Marico reported strong revenue growth of 33% year-over-year for the first quarter, driven by double-digit volume growth in its core brands Parachute and Saffola. Parachute saw 10% volume growth and Saffola grew by around 15% despite price hikes by both brands. Operating margins declined slightly due to rising input costs. The analyst maintains a neutral rating on Marico, seeing the stock as fairly valued based on projected growth rates.
Reliance Industries reported lower-than-expected earnings for 1QFY2011. While net operating income rose 86.7% year-over-year due to growth in refining revenues, EBITDA was below estimates due to lower petrochemical sales volumes and refining margins. Net profit grew 32.3% year-over-year, meeting estimates. The analyst maintains a 'Buy' rating based on the company's growth outlook and believes it is undervalued relative to its peers.
Tech Mahindra reported a 4.2% quarter-over-quarter decline in revenue for the first quarter of fiscal year 2011, which was attributed to adverse currency movements and slower client decision making. The company's profitability declined as well, with earnings before interest, taxes, depreciation, and amortization margins contracting 480 basis points and net income declining 36.4% compared to the previous quarter. However, revenue grew 1.9% year-over-year and management expects growth to be led by strong volume increases from large transformational deals in the pipeline. While the outlook remains positive, uncertainties around currency fluctuations and aggressive hiring could pressure margins going forward.
GAIL reported strong financial results for the 1st quarter of FY2011. Revenues grew 17.8% year-over-year to Rs. 7,096 crore, exceeding estimates, driven by growth in the natural gas transmission, trading and LPG segments. Operating profit margin expanded 252 basis points to 20.2% due to higher volumes, tariffs and margins across segments, with the exception of petrochemicals. Net profit increased 35.2% to Rs. 887 crore, in line with estimates, as a result of the revenue and margin growth. The company maintained its strong performance across key business segments.
Rallis India reported a 14.7% increase in revenue to Rs. 368 crore for the second quarter of FY2011, which was below Angel Research's estimate. EBITDA margin was 24.3%, higher than estimated due to lower other expenses. Net profit increased 28.4% to Rs. 59 crore, in line with estimates. Domestic sales grew 18% by volume due to good monsoons. Management expects the domestic agrochemical industry to grow 12-15% for the quarter. Rallis maintained its FY2011-12 estimates of 21% sales and 36% profit CAGR. The stock trades at 15x estimated FY2012 EPS.
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) IGL reported a 43.5% year-over-year increase in operating income to Rs336cr for 1QFY2011, above expectations, driven by strong growth in CNG and PNG volumes.
2) Operating margins contracted 487bps year-over-year to 32% due to higher gas costs.
3) Net profit grew 18.4% year-over-year to Rs57.1cr, slightly below expectations, as higher revenues were offset by increased raw material costs.
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.
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.
Reliance Industries reported lower-than-expected earnings for 1QFY2011. While net operating income rose 86.7% year-over-year due to growth in refining revenues, EBITDA was below estimates due to lower petrochemical sales volumes and refining margins. Net profit grew 32.3% year-over-year, meeting estimates. The analyst maintains a 'Buy' rating based on the company's growth outlook and believes it is undervalued relative to its peers.
Tech Mahindra reported a 4.2% quarter-over-quarter decline in revenue for the first quarter of fiscal year 2011, which was attributed to adverse currency movements and slower client decision making. The company's profitability declined as well, with earnings before interest, taxes, depreciation, and amortization margins contracting 480 basis points and net income declining 36.4% compared to the previous quarter. However, revenue grew 1.9% year-over-year and management expects growth to be led by strong volume increases from large transformational deals in the pipeline. While the outlook remains positive, uncertainties around currency fluctuations and aggressive hiring could pressure margins going forward.
GAIL reported strong financial results for the 1st quarter of FY2011. Revenues grew 17.8% year-over-year to Rs. 7,096 crore, exceeding estimates, driven by growth in the natural gas transmission, trading and LPG segments. Operating profit margin expanded 252 basis points to 20.2% due to higher volumes, tariffs and margins across segments, with the exception of petrochemicals. Net profit increased 35.2% to Rs. 887 crore, in line with estimates, as a result of the revenue and margin growth. The company maintained its strong performance across key business segments.
Rallis India reported a 14.7% increase in revenue to Rs. 368 crore for the second quarter of FY2011, which was below Angel Research's estimate. EBITDA margin was 24.3%, higher than estimated due to lower other expenses. Net profit increased 28.4% to Rs. 59 crore, in line with estimates. Domestic sales grew 18% by volume due to good monsoons. Management expects the domestic agrochemical industry to grow 12-15% for the quarter. Rallis maintained its FY2011-12 estimates of 21% sales and 36% profit CAGR. The stock trades at 15x estimated FY2012 EPS.
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) IGL reported a 43.5% year-over-year increase in operating income to Rs336cr for 1QFY2011, above expectations, driven by strong growth in CNG and PNG volumes.
2) Operating margins contracted 487bps year-over-year to 32% due to higher gas costs.
3) Net profit grew 18.4% year-over-year to Rs57.1cr, slightly below expectations, as higher revenues were offset by increased raw material costs.
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.
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.
Graphite India reported a 10.2% increase in net sales for the first quarter of fiscal year 2011, which was below expectations. Net profit declined 23.9% from the previous year due to a drop in operating margins from 29.0% to 23.0% as graphite electrode prices fell more than anticipated. Segment sales grew for power, steel, and others but were muted for graphite and carbon. While first quarter results were below forecasts, management expects demand and prices to increase going forward as the global steel industry recovers.
Marico reported disappointing quarterly results, with top-line growth of only 6% year-over-year and flat earnings growth, below estimates. However, a significant gross margin expansion of 644 basis points year-over-year was a positive surprise. While underlying volume growth remained strong at 14%, top-line growth was constrained by price cuts. The outlook remains neutral given concerns around value growth and slowing growth at Kaya.
Rallis India reported 1QFY2011 results that were below expectations due to lower-than-estimated EBITDA margins of 11.6%, despite revenue growth of 21.8% that exceeded estimates. While revenue growth was driven by strong domestic demand and export revival, higher other expenses restricted improvement in operating margins. Looking ahead, management expects industry growth of 10-12% in FY2011 on expectations of normal monsoons, and the company is positioned to outpace industry growth. However, the brokerage maintains a Neutral rating given margins were below estimates and the stock is trading at fair valuations.
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.
JP Associates reported a 51.8% year-over-year increase in net sales for the first quarter of FY2011, driven by strong growth in the cement, construction, and real estate verticals. However, operating margins declined significantly from 28% to 21.2% due to margin pressure, resulting in a 57.6% decrease in recurring earnings. While reported profits were up 5% due to exceptional gains, underlying earnings were down. The analyst maintains a buy rating but expects margins to recover, and forecasts JP Associates will become one of the fastest growing conglomerates in cement, power, and real estate.
TAJGVK reported an 11.2% year-over-year growth in net sales to Rs63.3cr for the fourth quarter of fiscal year 2010. EBITDA and PAT improved year-over-year due to rising occupancy rates and average room rates. For the full fiscal year 2010, revenues declined 3.5% to Rs229.2cr while EBITDA fell 13.9% and PAT declined 32.1% due to higher interest costs. The analyst maintains a buy rating based on improving industry dynamics and expects the company to benefit from economic recovery in key markets like Hyderabad, Chandigarh, and Chennai.
1) ONGC reported lower than expected results for the first quarter of fiscal year 2011 due to lower crude oil and natural gas production as well as a decline in net realizations.
2) Total operating income declined 8.7% year-over-year to Rs. 13,823 crore, while net profit declined 24.5% to Rs. 3,661 crore.
3) While performance is expected to improve going forward due to fuel price reforms, the analyst maintains an "Accumulate" rating on ONGC shares due to limited downside risk and potential for further reforms in the oil sector.
GAIL India reported strong financial results for the fourth quarter of fiscal year 2010, with net profits increasing 44.6% over the same period last year to Rs911 crore, exceeding analyst estimates. Operational performance was positive across most business segments due to higher volumes and sales. While natural gas transmission revenues and petrochemical sales grew substantially year-over-year, a lower-than-expected subsidy provision contributed significantly to the increased bottom line. The analyst maintains a 'Buy' recommendation on GAIL India based on expectations of further growth potential from expanding transmission operations and potential subsidy reforms.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
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%.
1) For 1QCY2010, FAG Bearing reported a 25.2% year-over-year growth in net sales to Rs237.4cr, in line with expectations. Operating margins declined by 417 basis points to 15.3% due to higher raw material costs.
2) Net profit grew 61.4% year-over-year to Rs22.5cr, with the company meeting performance expectations for the quarter.
3) The analyst maintains a "Buy" rating on the stock, with a target price of Rs712, as revenue growth is expected to be driven by new products and there is upside potential to earnings estimates if industrial production growth increases.
Graphite India reported a 66% year-over-year increase in 4QFY2010 sales, in line with estimates. Full year FY2010 sales fell 10.1%, lower than expected, due to lower production at the company's German facility. However, operating margins increased to a strong 29.4% for FY2010 due to higher realizations. Going forward, the company is well positioned for growth due to increasing demand from the steel industry and its capacity expansion plans. The report maintains a "Buy" recommendation on the stock based on its attractive valuation and growth outlook.
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
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.
Titan Industries reported stellar results for the fourth quarter of fiscal year 2010 that exceeded expectations. Revenue grew 48.9% year-over-year driven by robust 63.4% growth in the jewelry segment. Operating margins improved 140 basis points while earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit grew 81% and 87.8% respectively. The analyst maintains a Neutral rating due to rich valuations but revises financial estimates upward and expects continued strong performance given improving consumer sentiment.
TAJGVK reported a 27.6% year-over-year growth in net sales to Rs61 crore for the first quarter of FY2011, driven by rising occupancy rates and average room rates. Operating profit grew 46.7% due to higher sales absorbing fixed costs, and net profit increased 106.7% as improved operating performance flowed down to the bottom line. Going forward, the company expects to benefit from the economic recovery and expanding presence across markets like Hyderabad, Chennai, and Bangalore through both organic and inorganic growth initiatives. The analyst maintains a buy rating on TAJGVK due to its dominant position, expansion plans, and attractive valuation at current levels.
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.
Godrej Consumer Products reported strong revenue growth of 48.1% for the fourth quarter, driven primarily by the consolidation of Godrej Sara Lee. However, excluding this contribution, domestic growth was a disappointing 5.3%. Earnings growth of 54.6% was boosted by margin expansion but adjusted earnings grew only 16% excluding Godrej Sara Lee. While international operations grew robustly, growth in the core domestic business of soaps and hair colors slowed. The brokerage maintains an 'Accumulate' rating based on Godrej's wider portfolio and potential for acquisitions but expects growth to moderate going forward.
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.
McNally Bharat Engineering reported strong growth in 4QFY2010, with sales and profit growth of 19% and 142% respectively, ahead of estimates. This was driven by higher EBITDA margins and lower interest costs. For the full year, standalone sales grew 50% and EBITDA margins improved 80 basis points. Going forward, the company is well positioned for robust growth over the next few years due to its large order backlog of 2.6 times FY2010 revenue. The analyst maintains a 'Buy' recommendation with a revised target price of Rs486.
10 Insightful Quotes On Designing A Better Customer ExperienceYuan Wang
In an ever-changing landscape of one digital disruption after another, companies and organisations are looking for new ways to understand their target markets and engage them better. Increasingly they invest in user experience (UX) and customer experience design (CX) capabilities by working with a specialist UX agency or developing their own UX lab. Some UX practitioners are touting leaner and faster ways of developing customer-centric products and services, via methodologies such as guerilla research, rapid prototyping and Agile UX. Others seek innovation and fulfilment by spending more time in research, being more inclusive, and designing for social goods.
Experience is more than just an interface. It is a relationship, as well as a series of touch points between your brand and your customer. Here are our top 10 highlights and takeaways from the recent UX Australia conference to help you transform your customer experience design.
For full article, continue reading at https://yump.com.au/10-ways-supercharge-customer-experience-design/
Graphite India reported a 10.2% increase in net sales for the first quarter of fiscal year 2011, which was below expectations. Net profit declined 23.9% from the previous year due to a drop in operating margins from 29.0% to 23.0% as graphite electrode prices fell more than anticipated. Segment sales grew for power, steel, and others but were muted for graphite and carbon. While first quarter results were below forecasts, management expects demand and prices to increase going forward as the global steel industry recovers.
Marico reported disappointing quarterly results, with top-line growth of only 6% year-over-year and flat earnings growth, below estimates. However, a significant gross margin expansion of 644 basis points year-over-year was a positive surprise. While underlying volume growth remained strong at 14%, top-line growth was constrained by price cuts. The outlook remains neutral given concerns around value growth and slowing growth at Kaya.
Rallis India reported 1QFY2011 results that were below expectations due to lower-than-estimated EBITDA margins of 11.6%, despite revenue growth of 21.8% that exceeded estimates. While revenue growth was driven by strong domestic demand and export revival, higher other expenses restricted improvement in operating margins. Looking ahead, management expects industry growth of 10-12% in FY2011 on expectations of normal monsoons, and the company is positioned to outpace industry growth. However, the brokerage maintains a Neutral rating given margins were below estimates and the stock is trading at fair valuations.
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.
JP Associates reported a 51.8% year-over-year increase in net sales for the first quarter of FY2011, driven by strong growth in the cement, construction, and real estate verticals. However, operating margins declined significantly from 28% to 21.2% due to margin pressure, resulting in a 57.6% decrease in recurring earnings. While reported profits were up 5% due to exceptional gains, underlying earnings were down. The analyst maintains a buy rating but expects margins to recover, and forecasts JP Associates will become one of the fastest growing conglomerates in cement, power, and real estate.
TAJGVK reported an 11.2% year-over-year growth in net sales to Rs63.3cr for the fourth quarter of fiscal year 2010. EBITDA and PAT improved year-over-year due to rising occupancy rates and average room rates. For the full fiscal year 2010, revenues declined 3.5% to Rs229.2cr while EBITDA fell 13.9% and PAT declined 32.1% due to higher interest costs. The analyst maintains a buy rating based on improving industry dynamics and expects the company to benefit from economic recovery in key markets like Hyderabad, Chandigarh, and Chennai.
1) ONGC reported lower than expected results for the first quarter of fiscal year 2011 due to lower crude oil and natural gas production as well as a decline in net realizations.
2) Total operating income declined 8.7% year-over-year to Rs. 13,823 crore, while net profit declined 24.5% to Rs. 3,661 crore.
3) While performance is expected to improve going forward due to fuel price reforms, the analyst maintains an "Accumulate" rating on ONGC shares due to limited downside risk and potential for further reforms in the oil sector.
GAIL India reported strong financial results for the fourth quarter of fiscal year 2010, with net profits increasing 44.6% over the same period last year to Rs911 crore, exceeding analyst estimates. Operational performance was positive across most business segments due to higher volumes and sales. While natural gas transmission revenues and petrochemical sales grew substantially year-over-year, a lower-than-expected subsidy provision contributed significantly to the increased bottom line. The analyst maintains a 'Buy' recommendation on GAIL India based on expectations of further growth potential from expanding transmission operations and potential subsidy reforms.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
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%.
1) For 1QCY2010, FAG Bearing reported a 25.2% year-over-year growth in net sales to Rs237.4cr, in line with expectations. Operating margins declined by 417 basis points to 15.3% due to higher raw material costs.
2) Net profit grew 61.4% year-over-year to Rs22.5cr, with the company meeting performance expectations for the quarter.
3) The analyst maintains a "Buy" rating on the stock, with a target price of Rs712, as revenue growth is expected to be driven by new products and there is upside potential to earnings estimates if industrial production growth increases.
Graphite India reported a 66% year-over-year increase in 4QFY2010 sales, in line with estimates. Full year FY2010 sales fell 10.1%, lower than expected, due to lower production at the company's German facility. However, operating margins increased to a strong 29.4% for FY2010 due to higher realizations. Going forward, the company is well positioned for growth due to increasing demand from the steel industry and its capacity expansion plans. The report maintains a "Buy" recommendation on the stock based on its attractive valuation and growth outlook.
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
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.
Titan Industries reported stellar results for the fourth quarter of fiscal year 2010 that exceeded expectations. Revenue grew 48.9% year-over-year driven by robust 63.4% growth in the jewelry segment. Operating margins improved 140 basis points while earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit grew 81% and 87.8% respectively. The analyst maintains a Neutral rating due to rich valuations but revises financial estimates upward and expects continued strong performance given improving consumer sentiment.
TAJGVK reported a 27.6% year-over-year growth in net sales to Rs61 crore for the first quarter of FY2011, driven by rising occupancy rates and average room rates. Operating profit grew 46.7% due to higher sales absorbing fixed costs, and net profit increased 106.7% as improved operating performance flowed down to the bottom line. Going forward, the company expects to benefit from the economic recovery and expanding presence across markets like Hyderabad, Chennai, and Bangalore through both organic and inorganic growth initiatives. The analyst maintains a buy rating on TAJGVK due to its dominant position, expansion plans, and attractive valuation at current levels.
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.
Godrej Consumer Products reported strong revenue growth of 48.1% for the fourth quarter, driven primarily by the consolidation of Godrej Sara Lee. However, excluding this contribution, domestic growth was a disappointing 5.3%. Earnings growth of 54.6% was boosted by margin expansion but adjusted earnings grew only 16% excluding Godrej Sara Lee. While international operations grew robustly, growth in the core domestic business of soaps and hair colors slowed. The brokerage maintains an 'Accumulate' rating based on Godrej's wider portfolio and potential for acquisitions but expects growth to moderate going forward.
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.
McNally Bharat Engineering reported strong growth in 4QFY2010, with sales and profit growth of 19% and 142% respectively, ahead of estimates. This was driven by higher EBITDA margins and lower interest costs. For the full year, standalone sales grew 50% and EBITDA margins improved 80 basis points. Going forward, the company is well positioned for robust growth over the next few years due to its large order backlog of 2.6 times FY2010 revenue. The analyst maintains a 'Buy' recommendation with a revised target price of Rs486.
10 Insightful Quotes On Designing A Better Customer ExperienceYuan Wang
In an ever-changing landscape of one digital disruption after another, companies and organisations are looking for new ways to understand their target markets and engage them better. Increasingly they invest in user experience (UX) and customer experience design (CX) capabilities by working with a specialist UX agency or developing their own UX lab. Some UX practitioners are touting leaner and faster ways of developing customer-centric products and services, via methodologies such as guerilla research, rapid prototyping and Agile UX. Others seek innovation and fulfilment by spending more time in research, being more inclusive, and designing for social goods.
Experience is more than just an interface. It is a relationship, as well as a series of touch points between your brand and your customer. Here are our top 10 highlights and takeaways from the recent UX Australia conference to help you transform your customer experience design.
For full article, continue reading at https://yump.com.au/10-ways-supercharge-customer-experience-design/
http://inarocket.com
Learn BEM fundamentals as fast as possible. What is BEM (Block, element, modifier), BEM syntax, how it works with a real example, etc.
How to Build a Dynamic Social Media PlanPost Planner
Stop guessing and wasting your time on networks and strategies that don’t work!
Join Rebekah Radice and Katie Lance to learn how to optimize your social networks, the best kept secrets for hot content, top time management tools, and much more!
Watch the replay here: bit.ly/socialmedia-plan
The document discusses how personalization and dynamic content are becoming increasingly important on websites. It notes that 52% of marketers see content personalization as critical and 75% of consumers like it when brands personalize their content. However, personalization can create issues for search engine optimization as dynamic URLs and content are more difficult for search engines to index than static pages. The document provides tips for SEOs to help address these personalization and SEO challenges, such as using static URLs when possible and submitting accurate sitemaps.
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldabaux singapore
How can we take UX and Data Storytelling out of the tech context and use them to change the way government behaves?
Showcasing the truth is the highest goal of data storytelling. Because the design of a chart can affect the interpretation of data in a major way, one must wield visual tools with care and deliberation. Using quantitative facts to evoke an emotional response is best achieved with the combination of UX and data storytelling.
This document summarizes a study of CEO succession events among the largest 100 U.S. corporations between 2005-2015. The study analyzed executives who were passed over for the CEO role ("succession losers") and their subsequent careers. It found that 74% of passed over executives left their companies, with 30% eventually becoming CEOs elsewhere. However, companies led by succession losers saw average stock price declines of 13% over 3 years, compared to gains for companies whose CEO selections remained unchanged. The findings suggest that boards generally identify the most qualified CEO candidates, though differences between internal and external hires complicate comparisons.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
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%.
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.
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 the target price to Rs 3,200, maintaining an "Accumulate" rating given macro concerns.
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 3.5-5.0% qoq. Annual revenue growth guidance remained unchanged.
3) The brokerage firm revised down its target price for Infosys to INR 3,200 per share and recommended accumulating the stock.
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 expects challenges in meeting the upper end of annual guidance given macro concerns and lowered 2Q guidance. Estimates were cut and the target price was revised downwards to Rs 3,200.
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.
Rallis India reported strong results for the first quarter of fiscal year 2012. Revenue grew 48.7% year-over-year to Rs. 292 crore, driven primarily by higher revenue from Metahelix, which Rallis acquired in December 2010. Standalone revenue also rose 17% on higher volumes. EBITDA margin expanded significantly to 14.7% due to higher margins in seeds and improvements in standalone business. While the results were good, the analyst remains neutral on the stock due to its fair valuation.
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.
Ipca Laboratories reported lower than estimated quarterly results due to higher raw material costs and lower contributions from its Export Branded Generic segment. Net sales grew 15.4% driven by domestic formulations and export APIs. Operating margins grew but were below estimates at 17.8% versus projected 22.5%. For the full year, net sales grew 22.1% while operating margins were 21%. The company expects sales growth of 18-20% in fiscal year 2011 with operating margins of 21-22%.
Container Corporation of India (Concor) reported modest 1.6% year-over-year decline in revenue for 2QFY2011 due to shutdown at JNPT port and prolonged monsoon dragging down performance. EBITDA margins of 27.7% were higher than expected due to moderate decline in exim segment. The company maintained its 12% annual volume growth guidance for the exim segment for FY2011, which will be challenging given 1HFY2011 growth. A proposed hike in haulage charges by Indian Railways effective October 1st was postponed by one month which could impact profitability in 2HFY2011 if most of the increase is passed on to customers.
Elecon Engineering reported a 15% increase in revenue for the first quarter of fiscal year 2011. While operating margins declined slightly, net profits increased 57% due to a 32% decrease in interest costs. The company maintains a strong order backlog of Rs1,582 crore, providing revenue visibility. Recovery in the industrial sector and opportunities in material handling equipment are expected to drive continued growth for Elecon Engineering.
Elecon Engineering reported a 15% rise in revenue for the first quarter of fiscal year 2011. While operating margins declined slightly, profit grew 57% due to a 32% drop in interest costs. The company has a robust order backlog of Rs1,582 crore, offering high revenue visibility. Going forward, recovery in the industrial sector and opportunities in material handling equipment are expected to drive continued growth for Elecon Engineering.
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.
Wipro reported financial results for the first quarter of fiscal year 2011, with revenues growing 3.1% over the previous quarter and 12.6% over the same quarter last year. Operating profit margins expanded due to effective currency hedges, and net income grew 9% over the previous quarter and 30.5% over the first quarter of fiscal year 2010. The company's performance was driven by strong volume growth in IT services revenues, with new client additions and large deal wins during the quarter. The analyst maintained an "Accumulate" rating on Wipro stock, with a target price representing 13% upside.
BHEL reported strong results for the first quarter of fiscal year 2011, with revenues growing 16% and profits growing 42% over the same quarter last year. The bottom line growth was driven by lower raw material costs and improved operating efficiencies. While revenue growth was moderate, earnings before interest, taxes, depreciation, and amortization grew substantially due to a 350 basis point expansion in operating margins. Management has guided that order inflows for the full fiscal year will be between Rs58,000-60,000 crore and the order backlog remains robust at Rs148,000 crore as of the end of the quarter. However, competition is increasing in the power equipment market, which could limit BHEL's ability
Infosys reported strong revenue growth of 12.1% quarter-over-quarter for 2QFY2011, driven by persistent volume growth of 7.2% and better business mix. Operating margins rebounded to 33.3% from cost efficiencies. The company revised its FY2011 revenue guidance upwards to 24-25% growth and EPS growth to 10.4-12.2% in US dollar terms. Broad-based growth was seen across industries like retail, BFSI, and manufacturing as well as geographies like Europe and the US. Hiring continued to be strong though utilisation improved.
Cadila Healthcare reported strong results for the second quarter of fiscal year 2011. Net sales increased 21.2% year-over-year to 1,106 crore, ahead of analyst estimates, driven by growth in the domestic formulation, US, and Brazil businesses. Operating profit margin expanded to 21.2% compared to 18.9% in the prior year quarter, due to a favorable product mix and lower selling, general, and administrative expenses. Net profit grew 29.5% to 171 crore. For fiscal year 2011, the company reiterated its guidance of 27-28% revenue growth to 4,300-4,600 crore and a 100 basis point improvement in operating profit margin.
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.
IGL reported a 27.7% year-over-year increase in net profit to Rs51.5cr for the fourth quarter of FY2010, which was lower than expected due to lower gross gas margins and slower CNG volume growth quarter-over-quarter. Operating margins expanded by 75 basis points year-over-year to 32.6% due to revenue growth and recovery of overdrawl charges. However, concerns remain regarding the sustainability of high margins given IGL's reliance on subsidized gas prices. The analyst recommends reducing exposure to the stock and sets a target price of Rs210.
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Marico financial
1. Marico | 1QFY2012 Result Update
July 27, 2011
Marico NEUTRAL
CMP `167
Performance Highlights Target Price -
(` cr) 1QFY12 1QFY11 % yoy Angel Est % Diff Investment Period -
Revenue 1,048.6 787.4 33.2 909.2 15.3
EBITDA 125.1 105.6 18.5 120.0 4.3 Stock Info
OPM (%) 11.9 13.4 (148bp) 13.2 (127bp) Sector FMCG
PAT 85.0 73.7 15.3 78.4 8.4 Market Cap (` cr) 10,230
Source: Company, Angel Research Beta 0.5
Marico posted a strong performance for the quarter. Overall volume growth for 52 Week High / Low 173/110
the quarter stood at ~33.2%, of which organic growth stood at ~20% yoy and Avg. Daily Volume 175,629
inorganic growth due to the recently acquired entity International Consumer Face Value (`) 1
Products (ICP) in Vietnam came in at ~19%. Earnings for the quarter grew BSE Sensex 18,432
strongly by 15.3% yoy, despite significant margin contraction. We recommend Nifty 5,547
Neutral on the stock. Reuters Code MRCO.BO
Bloomberg Code MRCO@IN
Key highlights during the quarter: Volume growth in the consumer products
business in India stood at ~15% yoy, with Parachute reporting ~10% yoy volume
growth and Saffola growing by ~15% yoy. The hair oil category with the launch Shareholding Pattern (%)
of new variants, such as Parachute Advanced Ayurvedic hot oil, Parachute Promoters 62.9
Advanced Ayurvedic cooling oil and Parachute Advanced Ayurvedic hair oil, MF / Banks / Indian Fls 6.7
performed well and gained market share. International business grew by 26% FII / NRIs / OCBs 26.3
yoy, led by the recent acquisition of 85% equity in ICP in Vietnam in February Indian Public / Others 4.1
2011. The company has also started to show increased focus on rural sales.
Outlook and valuation: Marico’s volume growth in its key product categories has Abs. (%) 3m 1yr 3yr
been impressive despite the price hikes taken. We have factored in ~18% CAGR Sensex (5.2) 2.0 29.1
over FY2011–13E in its focus brands and expect the international business to Marico 20.9 32.51 196.8
grow strongly at a ~30% CAGR over FY2011–13E, with the recent acquisition in
Vietnam contributing ~5% to the top line in FY2012E and FY2013E. At the CMP
of `167, the stock is trading at 25.x FY2013E. We believe the stock is fairly priced
and, hence, we recommend Neutral on the stock.
Key Financials
Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E
Net Sales 2,661 3,128 3,643 4,185
% chg 11.4 17.6 16.5 14.9
Net Profit (Adj) 241.5 237.5 325.6 406.2
% chg 18.5 (1.6) 37.1 24.7
EBITDA (%) 14.1 13.1 14.2 14.6
EPS (`) 3.9 3.9 5.3 6.6
P/E (x) 42.4 43.1 31.4 25.2
P/BV (x) 15.5 11.2 8.4 6.6
RoE (%) 43.6 36.5 31.5 29.5
RoCE (%) 32.5 24.0 25.4 28.1
Sreekanth P.V.S
EV/Sales (x) 4.1 3.4 3.0 2.6 022 – 3935 7800 Ext: 6841
EV/EBITDA (x) 28.2 26.3 20.4 16.9 sreekanth.s@angelbroking.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
2. Marico | 1QFY2012 Result Update
Exhibit 1: Quarterly Performance
Y/E March (` cr) 1QFY12 1QFY11 % chg FY2011 FY2010 % chg
Net Sales 1,049 787 33 3,128 2,661 17.6
Consumption of RM 595 403 47 1,618 1,262 28.2
(% of Sales) 57 51 52 47
Staff Costs 71 54 31 230 190 21.2
(% of Sales) 7 7 7 7
Advertising 102 94 9 346 351 (1.5)
(% of Sales) 10 12 11 13
Other Expenses 156 131 19 524 483 8.6
(% of Sales) 15 17 17 18
Total Expenditure 923 682 35 2,719 2,286 18.9
Operating Profit 125 106 18 410 375 9.2
OPM 12 13 13 14
Interest 10 7 38 39 26 53.1
Depreciation & Amortisation 17 12 40 71 60 17.9
Other Income 9 4 108 28 18 52.6
PBT (excl. Extr Items) 108 91 18 328 308 6.5
Extr Income/(Expense) - - 49 (10)
PBT (incl. Extr Items) 108 91 18 376 298 26.4
(% of Sales) 10 12 12 11
Provision for Taxation 21 16 30 85 64 32.1
(% of PBT) 20 18 23 22
Minority Interest 2 1 5 2
Reported PAT 85 74 15 286 232 23.6
PATM 8 9 9 9
Equity shares (cr) 61 61 61 61
Reported EPS (`) 1 1 15 5 4 22.6
Adjusted PAT 85 74 15 238 241 (1.6)
Source: Company, Angel Research
Double-digit volume growth in Parachute and Saffola
Marico reported top-line growth of 33% yoy to `1,049cr (`787cr), higher than our
estimates, driven by a mix of value growth and volume growth with core brands
Parachute (Rigids) and Saffola posting volume growth of 10% and ~15%,
respectively, for the quarter. Irrespective of a ~32% price hike in Parachute and
~12% in Saffola, the company managed to report impressive volume growth due
to rise in its marketing initiatives and launch of budget packs in Parachute. The
company’s market share in the branded coconut oil segment in India stood at
52.3% until June 2011. In the hair oil category, the company launched Parachute
Advanced Ayurvedic hot oil, Parachute Advanced Ayurvedic cooling oil and
Parachute Advanced Ayurvedic hair oil, all of which performed well and gained
market share during the quarter.
During the quarter, Saffola grew by ~15% yoy in volume. The brand, which was
earlier in the healthy and premium edible oil category, has been extended to
premium variety of rice under the brand Saffola Arise. It has also ventured into the
breakfast cereal category with oats under the brand name Saffola Oats. Both the
products have generated good response in the market. The company plans to
enter the healthy food segment in the near future.
July 27, 2011 2
3. Marico | 1QFY2012 Result Update
Exhibit 2: Robust top line backed by organic and inorganic growth
1,200 35.0
1,000 30.0
800 25.0
20.0
(`cr)
(yoy %)
600
15.0
400 10.0
200 5.0
- -
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Top-line (LHS) yoy growth (RHS)
Source: Company, Angel research
Exhibit 3: Parachute sales volume steady.... Exhibit 4: Saffola’s growth remains strong
16 14 25 22
14
20 18 18 18
12 10 10 10 10
9 15 15
10 8 15 13 13
13
8
(%)
(%)
6 5 5 10
4
5
2
- -
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Source: Company, Angel Research Source: Company, Angel Research
Earnings steady despite margins pressure…
In terms of earnings, Marico posted growth of 15% yoy to `85cr (`74cr),
primarily due to robust top line. Earnings for 1QFY2012 are not comparable, as
the company had made a provision of excise duty during 1QFY2011 on coconut
oil sold in packs up to 200ml. The company has discounted this provision and
disclosed it as a contingent liability.
July 27, 2011 3
4. Marico | 1QFY2012 Result Update
OPM down 148bp yoy as GM contracts by 549bp yoy
Marico again witnessed a sharp contraction in its gross margin by 549bp yoy as
copra, rice bran oil, safflower oil and HDPE prices trended high. Hence, the
company’s OPM declined by 148bp yoy. The company managed to curtail the
slippage in OPM by reducing ad spends and other expenditure.
Exhibit 5: Earnings growth moderates Exhibit 6: OPM contracts 100bp as ad spends rise
80 40.0 60.0 52.9 52.5 56.1
49.7 48.8 50.2
70 47.3 47.0
20.0 50.0 43.3
60 -
40.0
50
(20.0)
40
( %)
30.0
(%)
(` cr)
(40.0)
30 14.8 14.1
20.0 13.8 13.7 13.4 12.7 12.2 11.9
(60.0) 10.5
20
(80.0) 10.0
10
- (100.0) -
(10) (120.0)
1Q10
3Q10
1Q11
3Q11
1Q12
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
PAT (LHS) yoy growth (RHS) OPM Gross margin
Source: Company, Angel Research Source: Company, Angel Research
International business registers strong 26% yoy growth
International FMCG business grew strongly by 26% yoy. The business now
comprises around 23% of the group’s turnover. Revenue of the business stood at
`224cr for the quarter.
In Bangladesh, Parachute commanded a volume share of ~80%. Hair Code hair
dye established a market share of ~29%. MENA region experienced a better
quarter compared to the last quarter, though uncertainties still prevail. In Egypt,
Fiancee and Hair Code maintained its market share at ~57%. South Africa
registered double-digit growth. Caicil continues to be the market leader in the kids
hair care market. South East Asia, including Vietnam, witnessed high inflation of
15%. Code 10 and X-Men have been performing well in these markets.
July 27, 2011 4
5. Marico | 1QFY2012 Result Update
Investment arguments
Impressive volume growth across categories /strong pricing power: We expect
Marico to post healthy volume in its core brands in FY2012E. The company
has not witnessed significant slowdown in volume growth despite steep price
hikes. Over the past few months, raw–material prices have been softening; so,
we do not expect any steep price hikes further. Although margins will not
improve significantly due to the softening of raw-material prices, but we
believe they are likely to stabilise going forward.
International business gaining momentum: International business now
comprises ~23% to the company’s top line. Marico maintains its leadership
position in different categories in different regions. The recently acquired ICP
in Vietnam is expected to contribute ~ 5% to the company’s top line.
We believe the international business will grow at a ~31% CAGR over
FY2011–13E.
Outlook and valuation
Marico’s volume growth in its key product categories has been impressive despite
the price hikes taken. We have factored in an ~18% CAGR over FY2011–13E in its
focus brands and expect the company’s international business to grow at a strong
~30% CAGR over FY2011–13E, with the recent acquisition in Vietnam contributing
~5% to the top line in FY2012E and FY2013E. At the CMP of `167, the stock is
trading at 25.x FY2013E. We believe the stock is fairly priced and, hence, we
recommend Neutral on the stock.
Key risks to our argument: 1) A sharp rise in key raw-material prices will drag
down the margins 2) Lower demand in coconut hair oil due to price hikes
3) Increased competitive intensity in the core categories, 4) International business
not gaining momentum as expected
Exhibit 7: Change in estimates
Old estimates New estimates % chg
(` cr) FY12E FY13E FY12E FY13E FY12E FY13E
Revenue 3,431 3,926 3,643 4,185 6.2 6.6
OPM (%) 14.2 14.5 14.2 14.6 (0) 10
EPS (`) 4.9 6.1 5.3 6.6 8.0 8.9
Source: Company, Angel Research
July 27, 2011 5
11. Marico | 1QFY2012 Result Update
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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risks of such an investment.
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investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
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sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
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nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
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Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Marico
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
4. Broking relationship with company covered No
Note: We have not considered any Exposure below ` 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 27, 2011 11