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Breaking Corporate India Earnings News

Gulshan Sugars + Nahar Industries + Godfrey Phillips

2 min read

Net profit of Gulshan Sugars & Chemicals rose 78.57% to Rs 1.50 crore in the quarter ended March 2007 as against Rs 0.84 crore during the previous quarter ended March 2006. Sales rose 38.15% to Rs 12.24 crore in the quarter ended March 2007 as against Rs 8.86 crore during the previous quarter ended March 2006.

For the full year, net profit rose 83.57% to Rs 5.14 crore in the year ended March 2007 as against Rs 2.80 crore during the previous year ended March 2006. Sales rose 19.05% to Rs 49.13 crore in the year ended March 2007 as against Rs 41.27 crore during the previous year ended March 2006.

Net profit of Nahar Industrial Enterprises declined 35.09% to Rs 21.35 crore in the quarter ended March 2007 as against Rs 32.89 crore during the previous quarter ended March 2006. Sales rose 17.12% to Rs 211.34 crore in the quarter ended March 2007 as against Rs 180.44 crore during the previous quarter ended March 2006.

For the full year, net profit declined 15.67% to Rs 67.86 crore in the year ended March 2007 as against Rs 80.47 crore during the previous year ended March 2006. Sales rose 29.75% to Rs 900.63 crore in the year ended March 2007 as against Rs 694.14 crore during the previous year ended March 2006.

Net profit of Godfrey Phillips India rose 472.98% to Rs 18.45 crore in the quarter ended March 2007 as against Rs 3.22 crore during the previous quarter ended March 2006. Sales rose 38.04% to Rs 232.51 crore in the quarter ended March 2007 as against Rs 168.44 crore during the previous quarter ended March 2006.

For the full year, net profit rose 46.52% to Rs 88.10 crore in the year ended March 2007 as against Rs 60.13 crore during the previous year ended March 2006. Sales rose 15.29% to Rs 772.54 crore in the year ended March 2007 as against Rs 670.11 crore during the previous year ended March 2006.

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Breaking Corporate India Earnings News

Indiabulls Real Estate acquires 2 housing projects

2 min read

Indiabulls Real Estate through its wholly owned subsidiaries, has acquired two housing projects in Chennai.

Selene Estate, a wholly owned subsidiary of the company has entered into an agreement to acquire 50 acres of land to develop a residential project at Jalladianpet, a suburb of Chennai located next to IT corridor at Old Mahabalipuram Road. 16 acres of land have already been acquired and registered.

Fama Land Development, a wholly owned subsidiary of the company, has entered into an agreement to acquire 241 acres of land to develop a residential and commercial project located near National Highway 5 , an alternate industrial corridor being promoted by the Tamil Nadu State Government. 198 acres of land have already been acquired and registered.

The company, through its wholly owned subsidiaries, has acquired 396 acres of land in Panvel, near Mumbai, to develop large scale residential projects.

The company has received Rs 264.49 crore from Ariston Investment Sub A and Rs 172.89 crore from Ariston Investment Sub B towards the sale of equity stakes of 7.95%, each in Indiabulls Properties and Indiabulls Real Estate Company. Further, the company is in the process of completing both these transactions.

With respect to the formal approval to Indiabulls Industrial Infrastructure (a wholly owned subsidiary of the company), for development of a multi product SEZ at Nasik, the company is in discussions with MIDC to finalize MIDC’s stake in the joint venture.

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Equity Research

Tech Mahindra to join Billion Dollar Club

3 min read

Tech Mahindra is a Mahindra Group and British Telecom promoted company.

Total consolidated revenue was Rs 2929 crore in FY 2007. This was 136% higher compared with FY 2006. Operating profit margin (OPM) expanded 350 basis points (bps) to 25.1%, aided by a dip of 390 bps to 15% in selling, general and administration (SG&A) expenses. Operating profit was up 175% to Rs 736.60 crore. Other income declined 77% to Rs 7.70 crore on account of exchange fluctuations. Profit after tax (PAT) surged 160% to Rs 612.70 crore.

TML wrote off the Rs 524.90-crore upfront discount, treated as extraordinary item (EO). PAT after this EO dipped 63% to Rs 87.80 crore. Also, there was writeback of prior-period tax of Rs 33.90 crore in FY 2007. The resultant net profit after minority interest dipped 48% to Rs 121.60 crore.

Revenue contribution from North America was unchanged sequentially at 19%; Europe’s contribution increased to 76% from 73%, and rest of world (RoW) dipped 300 bps to 5%. [This means Tech Mahindra is not impacted like Infosys and TCS because of the fall in USD against INR]

Though TML saw a drop in OPM from 26.9% to 25.4% in Q4 March 2007 over Q3 December 2006, it increased from 21.6% to 25.1% for FY 2007. However, the margin is expected to be stable due to increasing utilisations (currently at a very modest level of 67%), increased offshoring (at 59% in Q4), more hiring of freshers, and SG&A leverage (50-100-bp improvement expected). These levers would provide substantial cushion against margin erosion due to the appreciation of rupee.

The $1-billion British Telecom Global Services (BTGS) deal is expected to commence in May 2007. Sizable revenue from the contract would be realised only end Q3 December 2007. The FY 2008 revenue from this deal could be around US$ 100 million.

In addition to the revenue potential from BTGS, BT is also contemplating jointly bidding with TML for the global rollout of 21 century networks (CN), which could open up larger revenue streams from 21CN (currently the company has over 1,000 resources on 21CN).

Non-BT customers such as AT&T and Alcatel are also expected to pick up momentum. The company has recently added new clients in both the telecom service providers (TSP) and telecom equipment manufacturers (TEM) segments in new geographies such as France, Italy, Australia, New Zealand and Egypt, which could lead to broadbasing of growth over the forthcoming quarters. The company is investing in new businesses such as managed services, BPO and testing, which could also add to the pace of growth from non-BT clients over the next few quarters.

TML is expected to register sales and net profit of Rs 4604.84 crore and Rs 926.5 crore, respectively. On a fully diluted equity of Rs 130 crore and face value of Rs 10 per share, EPS comes to Rs 71.2. The share price trades at Rs 1504. P/E works out to 21.1. As the company has fully written off upfront discount given on the BTGS deal, OPM from this deal will be better than market expectation.

Merill Lynch also has a BUY on Tech Mahindra with a Price Target of Rs 2,125.

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Breaking Corporate India Earnings News

Indian Hotels + Shalimar Paints + SREI Infrastructure Finance

2 min read

Net profit of Indian Hotels Co [Taj Hotels] rose 70.60% to Rs 134.52 crore in the quarter ended March 2007 as against Rs 78.85 crore during the previous quarter ended March 2006. Sales rose 41.93% to Rs 505.16 crore in the quarter ended March 2007 as against Rs 355.93 crore during the previous quarter ended March 2006.

For the full year, net profit rose 75.42% to Rs 322.39 crore in the year ended March 2007 as against Rs 183.78 crore during the previous year ended March 2006. Sales rose 42.45% to Rs 1544.51 crore in the year ended March 2007 as against Rs 1084.26 crore during the previous year ended March 2006.

Net profit of Shalimar Paints rose 62.05% to Rs 2.69 crore in the quarter ended March 2007 as against Rs 1.66 crore during the previous quarter ended March 2006. Sales rose 29.43% to Rs 79.86 crore in the quarter ended March 2007 as against Rs 61.70 crore during the previous quarter ended March 2006.

For the full year, net profit rose 39.30% to Rs 4.75 crore in the year ended March 2007 as against Rs 3.41 crore during the previous year ended March 2006. Sales rose 17.97% to Rs 256.05 crore in the year ended March 2007 as against Rs 217.04 crore during the previous year ended March 2006.

Net profit of SREI Infrastructure Finance rose 97.62% to Rs 31.50 crore in the quarter ended March 2007 as against Rs 15.94 crore during the previous quarter ended March 2006. Sales rose 60.50% to Rs 123.44 crore in the quarter ended March 2007 as against Rs 76.91 crore during the previous quarter ended March 2006.

For the full year, net profit rose 63.67% to Rs 79.25 crore in the year ended March 2007 as against Rs 48.42 crore during the previous year ended March 2006. Sales rose 75.50% to Rs 397.99 crore in the year ended March 2007 as against Rs 226.78 crore during the previous year ended March 2006.

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India IPO Reviews and Updates

ICICI Bank FPO Bidding Details

2 min read

For long term retail individual investors who are willing to hold the stock, here is how you can bid for the ICICI Bank Follow On Public Offering.

Payment option I (Part payment)

  • Retail bidders: Rs. 250 per Equity Share on application. Rs. 250 on allotment and the balance on call to be made within six months of allotment.
  • The retail client can maximum bid for 114 x Rs. 885 = 1,00,890 wherein he will have to pay 114 x Rs. 250 = 28,500/-.
  • At lower side, client can bid for 108 x Rs. 950 = 1,02,600 wherein he will have to pay 108 x Rs. 250 = 27,000/-

In case a client applies for first bid of 114 shares and second bid for 108 shares cheque amount would be for 114 x 250 = 28,500 i.e the maximum no of shares x Rs 250.

Payment option II (Full payment)

  • Retail customer can bid for maximum 114 shares at bid amount of Rs. 885/- (lower price band), whereby bid value which will go in Exchange will be Rs. 1,00,890/- (114 x 885) and bank account will be debited for Rs. 95,190/- (114 x 835) [Rs 835 after considering discount of Rs. 50].
  • Further, retail client can bid for 108 shares at bid amount of Rs. 950/- (upper price band) whereby bid value which will go in Exchange will be Rs. 1,02,600/- (108 x 950) and bank account will be debited for Rs. 97,200/- (108 x 900) [Rs 900 after considering discount of Rs. 50].

ICICI creates confusion on bidding process and we have to clarify it for our readers.

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