Dalal Street

Titan’s business has turned around during Q3FY10, but the sheer velocity of the rebound has come as a major positive surprise. The company reported an exceptional performance on all counts – revenues grew by 30% YoY to Rs 13.3bn, the EBITDA margin expanded by 225bps, while adjusted net profit doubled to Rs 754mn.

Strong growth was seen in both its jewellery and watch businesses, Titan reported a 30.2% YoY rise in revenues to Rs 13.3bn, as against our estimate of Rs 11.5bn for the quarter. (more…)

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Reliance Infra (RELI) had weak 3Q10 with Rec. PAT Rs2.7bn -30%YoY on non recognition of Rs580mn of profit on electricity sale of Rs700mn (delayed tariff hike in Mumbai License area – MLA), weak execution in EPC (sales -7%YoY), higher depreciation (+41%YoY) and lower treasury income (-27%YoY). However, Rec. PAT would be -15%YoY if profit of Rs580mn has been considered. Reported PAT +10%YoY due to loss of Rs1.4bn on derivative instruments last year. E&C order backlog was Rs190bn – 5.9x FY10E sales. (more…)