Lupin reported in-line results for the first quarter of fiscal year 2011, with net sales of Rs1,312 crore, operating profit margin of 20%, and net profit of Rs196 crore. Key drivers of growth included strong sales of generic drugs in the US market, as well as expansion of Lupin's domestic field force in India. While the company saw a delay in FDA approval for oral contraceptive drugs, management does not expect this to impact its competitive position. The analyst maintains an 'Accumulate' rating for Lupin based on its scale in key markets like the US and India, as well as its pipeline of generic drug approvals.
TCS reported strong financial results for the 1QFY2011 quarter that exceeded analyst estimates. Revenue grew 6.2% quarter-over-quarter to Rs. 8,217 crore, driven by an 8.1% increase in business volumes. Operating margins declined slightly due to wage increases and currency fluctuations impacting costs. Net profit declined 5.3% due to higher foreign exchange losses and taxes. The analyst maintains a positive outlook due to TCS's strong deal pipeline and hiring growth, but notes concerns around the European economic situation and currency movements. The stock is recommended as an "Accumulate" with a target price of Rs. 920.
- Dishman reported 1QFY2011 results which were primarily in line with estimates, boosted by higher other income. Net sales were down 11.3% YoY due to subdued CRAMS segment performance.
- Operating profit margin contracted 140bps to 22% due to sales de-growth. However, net profit was maintained due to higher other income.
- The company maintained FY2011 guidance of 15-20% top-line growth and 25% operating margin, expecting a robust second half of FY2011.
GSK Consumer reported a 14.5% year-over-year increase in revenue to Rs537 crore for the second quarter of 2010, below analyst estimates. Earnings grew 30% to Rs71.8 crore, ahead of estimates, driven by margin expansion from lower advertising spending and higher other income. While the company's core brands Horlicks and Boost saw healthy volume growth of 10% and 17% respectively, overall volume growth moderated to around 10%. Looking forward, the company expects advertising spending to increase in the second half of the year with the national rollout of new product Horlicks Foodles.
McNally Bharat Engineering Co. Ltd. (MBE) reported disappointing financial results for the first quarter of fiscal year 2011, with revenues, earnings, and margins coming in below previous estimates. While MBE's order backlog remains strong at Rs. 4,803 crores, providing high revenue visibility, its subsidiary McNally Sayaji also saw subdued performance. However, analysts maintain a 'Buy' recommendation due to MBE's experience in various sectors, ongoing government infrastructure spending, and significant projected market opportunities over the next few years totaling Rs. 51,600 crores. Estimates have been revised downward to account for the weak quarterly performance.
1) Nestle reported a 16.9% increase in top-line to Rs1,480cr, slightly below estimates, due to higher volumes and limited price increases. Bottom-line grew only 2.3%, significantly below expectations, due to a spike in input costs.
2) Gross margins contracted 263bps and EBITDA margins fell 397bps as input costs rose substantially. Higher brand investments and other expenses also weighed on profits.
3) The analyst downgrades Nestle to Neutral and lowers earnings estimates due to higher input costs and competitive pressures. Valuations leave little upside potential given cost pressures.
Tata Motors reported strong results for the fourth quarter of fiscal year 2010. Consolidated net sales were up 84.6% year-over-year to Rs. 28,978 crore, driven by higher other income and improved performance at subsidiaries like Jaguar Land Rover. Operating profit was Rs. 3,135 crore compared to an operating loss in the prior year. Net profit increased significantly to Rs. 2,228 crore from Rs. 316 crore in 4QFY2009, benefiting from cost cutting measures and higher other income. The results were above expectations due to the company's aggressive cost reductions and good turnaround at key subsidiaries.
GIPCL posted a 23.1% year-over-year increase in net profit to Rs36cr for the fourth quarter of fiscal year 2010, in line with estimates. The growth was aided by a 15.5% decline in fuel costs due to increased gas availability and lower interest and tax expenses. While net sales declined 12.4% to Rs254cr, operating profit fell 13.3% to Rs62cr. The company maintained its expansion plans and guidance. At a share price of Rs110, GIPCL is trading at an attractive valuation compared to its peers.
DLF reported 4QFY2010 results that were marginally below expectations due to higher interest and tax expenses. The merger with DAL and purchase of preference shares from SC Asia will increase net debt to 0.65-0.75x in 1QFY2011 from the current 0.53x. Strong volume guidance of 15-18mn sq ft is given for FY2011. The analyst maintains a Neutral rating and says the stock's performance depends on reducing debt levels through non-core asset sales and commercial segment recovery.
TCS reported strong financial results for the 1QFY2011 quarter that exceeded analyst estimates. Revenue grew 6.2% quarter-over-quarter to Rs. 8,217 crore, driven by an 8.1% increase in business volumes. Operating margins declined slightly due to wage increases and currency fluctuations impacting costs. Net profit declined 5.3% due to higher foreign exchange losses and taxes. The analyst maintains a positive outlook due to TCS's strong deal pipeline and hiring growth, but notes concerns around the European economic situation and currency movements. The stock is recommended as an "Accumulate" with a target price of Rs. 920.
- Dishman reported 1QFY2011 results which were primarily in line with estimates, boosted by higher other income. Net sales were down 11.3% YoY due to subdued CRAMS segment performance.
- Operating profit margin contracted 140bps to 22% due to sales de-growth. However, net profit was maintained due to higher other income.
- The company maintained FY2011 guidance of 15-20% top-line growth and 25% operating margin, expecting a robust second half of FY2011.
GSK Consumer reported a 14.5% year-over-year increase in revenue to Rs537 crore for the second quarter of 2010, below analyst estimates. Earnings grew 30% to Rs71.8 crore, ahead of estimates, driven by margin expansion from lower advertising spending and higher other income. While the company's core brands Horlicks and Boost saw healthy volume growth of 10% and 17% respectively, overall volume growth moderated to around 10%. Looking forward, the company expects advertising spending to increase in the second half of the year with the national rollout of new product Horlicks Foodles.
McNally Bharat Engineering Co. Ltd. (MBE) reported disappointing financial results for the first quarter of fiscal year 2011, with revenues, earnings, and margins coming in below previous estimates. While MBE's order backlog remains strong at Rs. 4,803 crores, providing high revenue visibility, its subsidiary McNally Sayaji also saw subdued performance. However, analysts maintain a 'Buy' recommendation due to MBE's experience in various sectors, ongoing government infrastructure spending, and significant projected market opportunities over the next few years totaling Rs. 51,600 crores. Estimates have been revised downward to account for the weak quarterly performance.
1) Nestle reported a 16.9% increase in top-line to Rs1,480cr, slightly below estimates, due to higher volumes and limited price increases. Bottom-line grew only 2.3%, significantly below expectations, due to a spike in input costs.
2) Gross margins contracted 263bps and EBITDA margins fell 397bps as input costs rose substantially. Higher brand investments and other expenses also weighed on profits.
3) The analyst downgrades Nestle to Neutral and lowers earnings estimates due to higher input costs and competitive pressures. Valuations leave little upside potential given cost pressures.
Tata Motors reported strong results for the fourth quarter of fiscal year 2010. Consolidated net sales were up 84.6% year-over-year to Rs. 28,978 crore, driven by higher other income and improved performance at subsidiaries like Jaguar Land Rover. Operating profit was Rs. 3,135 crore compared to an operating loss in the prior year. Net profit increased significantly to Rs. 2,228 crore from Rs. 316 crore in 4QFY2009, benefiting from cost cutting measures and higher other income. The results were above expectations due to the company's aggressive cost reductions and good turnaround at key subsidiaries.
GIPCL posted a 23.1% year-over-year increase in net profit to Rs36cr for the fourth quarter of fiscal year 2010, in line with estimates. The growth was aided by a 15.5% decline in fuel costs due to increased gas availability and lower interest and tax expenses. While net sales declined 12.4% to Rs254cr, operating profit fell 13.3% to Rs62cr. The company maintained its expansion plans and guidance. At a share price of Rs110, GIPCL is trading at an attractive valuation compared to its peers.
DLF reported 4QFY2010 results that were marginally below expectations due to higher interest and tax expenses. The merger with DAL and purchase of preference shares from SC Asia will increase net debt to 0.65-0.75x in 1QFY2011 from the current 0.53x. Strong volume guidance of 15-18mn sq ft is given for FY2011. The analyst maintains a Neutral rating and says the stock's performance depends on reducing debt levels through non-core asset sales and commercial segment recovery.
Exide Industries reported a 35.1% increase in net profit for 1QFY2011 compared to the previous year. Net sales grew 27.5% year-over-year to Rs1,152 crore, exceeding estimates. Earnings before interest, taxes, depreciation, and amortization margins improved from the previous quarter due to a decline in other expenditures. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expects net sales and profit to grow annually over the next two years.
HUL reported disappointing 1QFY2011 results, with profits declining 4% due to a 34% rise in advertising spending. While revenue grew 7% driven by 11% volume growth, operating margins contracted significantly by 289 basis points. Higher competitive intensity in categories like detergents and soaps drove the increase in advertising. Weak profit growth and uncertain earnings outlook despite modest revenue growth lead us to maintain a reduce rating on the stock.
JK Lakshmi Cement reported a 21.1% year-over-year growth in net sales for the fourth quarter of fiscal year 2010, driven by a 21% increase in sales volume. However, operating profit declined by 8.7% due to a surge in raw material and other expenses. Net profit decreased by 32.6% to Rs. 70 crore on higher depreciation and interest costs. While sales volume and capacity are increasing, accelerated industry capacity additions may put pressure on prices and profitability going forward. The analyst maintains a "Buy" rating with a target price of Rs. 86 per share based on an EV/EBITDA multiple and estimated replacement cost valuations.
- Alembic reported lower than expected sales and profits for 1QFY2011 due to weak performance in its export API segment and slower than expected growth in domestic formulations.
- However, interest costs declined significantly due to lower debt levels and the company's decision to demerge its pharmaceutical business from other businesses is expected to unlock value by allowing each business to focus on its core operations.
- The analyst maintains a 'Buy' rating and has set a target price of Rs. 74 per share based on separate valuations of the demerged pharmaceutical and API businesses as well as the company's land assets.
1) DLF reported revenue growth of 23% year-over-year for the quarter, but profit was below expectations due to higher interest and depreciation expenses.
2) Residential sales volumes declined significantly year-over-year due to fewer new launches and delays in approvals, while leasing volumes improved.
3) Higher debt from recent acquisitions increased interest costs and net debt levels, remaining a key concern, as the company aims to reduce leverage ratios.
Polyplex Corporation reported higher-than-estimated quarterly and annual results. Net sales grew 19.4% year-over-year for the quarter and 9.1% for the full year. Quarterly net profit jumped 50.2% year-over-year due to a substantial increase in other income. For the full year, net profit declined 14.9% but was above estimates. The company trades at a discount to its peers and its Thailand subsidiary, despite an estimated 26% earnings CAGR over the next two years. The analyst maintains a "Buy" rating with a target price of Rs418.
Nestle reported a 21% increase in revenue for the second quarter driven by 20% growth in domestic sales and 36% growth in exports. However, earnings grew at a slower 12% due to a contraction in operating margins from rising input costs and increased spending on marketing. The analyst downgraded the stock to Reduce due to concerns over margin pressure and high valuations leaving little room for negative surprises. Top-line growth was robust due to increased sales volumes and limited price increases while exports picked up on higher sales to Russia.
Exide Industries reported a 35.1% increase in net profit for the first quarter of fiscal year 2011. Net sales grew 27.5% due to a substantial increase in both original equipment and replacement auto battery sales. While raw material costs increased, operating margins improved on a quarter-over-quarter basis due to a decline in other expenditures and average lead prices. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expectations for continued double-digit revenue and earnings growth over the next two fiscal years.
JK Lakshmi Cement (JKLC) reported a 1,663bp year-over-year decline in operating margin to 17.4% in the first quarter of fiscal year 2011 due to an 8.7% fall in realizations and a 36% increase in power and fuel costs. Net profit declined 78.6% year-over-year to Rs. 17 crore. The analyst maintains a "Buy" rating on JKLC, revising the target price to Rs. 92, expecting the company to face relatively less pricing pressure due to its concentration in high-growth northern and eastern regions and benefit from increasing captive power capacity.
Dabur reported a mixed set of results for the first quarter of fiscal year 2011. While revenue growth was strong at 23% due to a record 20% increase in volume, earnings growth disappointed at 17% due to margin contraction and higher taxes. Revenue was boosted by double-digit growth in consumer care division categories like oral care, health supplements, and home care. However, earnings fell short of estimates due to a rise in advertising spending squeezing margins. The company also announced an acquisition and a bonus share issue.
Tata Steel reported financial results for the first quarter of fiscal year 2011. For the quarter, Tata Steel reported consolidated net revenue of Rs27,195 crore and net profit of Rs1,825 crore. The company's standalone operations saw a 16.5% increase in net revenue compared to the prior year quarter, but a 13.3% decline sequentially due to lower production volumes. Tata Steel's European operations reported a smaller loss than the previous year, with adjusted EBITDA/tonne of US$105 for the quarter. Going forward, the note expects weaker performance from Tata Steel Europe but stronger results from Tata Steel's Indian operations.
Pantaloon Retail reported a 25.3% year-over-year growth in net sales to Rs. 2,057.6 crore for the third quarter of fiscal year 2010, below expectations of 30.2% growth. Same store sales growth was 13.9% and 13.2% for value and lifestyle retailing respectively. Operating margins remained flat at 10.5% while net profit grew 62.7% to Rs. 55.9 crore due to sales growth and unchanged interest costs. The analyst maintains an accumulate rating and target price of Rs. 469 based on retail space expansion, revival in consumer sentiment, and organizational restructuring.
Orchid Chemicals reported 1QFY2011 results above expectations driven by higher other operating income and off-take under the Hospira contract. Net sales were flat at Rs303.6cr but above estimates, while net profit was Rs21.7cr versus a loss last year. For FY2011, the company expects 23% revenue growth to Rs1,600cr with 22% EBITDA margins. However, concerns remain around high receivables and low asset turnover. The report maintains a Neutral rating.
Bajaj Electricals reported a 35.2% year-over-year growth in net sales for the first quarter of fiscal year 2011, driven by strong growth in lighting and consumer durables. However, operating margins declined to 8.4% from 10% in the previous year due to higher raw material costs. Net profit increased 37.3% despite a decline in operating margins, aided by lower interest costs. Management expects sales growth of over 20% for fiscal year 2011 but anticipates pressure on margins to continue in the next quarter before improving in the second half of the year.
- Greenply Industries reported higher-than-estimated 1QFY2011 results, with net sales growing 47.7% year-over-year to Rs262 crore, driven by capacity expansion and higher utilization.
- EBITDA grew 28.6% to Rs31 crore, though EBITDA margin contracted 174 basis points to 11.7% due to higher raw material costs.
- Net profit declined 4.9% to Rs10 crore due to increased depreciation and interest expenses from a new plant.
Asian Paints reported strong quarterly results that beat estimates. Revenue grew 25% year-over-year to Rs. 1,830 crore, driven by 18-20% volume growth and 2-3% price-led growth. Earnings grew 26% to Rs. 222 crore due to operating leverage, although gross margins contracted due to rising input costs. The analyst maintains an Accumulate rating and revised target price of Rs. 2,773, expecting sustained 15.5% volume growth, price hikes of 8%, and operating margins around 18%.
Hotel Leela Venture reported a 24.9% year-over-year growth in net sales to Rs105.8 crore for the first quarter of FY2011, driven by higher occupancy rates and average room rates. Operating profit was up 67.5% to Rs31.6 crore due to fixed cost absorption, leading to a significant increase in net profit to Rs9.2 crore from Rs0.4 crore in the prior-year period. Going forward, the company expects to benefit from improving industry dynamics, but its current valuation remains higher than peers.
Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
PTC India reported a 121.8% quarter-over-quarter growth in net revenue to Rs. 2,758 cr for 1QFY2011, driven by a 36.7% year-over-year increase in sales volume. Operating profit grew 194.2% qoq and 85.3% yoy to Rs. 28 cr due to higher trading margins. However, net profit declined 16.7% yoy to Rs. 28 cr due to lower other income and higher taxes. Going forward, the company expects further volume growth as new projects come online and higher trading margins will boost profits.
Hara-kiri, also known as seppuku, was a form of Japanese ritual suicide by disembowelment. It originated in the 12th century among samurai warriors and became an important part of the Bushido code of honor. The ritual involved slicing open the abdomen with a short blade to either die from the wound or receive a decapitating cut from a companion using a katana sword. Samurai performed hara-kiri mainly to avoid dishonorable defeat or to regain lost honor, as it was seen as a noble way to die.
El documento presenta un periódico estudiantil que incluye artículos sobre la celebración del Día del Maestro en Guatemala, entrevistas con maestros sobre sus experiencias y trayectorias, una sección de farándula sobre maestros de la escuela, y mensajes enviados al buzón del periódico. El periódico ofrece información sobre la historia y celebración del Día del Maestro en Guatemala, experiencias de maestros de larga data, y una variedad de secciones de noticias, entretenimiento y participación de los estudiantes.
The document provides 10 reasons why the author would be useful to a company. It begins with an overview of the author's background including 23 years of experience in the defense and corporate worlds. The author then highlights their core competencies such as strategic planning, business development, process improvement, and leadership skills. The document emphasizes the author's experience managing projects and production operations from start to commissioning, including raising 3 greenfield production plants.
Exide Industries reported a 35.1% increase in net profit for 1QFY2011 compared to the previous year. Net sales grew 27.5% year-over-year to Rs1,152 crore, exceeding estimates. Earnings before interest, taxes, depreciation, and amortization margins improved from the previous quarter due to a decline in other expenditures. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expects net sales and profit to grow annually over the next two years.
HUL reported disappointing 1QFY2011 results, with profits declining 4% due to a 34% rise in advertising spending. While revenue grew 7% driven by 11% volume growth, operating margins contracted significantly by 289 basis points. Higher competitive intensity in categories like detergents and soaps drove the increase in advertising. Weak profit growth and uncertain earnings outlook despite modest revenue growth lead us to maintain a reduce rating on the stock.
JK Lakshmi Cement reported a 21.1% year-over-year growth in net sales for the fourth quarter of fiscal year 2010, driven by a 21% increase in sales volume. However, operating profit declined by 8.7% due to a surge in raw material and other expenses. Net profit decreased by 32.6% to Rs. 70 crore on higher depreciation and interest costs. While sales volume and capacity are increasing, accelerated industry capacity additions may put pressure on prices and profitability going forward. The analyst maintains a "Buy" rating with a target price of Rs. 86 per share based on an EV/EBITDA multiple and estimated replacement cost valuations.
- Alembic reported lower than expected sales and profits for 1QFY2011 due to weak performance in its export API segment and slower than expected growth in domestic formulations.
- However, interest costs declined significantly due to lower debt levels and the company's decision to demerge its pharmaceutical business from other businesses is expected to unlock value by allowing each business to focus on its core operations.
- The analyst maintains a 'Buy' rating and has set a target price of Rs. 74 per share based on separate valuations of the demerged pharmaceutical and API businesses as well as the company's land assets.
1) DLF reported revenue growth of 23% year-over-year for the quarter, but profit was below expectations due to higher interest and depreciation expenses.
2) Residential sales volumes declined significantly year-over-year due to fewer new launches and delays in approvals, while leasing volumes improved.
3) Higher debt from recent acquisitions increased interest costs and net debt levels, remaining a key concern, as the company aims to reduce leverage ratios.
Polyplex Corporation reported higher-than-estimated quarterly and annual results. Net sales grew 19.4% year-over-year for the quarter and 9.1% for the full year. Quarterly net profit jumped 50.2% year-over-year due to a substantial increase in other income. For the full year, net profit declined 14.9% but was above estimates. The company trades at a discount to its peers and its Thailand subsidiary, despite an estimated 26% earnings CAGR over the next two years. The analyst maintains a "Buy" rating with a target price of Rs418.
Nestle reported a 21% increase in revenue for the second quarter driven by 20% growth in domestic sales and 36% growth in exports. However, earnings grew at a slower 12% due to a contraction in operating margins from rising input costs and increased spending on marketing. The analyst downgraded the stock to Reduce due to concerns over margin pressure and high valuations leaving little room for negative surprises. Top-line growth was robust due to increased sales volumes and limited price increases while exports picked up on higher sales to Russia.
Exide Industries reported a 35.1% increase in net profit for the first quarter of fiscal year 2011. Net sales grew 27.5% due to a substantial increase in both original equipment and replacement auto battery sales. While raw material costs increased, operating margins improved on a quarter-over-quarter basis due to a decline in other expenditures and average lead prices. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expectations for continued double-digit revenue and earnings growth over the next two fiscal years.
JK Lakshmi Cement (JKLC) reported a 1,663bp year-over-year decline in operating margin to 17.4% in the first quarter of fiscal year 2011 due to an 8.7% fall in realizations and a 36% increase in power and fuel costs. Net profit declined 78.6% year-over-year to Rs. 17 crore. The analyst maintains a "Buy" rating on JKLC, revising the target price to Rs. 92, expecting the company to face relatively less pricing pressure due to its concentration in high-growth northern and eastern regions and benefit from increasing captive power capacity.
Dabur reported a mixed set of results for the first quarter of fiscal year 2011. While revenue growth was strong at 23% due to a record 20% increase in volume, earnings growth disappointed at 17% due to margin contraction and higher taxes. Revenue was boosted by double-digit growth in consumer care division categories like oral care, health supplements, and home care. However, earnings fell short of estimates due to a rise in advertising spending squeezing margins. The company also announced an acquisition and a bonus share issue.
Tata Steel reported financial results for the first quarter of fiscal year 2011. For the quarter, Tata Steel reported consolidated net revenue of Rs27,195 crore and net profit of Rs1,825 crore. The company's standalone operations saw a 16.5% increase in net revenue compared to the prior year quarter, but a 13.3% decline sequentially due to lower production volumes. Tata Steel's European operations reported a smaller loss than the previous year, with adjusted EBITDA/tonne of US$105 for the quarter. Going forward, the note expects weaker performance from Tata Steel Europe but stronger results from Tata Steel's Indian operations.
Pantaloon Retail reported a 25.3% year-over-year growth in net sales to Rs. 2,057.6 crore for the third quarter of fiscal year 2010, below expectations of 30.2% growth. Same store sales growth was 13.9% and 13.2% for value and lifestyle retailing respectively. Operating margins remained flat at 10.5% while net profit grew 62.7% to Rs. 55.9 crore due to sales growth and unchanged interest costs. The analyst maintains an accumulate rating and target price of Rs. 469 based on retail space expansion, revival in consumer sentiment, and organizational restructuring.
Orchid Chemicals reported 1QFY2011 results above expectations driven by higher other operating income and off-take under the Hospira contract. Net sales were flat at Rs303.6cr but above estimates, while net profit was Rs21.7cr versus a loss last year. For FY2011, the company expects 23% revenue growth to Rs1,600cr with 22% EBITDA margins. However, concerns remain around high receivables and low asset turnover. The report maintains a Neutral rating.
Bajaj Electricals reported a 35.2% year-over-year growth in net sales for the first quarter of fiscal year 2011, driven by strong growth in lighting and consumer durables. However, operating margins declined to 8.4% from 10% in the previous year due to higher raw material costs. Net profit increased 37.3% despite a decline in operating margins, aided by lower interest costs. Management expects sales growth of over 20% for fiscal year 2011 but anticipates pressure on margins to continue in the next quarter before improving in the second half of the year.
- Greenply Industries reported higher-than-estimated 1QFY2011 results, with net sales growing 47.7% year-over-year to Rs262 crore, driven by capacity expansion and higher utilization.
- EBITDA grew 28.6% to Rs31 crore, though EBITDA margin contracted 174 basis points to 11.7% due to higher raw material costs.
- Net profit declined 4.9% to Rs10 crore due to increased depreciation and interest expenses from a new plant.
Asian Paints reported strong quarterly results that beat estimates. Revenue grew 25% year-over-year to Rs. 1,830 crore, driven by 18-20% volume growth and 2-3% price-led growth. Earnings grew 26% to Rs. 222 crore due to operating leverage, although gross margins contracted due to rising input costs. The analyst maintains an Accumulate rating and revised target price of Rs. 2,773, expecting sustained 15.5% volume growth, price hikes of 8%, and operating margins around 18%.
Hotel Leela Venture reported a 24.9% year-over-year growth in net sales to Rs105.8 crore for the first quarter of FY2011, driven by higher occupancy rates and average room rates. Operating profit was up 67.5% to Rs31.6 crore due to fixed cost absorption, leading to a significant increase in net profit to Rs9.2 crore from Rs0.4 crore in the prior-year period. Going forward, the company expects to benefit from improving industry dynamics, but its current valuation remains higher than peers.
Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
PTC India reported a 121.8% quarter-over-quarter growth in net revenue to Rs. 2,758 cr for 1QFY2011, driven by a 36.7% year-over-year increase in sales volume. Operating profit grew 194.2% qoq and 85.3% yoy to Rs. 28 cr due to higher trading margins. However, net profit declined 16.7% yoy to Rs. 28 cr due to lower other income and higher taxes. Going forward, the company expects further volume growth as new projects come online and higher trading margins will boost profits.
Hara-kiri, also known as seppuku, was a form of Japanese ritual suicide by disembowelment. It originated in the 12th century among samurai warriors and became an important part of the Bushido code of honor. The ritual involved slicing open the abdomen with a short blade to either die from the wound or receive a decapitating cut from a companion using a katana sword. Samurai performed hara-kiri mainly to avoid dishonorable defeat or to regain lost honor, as it was seen as a noble way to die.
El documento presenta un periódico estudiantil que incluye artículos sobre la celebración del Día del Maestro en Guatemala, entrevistas con maestros sobre sus experiencias y trayectorias, una sección de farándula sobre maestros de la escuela, y mensajes enviados al buzón del periódico. El periódico ofrece información sobre la historia y celebración del Día del Maestro en Guatemala, experiencias de maestros de larga data, y una variedad de secciones de noticias, entretenimiento y participación de los estudiantes.
The document provides 10 reasons why the author would be useful to a company. It begins with an overview of the author's background including 23 years of experience in the defense and corporate worlds. The author then highlights their core competencies such as strategic planning, business development, process improvement, and leadership skills. The document emphasizes the author's experience managing projects and production operations from start to commissioning, including raising 3 greenfield production plants.
Vijay Mallya acquired Shaw Wallace last year, making his company UB Group the third largest spirits producer by volume. His top brands include Kingfisher beer and Bagpiper whiskey. He launched Kingfisher Airline, named after his best-selling beer and modeled after JetBlue, and appointed his 18-year old son as his successor.
Vijay Mallya acquired Shaw Wallace, making his UB Group the third largest spirits producer. His top brands are Kingfisher beer and Bagpiper whiskey, and Scottish and Newcastle is his partner in beer. He launched Kingfisher Airline, named after his best-selling Kingfisher beer and modelled after JetBlue. He appointed his 18-year-old son as his successor to run his business empire. His personal assets include a fleet of vintage cars and a 200-horse stud farm.
conducting and attending business meetingZikra Jamshed
The document discusses attending and conducting business meetings. It defines a meeting as a gathering of two or more people to make decisions through discussions. It lists the common purposes of meetings as decision-making, idea generation, resolving problems/conflicts, and defining aims and missions. The document also outlines various types of meetings and principles for both attending meetings, such as being on time and prepared, and conducting meetings, like staying on topic and scheduling the next meeting.
Analysis of a Company on Parameters of Business Model & FInancial RatiosKaustubh Barve
Lupin Ltd. is an Indian pharmaceutical company founded in 1968 that produces generic and branded drugs. It has a presence in over 70 countries and is the 2nd largest Indian pharma company by market capitalization. Lupin has strengths in key therapeutic areas and a global footprint, but relies heavily on the US market. It employs a business model focused on economies of scale, product differentiation through R&D, and geographical expansion. Financial analysis shows Lupin maintains good liquidity and low debt levels. The document recommends buying Lupin stock due to its strong performance, product pipeline, and fundamentals.
Analysis of attitude to politeness between British and Japanese peopleMikaNonomura
This document summarizes research comparing politeness in Britain and Japan. Surveys were conducted with 80 British and 100 Japanese people on topics like table manners, social media use, and greetings.
The surveys found differences in how politeness is expressed. Japanese people use formal Keigo language to show respect, while British tend to be more casual in language but polite through behaviors like handshakes. British were also more open about relationships on social media than Japanese.
When it comes to teaching manners, British respondents felt it should be done at home rather than school. Overall, the research showed Japanese emphasize respect and care for others through language, while British express politeness more through physical distance and behaviors.
Fundamental And Technical Analysis Of LupinRakesh Bhaskar
The document discusses the Indian pharmaceutical sector and provides information about Lupin, a major Indian pharmaceutical company. It notes that India has over 3,000 pharmaceutical companies and is a global leader in generic drug manufacturing due to lower costs. Lupin is one of India's largest pharmaceutical companies, with manufacturing sites worldwide and products in over 70 countries. It provides details on Lupin's financial performance, acquisitions, awards received, and analyst recommendations for the company's stock.
Contemporary Conspiracies Internet VersionMatteo Villa
The document discusses conspiracy theories and their typical features. It analyzes theories about 9/11, the Pentagon attack, and the moon landing. Conspiracy theories often employ fallacies like straw man arguments and reversing the burden of proof. They also rely heavily on visual evidence and intricate reasoning to support implausible claims. Debunking efforts point to scientific explanations like the effects of fire on building structures and correct perspectives to explain phenomena like shadows on the moon.
How to deliver a good presentation? The Do's and Don't do's of a presentation. Courtesy to some other slideshares, especially for those scientific details, stats etc.
How to create a perfect proposal document Arjun Pillai
This document discusses how to create effective documentation by following a structured process. It recommends starting with an outline and table of contents to establish the overall flow and structure. Key points include keeping documentation brief and concise while using images, statistics, and other visual elements to support the ideas. Proper documentation is presented as an important skill that can help validate achievements and accomplishments.
Antilia is the 27-story residential building in Mumbai owned by Mukesh Ambani, the chairman of Reliance Industries. It is one of the most expensive homes in the world, with unique designs for each floor featuring rare materials like crystal, marble, and mother of pearl. The home has numerous luxury amenities, including a six-floor garage that can hold 168 cars, three helipads, a health spa, swimming pools, yoga studio, ballroom, and movie theater. It takes a staff of 600 people to maintain the home, which uses extensive energy to power its amenities while still emphasizing energy efficiency through design features like hanging gardens.
This document provides an overview of minimalism in art from the late 1950s to the early 1970s. It discusses the main artistic influences on minimalism including abstract expressionism, constructivism, and Marcel Duchamp. The leading minimalist artists of the movement are identified as Frank Stella, Carl Andre, Dan Flavin, Donald Judd, Robert Morris, and Sol LeWitt. Their key characteristics and works are described, focusing on reduction, industrial materials, and viewer interaction. Minimalism aimed to strip down art to its basic forms and reject metaphorical interpretations.
Cipla reported 1QFY2011 results that were ahead of estimates, with operating margins improving sequentially. While domestic formulation sales grew only 3.6% due to lower generic sales, export sales increased 14.4% due to growth in ARV and anti-asthma segments. Operating margins expanded to 20.9% due to lower other expenses. Net profit grew 6.5% to Rs257cr from higher margins and other income. The company expects its new Indore facility to start contributing significantly over the next 6-12 months and sees this aiding substantial future growth. The report recommends buying the stock.
Jagran Prakashan reported a 16% year-over-year increase in revenue for the first quarter of fiscal year 2011, aided by 18% growth in advertising revenue. Operating margins expanded significantly by 301 basis points year-over-year due to a 221 basis point increase in gross margins from lower newsprint prices and cost controls. However, earnings growth was lower at 12% due to a steep decline in other income compared to the prior year quarter. Going forward, the company expects advertising revenue growth of 17-18% for fiscal year 2011 and margin expansion, positioning it for strong earnings growth, though near-term quarters may be weaker without seasonal tailwinds.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Bharat Forge reported strong results for 1QFY2011 with net sales growing 75.7% year-over-year to Rs 630.1 crore, beating estimates. Operating margins improved significantly to 25.2% due to lower raw material costs and higher utilization levels. Net profit was Rs 59.4 crore, exceeding expectations due to improved volumes and operating leverage. The analyst recommends accumulating the stock given the better-than-expected performance and revised upward estimates.
Hindalco reported financial results for the first quarter of fiscal year 2011. Net revenue increased 32.9% year-over-year to Rs. 5,146 crore, driven by higher aluminum and copper volumes and prices. EBITDA grew 9.9% to Rs. 832 crore while net profit increased 11.2% to Rs. 534 crore. Hindalco is expanding aluminum production capacity significantly over the next few years, which is expected to drive further revenue and profit growth. The analyst maintains a Buy recommendation on Hindalco shares.
Ipca Laboratories reported lower than expected financial results for the first quarter of fiscal year 2011. Revenue was in line with estimates but operating profit was below expectations due to higher employee and promotional expenses. Net profit declined by 21.9% year-over-year due to lower operating margins and foreign exchange losses. The company's domestic formulation sales grew 16% driven by over-the-counter and pain relief segments, but anti-malarial drugs saw reduced sales due to a delay in monsoon season. Export sales increased and offset some of the weakness in domestic sales. Going forward, management expects a recovery in anti-malarial drugs and growth from its expanded domestic sales force and international expansion plans.
Ipca Laboratories reported lower than expected results for 1QFY2011. Net sales were in line with expectations but operating profit was below estimates due to higher employee and promotional expenses. While the company's anti-malarial segment performed below expectations, exports offset some of the weakness. Going forward, management expects a recovery in anti-malarials and increased productivity from newly hired sales staff. The analyst maintains a Neutral rating due to fair stock valuations.
Ipca Laboratories reported financial results for the first quarter of fiscal year 2011 that were below expectations due to subdued performance in their anti-malarial drug segment and higher employee and promotional expenses. Revenue was in line with estimates but operating profit was lower than expected. While the domestic drug formulation business grew, exports exceeded expectations and offset weaker domestic sales. Management expects a recovery in anti-malarial drugs and increased productivity from newly hired sales representatives going forward. The analyst maintains a neutral rating on the stock due to fair valuations.
Ranbaxy reported strong financial results for the first quarter of 2010, driven by exclusivity of the drug Valtrex in the US market and a $50 million settlement from Flomax. Revenue was up 60% and net profit replaced a previous loss, though guidance for the full year remained unchanged. Ongoing issues with the US FDA inspection of manufacturing facilities leaves the outlook neutral, despite the good quarterly performance.
Bayer CropScience reported disappointing 1QFY2011 results with 20% revenue growth and an 8% decline in profit. EBITDA margin contracted to 11% from 14% due to a 358 basis point drop in gross margins. While the company is expected to benefit from high commodity prices, its stock price is nearing the analyst's revised target valuation after recent gains. The analyst maintains a Neutral rating.
FAG Bearing recorded strong results for the second quarter of 2010, with net sales growing 35% year-over-year to Rs. 273 crore, beating estimates. Operating profit increased 66% to Rs. 52 crore due to lower raw material costs and improved operating leverage. Net profit surged 82% to Rs. 33.8 crore, aided by robust top-line growth and lower taxes. The analyst maintains a "Buy" rating and revised earnings estimates upward based on the company's solid performance.
Tata Motors reported strong results for the first quarter of fiscal year 2011. Consolidated net sales grew 65% year-over-year to Rs. 27,056 crore, driven by higher domestic and JLR volumes as well as a 27% increase in JLR realizations. Consolidated operating profit jumped 667% to Rs. 3,855 crore and operating margins increased substantially to 14.2% compared to 3.1% in the prior year period. However, standalone performance was marginally below expectations with net sales up 63% to Rs. 10,416 crore and net profit falling 23% to Rs. 396 crore due to lower other income. While volumes grew 48% driven by strong
Sun TV reported strong 1QFY2011 results with 53% year-over-year revenue growth and 43% PAT growth. Revenues grew due to a 50% increase in advertising revenue, 84% growth in DTH subscription revenue, and 42% growth in analogue subscription revenue. Operating margins expanded 397 basis points to 81.7% due to cost rationalization and operating leverage. The company maintained its Accumulate rating based on continued earnings and cash flow growth despite increasing its FY2012 EPS estimates 2-5% to account for margin expansion.
GlaxoSmithKline Pharma reported lower-than-expected 2QCY2010 results with net sales of Rs. 498 cr, up 8.9% YoY, and net profit of Rs. 129 cr, up 3.7% YoY. Sales were impacted by supply constraints in the vaccine segment. While operating margins improved, other income declined by 28.9% YoY. Given the company's rich valuations trading at 31.5x CY2010 earnings, Angel Research maintains a Sell rating with a target price of Rs. 1,700.
Steel Authority of India reported a 1.7% decline in EBITDA to Rs. 1,843 cr for the first quarter of FY2011, below Angel Research's estimate, due to lower sales volume and higher staff costs. Net profit declined 11.3% to Rs. 1,177 cr for the same reasons. While steel prices increased, sales volume fell 15.5% from a year ago. Staff costs rose sharply due to additional provisions for employee benefits. Going forward, the company is expected to benefit from strong domestic demand, but capacity expansion benefits will only be seen after FY2012. Angel Research maintains a Neutral rating on the stock.
GIPCL reported a 42.3% year-over-year increase in net profit to Rs42cr for the first quarter of fiscal year 2011, despite flat revenues. The bottom line growth was driven by lower tax expenses from tax refunds received for prior years. Operating profit grew 3.3% to Rs64cr on better realizations. The company maintains a buy rating with a target price of Rs135, expecting revenue and profit to grow at a CAGR of 32.5% and 28.3% through fiscal year 2012 driven by new plant capacity additions.
1) Marico reported a 13.4% increase in quarterly revenue to Rs. 790.1 crore, above estimates, led by 16% volume growth in its core brands Parachute and Saffola.
2) Earnings grew 27% to Rs. 73.7 crore after adjusting for tax rate declines, despite margins contracting.
3) The analyst upgrades Marico stock from "Reduce" to "Neutral" and increases earnings estimates by 2-3% based on strong volume growth and lower taxes boosting profits.
1. Mahindra and Mahindra (M&M) reported good results for the first quarter of the fiscal year 2011, with net sales up 21.6% and operating profit up 27.4% compared to the same period last year.
2. Net profit beat analyst expectations by 11%, reaching Rs. 562 crore due to lower than expected tax rates and higher interest income.
3. The report recommends maintaining a "Buy" rating for M&M, setting a target price of Rs. 772 based on the company's core business valuation and value of investments.
HCL Technologies reported quarterly revenue growth of 1.4% sequentially and 7.5% year-over-year, driven by an 8.2% increase in billed efforts that offset a 1.2% decline in pricing and currency impact. Operating profit grew 1% sequentially due to a ramp-down in the BPO segment. Net profit increased 15.9% sequentially due to lower foreign exchange losses. The company added 2,441 employees during the quarter and won several large deals. Margins declined due to currency appreciation and increased hiring but profitability is expected to be sustained going forward.
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
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
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"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.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. 1QFY2011 Result Update | Pharmaceutical
July 30, 2010
Lupin ACCUMULATE
CMP Rs1,879
Performance Highlights Target Price Rs2,099
Y/E March % chg % chg Investment Period 12 months
1QFY2011 4QFY2010 1QFY2010
(Rs cr) qoq yoy
Net Sales 1,312 1,285 2.1 1,086 20.9 Stock Info
Other Income 23 54 (57.3) 21 9.4 Sector Pharmaceutical
Operating Profit 262 249 5.3 194 35.0 Market Cap (Rs cr) 16,736
Interest 8 8 4.6 11 (24.0) Beta 0.3
Net Profit 196 221 (11.0) 140 40.1 52 Week High / Low 1985/900
Source: Company, Angel Research Avg. Daily Volume 38859
Face Value (Rs) 10
Lupin reported in-line 1QFY2011 results. The company continued its strong BSE Sensex 17,868
traction both in the US (Lotrel and Antara) as well as in the domestic (field force Nifty 5,368
expansion) market. Though a delay in the launch of OC products in US is
Reuters Code LUPN.BO
marginally disappointing, it’s unlikely to change the competitive scenario in the
Bloomberg Code LPC@IN
segment. We maintain an Accumulate on the stock and reiterate it as one of our
top picks in the sector.
Shareholding Pattern (%)
In-line results: Lupin reported net sales of Rs1,312cr (Rs1,285cr), which was in
Promoters 47.1
line with our estimates on the back of continuous traction in the US and domestic
MF / Banks / Indian Fls 23.7
formulation segments. The company reported OPM of 20.0% (17.9%), up 210bp
yoy on higher gross margins and exceeded our estimates. Net profit stood at FII / NRIs / OCBs 19.4
Rs196.3cr (Rs140.1cr), up 40.1% driven by top-line growth and OPM expansion. Indian Public / Others 9.9
Outlook and Valuation: Lupin is at a discount of 7-23% to larger peers like Dr.
Reddy’s, Sun Pharma and Cipla, which we believe is unwarranted given the scale Abs. (%) 3m 1yr 3yr
achieved by the company in the last few years. We have valued the company at Sensex 1.8 16.1 17.1
18x (10% discount to large peers). The stock is currently trading at 20.1x and Lupin 10.0 106.6 202.9
16.1x FY2011E and FY2012E earnings, respectively. We maintain an Accumulate
on the stock, with a Target Price of Rs2,099 and reiterate it as one of our top
picks in the sector.
Key Financials
Y E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 3,776 4,741 5,645 6,579
% chg 39.5 25.5 19.1 16.5
Net Profit 502 681 829 1,034
% chg 22.8 35.9 21.6 24.8
EPS (Rs) 60.6 76.8 93.4 116.6
EBITDA Margin (%) 17.2 18.0 18.9 19.5
P/E (x) 31.0 24.5 20.1 16.1
Sarabjit Kour Nangra
RoE (%) 37.1 36.7 31.8 31.2
Tel: 022 – 4040 3800 Ext: 343
RoCE (%) 20.8 23.3 24.2 23.9 sarabjit@angeltrade.com
P/BV (x) 10.9 7.3 5.7 4.5
EV/Sales (x) 4.4 3.7 3.1 2.7 Sushant Dalmia
Tel: 022 – 4040 3800 Ext: 320
EV/EBITDA (x) 25.8 20.6 16.4 13.7 sushant.dalmia@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
2. Lupin | 1QFY2011 Result Update
Exhibit 1: 1QFY2011 performance (consolidated)
Y/E March (Rs cr) 1QFY2011 4QFY2010 % chg (qoq) 1QFY2010 % chg (yoy) FY2010 FY2009 % chg
Net Sales 1,312 1,285 2.1 1,086 20.9 4,741 3,776 25.5
Other Income 23 54 (57.3) 21 9.4 144 95 51.3
Total Income 1,335 1,339 (0.3) 1,107 20.6 4,885 3,871 26.2
Gross profit 809 797 1.5 618 30.8 2,771 2,172 27.6
Gross margins 61.6 62.0 56.9 58.5 57.5
Operating profit 262 249 5.3 194 35.0 853 649 31.6
OPM (%) 20.0 19.4 17.9 18.0 17.2
Interest 8 8 4.6 11 (24.0) 38 50 (22.8)
Dep & Amortisation 40 41 (1.7) 23 73.8 124 88 40.8
PBT 237 254 (6.8) 181 30.6 835 606 37.8
Provision for Taxation 35 29 19.5 36 (3.9) 136 98 38.4
Reported Net Profit 202 225 (10.2) 145 39.3 699 508 37.7
Less : Exceptional Items - - - -
MI & Share in Associates 6 4 28.4 5 14.6 18 6 189.5
PAT after Exceptional Items 196 221 (11.0) 140 40.1 681 502 35.9
EPS (Rs) 22.1 24.8 16.8 76.8 60.6
Source: Company, Angel Research
Exhibit 2: 1QFY2011- Actual v/s Angel estimates
Rs cr Actual Estimates Variation
Net Sales 1,312 1,298 1.1
Other Income 23 22 4.6
Operating Profit 262 245 7.0
Interest 8 9 (4.1)
Tax 35 35 (0.1)
Net Profit 196 176 11.5
Source: Company, Angel Research
Revenue in line with estimates: Lupin reported net sales of Rs1,312cr (Rs1,285cr),
which was in line with our estimates on the back of continuous traction in the US
and domestic formulation segments. Sales in the advanced markets grew by a
stellar 29.0% yoy to Rs626.5cr (Rs485.8cr) driven by the US. Branded generic
business in the US grew by 51% due to Antara and Suprax (suspension 5% and
tablets 50% volume growth). In spite of slow pick up in Antara prescriptions, the
company expects to clock sales of US $60-65mn in FY2011. Lupin does not expect
any competition in Suprax in FY2011, post acceptance of the citizen petition by the
FDA. The company plans to launch Allernaze by end September 2010. Overall,
the generic business grew by 45% yoy driven by Lotrel (>20% market share), which
was launched in 4QFY2010.
In Europe, sales fell 18% yoy due to the currency impact and planned shut down of
the cephalosporin facility. Sales in Japan remained flat following change in the
accounting treatment and price cuts in the market. Lupin expects growth to be
back on track in the Japan region (10-12%) in the ensuing quarters.
July 30, 2010 2
3. Lupin | 1QFY2011 Result Update
Exhibit 3: Advanced markets sales trend
800
713
643 627
600
486 482
(Rs cr)
400
200
0
1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011
Source: Company, Angel Research
The domestic formulation segment grew 23.2% yoy to Rs424.4cr (Rs344.4cr) on
account of the field force expansion and new product introductions.
Exhibit 4: Domestic formulation sales trend
450 424
344 347 345
300 264
(Rs cr)
150
0
1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011
Source: Company, Angel research
OPM expands on favorable product mix: The company reported OPM of 20.0%
(17.9%), up by 210bp yoy on higher gross margins and was ahead of our
estimates. Raw material costs (including traded goods) increased by a mere 7.7%
to Rs503.6cr (Rs467.7cr) due to favorable product mix (Lotrel and Antara).
Employee expenses increased 35.4% to Rs178.1cr (Rs131.5cr) as the company
expanded its sales force in the domestic and US markets.
July 30, 2010 3
4. Lupin | 1QFY2011 Result Update
Exhibit 5: OPM trend
22.0
20.0 20.0
19.6 19.4
18.0 17.9
(%)
16.0
14.7
14.0
12.0
10.0
1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011
Source: Company, Angel Research
Net profit ahead of estimates: Lupin reported net profit of Rs196.3cr (Rs140.1cr),
up 40.1% driven by top-line growth and OPM expansion. Further, tax charge at
15% was lower than estimated on the back of higher R&D weighted deduction.
Exhibit 6: Net profit trend
250
221
196
200
161 161
150 140
(Rs cr)
100
50
0
1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011
Source: Company, Angel Research
Concall takeaways
The company has indicated a delay of 6 months (from March 2011 earlier to
September 2011) in the launch of oral contraceptive (OC) products due to the
longer-than-expected time taken in the US FDA review. However, the
company does not expect the delay to affect its competitive position in the
market.
Lupin expects to launch 3-4 products in the US in FY2011.
July 30, 2010 4
5. Lupin | 1QFY2011 Result Update
Recommendation Rationale
US market the key driver: The high-margin branded generic business has been the
key differentiator for Lupin in the Indian pharma space. The company has further
cemented its position in the segment by acquiring rights for two products, viz.
Allernaze and Antara. With this, Lupin has been able to clock sales of US $127mn
in FY2010, up 72% yoy and higher OPM. Lupin now has a sales force of 170
personnel in the US. On the generic turf, Lupin is currently the fifth largest generic
player in the US in terms of prescriptions, with 22 out of its 25 products in the top-
3 by market share. In the OC segment, Lupin has filed 22 ANDAs and expects the
approval to commence from 2HFY2012.
As per management, OC could contribute US $100mn to top-line over the next
two-three years. The company has filed for 37 ANDAs in FY2010, taking the
cumulative filings to 127, of which 41 have been approved. Lupin plans to launch
6 products in the US in FY2011, and another 80 products over the next three
years. Lupin now has 34 Para IV, of which 11 are FTFs (the company is the
exclusive holder in three of them: Glumetza, Fortamet and Cipro DS) addressing a
market size of US $8bn.
Domestic formulations on a strong footing: Lupin continues to make strides in the
Indian market. Currently, Lupin ranks No.5 climbing up from being No.11 six
years ago. Lupin has been the fastest growing company among the top-5
companies in the domestic formulation space, registering strong CAGR of 20.0%
over the last three years. Six of Lupin's products are among the top-300 brands in
the country. Lupin introduced 42 new products in the Indian market in FY2010 and
has a strong field force of 3,700 MRs.
First mover advantage in Japan: With Kyowa’s acquisition in FY2008, Lupin figures
among the few Indian companies with a formidable presence in the world’s
second largest pharma market. The Japanese government has introduced a new
policy and regulatory reforms to increase the generic drugs’ contribution from a
relatively low 17% in CY2007 to 30% of prescriptions by CY2012. This is estimated
to open up a US $10bn opportunity for the global generic players. We expect
Lupin to post a CAGR of 20% over FY2009-12E in the Japanese market and the
region is likely to contribute 12% of its FY2012E total sales.
Valuation: Lupin is trading at a discount of 7-23% to larger peers like
Dr. Reddy’s, Sun Pharma and Cipla, which we believe is unwarranted given the
scale achieved by the company in the last few years (FY2010 revenue stood at
Rs4,741cr, registering 33.0% CAGR over FY2007-10), best in class operating
margins (FY2010 OPM stood at 18%) and superior return ratios (FY2010 RoE of
37%). We have valued the company at 18x (10% discount to large peers). The
stock is currently trading at 20.1x and 16.1x FY2011E and FY2012E earnings,
respectively. We maintain an Accumulate on the stock, with a Target Price of
Rs2,099 and reiterate it as one of our top picks in the sector.
July 30, 2010 5
11. Lupin | 1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Lupin
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 30, 2010 11