|
|
| India Infoline Research Team / 17:00 , Jan 25, 2010 |
|
|
|
- Topline grew by 14.0% yoy driven by strong VSF division performance.
- OPM significantly above our estimate due to 29ppts jump in VSF segment operational efficiency.
- Reported PAT surged 81% - above our estimate despite higher depreciation.
Result Table (Standalone)
| (Rs m) |
Q3 FY10 |
Q3 FY09 |
% yoy |
Q2 FY10 |
% qoq |
| Net sales |
30,879 |
26,953 |
14.6 |
30,258 |
2.1 |
| Material costs |
(5,798) |
(7,603) |
(23.7) |
(5,662) |
2.4 |
| Personnel costs |
(1,751) |
(1,664) |
5.3 |
(1,664) |
5.3 |
| Power and fuel costs |
(5,298) |
(5,407) |
(2.0) |
(4,813) |
10.1 |
| Freight cost |
(3,662) |
(3,161) |
15.8 |
(3,558) |
2.9 |
| Other overheads |
(4,150) |
(3,771) |
10.1 |
(4,044) |
2.6 |
| Operating profit |
10,219 |
5,347 |
91.1 |
10,517 |
(2.8) |
| OPM (%) |
33.1 |
19.8 |
1326 bps |
34.8 |
-166 bps |
| Depreciation |
(1,424) |
(1,198) |
18.9 |
(1,359) |
4.8 |
| Interest |
(504) |
(439) |
14.8 |
(505) |
(0.3) |
| Other income |
528 |
441 |
19.8 |
1,011 |
(47.8) |
| PBT |
8,820 |
4,151 |
112.5 |
9,665 |
(8.7) |
| Tax |
(2,861) |
(864) |
231.3 |
(2,986) |
(4.2) |
| Effective tax rate (%) |
(32.4) |
(20.8) |
-1163 bps |
(30.9) |
-154 bps |
| Exceptional Item |
- |
- |
- |
- |
- |
| Reported PAT |
5,959 |
3,288 |
81.3 |
6,678 |
(10.8) |
| Adjusted PAT |
5,959 |
3,288 |
81.3 |
6,678 |
(10.8) |
| Adj. PAT margin (%) |
19.3 |
12.2 |
710 bps |
22.1 |
-277 bps |
| Ann. EPS (Rs) |
259.9 |
143.4 |
81% |
291.3 |
-11% | Source: Company, India Infoline Research
|
|
|
|
Click
here to download the complete report
|
|
|
|
|
|
|