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| India Infoline Research Team / 16:46 , Feb 02, 2010 |
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- Net sales jump 81.4% yoy to Rs18.2bn on back of 101.4% yoy volume growth.
- Operating profit surged 148% yoy and OPM expanded by 305bps yoy to 11.4%
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- Employee cost as a percentage of sales decline by 268bps yoy on back of benefits of operating leverage
- Upgrade the stock to Market Performer from SELL
Result table
(Rs m)
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Q3 FY10
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Q3 FY09
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% yoy
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Q2 FY10
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% qoq
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Sales
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16,136
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8,011
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101.4
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14,301
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12.8
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Realisation (Rs/unit)
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1,125,145
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1,249,343
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(9.9)
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1,103,199
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2.0
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Net sales
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18,155
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10,008
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81.4
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15,777
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15.1
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Material costs
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(12,214)
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(6,954)
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75.6
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(10,430)
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17.1
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Purchases
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(746)
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(403)
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85.0
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(649)
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14.9
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Personnel costs
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(1,736)
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(1,225)
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41.7
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(1,675)
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3.6
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Other overheads
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(1,397)
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(595)
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134.8
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(1,362)
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2.6
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Operating profit
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2,062
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831
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148.1
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1,660
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24.2
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OPM (%)
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11.4
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8.3
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305bps
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10.5
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83bps
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Depreciation
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(513)
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(358)
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43.3
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(506)
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1.4
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Interest
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(162)
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(394)
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(58.9)
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(170)
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(4.7)
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Other income
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20
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106
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(81.6)
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56
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(64.9)
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PBT
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1,407
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185
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659.1
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1,040
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35.3
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Tax
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(351)
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26
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-
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(146)
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141.2
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Effective tax rate (%)
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24.9
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(13.8)
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-
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14.0
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-
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Adjusted PAT
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1,056
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211
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400.6
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895
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18.0
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Adj. PAT margin (%)
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5.8
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2.1
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371bps
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5.7
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15bps
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Extra ordinary items
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(10)
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(22)
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(56.3)
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(9)
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12.3
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Reported PAT
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1,046
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189
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454.6
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886
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18.1
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Ann. EPS (Rs)
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3.2
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0.6
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400.6
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2.7
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18.0
| Source: India Infoline Research
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