Lakshmi Machine Works reported strong sales and profit growth in the second quarter of fiscal year 2011. Net sales increased 59.8% over the previous year to Rs. 429 crore, while operating profit margin expanded to 14.9% and profit after tax grew 41.7% to Rs. 45.9 crore. The company maintained a robust order backlog of Rs. 3,600 crore which will support continued revenue growth. While second quarter results were slightly below estimates, the outlook for demand from the textile industry remains positive due to high capacity utilization rates.
Arvind reported quarterly revenues and profits above estimates. Textiles grew 9% while brands and retail grew 21%. EBITDA was above estimates but margins declined slightly. The company said the investment phase for newer brands is complete and margins for brands are expected to improve going forward. While most business segments grew, garments growth was below expectations. The document provides detailed performance updates and analysis of key financial metrics for various business segments of Arvind.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Trident - Elara Securities - 18 December 2014 (1)Kimi Walia
India is well positioned to benefit from long-term growth in the global home textiles market due to its lower production costs and large spinning capacity. Trident, an Indian textiles company, is expected to see strong sales growth over the next few years driven by expanding its higher margin terry towel and bed linen capacities. Trident's return on capital is forecasted to improve from 7% to 12% as its revenue mix shifts towards more profitable businesses and economies of scale are realized. The report initiates coverage on Trident with a Buy rating based on expected earnings growth and margin expansion.
The daily equity report from Capitalstars Financial Research provides an overview of the Indian and global markets. In India, key indices rose to record highs supported by stimulus from the ECB. Biocon and Tata Metaliks shares fell after reporting declines in quarterly profits. In global markets, Asian shares rose on risk appetite boosted by the ECB bond-buying plan, while European shares extended gains. The report also provides sector performances, notable share price movements, and FII/DII activity for the day.
During 2008-2011:
1. The company turned around its performance in segments like pickup trucks and light commercial vehicles, increasing volumes and market share despite challenges from the economic downturn.
2. Several new products were successfully launched and initiatives in rural marketing and customized applications helped boost sales.
3. Through efforts in branding, pricing, and reducing marketing expenses, the company improved its top and bottom lines significantly over this period.
Arvind reported quarterly revenues and profits above estimates. Textiles grew 9% while brands and retail grew 21%. EBITDA was above estimates but margins declined slightly. The company said the investment phase for newer brands is complete and margins for brands are expected to improve going forward. While most business segments grew, garments growth was below expectations. The document provides detailed performance updates and analysis of key financial metrics for various business segments of Arvind.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Trident - Elara Securities - 18 December 2014 (1)Kimi Walia
India is well positioned to benefit from long-term growth in the global home textiles market due to its lower production costs and large spinning capacity. Trident, an Indian textiles company, is expected to see strong sales growth over the next few years driven by expanding its higher margin terry towel and bed linen capacities. Trident's return on capital is forecasted to improve from 7% to 12% as its revenue mix shifts towards more profitable businesses and economies of scale are realized. The report initiates coverage on Trident with a Buy rating based on expected earnings growth and margin expansion.
The daily equity report from Capitalstars Financial Research provides an overview of the Indian and global markets. In India, key indices rose to record highs supported by stimulus from the ECB. Biocon and Tata Metaliks shares fell after reporting declines in quarterly profits. In global markets, Asian shares rose on risk appetite boosted by the ECB bond-buying plan, while European shares extended gains. The report also provides sector performances, notable share price movements, and FII/DII activity for the day.
During 2008-2011:
1. The company turned around its performance in segments like pickup trucks and light commercial vehicles, increasing volumes and market share despite challenges from the economic downturn.
2. Several new products were successfully launched and initiatives in rural marketing and customized applications helped boost sales.
3. Through efforts in branding, pricing, and reducing marketing expenses, the company improved its top and bottom lines significantly over this period.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
This document analyzes the financial performance of Bajaj Auto, an Indian automobile manufacturer, over multiple years. It examines various financial ratios related to profitability, liquidity, leverage and cash flows. Key findings include Bajaj Auto's receivables management being strong for an Indian manufacturing firm, with most debt collected within six months. The analysis concludes that Bajaj Auto has effectively managed the impacts of recession and maintains a strong debtor collection system and growing turnover.
Godrej Consumer's Q4 results were slightly below expectations; NeutralIndiaNotes.com
- Godrej Consumer's 4QFY15 results were slightly below expectations, with consolidated net sales growth of 8.2% YoY versus estimated growth of 8%. EBITDA growth was 13% YoY, below the estimated growth of 14%.
- Consolidated gross margins expanded significantly due to lower input costs, but EBITDA margins only grew modestly as advertising spending increased substantially YoY.
- The Indian business grew revenues by 9.8% with strong growth in key categories like home insecticides and hair colors. EBITDA margins for India expanded by 80 bps. However, the international business revenues grew slower than expected at 6.5% in reported terms.
SeQuent Scientific announced its Q3 FY20 financial results, with revenues up 17% to Rs. 3,164 million and EBITDA up 36.4% to Rs. 484 million. For 9M FY20, revenues were up 16% to Rs. 8,787 million and EBITDA grew 34.9% to Rs. 1,247 million. The company expects to meet its full-year guidance of high-teen revenue growth and over 200 bps expansion in EBITDA margins.
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
This document analyzes and recommends buying shares of Precision Camshafts Ltd. It summarizes that over FY12-FY15, PCL's revenues grew at a CAGR of 21% and are expected to continue growing at 13% to FY19. PCL's EBITDA and PAT margins are also expected to expand through FY19 due to increasing focus on value-added products and lower financing costs. PCL plans capacity expansions through FY18 to increase production, and aims to expand into Asia and Europe through strategic investments and partnerships. Based on this, the document initiates coverage on PCL with a buy recommendation and target price representing a 30% potential upside.
- Entertainment Network's (ENIL) Q1 FY18 results showed a decline, with sales down 9.6% year-over-year to Rs. 987 million and EBITDA margins falling to 11% from 21.6% in FY17 due to price hikes not being absorbed and increased employee costs.
- The analyst cuts FY18 and FY19 EPS estimates by 13-19% and lowers the target price to Rs. 780, citing weak H1 results and rich valuations. Recovery is hoped for in festival season sales in H2 but remains uncertain.
- The report maintains a "Sell" rating given expectations of a slow recovery in ENIL's core advertising
1) India is the third largest civil aviation market in the world and is expected to grow at a CAGR of 9% over the next 20 years, presenting significant opportunities for growth.
2) Indigo is the largest airline in India with a 40% market share and has grown faster than the overall market, driven by its low cost and efficient operations.
3) While Indigo has strong fundamentals and margins, increasing costs and debt levels present some challenges to sustaining its competitive advantage in the growing Indian market.
Multibase India's FY15 net profit up 42% y/y, Firstcall recommend 'Buy'IndiaNotes.com
The document provides an analysis report on Multibase India Ltd for the quarter ending March 31, 2015. The key highlights are:
1) Multibase India Ltd reported a 19.59% rise in net profit to Rs. 19.29 million for the quarter compared to the same period last year as revenue grew 5.26% to Rs. 158.65 million.
2) Earnings per share stood at Rs. 1.53 for the quarter, a 19.59% rise from the previous year.
3) Operating profit increased 26.89% to Rs. 31.95 million for the quarter compared to Rs. 25.18 million in the same period last year.
Kitex: ICRA upgrades long and short-term ratings to AA minus and A one Plus; BuyIndiaNotes.com
Kitex Garments reported a 10.64% increase in net profit to Rs. 159.75 million for Q1 FY16 compared to Q1 FY15. Revenue rose 6.15% to Rs. 1090.81 million. EPS increased 10.64% to Rs. 3.36. The company is recommended as a buy with a target price of Rs. 895 based on expected sales and profit growth over the next two years. The global children's wear market is large and growing, representing an opportunity for Kitex Garments as a leading children's apparel producer.
Gillette India Limited reported its financial results for the quarter ended March 31, 2015. Net sales increased 8.48% year-over-year to Rs. 4,941.40 million driven by growth across all business segments. Net profit jumped 262.74% to Rs. 307.60 million compared to Rs. 84.80 million in the prior year period. For the nine months ended FY15, net sales grew 12.80% while net profit increased 146.11%. The brokerage recommends buying Gillette India given its strong brands and expected sales and profit growth of 15-16% over FY13-FY16.
Bajaj Auto: Margins disappoint as discover woes continueIndiaNotes.com
Net sales grew 6.9% YoY on 6% YoY (+0.8% QoQ) realization growth: Bajaj Auto’s (BJAUT) net sales grew by 6.9% YoY (+6.5%) to INR52.5b (est. INR52.6b), led by 6% YoY growth (+0.8% QoQ) in realizations, while volumes grew marginally by 0.9% YoY (+5.6% QoQ) to 9.88m units.
Skipper remains leading player in the transmission tower businessIndiaNotes.com
Skipper Ltd is an integrated player in the transmission tower and PVC pipes industries. It aims to triple its power transmission business and increase its water pipes capacity ten-fold. The company plans to invest Rs. 350 million in FY16, with Rs. 200 million for PVC pipes and Rs. 150 million for transmission. It has an order backlog of Rs. 24 billion and targets emerging opportunities in power and water infrastructure. At the current market price, Skipper Ltd is trading at 17.5 times its FY15 earnings.
The document provides information about Attock Cement Pakistan Limited (ACPL), including:
1) ACPL started commercial production in 1988 with a capacity of 2,400 MTPD and plans to increase capacity to 5,400 MTPD with a new plant.
2) The board of directors and management committees are listed.
3) The vision is to be the leading cement organization providing high quality cement and excelling in business. The mission is to be an industry leader through quality, service, customer satisfaction and shareholder value.
4) Strategic planning matrices are presented including SWOT analysis, competitive profile matrix, SPACE matrix, and BCG matrix to evaluate ACPL's strategies.
Tata Motors is India's largest automobile company. It has operations in India, the UK, and other countries. One of its most important subsidiaries is Jaguar Land Rover. The document discusses Tata Motors' financial performance, markets, competition, and prospects. It notes that while Tata has underperformed recently, Jaguar Land Rover has provided a cushion. Over the medium term, new product launches and economic growth could make Tata Motors a value creator for investors. However, risks include high debt levels, increased competition, and potential new taxes on diesel vehicles.
Sadbhav Engineering Limited is an infrastructure company in India that constructs roads, highways, irrigation, and mining. The document provides an analysis of Sadbhav's financial performance and outlook. It recommends buying shares of Sadbhav at Rs. 325-330, citing growth in sales, profits, and return on equity in recent years. Key risks noted are performance of operational projects and order book growth.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
RockYou is a leading provider of social network applications with over 105 million unique viewers across networks like MySpace and Facebook. It has two main sources of revenue: advertising on its own applications and revenue sharing agreements with other applications through its advertising platform. RockYou is able to target ads to users with a high degree of granularity and has worked with many large advertisers like Sony, Yahoo, and NBC to promote their brands and applications through ads, application takeovers, and custom integrations on the RockYou network.
RTT has developed a new solution called DeltaTex 2.0 that can capture materials faster and with more real-life characteristics than traditional scanning methods. It uses a new hardware scanner called QuickScan 1.0 along with DeltaTex 2.0 software to automatically generate diffuse, bump, and specular maps for materials in under 80% less time. The solution allows users to autonomously scan and process materials without relying on a service, and the maps can be used in any 3D rendering software, not just RTT's products. It is available now through either purchasing the hardware package, which takes 4 weeks for delivery, or using RTT's scanning service in Japan.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
This document analyzes the financial performance of Bajaj Auto, an Indian automobile manufacturer, over multiple years. It examines various financial ratios related to profitability, liquidity, leverage and cash flows. Key findings include Bajaj Auto's receivables management being strong for an Indian manufacturing firm, with most debt collected within six months. The analysis concludes that Bajaj Auto has effectively managed the impacts of recession and maintains a strong debtor collection system and growing turnover.
Godrej Consumer's Q4 results were slightly below expectations; NeutralIndiaNotes.com
- Godrej Consumer's 4QFY15 results were slightly below expectations, with consolidated net sales growth of 8.2% YoY versus estimated growth of 8%. EBITDA growth was 13% YoY, below the estimated growth of 14%.
- Consolidated gross margins expanded significantly due to lower input costs, but EBITDA margins only grew modestly as advertising spending increased substantially YoY.
- The Indian business grew revenues by 9.8% with strong growth in key categories like home insecticides and hair colors. EBITDA margins for India expanded by 80 bps. However, the international business revenues grew slower than expected at 6.5% in reported terms.
SeQuent Scientific announced its Q3 FY20 financial results, with revenues up 17% to Rs. 3,164 million and EBITDA up 36.4% to Rs. 484 million. For 9M FY20, revenues were up 16% to Rs. 8,787 million and EBITDA grew 34.9% to Rs. 1,247 million. The company expects to meet its full-year guidance of high-teen revenue growth and over 200 bps expansion in EBITDA margins.
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
This document analyzes and recommends buying shares of Precision Camshafts Ltd. It summarizes that over FY12-FY15, PCL's revenues grew at a CAGR of 21% and are expected to continue growing at 13% to FY19. PCL's EBITDA and PAT margins are also expected to expand through FY19 due to increasing focus on value-added products and lower financing costs. PCL plans capacity expansions through FY18 to increase production, and aims to expand into Asia and Europe through strategic investments and partnerships. Based on this, the document initiates coverage on PCL with a buy recommendation and target price representing a 30% potential upside.
- Entertainment Network's (ENIL) Q1 FY18 results showed a decline, with sales down 9.6% year-over-year to Rs. 987 million and EBITDA margins falling to 11% from 21.6% in FY17 due to price hikes not being absorbed and increased employee costs.
- The analyst cuts FY18 and FY19 EPS estimates by 13-19% and lowers the target price to Rs. 780, citing weak H1 results and rich valuations. Recovery is hoped for in festival season sales in H2 but remains uncertain.
- The report maintains a "Sell" rating given expectations of a slow recovery in ENIL's core advertising
1) India is the third largest civil aviation market in the world and is expected to grow at a CAGR of 9% over the next 20 years, presenting significant opportunities for growth.
2) Indigo is the largest airline in India with a 40% market share and has grown faster than the overall market, driven by its low cost and efficient operations.
3) While Indigo has strong fundamentals and margins, increasing costs and debt levels present some challenges to sustaining its competitive advantage in the growing Indian market.
Multibase India's FY15 net profit up 42% y/y, Firstcall recommend 'Buy'IndiaNotes.com
The document provides an analysis report on Multibase India Ltd for the quarter ending March 31, 2015. The key highlights are:
1) Multibase India Ltd reported a 19.59% rise in net profit to Rs. 19.29 million for the quarter compared to the same period last year as revenue grew 5.26% to Rs. 158.65 million.
2) Earnings per share stood at Rs. 1.53 for the quarter, a 19.59% rise from the previous year.
3) Operating profit increased 26.89% to Rs. 31.95 million for the quarter compared to Rs. 25.18 million in the same period last year.
Kitex: ICRA upgrades long and short-term ratings to AA minus and A one Plus; BuyIndiaNotes.com
Kitex Garments reported a 10.64% increase in net profit to Rs. 159.75 million for Q1 FY16 compared to Q1 FY15. Revenue rose 6.15% to Rs. 1090.81 million. EPS increased 10.64% to Rs. 3.36. The company is recommended as a buy with a target price of Rs. 895 based on expected sales and profit growth over the next two years. The global children's wear market is large and growing, representing an opportunity for Kitex Garments as a leading children's apparel producer.
Gillette India Limited reported its financial results for the quarter ended March 31, 2015. Net sales increased 8.48% year-over-year to Rs. 4,941.40 million driven by growth across all business segments. Net profit jumped 262.74% to Rs. 307.60 million compared to Rs. 84.80 million in the prior year period. For the nine months ended FY15, net sales grew 12.80% while net profit increased 146.11%. The brokerage recommends buying Gillette India given its strong brands and expected sales and profit growth of 15-16% over FY13-FY16.
Bajaj Auto: Margins disappoint as discover woes continueIndiaNotes.com
Net sales grew 6.9% YoY on 6% YoY (+0.8% QoQ) realization growth: Bajaj Auto’s (BJAUT) net sales grew by 6.9% YoY (+6.5%) to INR52.5b (est. INR52.6b), led by 6% YoY growth (+0.8% QoQ) in realizations, while volumes grew marginally by 0.9% YoY (+5.6% QoQ) to 9.88m units.
Skipper remains leading player in the transmission tower businessIndiaNotes.com
Skipper Ltd is an integrated player in the transmission tower and PVC pipes industries. It aims to triple its power transmission business and increase its water pipes capacity ten-fold. The company plans to invest Rs. 350 million in FY16, with Rs. 200 million for PVC pipes and Rs. 150 million for transmission. It has an order backlog of Rs. 24 billion and targets emerging opportunities in power and water infrastructure. At the current market price, Skipper Ltd is trading at 17.5 times its FY15 earnings.
The document provides information about Attock Cement Pakistan Limited (ACPL), including:
1) ACPL started commercial production in 1988 with a capacity of 2,400 MTPD and plans to increase capacity to 5,400 MTPD with a new plant.
2) The board of directors and management committees are listed.
3) The vision is to be the leading cement organization providing high quality cement and excelling in business. The mission is to be an industry leader through quality, service, customer satisfaction and shareholder value.
4) Strategic planning matrices are presented including SWOT analysis, competitive profile matrix, SPACE matrix, and BCG matrix to evaluate ACPL's strategies.
Tata Motors is India's largest automobile company. It has operations in India, the UK, and other countries. One of its most important subsidiaries is Jaguar Land Rover. The document discusses Tata Motors' financial performance, markets, competition, and prospects. It notes that while Tata has underperformed recently, Jaguar Land Rover has provided a cushion. Over the medium term, new product launches and economic growth could make Tata Motors a value creator for investors. However, risks include high debt levels, increased competition, and potential new taxes on diesel vehicles.
Sadbhav Engineering Limited is an infrastructure company in India that constructs roads, highways, irrigation, and mining. The document provides an analysis of Sadbhav's financial performance and outlook. It recommends buying shares of Sadbhav at Rs. 325-330, citing growth in sales, profits, and return on equity in recent years. Key risks noted are performance of operational projects and order book growth.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
RockYou is a leading provider of social network applications with over 105 million unique viewers across networks like MySpace and Facebook. It has two main sources of revenue: advertising on its own applications and revenue sharing agreements with other applications through its advertising platform. RockYou is able to target ads to users with a high degree of granularity and has worked with many large advertisers like Sony, Yahoo, and NBC to promote their brands and applications through ads, application takeovers, and custom integrations on the RockYou network.
RTT has developed a new solution called DeltaTex 2.0 that can capture materials faster and with more real-life characteristics than traditional scanning methods. It uses a new hardware scanner called QuickScan 1.0 along with DeltaTex 2.0 software to automatically generate diffuse, bump, and specular maps for materials in under 80% less time. The solution allows users to autonomously scan and process materials without relying on a service, and the maps can be used in any 3D rendering software, not just RTT's products. It is available now through either purchasing the hardware package, which takes 4 weeks for delivery, or using RTT's scanning service in Japan.
Punj Lloyd reported disappointing results for the fourth quarter of fiscal year 2010, with top-line declining 45% and losses on the Simon Carves front negatively impacting profits. Interest and depreciation costs were as expected. Extraordinary gains from selling a stake in Pipavav Shipyard lessened the loss. Slower expected execution has led analysts to trim revenue and profit estimates, while factoring in additional extraordinary losses. However, the company maintains a buy rating due to its scale, diversified order backlog, and relatively low valuation.
This document contains a cookie file exported from the Internet Explorer browser for Netscape browsers. It lists various cookies from different domains like outbrain.com, scorecardresearch.com, filehippo.com, piriform.com, soft247.vn and others along with their expiration dates and other details.
Cinemax India posted modest revenue growth of 34.1% in 4QFY10 aided by seat additions and big-budget movies, but operating margins declined 138bps due to higher film distribution and rent expenses. Bottom-line grew 353% due to negative tax provisions. The analyst maintains a Buy rating but lowers FY2011-12 estimates and target price to Rs85 due to lower revenue growth expectations and higher costs.
This document discusses the TG-51 protocol for reference dosimetry. It establishes that dose delivered to tumors must be within ±5% of prescribed to achieve tumor control. TG-51 protocol uses ion chambers calibrated in terms of absorbed dose to water for Co-60 (ND,w) and a conversion factor KQ to determine absorbed dose for other beams. For electron beams, KQ has additional components to account for effects of beam quality and chamber design. Reference conditions are established for photon and electron beam dosimetry.
1. The document lists various data collectors including tracking pixels, big publishers, internet providers, and browser extensions.
2. It then lists over 60 companies that are involved in online tracking and data collection.
3. The document discusses types of data that can be used for targeting advertisements, including demographics, interests, previous purchases, and more. It also lists sources where customer data can be purchased.
4. Facebook's audience data taxonomy and most popular ad criteria like age, interests, and connections are examined. Examples of targeting interest businesses on Facebook are also shown.
The document provides a performance test analysis of the hotels.com website. It identifies several opportunities to improve performance, including: reducing the number of HTTP requests by combining files; using a content delivery network to improve response times; compressing components with gzip; avoiding redirects; using cookie-free domains; minifying JavaScript and CSS; not scaling images in HTML; and reducing cookie size. Implementing these recommendations could help speed up page loading.
This document discusses Real User Monitoring (RUM) which involves collecting performance metrics directly from end user browsers. RUM uses JavaScript instrumentation to measure page load times and other metrics which are sent to a collection point as small data requests. The document outlines some benefits of RUM like reducing convincing around performance and measuring actual user experience. It notes challenges of RUM including dealing with large amounts of data and getting internal acceptance. It compares RUM to synthetic monitoring and argues they should be used together. Finally, it provides some free and open source RUM tools and visualization options.
Digital GRPs are a new metric for measuring online video advertising campaigns using the same Gross Rating Point (GRP) methodology as television. A Digital GRP represents the percentage of an online audience reached within a targeted population multiplied by the number of times they were reached. This new metric will allow brands to plan, buy and measure digital video campaigns the same way as television, bringing all video media onto a single playing field.
There are four main classes in the game: Rumble Fighter, Soul Fighter/Linker, Striker, and Elementist. The Rumble Fighter class can be found nearest any computer for PC users to play as. Alchemist is also listed as a main class.
The document discusses the Rubik's cube, which was invented in 1974 by Hungarian sculptor and professor of architecture Ernő Rubik. It consists of 26 colored cubelets positioned around a central point and held together by an inner framework, with each of the six faces covered by nine stickers, each of one of six solid colors - white, red, blue, orange, green, and yellow. The puzzle can be turned, thereby mixing up the colors, with the goal of returning each face to a single solid color, thus solving the puzzle.
Adequacy Check of Existing Crest Level of Sea Facing Coastal Polders by the E...IOSR Journals
The coastal embankment system has been gradually built during the last 40 years. The embankments
were originally designed to increase agricultural production by preventing salt water intrusion not to protect
against cyclonic storms. The alignment of the embankments did not consider the changing conditions in
bathymetry of the sea and thalweg migration of the rivers and therefore many embankments are located under
tidal water level and have severe toe and slope erosion problems during the monsoon season. The crest level
and embankment cross sections have not optimized the protection of hinterland and the embankment itself and
therefore the embankments typically only provide protection for the cyclones with 5-12 year return periods and
the designed crest level of the sea facing coastal polder equal to the sum of normal maximum recorded water
stage plus 1.50m. In this study to estimate the design crest level and side slope for sea facing embankment have
been established based on maximum storm surge level, wave run-up for cyclonic wave, freeboard allowing 5
l/m/s overtopping ,potential climate change impact and land subsidence. Statistical analysis of surge level and
wave run-up is carried out using Extreme Value Analysis (EVA) in MIKE Zero.
Motherson Sumi Systems reported a 19.4% year-over-year increase in net sales to Rs. 1,958 crore for the second quarter of fiscal year 2011, marginally above the analyst's expectation of 1.938 crore. Operating profit margin increased 411 basis points year-over-year to 10.6%, 79 basis points above expectations, driven by favorable foreign exchange movements. Net profit for the quarter came in at Rs. 86 crore, above the analyst's estimate of Rs. 67.6 crore due to better than expected operating margin performance. The analyst maintains an 'Accumulate' rating on the stock with a target price of Rs. 195, valuing the company at a 16
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
Maruti Suzuki reported a 27% year-over-year increase in net sales to Rs. 9,147 crore for the second quarter of fiscal year 2011, which was 1.9% above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin declined 222 basis points year-over-year to 10.5% due to higher raw material costs and royalty charges. However, net profit grew 5% to Rs. 598 crore, beating estimates of Rs. 535 crore due to higher other operating and other income. While top-line growth was supported by a 27.4% increase in vehicle volumes, margins were impacted by rising costs.
Crompton Greaves 3QFY15 performance remains a mixed bag; buyIndiaNotes.com
- Crompton Greaves' standalone business reported stable results for 3QFY15, with revenues down slightly and margins flat. However, the overseas business slipped to an operating loss due to legacy order costs.
- Total revenues were down 1.5% for standalone but up 8.4% in Euros for overseas. The overseas business reported an operating loss due to costs from executing a legacy order.
- Motilal Oswal maintains a "Buy" rating but cuts earnings estimates due to delays in overseas business turnaround. They forecast stronger standalone growth over the next two years despite near-term margin pressures.
- Finolex Cables reported a 21.2% year-over-year increase in net sales to Rs. 490.6 crore for the second quarter of FY2011, driven by strong growth in the electrical cables segment. However, operating margins remained under pressure at 8.5% due to high raw material costs.
- Going forward, the company expects continued robust demand from user industries and contribution from new high-tension and extra-high voltage plants. However, margins are forecasted to remain subdued in the near term before improving to around 9.3% in FY2011 and 9.9% in FY2012 as raw material costs stabilize.
- With major capital expenditures completed, strong
Mahindra and Mahindra (M&M) reported quarterly results that beat expectations. Net sales increased 19.2% year-over-year to Rs. 5,434 crore, supported by a 21% growth in core volumes. Operating performance and profit also exceeded forecasts due to better operating leverage and higher other income. EBITDA margins were 16.5%, ahead of estimates. Net profit grew 7.9% to Rs. 758 crore, driven by strong operating performance and higher other income. Overall, healthy volume growth and better cost management supported M&M's financial performance in the quarter.
Bajaj Electricals reported a 21.5% quarter-over-quarter rise in net sales to Rs. 588 crore for Q2FY11, though margins fell. Operating margins declined to 7.6% from 10.7% in the prior year period due to lower margins in the engineering and projects division. Net profit fell 19.8% to Rs. 23.4 crore for the quarter as a result of lower margins and higher interest costs. While sales growth was strong in the consumer durables segment, overall results were impacted by flat revenues and margins in the engineering division where most projects were in completion stages with lower margins.
- Sun TV Network (STNL) reported strong revenue and earnings growth in 2QFY2011, with revenues up 32.6% year-over-year led by increases in advertising, broadcasting fees, and subscription revenues.
- Operating margins expanded by 221 basis points driven by revenue gains and cost rationalization. However, earnings growth of 28.2% was impacted by a 59% jump in depreciation expenses.
- The report revises STNL's FY2011 and FY2012 estimates and maintains an "Accumulate" recommendation on expectations of continued revenue growth from advertising, broadcasting fees, and subscription services.
Colgate reported a modest 13% revenue growth for the quarter, which was 2% below estimates, driven by a 12% volume growth in toothpaste. Earnings growth of 11.8% missed estimates by 3% due to a spike in staff costs and higher tax rate. Operating margins expanded by 82 basis points to 20.3% due to higher gross margins and lower advertising spend. The report maintains a Reduce rating on Colgate, with a target price of Rs 820 based on 22x FY2012 EPS, citing expensive valuations and risks to earnings growth from higher taxes and competition.
HT Media reported strong revenue growth of 23% YoY to Rs. 431 crore in 2QFY11, led by 20%+ growth in English and Hindi print segments. However, circulation revenue declined 12.7% YoY. Earnings grew robustly by 77.7% YoY to Rs. 42 crore due to a 520% increase in other income and cost rationalization measures, despite a rise in taxes. Operating margins expanded 45 bps YoY through cost controls, but gross margins contracted 298 bps YoY due to higher newsprint costs. The company's new businesses like radio and internet showed continued traction.
TCS: Status quo, on track for revenue acceleration; maintain neutral - Motila...IndiaNotes.com
TCS retained its outlook for FY15 – of a healthy demand environment, accelerating organic revenue growth in FY15 and with normal seasonality of a stronger 1H v/s 2H. We estimate 5.5% QoQ growth USD3.7b in 1QFY15E. (50bpimpact from cross currency)
ITC reported strong revenue and earnings growth for the second quarter of fiscal year 2011. Revenue grew 16.3% to Rs. 5,061 crore, driven by double-digit sales growth in cigarettes and strong growth in agri-business and non-cigarette FMCG. Earnings grew 23.5% to Rs. 1,247 crore due to revenue growth, lower taxes, and a 74% jump in other income. Operating margins remained flat at 35.3% as cost savings were offset by higher expenses. The cigarette segment delivered 15% revenue growth and 16.5% EBIT growth through price hikes, while volumes declined an estimated 1-2%.
FAG Bearings reported strong performance in 3QCY2010 with net sales growing 31.5% YoY to Rs. 272.4 crore, in line with estimates. EBITDA margin expanded 381bps YoY to 17.7% due to lower raw material costs. Net profit increased 90.1% YoY to Rs. 31.4 crore on robust sales growth and improved operating performance. The brokerage maintains its estimates and recommends buying the stock with a target price of Rs. 1,035, valuing it at 12x CY2012 EPS.
Dena Bank reported a 28.9% year-over-year increase in net profit for the second quarter of fiscal year 2011, ahead of estimates, driven by better-than-expected operating performance and healthy growth in low-cost deposits. Net interest income grew 93.5% year-over-year due to a substantial improvement in net interest margins from increased CASA deposits and core fee income rose 34.9% year-over-year. While gross NPAs rose slightly, slippages declined and provision coverage improved. The bank plans to receive capital infusions that will boost its capital adequacy ratio.
Long term investment: Buy Bharat Forge for target price of Rs1220IndiaNotes.com
Bharat Forge Ltd. (BFL), the flagship company of the USD2.5 billion Kalyani Group is a global provider of high performance, innovative, safety & critical components and solutions to various industries.
IndiaNivesh maintains positive stance on this ceramic stock; HoldIndiaNotes.com
Somany Ceramics reported financial results that were better than estimates. Net sales grew 11.8% to Rs 4,556 million, driven by a 5.9% increase in volume sales. EBITDA declined slightly by 1.8% due to higher costs, while PAT grew 32.2% aided by operating and financial leverage. For the full year, net sales grew 22% while PAT increased 58.3% through volume growth and improved margins. The company maintained its asset light strategy through joint ventures and plans further capacity expansion.
Jagran Prakashan reported mixed quarterly results, with top-line growth of 12% driven by a 13% rise in advertising revenue, while margins contracted due to higher newsprint costs. Earnings grew 10% aided by a spike in other income. While the company expects 17-18% advertising revenue growth for FY2011, analysts maintain a buy rating due to strong long term growth prospects and attractive valuations following the company's acquisition of Mid-Day's print business.
Somany Ceramics Ltd is an Indian tiles company that is expected to see strong revenue growth through capacity additions and an improved product mix. The company's capacity is expected to increase 25% by fiscal year 2015, with over half of new capacity for higher margin polished vitrified tiles. This, along with a focus on patented products like VC tiles and Slip Shield tiles, is positioned to drive market share gains and increasing profitability. Somany Ceramics is recommended as a "Buy" based on an expected 18% upside to the target price over the next 9-12 months.
Entertainment Network Ltd: Stock Price & Q4 Results Of Entertainment Network ...hdfcsecurities1
Entertainment Network Limited: Check out the institutional research report of Q4 result of Entertainment Network Ltd. ENIL’s 4QFY18 was in-line but muted. Revenue declined 3.7% YoY owing to high base and cut in ad volumes.
The Indian markets are expected to open higher, tracking gains in most Asian markets. Spain has asked for a bailout of up to €100 billion for its banking system. Chinese exports grew more than expected in May. In India, shares extended gains for a fifth session despite weak global cues as major central banks held off on additional stimulus. The key support and resistance levels for the Nifty are 5,023 and 5,114 respectively. L&T has bagged orders worth Rs. 483 crore to build commercial vessels in Qatar. Vedanta Resources has acquired a 24.5% stake in Raykal Aluminium for Rs. 201 crore.
Axis Bank reported a 27.0% year-over-year increase in net profit to Rs. 942 crore for the first quarter of fiscal year 2012, in line with analyst estimates. Business growth momentum slowed as advances declined 7.4% quarter-over-quarter and deposits fell 3.0% quarter-over-quarter, moderating the bank's cash-deposit ratio to 40.5% from 41.1% last quarter. However, asset quality remained healthy with slippage ratio declining to 0.8% and gross and net NPA ratios stable.
1) For 1QFY2012, Electrosteel Castings reported 16.4% sales growth but margins declined due to higher raw material costs. EBITDA fell 18.2% and net profit declined 7.2%.
2) While sales volumes grew, costs increased more due to a rise in raw material costs as a percentage of sales.
3) The company maintains a buy recommendation due to initiatives in steelmaking and backward integration that should lower costs starting in FY2013 and valuation remains attractive.
1) For 1QFY2012, Persistent Systems reported revenues of ₹224 crore, up 5.2% over the previous quarter and 23.6% over the same period last year.
2) EBITDA was ₹40 crore, up 5.3% over the previous quarter but margins declined.
3) PAT was ₹28 crore, down 16.8% over the previous quarter due to higher taxes.
4) Management maintained revenue guidance of 29% growth for FY2012 and expects PAT to remain flat despite higher tax rates.
HT Media reported a 22.7% year-over-year increase in revenue to ₹494 crore for the first quarter of FY2012. Revenue was also up 5.8% quarter-over-quarter. Advertising revenue grew 17% year-over-year, with 18% growth in English and 15% growth in Hindi. Operating profit rose 11.8% year-over-year to ₹87.8 crore due to higher other income and lower tax rates, although operating margins contracted by 174 basis points. The company maintained its Accumulate rating based on expectations of continued revenue growth and margin expansion.
The summary is:
1) The derivative report analyzes the performance of the Nifty futures, options, and key stocks from the previous trading session on July 18, 2011.
2) It provides details on changes in open interest, premium levels, volatility, and turnover for various derivatives contracts.
3) Trading strategies and technical analysis is also given for some stocks along with risk-reward profiles of sample spreads trades for the Nifty.
The market ended lower, with the Sensex and Nifty closing down 0.3%. Mid- and small-cap indices closed higher. Select heavyweights like Hindalco Industries and BHEL gained 1-3%, while TCS and Tata Motors lost 1-2%. In corporate news, Motherson Sumi Systems agreed to acquire an 80% stake in Peguform for €141.5 million. HDFC Bank, Cadila Healthcare, Crompton Greaves, and Ashok Leyland are scheduled to announce their quarterly results. The trend for the day will be decided by whether Nifty trades above or below the levels of 18,533/5,572 in early trade.
- GSM subscriber additions in India continued their declining trend in June 2011, with net additions of 9.6 million, down 10% from the previous month.
- All major operators except BSNL reported a drop in subscriber additions. Bharti and Vodafone each added 2.1 million subscribers.
- The total GSM subscriber base reached 598.8 million in June 2011, with Bharti, Vodafone, Idea and BSNL maintaining their major market shares.
The document provides a technical analysis of the Indian stock market indices Sensex and Nifty for the week of July 16, 2011. It summarizes that the indices declined over 1.5% for the week and are currently trading in a range between 18,326/5496 on the downside and 19,132/5740 on the upside. It notes that a break above or below this range would dictate the direction of the upcoming trend. The analysis also lists pivot levels for 50 Nifty stocks to watch in the coming week.
The document provides a summary of derivative market activity in India for July 18, 2011. Key points include:
- Nifty futures open interest increased 0.67% while Mini Nifty increased 3.48% as the market closed at 5581.10
- Nifty July futures closed at a premium of 5.85 points and August futures at a premium of 22.60 points
- Implied volatility of at-the-money options decreased from 18% to 17.3%
- Total open interest in the market was Rs. 135,158 crore with stock futures open interest at Rs. 34,675 crore.
The indices opened flat but traded choppily throughout the day. Metal, auto and realty stocks declined while IT stocks gained. The indices are currently trading in a range between 18,326-18,810/5496-5653 on the downside and 19,132-19,094/5740-5700 on the upside. A break above these resistance levels could lead to further gains while a break below support could result in losses extending to 17,805-17,950/5350-5400. Pivot levels for 50 Nifty stocks are provided.
- The key Indian stock indices declined slightly, with the Sensex and Nifty closing down 0.3%.
- GSM subscriber additions in India continued their declining trend in June across most major operators such as Idea, Bharti Airtel, and Vodafone. Total GSM subscriber addition was 9.6 million, down 10% from the previous month.
- Tata Motors reported flat annual global sales growth in June 2011 compared to the previous year.
- South Indian Bank reported a 41.2% year-over-year increase in net profit to Rs. 82 crores for the first quarter of fiscal year 2012, slightly below analyst estimates.
- Business growth remained strong, with advances growth of 31.2% and deposits growth of 35.5% year-over-year. However, net interest margins compressed by 29 basis points sequentially to 2.8% due to a sharp rise in the bank's cost of deposits.
- Non-interest income was boosted by treasury gains, but fee income growth was modest. Asset quality was stable with gross and net NPAs rising marginally, and provision coverage at a comfortable 73.1%.
Bajaj Auto reported marginally lower-than-expected results for the first quarter of fiscal year 2012, with net sales growth of 22.8% year-over-year driven by a 17.7% increase in volumes. However, operating margins contracted by 145 basis points quarter-over-quarter to 19.1% due to a 150 basis point increase in raw material costs. As a result, net profit grew by 20.5% year-over-year to ₹711 crore, which was slightly below analyst estimates. Going forward, the analyst expects further margin pressure and has revised downward its earnings estimates for fiscal years 2012 and 2013 to factor in higher raw material costs and changes to export incentives.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
The document summarizes the Indian stock market outlook and performance on July 15, 2011. It reports that domestic indices closed with modest gains of 0.1-0.4%, while global indices declined. Wholesale price inflation in India rose to 9.44% in June 2011, above estimates and persisting above 9% for seven months, driven by increases in primary articles and fuel costs. Key benchmark levels are identified for determining if the market may continue rallying or correct in the near term.
The summary is:
1) The derivative report analyzes the movement in Nifty futures, options, and individual stocks between July 14-15, 2011.
2) Nifty futures open interest decreased while mini Nifty open interest increased as the market closed at 5599.80.
3) Implied volatility of at-the-money options increased from 17.6% to 18%.
The Sensex and Nifty indices opened lower and traded with volatility, closing marginally lower. On the sectoral front, Realty, Banks and Healthcare gained while IT and FMCG fell. The advance-decline ratio favored advancing stocks. On the daily chart, prices tested but did not close above the downward gap area of 18,679-18,589/5,601-5,580 levels. Immediate resistance is seen at 18,735/5,633, while 18,449/5,541 is crucial support.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
This document summarizes a derivative report from India Research dated July 13, 2011. Some key points:
- The Nifty futures open interest increased 0.51% while Minifty futures open interest rose 8.2% as the market closed at 5526.15.
- Implied volatility of at-the-money options increased from 18% to 19.75%. PCR-OI decreased from 1.20 to 1.15.
- Total open interest of the market is Rs. 125,816 crore and stock futures open interest is Rs. 33,500 crore.
- FII were net sellers of Rs. 969 crore in the cash market segment. Put-call
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
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The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Lmw ru2 qfy2011-261010
1. Please refer to important disclosures at the end of this report 1
Y/E March (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy)
Net Sales 429.3 334.1 28.5 268.6 59.8
EBITDA 64.0 44.2 44.7 46.4 38.0
EBITDA margin (%) 14.9 13.2 - 17.3 -
PAT 45.9 30.1 52.4 32.4 41.7
Source: Company, Angel Research
For 2QFY2011, Lakshmi Machine Works (LMW) posted strong top-line growth of
59.8% yoy to `429cr. This was slightly below our estimate of `450cr. OPM
increased by a strong 14.9%, which was slightly below our estimate. The company
reported high other income of `29cr. Consequently, PAT came in at `46cr, 2%
below our estimate of `47cr. We remain positive on the company’s business
outlook given its strong order book position of `3,600cr and the robust demand
in the textile industry. Hence, we maintain an Accumulate on the stock.
Strong top-line growth; order inflow increases: LMW reported strong sales growth
of 59.8% yoy and 28.5% qoq, as demand from the textile industry players surged
during the quarter. This was also reflected in the company’s strong order book of
`3,600cr. Order inflow for the quarter stood at over `800cr.
Outlook and Valuation: We are positive on the company’s business prospects
given its strong outstanding order book of `3,600cr and increased activity in its
user industry of textiles. The textile players are currently operating at high
utilisation levels of around 90-95%, as the industry is witnessing high growth. The
strong order book further supports our positive outlook. The stock is currently
trading at 21.1x and 14.5x FY2011 and FY2012 EPS. Owing to strong order
book position, improved business outlook and increased liquidity with the textile
spinners due to TUFS fund release, we upgrade our target P/E multiple to 16.0x
from 15.0x and increase our Target Price to `2,977 (`2,819). We maintain an
Accumulate on the stock.
Key Financials (Consolidated)
Y/E March (` cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 1,338 1,131 1,883 2,487
% chg (39.3) (15.5) 66.5 32.1
Net Profit 107 100 158 230
% chg (55.9) (6.6) 58.3 45.5
EBITDA (%) 13.8 14.2 14.3 14.8
EPS (`) 86.5 80.7 127.9 186.1
P/E (x) 31.2 33.4 21.1 14.5
P/BV (x) 4.0 3.6 3.2 2.8
RoE (%) 13.4 11.3 16.2 20.5
RoCE (%) 8.0 7.0 17.0 23.2
EV/Sales (x) 2.0 2.3 1.3 0.9
EV/EBITDA (x) 14.6 16.2 9.4 6.2
Source: Company, Angel Research
ACCUMULATE
CMP `2,699
Target Price `2,977
Investment Period 12 Months
S tock Info
S ector
Bloomberg Code LMW@IN
S hareholding P attern (% )
P romoters 25.8
MF /Banks /Indian Fls 36.4
FII /NR Is /OCBs 14.4
Indian P ublic /Others 23.4
Abs . (% ) 3m 1yr 3yr
S ens ex 12.2 20.8 5.1
Laks hmi Machine 29.0 107.4 (14.9)
10
20,221
6,082
LKMC.BO
3,338
0.6
2901/1215
10730
Capital Goods
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High /Low
Face Value (`)
BS E S ens ex
Nifty
R euters Code
Jai Sharda
+91 22 4040 3800 Ext: 305
jai.sharda@angelbroking.com
Lakshmi Machine Works
Performance Highlights
2QFY2011 Result Update | Capital Goods
October 26, 2010
2. Lakshmi Machine Works| 2QFY2011 Result Update
October 26, 2010 2
Exhibit 1: 2QFY2011 Performance
Y/E March (` cr) 2QFY2011 1QFY2011 % chg (qoq) 2QFY2010 % chg (yoy) FY2010 FY2009 % chg
Net Sales 429.3 334.1 28.5 268.6 59.8 1,136.9 1,338.0 (15.0)
Consumption of RM 249.7 198.4 25.8 151.4 64.9 662.0 781.6 (15.3)
(% of Sales) 58.2 59.4 56.4 58.2 58.4
Staff Costs 38.1 36.8 3.7 29.8 27.9 116.8 119.8 (2.5)
(% of Sales) 8.9 11.0 11.1 10.3 9.0
Other Expenses 77.5 54.6 41.9 41.0 88.8 193.9 255.5 (24.1)
(% of Sales) 18.0 16.3 15.3 17.1 19.1
Total Expenditure 365.3 289.8 26.0 222.2 64.4 972.7 1,156.8 (15.9)
Operating Profit 64.0 44.2 44.7 46.4 38.0 164.2 181.2 (9.3)
OPM (%) 14.9 13.2 17.3 14.4 13.5
Interest - - - - -
Depreciation 25.1 24.3 3.6 21.8 15.1 95.8 117.6 (18.5)
Other Income 28.9 25.2 14.4 24.1 19.7 82.1 90.6 (9.4)
PBT (excl. Extr. Items) 67.7 45.2 49.8 48.7 39.2 150.6 154.2 (2.3)
Extr. Income/(Expense) - - - - -
PBT (incl. Extr. Items) 67.7 45.2 49.8 48.7 39.2 150.6 154.2 -
(% of Sales) 15.8 13.5 18.1 13.2 11.5
Provision for Taxation 21.9 15.1 44.7 16.3 34.2 45.9 47.2 (2.8)
(% of PBT) 32.3 33.4 33.5 30.5 30.6
Reported PAT 45.9 30.1 52.4 32.4 41.7 104.7 107.0 -
PATM (%) 10.7 9.0 12.1 9.2 8.0
Equity shares (cr) 1.2 1.2 1.2 1.2 1.2
EPS (Rs) 37.1 24.3 52.4 26.2 41.7 84.6 86.5 -
Adjusted PAT 45.9 30.1 52.4 32.4 41.7 104.7 107.0 (2.1)
Source: Company, Angel Research
Segment-wise performance
The company’s textile machinery division sales grew 61.4% yoy during the quarter
to `385cr (`238cr). The division reported EBIT margin of 13.5% during the quarter
compared to 15.3% in 2QFY2010. The other divisions recorded sales growth of
45.4% yoy to `60cr (`41cr). EBIT of the other divisions stood at `3.1cr.
Exhibit 2: Segment-wise performance
Y/E March (` cr) 2QFY2011 1QFY2011 2QFY2010 % chg (qoq) % chg (yoy)
Total Revenue
A) Textile Machinery 385 303 238 27.0 61.4
B) Others 60 45 41 33.5 45.4
Total 444 348 279 27.8 59.1
Less: Inter-Segmental Rev. 1 1 1 76.5 27.5
Net Sales 443 347 278 27.7 59.2
EBIT Margin (%)
A) Textile Machinery 13.5 10.3 15.3 318bp (180bp)
B) Others 5.2 6.3 2.3 (107bp) 295bp
Source: Company, Angel Research
3. Lakshmi Machine Works| 2QFY2011 Result Update
October 26, 2010 3
Top-line continues increasing trend
For 2QFY2011, LMW continued its increasing trend in top-line growth, after
having taken a hit during the economic crisis. Quarterly sales increased from
`181cr in 4QFY2009 to `429cr in 2QFY2011, as the company has been
witnessing a steady improvement in its business. We expect this trend to continue
going ahead as well, as demand from the textile players continues to remain
strong.
Exhibit 3: Sales trend
Source: Company, Angel Research
Margins remain strong at 14.9%
The company reported strong OPM of 14.9% for the quarter, 167bp above
1QFY2011. The company has been reporting robust margins over recent quarters
owing to improvement in business.
Exhibit 4: OPM trend
Source: Company, Angel Research
(80.0)
(60.0)
(40.0)
(20.0)
0.0
20.0
40.0
60.0
80.0
100.0
120.0
0
50
100
150
200
250
300
350
400
450
500
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
(%)
(`cr) Sales (LHS) yoy Growth (RHS)
(5.0)
0.0
5.0
10.0
15.0
20.0
(10)
0
10
20
30
40
50
60
70
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
(%)
(`cr)
EBITDA (LHS) OPM (RHS)
4. Lakshmi Machine Works| 2QFY2011 Result Update
October 26, 2010 4
PAT increases to Rs46cr
PAT increased 41.7% yoy in the quarter to `46cr after remaining steady at nearly
`30cr in earlier few quarters. Going ahead, we expect profit to further increase, as
the underlying business scenario continues to improve.
Exhibit 5: Profit trend
Source: Company, Angel Research
Management call – Key takeaways
Order book at the end of the quarter rose to `3,600cr from `3,200cr at the
end of 1QFY2011.
1HFY2011 witnessed order inflow of `1,240cr.
The company is currently quoting a delivery period of 10-12 months,
indicating consistent and strong growth in demand.
Management expects to maintain current margin levels.
The liquidity situation in the textile industry is good owing to funds released
under the TUFS scheme. This would translate into higher off-take of LMW’s
products. This is further backed by bumper profit being booked by the textile
manufacturers.
The progress in the Chinese subsidiary is steady. There is no dearth of orders,
but it will take time for execution to improve.
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5. Lakshmi Machine Works| 2QFY2011 Result Update
October 26, 2010 5
Investment Arguments
Ability to defend market share: LMW is one of the largest players in the world and
one of only three players globally that manufacture the entire range of spinning
machinery. In India, it has high market share of around 70% in yarn spinning and
preparatory machines. It has been able to sustain this market share on the back of
strong after-sales service coupled with providing world’s best technology to
customers at the cheapest rates. LMW has service centres at all the textile hubs
across the country, which gives it a strong advantage over its European peers, who
at the most have service centres in only 3-4 cities. LMW also enjoys an edge over
competition as it caters to a huge 1,300 domestic textile players out of the total
universe of around 1,600. The company has been innovating on technology for
the past 15 years. In terms of prices, LMW’s products are at least 10% cheaper
than its European peers who have manufacturing base in India.
Strong order book to translate into robust sales growth: LMW has a strong order
book of `3,600cr. The upturn in the spinning industry has lent a boost to the
company’s order inflow. The yarn prices have increased at 15.0% CAGR over the
last two years and most listed yarn manufacturers surveyed by us are operating at
utilisation rates of around 95%. This indicates that there is low probability of order
deferments and the company’s robust order book is expected to result in strong
growth.
Outlook and Valuation
We are positive on the company’s business prospects given the strong demand
from the user industry of textiles. A number of textile players are operating at high
utilisation levels of 90-95% and to increase production further would have to
increase capacity. This augurs well for LMW, as it is the largest textile machinery
player in India. Our view is backed by the company’s large order book to
`3,600cr. Thus, on the back of positive business outlook and strong order book
position, we expect sales to increase at a CAGR of 48.3% over FY2010-12 to
`2,487cr. We expect PAT to clock CAGR of 51.8% to `230cr over the period.
The stock is currently trading at 21.1x and 14.5x FY2011E and FY2012E EPS.
Owing to strong order book, robust business outlook and increased liquidity with
the textile spinning players, we have upgraded our target P/E multiple of the
company from 15.0x to 16.0x. We maintain an Accumulate on the stock, with a
revised Target Price of `2,977 (`2,819).
Exhibit 6: Result: Actual vs Estimated
Actual Estimated Difference (%)
Sales (` cr) 429 451 (4.8)
EBITDA (` cr) 64.0 72.1 (11.2)
OPM (%) 14.9% 16.0% (110 bps)
PAT (` cr) 45.9 47.5 (3.4)
Source: Company, Angel Research
6. Lakshmi Machine Works| 2QFY2011 Result Update
October 26, 2010 6
Exhibit 7: Key assumptions
FY2011E FY2012E Remarks
Sales in Chinese subsidiary (` cr) 80.0 120.0 Sales to increase as company gains foothold in China
Sales growth rate (%) 66.5 32.1 High growth due to improvement in business outlook
OPM (%) 14.3 14.8 OPM to increase on operating leverage
Tax Rate (%) 20.0 22.0 Higher production in Pune plant to result in higher tax
Source: Angel Research
Exhibit 8: Peer valuation
Company Mcap CMP EPS (`) P/E (x) P/BV (x) RoE (%)
(` cr) (`) FY11E FY12E FY11E FY12E FY11E FY12E FY11E FY12E
LMW 3,338 2,699 21.1 14.5 127.9 186.1 3.2 2.8 16.2 20.5
Kirloskar Brothers 1,859 234 19.1 22.1 12.3 10.6 2.0 1.8 18.3 16.5
Cummins 14,836 749 30.1 37.5 24.9 20.0 7.9 6.6 33.1 32.9
Source: Company, Bloomberg, Angel Research
Exhibit 9: One year forward P/E
Source: Company, Bloomberg, Angel Research
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10. Lakshmi Machine Works| 2QFY2011 Result Update
October 26, 2010 10
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Lakshmi Machine Works
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
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Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)