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

Apr-Jun 2013 Earnings Preview
Stock Performance
Absolute
Relative to Sensex
1M 3M 6M 12M 1M 3M 6M 12M
Coal India (9.3) (6.1) (19.5) (17.5) (8.8) (10.9) (17.4) (27.8)
Hindustan Zinc (11.5) (12.7) (28.2) (18.7) (11.0) (17.5) (26.1) (29.0)
Jindal Steel & Power (20.6) (32.9) (51.3) (51.3) (20.0) (37.7) (49.2) (61.6)
JSW Steel (16.3) (10.1) (28.6) (15.7) (15.8) (14.9) (26.5) (25.9)
Steel Authority of India (14.3) (22.4) (50.8) (49.3) (13.8) (27.2) (48.7) (59.6)
Tata Steel (11.0) (15.0) (40.0) (42.0) (10.5) (19.8) (37.9) (52.3)
Sterlite industries (7.2) (5.8) (30.5) (23.2) (6.7) (10.6) (28.4) (33.5)
Source: Bloomberg, PL Research
Summary Financials ‐ Quarterly (Rs m)
Coal India
Hindustan Zinc
Jindal Steel &
Power
JSW Steel
Steel Authority of
India
Tata Steel
Sterlite industries
Source: Company Data, PL Research
Q1FY14E Q1FY13 YoY gr. (%) Q4FY13 QoQ gr. (%) 12MFY14E 12MFY13 YoY gr. (%)
Sales 165,900 165,006 0.5 199,046 (16.7) 733,090 683,027 7.3
EBITDA 33,366 48,146 (30.7) 61,191 (45.5) 186,172 187,061 (0.5)
Margins (%) 20.1 29.2 (907)bps 30.7 (1,063)bps 25.4 27.4 (199)bps
PAT 33,468 44,762 (25.2) 53,993 (38.0) 181,030 179,742 0.7
Sales 28,724 27,127 5.9 38,503 (25.4) 131,935 125,257 5.3
EBITDA 14,054 13,935 0.9 20,576 (31.7) 67,448 62,585 7.8
Margins (%) 48.9 51.4 (244)bps 53.4 (451)bps 51.1 50.0 116 bps
PAT 14,744 15,813 (6.8) 21,818 (32.4) 66,644 68,484 (2.7)
Sales 49,507 46,804 5.8 55,833 (11.3) 226,746 195,540 16.0
EBITDA 14,503 15,722 (7.8) 15,242 (4.8) 68,670 64,159 7.0
Margins (%) 29.3 33.6 (430)bps 27.3 200 bps 30.3 32.8 (253)bps
PAT 6,855 8,300 (17.4) 7,602 (9.8) 29,849 34,842 (14.3)
Sales 107,527 99,020 8.6 98,515 9.1 395,892 380,949 3.9
EBITDA 16,932 19,006 (10.9) 16,865 0.4 69,170 63,892 8.3
Margins (%) 15.7 19.2 (345)bps 17.1 (137)bps 17.5 16.8 70 bps
PAT 4,065 4,515 (10.0) 2,485 63.6 17,221 12,126 42.0
Sales 101,669 106,407 (4.5) 121,625 (16.4) 455,942 439,611 3.7
EBITDA 5,892 13,785 (57.3) 7,459 (21.0) 50,764 40,397 25.7
Margins (%) 5.8 13.0 (716)bps 6.1 (34)bps 11.1 9.2 194 bps
PAT 2,137 8,700 (75.4) 4,358 (51.0) 21,592 23,999 (10.0)
Sales 297,791 338,212 (12.0) 346,505 (14.1) 1,444,801 1,347,115 7.3
EBITDA 30,138 34,033 (11.4) 43,689 (31.0) 150,491 123,212 22.1
Margins (%) 10.1 10.1 6bps 12.6 (249)bps 10.4 9.1 127 bps
PAT (14) 5,979 (100.2) 8,843 (100.2) 28,623 3,323 761.5
Sales 67,526 105,914 (36.2) 126,092 (46.4) 482,341 449,219 7.4
EBITDA 20,617 22,512 (8.4) 32,421 (36.4) 119,645 102,285 17.0
Margins (%) 30.5 21.3 928 bps 25.7 482 bps 24.8 22.8 204 bps
PAT 8,734 13,484 (35.2) 19,514 (55.2) 57,287 61,610 (7.0)
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