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May 21, 2015

ZEE ENTERTAINMENT PRESENTATION

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INDIABULLS REAL ESTATE PRESENTATION

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May 13, 2015

Edelweiss on Mayur Uniquoters

Mayur Uniquoters came out with Q4FY15 results.

Slowed down on Growth but Margins maintained

·         Revenue degrew from INR 122crs in Q4FY14 to INR 121crs in Q4FY15, down by 1.2%
·         Gross Margins saw a 588bps increase on back of lower raw material costs.
·         EBITDA stood at INR 27.2crs in Q4FY15 from INR 27.4crs in Q4FY14, down 0.7%.
·         EBITDA margins stood maintained at at 22.5% in Q4FY15 up 10bps YoY.
·         PAT stood at INR 18.3crs in Q4FY15 from INR 18.6crs in Q4FY14, down 1.6%.


We still believe in the long term story but we expect slowdown in growth in near term although margins will continue to be maintained.


Year to March
Q4FY15
Q4FY14
% change
Q3FY15
% change
FY15
FY16E
FY17E
Net sales
121
122
-1.2%
129
-6.3%
506
607
736
EBITDA
27
27
-0.7%
26
6.3%
102
115
141
PAT
18.3
18.6
-1.6%
17.0
7.4%
66
69
82
Dil. EPS (INR)





15
15
18
Diluted P/E (x)





28
29
24
EV/EBITDA





18
17
14
ROAE





30
22
22






EBITDA Analysis
Q4FY15
Q4FY14
% change
Q3FY15
% change
Net sales
121
122
-1.2%
129
-6.3%



Raw material consumed
72
80
-10.0%
84
-14.0%



Gross Profits
49
42
15.7%
45
7.9%



Employee Expenses
7
5
24.3%
7
-1.0%



Other Expenses
15
10
57.5%
13
15.7%



Operating expenses
94
95
-1.3%
104
-9.4%



EBITDA
27
27
-0.7%
26
6.3%












Common size metrics- as % of net revenues








Year to March
Q4FY15
 Q4FY14
 Chg YoY (Bps)
 Q3FY15
 Chg QoQ (Bps)
Net sales
100.0%
100.0%
0
100.0%
0



Raw material consumed
59.6%
65.4%
-588
64.9%
-535



Gross Margin
40.4%
34.6%
588
35.1%
535



Employee Expenses
5.5%
4.3%
112
5.2%
29



Other Expenses
12.5%
7.9%
466
10.1%
239



Operating expenses
77.5%
77.6%
-10
80.2%
-267



EBITDA
22.5%
22.4%
10
19.8%
267




EdelInvest Fundamental

Sanjay bakshi presentation

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May 12, 2015

SRF INVESTOR PRESENTATION

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CARE PRESENTATION

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Indo count industries investor presentation

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Edelweiss on Sobha

Muted Top-line but EBITDA margins expand

·         Revenue de-grew from INR 627 cr in Q4FY14 to INR 506 cr in Q4FY15, down 19%
·         EBITDA stood at INR  142 cr in Q4FY15 from INR 171 cr in Q4FY14, down 17%
·         EBITDA margins reported an increase of 80 bps from 27.3% in Q4FY14 to 28.1% in Q4FY15
·         PAT stood at INR 62 cr in Q4FY15 from INR 70 cr in Q4FY14, down 12%

Sobha Ltd









Figures in INR crores
Q4 FY15
 Q4 FY14
YoY
Q3 FY15
QoQ
Consensus
Deviation
Edelweiss
Deviation
Net Sales
               506
               627
-19%
               684
-26%
               679
-25%
               640
-21%
EBITDA
               142
               171
-17%
               154
-8%
               160
-11%
               147
-3%
PAT
                 62
                 70
-12%
                 60
3%
                 63
-2%
              62.0
-1%
EBITDA margin
28.1%
27.3%
0.8%
22.5%
5.6%
23.6%
4.5%
23.0%
5.1%
NPM
12.2%
11.2%
1.0%
8.8%
3.4%
9.3%
2.9%
9.7%
2.5%

Conference call highlights:

·         For FY16 Sobha had a topline of INR 2455 cr. Out of INR 2455 cr, INR 796 cr has been recorded by the Contractual and Manufacturing division of Sobha.
·         The turnover was low for the quarter INR 506 cr as the “Silicon Oasis” project could not come under revenue recognition.
·         Other expenses have been low at INR 44 cr due to lower spending on marketing etc which has resulted in expansion in EBITDA margin
·         New Launches for the year stood at 10.55 mn. sq. ft (Sobha’s Share). Additionally, Sobha has 1.41 mn. Sq. ft of space available for sale from completion of existing projects.
·         Total unrecognized revenue at INR 2625 cr from the Real Estate division and INR 876 cr worth of revenues from this shall be coming in FY16.
·         Management has indicated that current demand outlook is unlikely to improve in H1FY16, however expects the market to improve in H2FY16.
·         Pricing scenario is also likely to be under pressure for all markets besides Bangalore. Management has guided for an average realization of INR 6500 per sq. ft for FY16 and for sales of 4 million sq ft in FY16.
·         The debt for FY15 is up by INR 52 cr due to scheduled end payments and capex for projects in Bangalore and Kerala. During the year gearing has increased to 0.75x. However, management expects leverage to come down marginally to 0.7x by FY16, aided by the improvement in volumes in FY16.
·         Average cost of debt has been reduced from 12.7% to 12.6% in the present FY15.
·         Two more projects on the same lines as “Sobha Dream” project in Bangalore are being contemplated. These projects have higher margins vis-à-vis other residential offerings from Sobha.
·         The company has declared a dividend of INR 7 per share.
·         Management has guided that the Collections will increase for FY16 from FY15 in line with increase in volumes.
·         Sobha does not see contractual works from Infosys to be a driving factor for the contractual division going forward.







EdelInvest Fundamental

Edelweiss on SRF

SRF LTD (SRF IN, INR 922, BUY)                                               
SRF Ltd’s (SRF) standalone Q4FY15 sales came in line with our estimates. However, EBITDA and PAT were slightly lower than estimates on account of inventory losses in technical textile (TTB) and packaging film (PFB) businesses. Key positives were: (i) 28% YoY and 3% QoQ revenue growth in chemical business; (ii) chemical business EBIT margins continued to remain stable at +21% adjusted for one-off cost related to Dymel acquisition; and (iii) During the quarter, phase I of the Speciality Chemicals Plant and 2nd Multipurpose Plant  in Dahej, Gujarat was  commissioned. Key negatives were: (i) 17% YoY dip in technical textile revenues due to strike related issues and (ii) 100bps QoQ EBIT margin decline in TTB and PFB due to inventory losses related to crude fall. SRF appears to be in a sweet spot thanks to factors such as - secular growth drivers, tough sector entry barriers and a sturdy revenue growth along with a capacity expansion in specialty chemicals - which would lead to a strong earnings growth (28% CAGR over FY15-17E) and a re-rating in the stock. We re-iterate ‘BUY’, with a TP of INR 1325.
 
Revenues in line, PAT lower due to lower commodity prices 
SRF’s Q4FY15 revenues decline marginally by 3% YoY to INR 847cr, mainly due to decline in realizations in TTB and PFB businesses due to crude fall.  EBITDA margins improved 370bps QoQ to 15.7% mainly due to higher revenue growth and share from chemical business but were lower than our estimates due to inventory losses of INR 9cr and 6cr in TTB and PFB. EBITDA grew by 27% YoY to INR 135cr. PAT came in at INR 59cr (up 11% YoY) marginally lower than our estimates. Consol FY15 revenues grew by 13% YoY at INR 4,540cr and PAT came at INR 303cr (up  87% YoY). Consol FY15 chemical business grew at 32% YoY with EBIT margins of 24%.
Speciality chemicals focus to spur growth
SRF has posted 15.7% revenue CAGR over FY10-14 outside of the CER income. We expect SRF’s consolidated revenues to grow at a CAGR of 11% over FY14-FY17E, due to flat growth in NTCF business (54% revenues). Specialty chemical business is expected to grow at 30% CAGR over FY14-17E propelled by an expansion in capacities as well as strong sales from existing products. We expect PAT to grow at 47% CAGR over FY14-17E led by the improving EBITDA margins due to a business mix change from low margin NTCF business to high margin speciality chemical business.
 
Outlook and valuations: Attractive; Re-iterate – BUY with TP of INR 1350
The company is poised for a good growth given its strong brand equity, high entry barriers in the R&D driven chemical segment and a sound management. It appears to be in a sweet spot, aided by multiple drivers such as higher revenues and margin expansion from specialty chemicals and a turnaround in the packaging films business. Ramp up of new Dahej capacity will lead to a strong earnings growth and may trigger a re-rating in the stock going forward. The stock currently trades at P/E of 14x FY16E and 11x FY17E EPS of INR 70 and INR 86, respectively.
Year to March (INR Cr)
Q4FY15
Q4FY14
% change
Q3FY15
% change
FY15
FY16E
FY17E
Income from operations
862
887
(3)
875
(1)
4,540
4,876
5,477
EBITDA
135
106
27
155
(13)
718
922
1,041
EBIT
79
60
33
103
(23)
473
648
766
Adjusted net profit
59
53
11
73
(19)
303
407
505
Diluted EPS (INR)
10
9
11
13
(19)
51.7
69.6
86.4
Diluted P/E (x)
 
 
 
 
 
18.0
13.4
10.8
EV/EBITDA (x)
 
 
 
 
 
10.9
8.5
7.6

* Qtrly Standalone / Yrly Consol
 Regards,

EdelInvest Fundamental

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