Category: Breaking Corporate India Earnings News

Lloyd Electric and Engg net sales rose by 36.14 per cent from Rs. 490.28 crores in FY07 to Rs.668.23 crores in FY08. During the recent quarter net sales of the company rose by 21.02 per cent from Rs.153.25 crores to Rs.185.47 crores.

EBIDTA increased by 32.94 per cent from Rs.66.06 crores in FY07 to Rs.87.82 crores in FY08. During the recent quarter the EBIDTA increased by 3.74 per cent from Rs.21.38 crores in Q4 FY07 to Rs.22.18 crores to Rs.22.18 per cent in Q4 FY08. EBIDTA margins registered a fall from 13.81 per cent in Q4 FY07 to 11.90 per cent in Q4 FY08. The fall in EBIDTA margins was due to higher raw material cost. RM cost during Q4 FY08 was 87.69 per cent of net sales as compared to 81.87 per cent during Q4 FY07.

PAT registered a growth of 23.84 per cent from Rs.42.96 crores in FY07 to Rs.60.38 crores in FY08. PAT registered a growth of 1.58 per cent from Rs.15.20 crores in Q4 FY07 to Rs.15.44 crores in Q4 FY08. PAT margins declined during the quarter from 9.82 per cent in Q4 FY07 to 8.28 per cent in Q4 FY08

The Software Technology Parks of India (STPI) scheme, which provides for tax exemption to export oriented IT companies under Section 10 A was supposed to end in March 2009. However, members of STPI had appealed to the Finance Ministry to extend its STPI scheme beyond March 2009 by viewing the issue sympathetically. The Government has extended the same until 2010.

The BSE IT index was up 5.48% to 4,247.48. Satyam Computer (up 8.36% to Rs 480), HCL Technologies (up 8.14% to Rs 287), NIIT Technologies (up 6.65% to Rs 137.15), Tech Mahindra (up 6.59% to Rs 870), Infosys Technologies (up 4.81% to Rs 1,745), Wipro (up 4.28% to Rs 477.30), and TCS (up 3.74% to Rs 916.05), surged

In the Monetary policy review, the RBI has raised CRR by yet another 0.25% TO 8.25%. CRR hike is effective from May-24, 2008. It has left Bank Rate, Reverse Repo Rate and Repo Rate unchanged.

RBI has set a high priority to price stability, well-anchored inflation expectations and orderly conditions in financial markets while sustaining the growth momentum.

Softened GDP growth projection for 2008-09 in the range of 8.0- 8.5 per cent. Inflation to be brought down to around 5.5 per cent in 2008-09 with a preference for bringing it close to 5.0 per cent as soon as possible. [How are you going to do it with every Industry functioning as a Big Lobby ? Looks to me just an empty assurance. ] Going forward, the resolve is to condition policy and perceptions for inflation in the range of 4.0-4.5 per cent so that an inflation rate of around 3.0 per cent becomes a medium-term objective. [Is the RBI Kidding ?]

The limit of bank loans to individuals for housing having lower risk weight of 50 per cent enhanced from Rs. 20 lakh to Rs. 30 lakh.

Hindustan Zinc Ltd (HZL) recorded an impressive 68.3% FY08 EBITDA margins despite zinc LME prices decreasing by 17% (average prices of USD 2700 in FY07 to USD 2400 in FY08) and rupee appreciating by 11% (from INR 44 to INR 39 per USD) in FY08.

In FY08 HZL recorded net sales of INR 78,780 mn as against INR 85,600 mn in FY07, a decrease of 8%. EBITDA margins in FY08 stood at 68.3% as compared with 74.8% in FY07. In Q4FY08 HZL’s net sales stood at INR 22,660 mn as compared with 20,210 mn in Q4FY07. EBITDA margins declined by 450bps as compared with Q4FY0. Adjusted net profits for the quarter increased by 20 bps on account of higher other income and lesser tax incidence as compared with Q4FY07.

FY08 zinc-lead refined metal production increase by 22% and 31% YoY respectively; Q4FY08 zinc-lead metal production increase by 43% and 35% QoQ respectively. The Chanderiya Hydro II smelter was commissioned in a record time of 20 months, 6 months ahead of schedule.

In FY08 HZL through its continued exploration activity increased its net zinc reserve by 22.9 mn TPA and its net contained zinc- lead metal by 3.4 mn TPA (up 14%) at its Sindesar and Rampura mines.

Central Bank’s profits declined 15% yoy (6% below estimates) due to a sharp drop in margins, higher loan loss provisions and taxes. Operationally the quarter was weak; cost control the only positive. We believe, given its large corporate loan book; it will be structurally difficult for CBI to co-manage high growth and profitability.

Central Bank’s NIMs dropped over 140bps yoy to 219bps for 4Q08. The drop in margins was significantly more than estimated with aggressive loan growth (+26% qoq) and decline in CASA ratio necessitating a rollover of high cost funds. With its top-line focus and large corporate loan portfolio, we believe margins will remain under pressure.

Costs have remained under check with a 4% decline yoy. After adjusting for pension arrears, CBI’s Tier1 capital has fallen to 5.4% (10.4% overall) as against the required 6% under Basle II (effective Mar09 for CBI);.

Expect CBI to report an EPS of Rs 15.24 for FY2009.

IVR Prime Urban Developers has entered into joint development agreement for construction of high rise residential apartments. The 9.6 acre gated community project at Kukatpally, comprises a built up area of 1.325 million Sft and a parking area for 1200 cars. The Rs 386 crore project consists of a 2 bed room apartments of 1250 Sft, 3 bedroom apartments of 1500 Sft and 4 bedroom apartment of 1800 Sft each.

The company is also set to foray into the city of Visakhapatnam with its real estate development at Vedurvada, located near the Vizag Steel Plant. The project is named Misty Woods and is spread in the area of 130 acres. The location is surrounded by the 6000 acre Naval and Air Force Academy and upcoming SEZ of Achutapuram. Companies like Brandixs Apparel Park, HPCL, Pokarna granites, St.Gobain etc are a part of this SEZ.