will government's massive surge in investment ... - Myiris.com

Apr-Jun 2013 Earnings Preview
Summary Financials ‐ Quarterly (Rs m)
Asian Paints
Britannia
Industries
Colgate Palmolive
Q1FY14E Q1FY13 YoY gr. (%) Q4FY13 QoQ gr. (%) 12MFY14E 12MFY13 YoY gr. (%)
Sales 28,694 25,393 13.0 27,137 5.7 126,129 109,707 15.0
EBITDA 5,165 4,379 18.0 3,735 38.3 21,077 17,319 21.7
Margins (%) 18.0 17.2 76 bps 13.8 423 bps 16.7 15.8 92 bps
PAT 3,283 2,884 13.8 2,511 30.7 13,380 11,137 20.1
Sales 13,948 12,289 13.5 15,024 (7.2) 65,006 56,155 15.8
EBITDA 976 723 35.0 1,319 (26.0) 4,770 3,716 28.4
Margins (%) 7.0 5.9 111 bps 8.8 (178)bps 7.3 6.6 72 bps
PAT 589 435 35.5 878 (33.0) 2,950 2,339 26.1
Sales 8,881 7,561 17.5 8,315 6.8 36,325 31,566 15.1
EBITDA 1,824 1,625 12.3 1,687 8.2 7,305 6,366 14.8
Margins (%) 20.5 21.5 (94)bps 20.3 26 bps 20.1 20.2 (6)bps
PAT 1,298 1,174 10.6 1,232 5.4 5,335 4,830 10.5
Sales 8,392 7,297 15.0 9,399 (10.7) 17,790 15,428 15.3
EBITDA 1,385 1,107 25.1 1,708 (18.9) 3,092 2,724 13.5
GlaxoSmithKline
Consumer
Healthcare
Margins (%) 16.5 15.2 133 bps 18.2 (167)bps 17.4 17.7 (27)bps
PAT 1,265 1,066 18.7 1,564 (19.1) 2,829 2,386 18.6
Sales 70,485 63,788 10.5 64,658 9.0 288,487 258,102 11.8
EBITDA 11,066 9,665 14.5 9,718 13.9 46,054 40,037 15.0
Hindustan Unilever
Margins (%) 15.7 15.2 55 bps 15.0 67 bps 16.0 15.5 45 bps
PAT 8,713 8,546 2.0 7,808 11.6 34,935 31,882 9.6
Sales 77,200 67,131 15.0 82,574 (6.5) 345,450 299,013 15.5
ITC
EBITDA 27,561 23,683 16.4 27,063 1.8 125,386 106,275 18.0
Margins (%) 35.7 35.3 42 bps 32.8 293 bps 36.3 35.5 75 bps
PAT 18,784 16,021 17.2 19,280 (2.6) 85,312 74,184 15.0
Sales 4,089 3,145 30.0 3,658 11.8 19,122 14,076 35.8
EBITDA 695 573 21.4 612 13.6 3,156 2,444 29.1
Jubilant
FoodWorks
Ma rico
Pidilite Industries
Titan Industries
Source: Company Data, PL Research
Margins (%) 17.0 18.2 (121)bps 16.7 27 bps 16.5 17.4 (86)bps
PAT 373 323 15.3 327 14.0 1,654 1,351 22.4
Sales 14,319 12,672 13.0 9,973 43.6 50,687 45,962 10.3
EBITDA 2,220 1,847 20.2 1,189 86.6 7,846 6,258 25.4
Margins (%) 15.5 14.6 92 bps 11.9 357 bps 15.5 13.6 186 bps
PAT 1,487 1,238 20.1 839 77.2 5,117 3,959 29.2
Sales 10,630 9,125 16.5 7,608 39.7 39,762 33,317 19.3
EBITDA 2,317 1,907 21.5 1,248 85.7 7,498 6,136 22.2
Margins (%) 21.8 20.9 90 bps 16.4 540 bps 18.9 18.4 44 bps
PAT 1,707 1,333 28.1 938 81.9 5,511 4,548 21.2
Sales 27,286 22,366 22.0 26,132 4.4 118,762 101,127 17.4
EBITDA 3,001 2,429 23.6 2,665 12.6 12,242 10,106 21.1
Margins (%) 11.0 10.9 14 bps 10.2 80 bps 10.3 10.0 31 bps
PAT 2,206 1,870 18.0 1,850 19.3 8,233 7,252 13.5
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