will government's massive surge in investment ... - Myiris.com
will government's massive surge in investment ... - Myiris.com
will government's massive surge in investment ... - Myiris.com
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Apr-Jun 2013 Earn<strong>in</strong>gs Preview<br />
Stock Performance<br />
Absolute<br />
Relative to Sensex<br />
1M 3M 6M 12M 1M 3M 6M 12M<br />
Lanco Infratech (17.6) (33.6) (52.2) (56.9) (17.1) (38.5) (50.1) (67.2)<br />
NHPC (1.3) (15.2) (25.4) (1.8) (0.8) (20.0) (23.3) (12.1)<br />
NTPC (5.0) (0.3) (10.8) (12.7) (4.5) (5.1) (8.7) (23.0)<br />
PTC India (13.0) (19.3) (37.0) (23.9) (12.5) (24.1) (34.9) (34.1)<br />
Reliance Infrastructure (2.3) 7.9 (35.0) (35.4) (1.7) 3.1 (32.9) (45.7)<br />
Reliance Power 2.4 9.8 (26.2) (34.2) 2.9 5.0 (24.1) (44.5)<br />
SJVN (1.5) 5.2 (3.6) 1.8 (0.9) 0.4 (1.5) (8.5)<br />
Tata Power (4.1) (12.0) (22.4) (18.0) (3.5) (16.8) (20.3) (28.3)<br />
Source: Bloomberg, PL Research<br />
Summary F<strong>in</strong>ancials ‐ Quarterly (Rs m)<br />
Lanco Infratech<br />
NHPC<br />
NTPC<br />
PTC India<br />
Reliance<br />
Infrastructure<br />
Reliance Power<br />
Source: Company Data, PL Research<br />
Q1FY14E Q1FY13 YoY gr. (%) Q4FY13 QoQ gr. (%) 12MFY14E 12MFY13 YoY gr. (%)<br />
Sales 35,639 34,958 1.9 35,696 (0.2) 165,162 137,388 20.2<br />
EBITDA 6,415 5,857 9.5 9,080 (29.4) 31,822 25,820 23.2<br />
Marg<strong>in</strong>s (%) 18.0 16.8 125 bps 25.4 (744)bps 19.3 18.8 47 bps<br />
PAT (2,816) (2,102) 33.9 (2,650) 6.3 (6,998) (11,187) (37.4)<br />
Sales 15,012 14,218 5.6 10,994 36.5 59,116 52,052 13.6<br />
EBITDA 9,007 9,040 (0.4) 6,022 49.6 37,983 32,270 17.7<br />
Marg<strong>in</strong>s (%) 60.0 63.6 (358)bps 54.8 522 bps 64.3 62.0 226 bps<br />
PAT 5,778 6,451 (10.4) 3,500 65.1 22,843 19,402 17.7<br />
Sales 164,122 159,600 2.8 164,618 (0.3) 747,123 662,980 12.7<br />
EBITDA 39,389 36,306 8.5 39,065 0.8 185,561 177,381 4.6<br />
Marg<strong>in</strong>s (%) 24.0 22.7 125 bps 23.7 27 bps 24.8 26.8 (192)bps<br />
PAT 25,316 24,987 1.3 25,593 (1.1) 106,650 91,858 16.1<br />
Sales 23,371 19,869 17.6 21,987 6.3 101,615 88,562 14.7<br />
EBITDA 409 313 30.7 512 (20.1) 1,865 1,694 10.1<br />
Marg<strong>in</strong>s (%) 1.7 1.6 17 bps 2.3 (58)bps 1.8 1.9 (8)bps<br />
PAT 267 222 19.9 280 (4.6) 1,252 1,144 9.4<br />
Sales 52,255 53,411 (2.2) 61,132 (14.5) 226,567 222,276 1.9<br />
EBITDA 6,793 6,298 7.9 7,743 (12.3) 31,366 28,117 11.6<br />
Marg<strong>in</strong>s (%) 13.0 11.8 121 bps 12.7 33 bps 13.8 12.6 119 bps<br />
PAT 3,065 4,120 (25.6) 4,934 (37.9) 17,115 17,199 (0.5)<br />
Sales 12,450 11,358 9.6 12,478 (0.2) 63,631 49,266 29.2<br />
EBITDA 4,358 3,649 19.4 4,626 (5.8) 28,178 17,129 64.5<br />
Marg<strong>in</strong>s (%) 35.0 32.1 287 bps 37.1 (207)bps 44.3 34.8 952 bps<br />
PAT 2,373 2,395 (0.9) 2,660 (10.8) 11,897 10,114 17.6<br />
July 8, 2013 155
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