CP | Dalal Street

Punjab Tractors Ltd

May 12, 20081 min read

Punjab Tractors (PTL) for Q4FY08 reported robust 105% YoY recurring net profit growth to Rs267mn on low base (Q4FY07 was affected post the acquisition by Mahindra & Mahindra due to restructuring exercise undertaken, which included sharp reduction in inventory & debtors).

Revenues rose 29.5% YoY to Rs2.9bn on the back of 23.8% YoY volume growth – domestic volumes rose 23% YoY and exports surged 63.6% YoY. In Q4FY08, the company registered market share gains of 240bps YoY to 10.5%. EBITDA margin rose 400bps YoY and 50bps QoQ to 13%, driving 87.8% YoY EBITDA growth.

For FY08, the company registered muted revenue growth of 2% on the back of 6.6% sales volumes decline; it also lost market share 20bps to 9.1%, registered EBITDA margin contraction of 160bps to 10% and 7% decline in recurring net profit to Rs652mn.

Post restructuring, the company seems to be back on TRACK. Existing Investors can HOLD.

Equity Research

Index returns in May from 1998 to 2008

May 11, 20081 min read

Here is a chart provided by Sharekhan about returns in Indian Indices in May of every year from 1998 to 2008.
Months Index returns (%)
May-98 -9.05
May-99 13.61
May-00 -1.89
May-01 3.65
May-02 -5.41
May-03 7.23 (more…)

Economy, Markets and Macro Views

Buy Suzlon Energy – Nomura

May 11, 20082 min read

The markets seem to be in correction mode and it is really difficult to recommend a stock. However, Nomura Securities has initiated coverage on Green and Clean Energy giant – Suzlon energy with a STRONG BUY.

Growth in the global wind industry continues to accelerate, driven by climate concerns, energy security, increased electricity demand from developing countries and improvement in yields. The cumulative installed wind power capacity is forecast to grow from 94GW in 2007 to 288GW in 2012F, a CAGR of 25%. Energy Law is targeting 20% of energy from renewables by 2020F and in the US the Renewable Portfolio Standard (RPS) means that 21 nations have mandates to generate 10% to 20% of their energy needs via renewables. (more…)

Economy, Markets and Macro Views

Citi Downgrades Sensex Target 18500

May 9, 20082 min read

American Financial Crisis, Historically High Oil Prices and the worst factor for Indian economy is Business Inflation – The rising cost of doing busines, together have all triggered the downgrading of Indian Equity Markets by Citigroup. In a report released just minutes ago, (more…)

Economy, Markets and Macro Views

BSE Sensex – 1990 to 2008

May 9, 20081 min read

This is the Best BSE Sensex historical graph I have ever seen and hence sharing it with you all. The Graph image can be enlarged to see Mean, Mean SD, Mean+ 2SD and Roll P/E.
As the economy improved and the breadth of the markets increased, the SENSEX Rolling P/E has made lower peaks. 1992-93 peak was a result of Harshad Mehta Scam and 1999-2000 is Ketan Parekh + Sandeep Sabharwal IT Stocks Scandal [Inline with Global Dot Com Boom]
(more…)

Breaking Corporate India Earnings News

Inflation at 7.61%

May 9, 20081 min read

Inflation for the week ended Apr 26 comes at 7.61 % vs. market 7.57% for the week before. Inflation for the same period last year was 6.06%.

Late last week the price of Tea shot up by whopping 16% over the previous week. This week its rising again. Experts expect the Inflation to touch 7.68% for the week ending May 3rd 2008.

YTD Inflation for FY09 is at 7.41%. Morgan Stanley in its report has expressed concerns about India’s Macro scenario but however hasn’t downgraded India to a SELL yet 🙂

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