registered a 38% y-o-y growth, the rupee appreciating against the euro over the last quarter hurt export realizations because the euro zone accounts for a significant part of the firm’s exports. So far, analysts had maintained that profitability could improve from the third quarter FY11 as commodity prices are expected to cool off. But the rise in royalty payment could trigger a downward revision of earnings estimates. Vatsala Kamat
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
9,020.20
9,118.87
8,085.33
7,762.61
6,980.87
Excise duty
929.81
838.05
712.68
681.94
616.16
Net sales
8,090.39
8,280.82
7,372.65
7,080.67
6,364.71
Other operating income
141.14
143.73
130.20
121.94
128.29
Other income
100.20
78.97
91.25
110.01
216.53
Total income
8,331.73
8,503.52
7,594.10
7,312.62
6,709.53
Total expenditure
7,439.02
7,313.48
6,368.94
6,286.47
5,699.83
PBDIT
892.71
1,190.04
1,225.16
1,026.15
1,009.70
Interest
7.98
12.85
8.37
5.97
6.31
PBDT
884.73
1,177.19
1,216.79
1,020.18
1,003.39
Depreciation
241.70
223.04
202.78
203.11
196.09
Tax
177.67
297.60
326.48
247.07
223.76
Reported profit after tax
465.36
656.55
687.53
570.00
583.54
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
465.36
656.55
687.53
570.00
583.54
EPS (R)
16.11
22.73
23.80
19.73
20.20
Equity
144.46
144.46
144.46
144.46
144.46
Public Shareholding (no. of shares in million)
132.29
132.29
132.29
132.29
132.29
Public Shareholding (% in equity share capital)
45.79
45.79
45.79
45.79
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
20 | SEPTEMBER 2010
45.79 Figures in R crore unless specified
mint money
Mint money Q1 report
NTPC Ltd
Electric utilities
BSE code
532555
Price as on 24 September 2010
NSE symboL
NTPC
R208.10
I
n its FY10 annual report, NTPC Ltd has outlined its vision to generate 128 giga watts by 2032 and has highlighted fuel diversification initiatives. A robust balance sheet means NTPC is well capitalized to fund capacity additions. Meanwhile, its operating capacity continues to be a cash cow, earning a core return on equity of around 27%. But escalation in debtor days from 32 to 51 in FY10 makes us cautious on the risk profile of the sector. Further, the annual report does not address the issue of slippages in capacity additions and the management’s strategy to reduce them. View of India Infoline
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
12,944.49
12,353.39
11,183.73
10,782.79
12,002.68
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
12,944.49
12,353.39
11,183.73
10,782.79
12,002.68
Other operating income
358.06
378.15
525.47
469.82
525.29
Other income
226.87
249.50
253.66
271.18
250.99
Total income
13,529.42
12,981.04
11,962.86
11,523.79
12,778.96
Total expenditure
9,957.76
9,687.65
7,818.48
7,569.06
8,827.01
PBDIT
3,571.66
3,293.39
4,144.38
3,954.73
3,951.95
Interest
535.75
481.79
341.78
540.69
444.67
PBDT
3,035.91
2,811.60
3,802.60
3,414.04
3,507.28
Depreciation
682.72
732.16
661.36
643.75
612.79
Tax
421.17
-97.62
886.22
574.94
581.90
Reported profit after tax
1,841.89
2,017.65
2,364.98
2,151.95
2,193.62
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,841.89
2,017.65
2,364.98
2,151.95
2,193.62
EPS (R)
2.23
2.45
2.87
2.61
2.66
Equity
8,245.46
8,245.46
8,245.46
8,245.46
8,245.46
Public Shareholding (no. of shares in million)
1,278.10
1,278.10
865.83
865.83
865.83
Public Shareholding (% in equity share capital)
15.50
15.50
10.50
10.50
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
10.50 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 21
mint money
Mint money Q1 report
Oil & Natural Gas Corp Ltd Exploration and production
BSE code
500312
Price as on 24 September 2010
NSE symboL
ONGC
R1,437.35
O
il and Natural Gas Corp. Ltd’s (ONGC) performance in the June quarter was affected by higher subsidy burden of R5,515 crore compared with R429 crore last year. The government has asked upstream companies to share one-third of the entire subsidy burden. Total operating revenues declined by 8.6% over the same period last year. While ONGC’s gross realizations were in line with street estimates, net realizations were below expectations. Operating profit margins declined to 59.27% from 64.47% last year. The September quarter is expected to be better for ONGC owing to the full effect of deregulation of petrol prices and increase in the prices of administered price mechanism gas. Pallavi Pengonda
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
13,710.43
14,777.71
15,372.57
15,134.04
14,921.83
Excise duty
44.83
64.45
58.08
53.45
42.56
Net sales
13,665.60
14,713.26
15,314.49
15,080.59
14,879.27
Other operating income
157.41
1,289.08
191.65
110.98
66.17
Other income
407.21
469.13
-30.13
1,139.31
978.64
Total income
14,230.22
16,471.47
15,476.01
16,330.88
15,924.08
Total expenditure
5,629.80
6,584.31
6,171.46
6,357.09
5,378.30
PBDIT
8,600.42
9,887.16
9,304.55
9,973.79
10,545.78
Interest
2.76
56.08
2.93
3.54
6.10
PBDT
8,597.66
9,831.08
9,301.62
9,970.25
10,539.68
Depreciation
3,114.27
4,448.03
4,675.79
2,356.06
3,178.91
Tax
1,825.60
1,009.34
1,780.50
2,019.87
2,290.50
Reported profit after tax
3,661.14
3,776.41
3,053.58
5,089.64
4,847.92
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
3,661.14
3,776.41
3,053.58
5,089.64
4,847.92
EPS (R)
17.12
17.66
14.28
23.80
22.67
Equity
2,138.89
2,138.89
2,138.87
2,138.87
2,138.87
Public Shareholding (no. of shares in million)
553.13
553.13
553.13
553.13
553.13
Public Shareholding (% in equity share capital)
25.86
25.86
25.86
25.86
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
22 | SEPTEMBER 2010
25.86 Figures in R crore unless specified
mint money
Mint money Q1 report
Reliance Communications Ltd Telecom services
BSE code
532712
Price as on 24 September 2010
NSE symboL
RCOM
R169.60
R
eliance Communications Ltd (RCom) continues to lag its peers in the wireless telecom industry. It reported a mere 1.5% sequential increase in the revenues of its wireless division in the June quarter, which compares poorly with Bharti Airtel Ltd’s 6.1% growth and Idea Cellular Ltd’s growth of about 4.2%. The total number of minutes carried on RCom’s mobile network last quarter rose by just 1% sequentially, when Bharti and Idea reported double-digit growth. RCom’s long distance, data and enterprise services businesses saw revenues falling by about 8% sequentially and profit declining by 5%. Interestingly, its overall earnings before interest, tax, depreciation and amortization rose by about 2%. Mobis Philipose
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
3,041.12
3,001.82
3,040.66
3,032.37
3,006.13
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
3,041.12
3,001.82
3,040.66
3,032.37
3,006.13
Other operating income
136.45
63.27
67.80
25.52
25.51
Other income
8.34
45.47
1.20
3.11
165.43
Total income
3,185.91
3,110.56
3,109.66
3,061.00
3,197.07
Total expenditure
3,059.54
2,852.83
3,088.27
2,682.88
2,781.98
PBDIT
126.37
257.73
21.39
378.12
415.09
Interest
211.15
-487.35
-342.77
342.97
-571.23
PBDT
-84.78
745.08
364.16
35.15
986.32
Depreciation
406.03
349.70
392.19
213.03
556.32
Tax
0.00
130.86
9.68
-60.00
60.00
Reported profit after tax
-490.81
264.52
-37.71
-117.88
370.00
Extraordinary items
0.00
0.00
-16.37
0.00
0.00
Adjusted profit after extraordinary items
-490.81
264.52
-21.34
-117.88
370.00
EPS (R)
0.00
1.28
0.00
0.00
1.55
Equity
1,032.01
1,032.01
1,032.01
1,032.01
1,032.01
Public Shareholding (no. of shares in million)
666.21
669.17
670.69
676.69
675.67
Public Shareholding (% in equity share capital)
32.28
32.42
32.49
32.78
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
32.74 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 23
mint money
Mint money Q1 report
Reliance Industries Ltd Integrated oil and gas
BSE code
500325
Price as on 24 September 2010
NSE symboL
RELIANCE
R1,001.65
R
eliance Industries Ltd’s year-on-year (y-o-y) growth numbers look very impressive due to the previous year’s low base. Revenue rose by 88% yearon-year (y-o-y), but were about 4% short of the mean estimate of seven analysts compiled by Mint. Similarly, operating profit rose by 46% y-o-y, but was about 1% lower compared with the mean estimate. The reported net profit was about 1% higher and the results are unlikely to alter the company’s valuation in any significant way. The company’s recent acquisitions in the gas space and its entry into telecom is being seen positively, but it remains to be seen if these ventures will be value accretive. Pallavi Pengonda
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
61,007.00
60,267.00
58,848.00
48,843.00
32,441.00
Excise duty
2,779.00
2,697.00
1,992.00
1,995.00
1,254.00
Net sales
58,228.00
57,570.00
56,856.00
46,848.00
31,187.00
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
722.00
615.00
508.00
628.00
709.00
Total income
58,950.00
58,185.00
57,364.00
47,476.00
31,896.00
Total expenditure
48,886.00
48,434.00
49,012.00
39,631.00
24,803.00
PBDIT
10,064.00
9,751.00
8,352.00
7,845.00
7,093.00
Interest
541.00
525.00
550.00
462.00
460.00
PBDT
9,523.00
9,226.00
7,802.00
7,383.00
6,633.00
Depreciation
3,485.00
3,392.00
2,795.00
2,432.00
1,878.00
Tax
987.00
821.00
699.00
800.00
791.00
Reported profit after tax
4,851.00
4,710.00
4,008.00
3,852.00
3,666.00
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
4,851.00
4,710.00
4,008.00
3,852.00
3,666.00
EPS (R)
14.80
14.40
12.30
23.40
23.29
Equity
3,271.00
3,270.00
3,270.00
1,643.00
1,574.00
Public Shareholding (no. of shares in million)
1,806.80
1,806.49
1,747.29
881.69
802.20
Public Shareholding (% in equity share capital)
55.24
55.24
53.43
53.66
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
24 | SEPTEMBER 2010
50.97 Figures in R crore unless specified
mint money
Mint money Q1 report
Reliance Infrastructure Ltd Electric utilities
BSE code
500390
Price as on 24 September 2010
NSE symboL
RELINFRA
R1,074.85
T
he Maharashtra Electricity Regulatory Commission has lifted its stay order (imposed in June 2009) on Reliance Infrastructure Ltd’s (REL) Mumbai discom tariff plan as the regulatory audit found no irregularities in the books. Hence, REL will earn the prescribed 16% return on equity and also recover R1,700 crore in unrecovered costs. Separately, REL will commence operations of the Delhi Metro shortly (in the third quarter of FY11), which should lay to rest concerns on the company’s execution abilities. View of India Infoline
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
2,135.38
2,553.12
2,235.14
2,571.88
2,407.22
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
2,135.38
2,553.12
2,235.14
2,571.88
2,407.22
Other operating income
92.66
90.75
52.35
77.68
39.11
Other income
180.43
166.82
215.58
163.26
244.18
Total income
2,408.47
2,810.69
2,503.07
2,812.82
2,690.51
Total expenditure
1,974.60
2,372.51
2,052.12
2,336.64
2,146.81
PBDIT
433.87
438.18
450.95
476.18
543.70
Interest
61.31
58.06
56.53
73.96
103.67
PBDT
372.56
380.12
394.42
402.22
440.03
Depreciation
76.86
90.67
83.02
73.96
72.20
Tax
49.45
38.36
48.77
25.48
51.26
Reported profit after tax
246.25
251.09
277.13
306.90
316.57
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
246.25
251.09
277.13
306.90
316.57
EPS (R)
10.06
11.14
12.30
13.62
14.05
Equity
244.91
244.91
225.31
225.31
225.31
Public Shareholding (no. of shares in million)
140.24
140.24
140.24
140.24
140.24
Public Shareholding (% in equity share capital)
57.27
57.27
62.26
62.26
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
62.26 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 25
mint money
Mint money Q1 report
State Bank of India Bank
BSE code
500112
Price as on 24 September 2010
NSE symboL
SBIN
R3,144.30
L
oan growth was never an issue with State Bank of India and net interest income (NII) was expected to be strong. Nevertheless, the 45% growth in NII has overshot expectations. That growth has been achieved by a 20.7% year-on-year rise in gross advances and a rise in net interest margin (NIM). NIM has improved over the March quarter as the proportion of low-cost current and savings accounts increased to an excellent 47.5%, while it shed high-cost bulk deposits. The June quarter has shown that the bank has also been able to grow its profit by a handsome 25% despite continuing loan losses and higher provisions. Net non-performing assets declined slightly from 1.72% at end-March to 1.7%. Manas Chakravarty
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Interest earned
18,452.12
17,965.59
17,779.69
17,775.88
17,472.76
Other income
3,689.96
4,508.53
3,365.71
3,525.16
3,568.75
Total income
22,142.08
22,474.12
21,145.40
21,301.04
21,041.51
Operating expenses
16,007.72
17,280.24
16,527.26
16,466.02
17,367.64
Operating profit before provisions
6,134.36
5,193.88
4,618.14
4,835.02
3,673.87
Provisions and contingencies
1,551.37
2,349.40
856.61
1,016.07
172.73
Depreciation
0.00
0.00
0.00
0.00
0.00
Provision for taxes
1,668.79
977.88
1,282.48
1,328.91
1,170.77
Interest earned
17,965.59
17,965.59
17,965.59
17,965.59
17,965.59
Net profit
2,914.20
1,866.60
2,479.05
2,490.04
2,330.37
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
2,914.20
1,866.60
2,479.05
2,490.04
2,330.37
EPS (R)
45.90
29.40
39.05
39.22
36.71
Equity
634.88
634.88
634.88
634.88
634.88
Public shareholding (no. of shares in million)
257.68
257.68
257.68
257.68
257.68
Public shareholding (% in equity share capital
40.59
40.59
40.59
40.59
40.59
Net interest margin (%)
3.18
2.96
2.82
2.55
2.30
Net non-performing assets
1.70
1.72
1.88
1.73
1.55
Total deposits
815,297.00
804,116.00
770,985.00
0.00
763,563.00
Total advances
663,828.00
631,914.00
607,154.00
0.00
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
26 | SEPTEMBER 2010
549,793.00 Figures in R crore unless specified
mint money
Mint money Q1 report
Sterlite Industries (India) Ltd Copper
BSE code
500900
Price as on 24 September 2010
NSE symboL
STER
R172.35
S
terlite Industries India Ltd’s consolidated results missed street estimates for the quarter ending June. Net profit increased by 50% compared with the same period last fiscal to R1,008.43 crore. One reason for the high growth is the result of Sterlite adopting a new accounting standard. The notes to accounts state that other income and profit after tax would have been lower by R164.96 crore and R103.87 crore, respectively, if it had not adopted Accounting Standard 30 for a certain transaction. The company performed well at the operating level with margins improving to 25.08% from 24.14% last year despite higher employee costs and other expenditure. Pallavi Pengonda
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
3,187.97
3,521.42
3,611.99
3,616.41
2,364.46
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
3,187.97
3,521.42
3,611.99
3,616.41
2,364.46
Other operating income
12.99
6.34
0.31
1.30
2.27
Other income
549.19
433.24
270.78
221.03
183.99
Total income
3,750.15
3,961.00
3,883.08
3,838.74
2,550.72
Total expenditure
3,020.26
3,298.92
3,749.34
3,515.57
2,305.60
PBDIT
729.89
662.08
133.74
323.17
245.12
Interest
116.18
85.05
74.90
43.14
62.59
PBDT
613.71
577.03
58.84
280.03
182.53
Depreciation
38.07
37.96
37.83
37.67
37.18
Tax
156.21
76.38
-25.58
32.85
32.65
Reported profit after tax
419.43
462.69
46.59
209.51
112.70
Extraordinary items
0.00
0.00
-273.53
0.00
0.00
Adjusted profit after extraordinary items
419.43
462.69
320.12
209.51
112.70
EPS (R)
1.25
5.51
0.55
2.58
1.59
Equity
336.12
168.08
168.08
168.08
141.70
Public Shareholding (no. of shares in million)
1,103.27
277.79
270.76
256.24
204.51
Public Shareholding (% in equity share capital)
32.82
33.05
32.22
30.49
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
28.87 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 27
mint money
Mint money Q1 report
Tata Consultancy Services Ltd IT consulting and software
BSE code
532540
Price as on 24 September 2010
NSE symboL
TCS
R931.45
T
ata Consultancy Services Ltd’s consolidated revenue in the first quarter of FY11 increased 6.2% to R8,220 crore from R7,740 crore in the fourth quarter of FY10, led by volume growth of 8.1% sequentially. This is higher than our expectations of around 7% sequential growth and Infosys Technologies Ltd’s volume growth of 6.9% sequentially in the first quarter of FY11. The growth was broad-based in the first quarter of FY11, which indicates a secular growth trend in information technology spending in the future. The company expects that growth will be led by emerging markets, followed by the US, the UK and continental Europe. View of Asit C. Mehta
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
6,410.95
5,807.06
5,883.39
5,744.40
5,609.60
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
6,410.95
5,807.06
5,883.39
5,744.40
5,609.60
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
36.43
161.34
40.36
-25.36
1.26
Total income
6,447.38
5,968.40
5,923.75
5,719.04
5,610.86
Total expenditure
4,549.60
4,210.37
4,035.02
4,072.02
4,055.37
PBDIT
1,897.78
1,758.03
1,888.73
1,647.02
1,555.49
Interest
1.94
4.17
2.51
1.42
1.44
PBDT
1,895.84
1,753.86
1,886.22
1,645.60
1,554.05
Depreciation
114.60
118.77
118.41
118.97
113.20
Tax
224.83
195.02
312.99
191.38
164.91
Reported profit after tax
1,556.41
1,440.27
1,554.20
1,347.60
1,276.44
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,556.41
1,440.27
1,554.20
1,347.60
1,276.44
EPS (R)
7.93
7.36
7.93
6.87
6.51
Equity
195.72
195.72
195.72
195.72
195.72
Public Shareholding (no. of shares in million)
NA
506.46
506.41
NA
NA
Public Shareholding (% in equity share capital)
NA
25.88
25.87
NA
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
28 | SEPTEMBER 2010
NA Figures in R crore unless specified
mint money
Mint money Q1 report
Tata Motors Ltd
Commercial vehicles
BSE code
500570
Price as on 24 September 2010
NSE symboL
TATAMOTORS
R1,070.35
T
ata Motors Ltd’s consolidated operating performance in the first quarter of FY11 was significantly better than our expectation, with earnings before interest, tax, depreciation and amortization (Ebitda) margin expanding 300 basis points sequentially to 14.6% and recurring profit after tax growing about 38.7% sequentially to R2,020 crore. Consolidated net operating income grew 65% year-on-year (declined about 6.6% sequentially) to R27,050 crore. The management expects raw material cost pressure to reflect from the second quarter of FY11. However, it is focusing on diluting the effect of higher raw material cost through cost savings and operating leverage. View of Motilal Oswal
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
11,232.41
13,152.14
9,577.48
8,538.60
6,876.00
Excise duty
880.54
982.43
647.68
614.53
526.41
Net sales
10,351.87
12,169.71
8,929.80
7,924.07
6,349.59
Other operating income
64.39
59.99
50.10
54.75
54.43
Other income
69.30
1,112.95
0.21
420.93
319.36
Total income
10,485.56
13,342.65
8,980.11
8,399.75
6,723.38
Total expenditure
9,326.53
11,967.19
7,874.82
6,943.86
5,692.77
PBDIT
1,159.03
1,375.46
1,105.29
1,455.89
1,030.61
Interest
314.01
278.61
286.14
285.64
253.45
PBDT
845.02
1,096.85
819.15
1,170.25
777.16
Depreciation
307.37
277.24
264.11
263.40
229.12
Tax
141.93
222.57
154.90
177.71
34.28
Reported profit after tax
395.72
597.04
400.14
729.14
513.76
Extraordinary items
-47.14
0.00
-17.33
285.14
293.80
Adjusted profit after extraordinary items
442.86
597.04
417.47
444.00
219.96
EPS (R)
6.88
10.46
7.36
14.12
9.93
Equity
570.60
570.60
543.96
514.05
514.05
Public Shareholding (no. of shares in million)
259.10
258.77
238.23
208.19
204.77
Public Shareholding (% in equity share capital)
51.16
21.11
49.65
46.28
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
45.52 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 29
mint money
Mint money Q1 report
Tata Power Co Ltd ELECTRIC UTILITIES
BSE code
500400
Price as on 24 September 2010
NSE symboL
TATAPOWER
R1,327.25
O
ver FY10-12, we expect Tata Power Co. Ltd’s consolidated earnings to increase from R1,480 crore in FY10 to R2,510 crore in FY12. But a very meaningful part of the increase will be driven by commodity earnings given that Tata Power is net long on coal. The contribution of commodity earnings to consolidated profitability rose from 9% in FY08 to 44% in FY10 and we expect this to increase in FY12. Given the competitive tariff bid and increased imported coal prices over the past three years, we expect the Mundra ultra-mega power project to post meaningful losses. The initial unit is expected to be commissioned in September 2011 and the entire 4 gigawatt capacity by early FY14. View of Motilal Oswal
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
1,802.45
1,717.80
1,527.80
1,672.28
1,975.59
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
1,802.45
1,717.80
1,527.80
1,672.28
1,975.59
Other operating income
65.45
77.25
38.71
48.81
40.03
Other income
127.54
53.32
45.17
75.51
107.58
Total income
1,995.44
1,848.37
1,611.68
1,796.60
2,123.20
Total expenditure
1,417.01
1,345.98
1,202.43
1,304.30
1,383.30
PBDIT
578.43
502.39
409.25
492.30
739.90
Interest
79.58
94.98
92.19
101.82
117.65
PBDT
498.85
407.41
317.06
390.48
622.25
Depreciation
126.70
126.95
120.79
118.37
111.83
Tax
103.17
49.86
48.38
88.92
133.34
Reported profit after tax
268.98
230.60
147.89
183.19
377.08
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
268.98
230.60
147.89
183.19
377.08
EPS (R)
11.07
9.71
5.96
7.82
17.89
Equity
237.33
237.33
237.21
237.11
222.03
Public Shareholding (no. of shares in million)
152.75
153.98
154.09
150.09
148.17
Public Shareholding (% in equity share capital)
64.37
64.89
64.97
63.31
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
30 | SEPTEMBER 2010
66.74 Figures in R crore unless specified
mint money
Mint money Q1 report
Tata Steel Ltd
IRON AND STEEL/INTERM PRODUCTS
BSE code
500470
Price as on 24 September 2010
NSE symboL
TATASTEEL
R629.50
T
ata Steel Ltd’s stand-alone net revenue grew by 16.5% year-on-year (y-o-y) to R6,471 crore but was down 13.3% sequentially in the first quarter of FY11. Production was lower on a sequential basis due to maintenance shutdown and power failure at the Jamshedpur plant. Sales volumes were flat on a yearly basis, declining 17.7% sequentially. Tata Steel is in the process of developing a coking coal mine in Mozambique and an iron ore mine in Canada to increase the integration levels of Tata Steel Europe (TSE). We expect the company’s backward integration projects in Mozambique and Canada to translate into significant earnings improvement for TSE. View of Angel Securities
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
6,471.27
7,225.47
6,307.48
5,629.85
5,554.02
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
6,471.27
7,225.47
6,307.48
5,629.85
5,554.02
Other operating income
80.21
113.97
67.40
62.26
61.53
Other income
48.43
467.84
263.56
76.05
46.34
Total income
6,599.91
7,807.28
6,638.44
5,768.16
5,661.89
Total expenditure
3,635.03
4,208.70
4,217.98
3,769.88
3,873.33
PBDIT
2,964.88
3,598.58
2,420.46
1,998.28
1,788.56
Interest
327.68
358.52
415.72
392.00
342.16
PBDT
2,637.20
3,240.06
2,004.74
1,606.28
1,446.40
Depreciation
280.20
311.46
262.18
256.37
253.17
Tax
777.61
766.32
550.81
446.97
403.40
Reported profit after tax
1,579.39
2,162.28
1,191.75
902.94
789.83
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,579.39
2,162.28
1,191.75
902.94
789.83
EPS (R)
17.80
24.36
13.43
10.89
10.37
Equity
887.41
887.41
887.41
887.41
730.79
Public Shareholding (no. of shares in million)
605.88
605.16
604.72
597.59
482.56
Public Shareholding (% in equity share capital)
68.55
68.53
68.56
68.36
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
66.05 Figures in R crore unless specified
NOTES
SEPTEMBER 2010 | 31
mint money
Mint money Q1 report
Wipro Ltd
IT CONSULTING AND SOFTWARE
BSE code
507685
Price as on 24 September 2010
NSE symboL
WIPRO
R446.05
T
he strong growth witnessed in Wipro Ltd’s package implementation service revenues during the first quarter of FY11 reflects pick-up in discretionary spends of clients. Significant spend is currently happening in social customer relationship management that would certainly assure strong revenue and better profitability for the company. Further, the consumer package goods, retail and transportation, energy and utilities and the healthcare verticals are witnessing a strong demand pipeline and are expected to grow strongly. We expect Wipro to record 18.2% compounded annual growth rate (CAGR) in revenue, while profit is expected to clock 14.5% CAGR over FY10-12. View of Angel Securities
Quarter Ended
June 2010
March 2010
December 2009
September 2009
June 2009
Gross sales
5,982.20
6,141.00
5,892.90
5,857.80
5,287.90
Excise duty
0.00
0.00
0.00
0.00
0.00
Net sales
5,982.20
6,141.00
5,892.90
5,857.80
5,287.90
Other operating income
0.00
0.00
0.00
0.00
0.00
Other income
128.80
126.40
85.70
121.40
95.50
Total income
6,111.00
6,267.40
5,978.60
5,979.20
5,383.40
Total expenditure
4,591.50
4,679.70
4,415.10
4,390.50
3,935.00
PBDIT
1,519.50
1,587.70
1,563.50
1,588.70
1,448.40
Interest
75.50
-62.10
-16.90
43.00
-44.20
PBDT
1,444.00
1,649.80
1,580.40
1,545.70
1,492.60
Depreciation
136.10
140.30
145.10
158.00
136.40
Tax
197.90
272.80
204.10
155.60
158.30
Reported profit after tax
1,110.00
1,236.70
1,231.20
1,232.10
1,197.90
Extraordinary items
0.00
0.00
0.00
0.00
0.00
Adjusted profit after extraordinary items
1,110.00
1,236.70
1,231.20
1,232.10
1,197.90
EPS (R)
4.56
8.48
8.45
8.46
8.23
Equity
489.90
293.60
293.50
293.30
293.10
Public Shareholding (no. of shares in million)
462.85
276.45
275.06
274.01
280.74
Public Shareholding (% in equity share capital)
18.90
18.83
18.74
18.69
PBDIT: profit before depreciation, interest and tax; PBDT: profit before depreciation and tax; EPS: earnings per share
NOTES
32 | SEPTEMBER 2010
19.15 Figures in R crore unless specified