From: Anuranjan Mohnot
To:
From: Navin Agarwal
Sent: Thursday, June 03, 2010 8:40 AM
To: Navin Agarwal
Subject: INDIA STRATEGY: Mar-10 Results Review; Aggregate PAT up 38% (in line); 3% upgrade in Sensex EPS
INDIA STRATEGY: Mar-10 Quarter Results Review; Aggregate PAT up 38% (in line); 3% upgrade in Sensex EPS
§ Low base of 4QFY09, strong recovery drives 4QFY10 growth
Sales for MOSL Universe (ex-RMs) grew 27% (est 27%), EBITDA was up 35% (est 34%), PAT grew 38% (est 33%); key sectors that drove growth were Metals, Engineering and Pharma.
§ Sensex performance has been in line
Sensex PAT aggregate was in-line, with growth of 38% v/s estimate of 33%. EBITDA growth was 40% v/s estimated 39%.
§ Breadth of earnings performance is positive
53 companies in our Universe reported higher than estimated PAT; 44 reported lower than estimated PAT. On the EBIDTA front, 43 companies surpassed our estimate while 39 fell short.
§ Several large caps outperform
Bajaj Auto, HDFC, Bank of Baroda, BHEL, L&T, HUL, Sterlite, Tata Steel, GAIL, and Idea performed better than we had expected. Disappointments came from Grasim, ABB, Nestle, Sesa Goa, Cairn India, and Cipla.
§ 3% upgrade in FY11E Sensex EPS; estimate CAGR of 27% over FY10-12
(Full report attached)
Warm regards,
Navin Agarwal
CEO - Institutional Equities | Motilal Oswal Securities Ltd
Address: Hoechst House, 3rd Floor, Nariman Point, Mumbai 400 021, INDIA
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