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 />
Summary F<strong>in</strong>ancials ‐ Quarterly (Rs m)<br />
Q1FY14E Q1FY13 YoY gr. (%) Q4FY13 QoQ gr. (%) 12MFY14E 12MFY13 YoY gr. (%)<br />
Sales 9,146 9,835 (7.0) 14,682 (37.7) 57,316 54,917 4.4<br />
Thermax<br />
EBITDA 866 964 (10.2) 1,673 (48.2) 5,608 4,902 14.4<br />
Marg<strong>in</strong>s (%) 9.5 9.8 (33)bps 11.4 (192)bps 9.8 8.9 86 bps<br />
PAT 630 673 (6.3) 1,154 (45.4) 3,464 3,054 13.4<br />
Sales 16,597 16,116 3.0 15,971 3.9 53,489 55,310 (3.3)<br />
Voltas<br />
EBITDA 793 887 (10.6) 831 (4.6) 2,841 1,497 89.8<br />
Marg<strong>in</strong>s (%) 4.8 5.5 (73)bps 5.2 (43)bps 5.3 2.7 260 bps<br />
PAT 652 780 (16.5) (127) (613.5) 2,287 1,327 72.3<br />
Source: Company Data, PL Research<br />
Consolidated Sectoral Data<br />
Key Figures (Rs m)<br />
2013 2014E 2015E<br />
Net Sales 1,130,678 1,161,228 1,220,568<br />
Growth (%) 4.2 2.7 5.1<br />
EBITDA 138,357 141,828 148,226<br />
Marg<strong>in</strong> (%) 12.2 12.2 12.1<br />
PAT 97,618 98,100 103,629<br />
Growth (%) (9.0) 0.5 5.6<br />
PE (x) 17.2 17.2 16.2<br />
Quarterly Table (Rs m)<br />
Apr‐Jun'13 Apr‐Jun'12 YoY gr. (%) Jan‐Mar'13 QoQ gr. (%)<br />
Net Sales 229,427 225,534 1.7 373,423 (38.6)<br />
EBITDA 19,891 19,184 3.7 62,676 (68.3)<br />
Marg<strong>in</strong> (%) 8.7 8.5 16 bps 16.8 (811)bps<br />
PAT (Excl. Ex Items ) 14,408 14,996 (3.9) 47,386 (69.6)<br />
Note: Revenue, EBITDA and PAT numbers are arrived by total<strong>in</strong>g correspond<strong>in</strong>g numbers of all <strong>com</strong>panies under our coverage <strong>in</strong> this<br />
sector.<br />
All Nos. exclud<strong>in</strong>g Power Grid Corporation<br />
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