Market Outlook

April 26, 2013

Dealers Diary
The Indian markets are expected to open flat mirroring flat opening trades in the SGX Nifty and mixed opening across major Asian bourses. The US markets moved mostly higher during trading on Thursday after ending the previous session roughly flat. The markets benefited from a positive reaction to the latest earnings news as well as some upbeat employment data. The Labor Department report showed that initial jobless claims fell to 339,000, a decrease of 16,000 from the previous week's revised figure of 355,000. Meanwhile, the European markets extended their recent upward trend to a fifth consecutive session on Thursday on expectations of rate cut by the ECB at their upcoming meeting next week. The better than expected British GDP result and the bigger than expected decline in U.S. jobless claims also contributed to the positive mood. Meanwhile, Indian markets edged sharply higher to a six-week high on Thursday, primarily lifted by aggressive buying in rate-sensitive stocks on continued hopes that the Reserve Bank of India will cut interest rates next week for a third time this year.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex Nifty MID CAP SMALL CAP BSE HC BSE PSU BANKEX AUTO METAL OIL & GAS BSE IT
Global Indices

1.2 1.4 0.5 0.1 2.0 1.0 1.4 2.8 1.4 1.4 (1.6)
Chg (%)

227 19,407 79 32 5 174 70 5,916 6,315 6,057 8,694 6,893

197 14,545 292 10,758 122 124 (96)

(Pts)

8,758 8,834 5,701

(Close)

Dow Jones NASDAQ FTSE Nikkei Hang Seng Straits Times Shanghai Com
Indian ADR

0.2 0.6 0.2

0.6 1.0 0.5 (0.9)

24 14,701 20 11
83 15 (19)

3,290 6,443
13,926 3,338 2,199

Markets Today
The trend deciding level for the day is 19,345 / 5,898 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,497 19,587 / 5,943 5,969 levels. However, if NIFTY trades below 19,345 / 5,898 levels for the first half-an-hour of trade then it may correct up to 19,254 19,102 / 5,872 5,827 levels.
Indices SENSEX NIFTY S2 19,102 5,827 S1 19,254 5,872 PIVOT 19,345 5,898 R1 19,497 5,943 R2 19,587 5,969

218 22,401

Chg (%)

(Pts)

(Close)

INFY WIT IBN HDB

Advances / Declines

0.1 (1.5) (0.3) 0.4

0.1 (0.1) (0.2) 0.1

BSE

$40.9 $7.7 $46.0 $42.4

NSE

News Analysis

Result Review: Hindustan Zinc, Idea, United Phosphorous, Abbott India, Rallis India, Fag Bearings, Infotech Enterprises, Vesuvius India, Cera Sanitaryware, Result Preview: Maruti, Hero MotoCorp,
Refer detailed news analysis on the following page

Advances Declines Unchanged

1,221 1,158 133

743 650 86

Net Inflows (April 23, 2013)

` cr FII MFs Purch 2,493 238 Sales 2,040 492 Net 454 (254) MTD 2,904 (894) YTD 57,655 (8,062)

Volumes (` cr)

BSE NSE

2,457 15,608

FII Derivatives (April 25, 2013)

` cr Index Futures Stock Futures Purch 8,031 8,442 Sales 4,314 8,576 Net 3,716 (134) Open Interest 8,889 22,129

Gainers / Losers
Gainers Company
Jet Air India Mahindra & Mah Fin TTK Prestige Godrej Cons Dr Reddys Lab

Losers Company
Bata India Engineers India Indian Hotels Gitanjali Gems Coromandel Intl

Price (`)
635 228 3,063 887 1,993

chg (%)
10.7 10.6 5.2 5.0 4.7

Price (`)
705 178 56 603 186

chg (%)
(3.5) (2.9) (2.8) (2.5) (2.3)

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Market Outlook
April 26, 2013

Ministries reject proposals of Rangarajan Committee report

As per media reports, the Finance, Power and Fertilizer Ministries have rejected the recommendations of the Rangarajan panel, which suggested various measures to boost production and incentivize the oil and gas companies by raising gas prices. Rangarajan committee reports suggested to raise the base price of domestic natural gas to US$8.8/mmbtu from the current US$4.2/mmbtu applicable for gas produced from Reliance Industries KG-D6 and some other fields. As per Petroleum and Fertilizer ministries, such an increase in gas price would increase the annual subsidy burden by `16,992cr by the end of the 12th five year plan in FY2017. We had not factored the recommendations of Rangarajan Committee in our estimates. Hence, we maintain our estimates and ratings for our Oil & Gas coverage universe.

Result Review
Hindustan Zinc (CMP: 119/ TP: 140/ Upside: 18%)
Hindustan Zincs (HZL) reported better than expected 4QFY2013 results, both on top-line and profitability front. HZLs net revenue increased by 24.5% yoy to `3,850cr (above our estimate of `3,091cr) mainly due to increased sales volumes of silver and higher rupee realizations. Zinc production volumes however declined 4.0% yoy to 182kt but silver production volumes grew 33.0% yoy to 117kt due to higher production from Sindesur Khurd mine and new Dariba lead and silver capacities. EBITDA margin contracted by 133bp yoy to 55.0% mainly on account of 8.0% yoy increase in cost of production to `44,901/tonne. Cost of production increased due to higher strip ratio at Rampura Agucha and lower acid credits, partially offset by lower power costs. Mining royalty as a percentage to sales declined to 6.3% compared to 7.4% in 4QFY2012 and other operating income also increased by 40.7% yoy to `58cr. Hence, EBITDA increased by 27.5% yoy to `2,116cr. Other income rose by 8.1% yoy to `412cr while the depreciation was down by 27.0% yoy to `122cr and tax rate was also much lower at 8.9% in 4QFY2013 (24.1% in 4QFY2012). There was an exceptional item of VRS scheme of `18cr and consequently, adjusted net profit grew by 53.6% yoy to `2,183cr (much above our estimate of `1,663cr). We maintain our Buy rating on the stock with a target price of `140.
Y/E March Sales (` cr) OPM (%) 54.0 53.8 PAT (` cr) 7,237 7,597 EPS (`) 17.1 18.0 ROE (%) 20.2 18.1 P/E (x) 6.9 6.6 P/BVEV/EBITDA EV/Sales (x) 1.3 1.1 (x) 2.9 2.0 (x) 1.5 1.1

FY2014E 13,759 FY2015E 14,506

Idea (CMP: `116 / TP: - / Upside: -)

For 4QFY2013, Idea Cellular (Idea) reported strong set of results, beating our as well as market expectations on all fronts. Ideas consolidated revenue came in at `6,061cr, up 8.7% qoq. The mobility segments revenue increased strongly by 8.7% qoq to `5,953cr, on the back of 8.5% qoq growth in network traffic to 143bn min. MOU increased considerably by 5.7% qoq to 406min while ARPM remained almost flat at `0.412. While the challenges on voice ARPM continued, the company increased share of VAS revenues to 15.2% from 14.6% in

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Market Outlook
April 26, 2013

3QFY2013. Ideas subscriber base increased by 6.8% qoq with the end of period (EoP) subscriber base standing at 122mn. Ideas EBITDA margin increased by 119bp qoq to 27.6%. The EBITDA margin inch up was led by strong revenue growth along with qoq almost flat network operating charges. The PAT came in at `308cr, up 35% qoq, led by strong operational performance and qoq lower interest charges at `224 vs. `242cr in 3QFY2013. We maintain Neutral view on the stock.
Y/E March FY2014E FY2015E Sales (` cr) 25,122 27,663 OPM (%) 27.0 27.2 PAT (` cr) 1,310 1,571 EPS (`) 4.0 4.8 ROE (%) 8.3 9.1 P/E (x) 29.3 24.4 P/BV (x) 2.4 2.2 EV/EBITDA (x) 7.4 6.3 EV/Sales (x) 2.0 1.7

United Phosphorous (CMP-`132, Target-`192, Upside-45.5%)

United Phosphorus, 4QFY2013 numbers came in robust. The top line grew by 30.8% to `2773cr. The top line growth was driven by both exports and domestic business which grew by 25.0% and 33.0% respectively. The exports growth came on back of the North America and Europe, which grew by 49% and 37% respectively. Latin America, also grew strongly by 34%, while Rest of the world grew by only 13% during the period. The top line growth was driven by 16% volumes, while price rise was around 4%. Exchange impact on sales growth was around 12%. The OPM came in at 17.6% almost same as 17.9%. This aided the Net Profit to grow by 37.9% yoy to end the period at `278cr, on back of top-line growth. We recommend a buy with a price target of `192 and recommend buy on stock.
Y/E Dec. FY2014E FY2015E Sales (` cr) 9,263 10,474 OPM (%) 16.5 16.5 PAT (` cr) EPS (`) ROE (%) 15.5 15.3 P/E (x) 7.8 6.9 P/BV (x) 1.1 1.0 EV/EBITDA (x) 4.4 3.6 EV/Sales (x) 0.7 0.6

787 17.0 889 19.2

Abbott India- 1QCY2013 Review (CMP: `1,379/ TP: `1,659/ Upside: 20.3%)
For 1QCY2013, Abbott India reported 11.6% yoy growth in topline at `420cr, 3.2% lower than our estimate of `433cr. EBITDA margin expanded by 313bp yoy primarily due to lower raw material prices. However, the adjusted net profit increased by just 17.1% yoy to `32cr inspite of a 56.4% yoy growth in EBITDA during 1QCY2013 due to exceptional item of `10cr in 1QCY2012 from writeback of depreciation and provision for expired goods. We expect the revenue to grow at a modest 12.2% revenue CAGR over CY2012-14E, while EBITDA margin would stabilize in the range of 12.0-12.5% going forward. Net profit is expected to post a 10.4% CAGR over the same period. We maintain our Buy recommendation on the stock with a target price of `1,659 based on a target PE of 20x for CY2014E.

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Market Outlook
April 26, 2013

Y/E Dec CY2013E CY2014E

Sales (`cr) 1,863 2,081

OPM (%) 11.8 12.4

PAT (` cr) 151 176

EPS (`) 71.2 82.9

RoE (%) 21.6 21.5

P/E (x) 19.4 16.6

P/BV (x) 3.9 3.3

EV/EBITDA (x) 11.2 8.3

EV/sales (x) 1.3 1.3

Rallis India (CMP-`123, Target-, Upside-)

Rallis India, 4QFY2013 numbers came in robust. The top line grew by 34.0% to `277cr.The OPM came in line at 7.9%, much higher than the 1.0% during the last corresponding period. This aided the Adj. net profit to end the period at `11.3cr, a yoy growth of 104.0%. In came in spite of higher taxation during the period, which was 42.9% of PBT V/s 38.2% of PBT during the last corresponding period. We remain neutral on stock.
Y/E Dec. FY2014E FY2015E Sales (` cr) 1,686 1,939 OPM (%) 14.8 14.8 PAT (` cr) 158 183 EPS (`) 8.1 9.4 ROE (%) 22.7 22.3 P/E (x) 15.2 13.1 P/BV (x) 3.2 2.7 EV/EBITDA (x) 10.4 8.8 EV/Sales (x) 1.5 1.3

FAG Bearings (CMP: `1,333/ TP: -/ Upside: -)

FAG Bearings (FAG) reported disappointing set of results for 1QCY2013 as EBITDA margins declined 530bp yoy owing to raw-material cost pressures and lower utilization levels. For 1QCY2013, FAGs top-line posted a decline of 6.5% yoy (2.2% qoq) at `340cr, which was slightly above our expectations of `329cr. The top-line performance continued to be impacted by the slowdown in the automotive and industrial sectors which are the key drivers of the companys revenue performance. The operating profit fell significantly by 34.8% yoy (flat qoq) as EBITDA margins witnessed a sharply led by raw-material cost pressures and lower utilization levels. While, the raw-material cost as a percentage of sales surged 165bp yoy; employee expenditure as a percentage of sales jumped 140bp yoy during the quarter. Further, due to lower operating leverage benefits, other expenditure as a percentage of sales grew by 230bp yoy. Led by a weak operating performance and lower other income, the net profit declined 45% yoy (14.3% qoq) to `25cr, lower than our expectations of `30cr. We revise our earnings estimates downwards for CY2013/14 by 18%/16% primarily to factor in the margin pressures witnessed during the quarter. We expect the companys performance to improve going ahead, led by easing of interest rates in CY2013 which is expected to revive demand in the automotive and industrial sectors. Nevertheless, at 12.5x CY2014 earnings, we believe the stock is fairly valued leaving limited room for potential upside. Hence, we recommend a Neutral rating on the stock.
Y/E Dec. CY2013E CY2014E Sales (` cr) 1,511 1,717 OPM (%) 14.4 15.6 PAT (` cr) EPS (`) ROE (%) 15.2 16.1 P/E (x) 15.4 12.5 P/BV (x) 2.2 1.9 EV/EBITDA (x) 9.0 7.0 EV/Sales (x) 1.2 1.0

144 86.7 177106.2

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Market Outlook
April 26, 2013

Infotech Enterprises (CMP: `164 / TP: `185 / Upside: 13%)

For 4QFY2013, Infotech reported a weak set of results on the operating front. The dollar revenues came in at US$85.9mn, down 1.9% qoq, majorly impacted by ramp downs seen in a couple of customer accounts from America geography one in the heavy engineering vertical and one in the hi-tech industry vertical. In INR terms, the revenue came in at `464cr, down 2.2% qoq. The EBITDA and EBIT margins declined by 151bp and 232bp qoq to 17.0% and 12.8%, respectively, due to muted volume growth and inch up in employee costs because of healthy gross addition of 783 employees into the system. PAT came in at `54cr, down 12.3% qoq, impacted by lower other income of `10cr as against `16cr in 3QFY2013. The Management sounded confident of FY2014 turning out to be a better year than FY2013. For FY2104, in the ENGG vertical, the Management indicated that the deal pipeline in the aerospace business segment is robust and is seeing strong signs of growth in the transportation business segment owing to recovery in this segment. The Management cited that they are seeing initial signs of recovery in the hi-tech business segment while heavy engineering is still looking soft. In the UT&C vertical, for FY2014, the Management indicated that a strong pipeline is being seen for the utilities business segment and expects business to remain stable in the telecom segment with growth lower than the average companys growth rate. We maintain our Accumulate rating on the stock with a target price of `185.

Y/E March FY2014E FY2015E

Sales (` cr) 1,956 2,174

OPM (%) 17.9 17.7

PAT (` cr) 227 243

EPS (`) 20.4 21.9

ROE (%) 14.7 13.7

P/E (x) 8.0 7.5

P/BV (x) 1.2 1.0

EV/EBITDA (x) 3.1 2.4

EV/Sales (x) 0.6 0.4

Vesuvius India 1QCY2013 Review (CMP: `347/ TP: `439/ Upside: 26.5%)
For 1QCY2013, VIL reported a 4% yoy increase in topline to `145cr, inline with our estimate of `144cr. The EBITDA margin surprised positively reporting an expansion of 558bp yoy to 20.2% from 14.6% in 1QCY2012 primarily due to decline in raw material costs. As a result, net profit grew by a stupendous 52.6% yoy to `18cr in 1QCY2013 as compared to `12cr in same quarter last year. We believe the decline in commodity prices would facilitate higher margins for the rest of the year, inspite of 6.4% CAGR in revenue over CY2012-14E; thus leading to better profitability. Hence, we upgrade the stock to Buy rating with a target price of `439 based on a target PE of 12x for CY2014E
Y/E Dec
CY2013E CY2014E

Sales (` cr)
600 638

OPM (%)
20 19

PAT (` cr)
72 74

EPS (`)
36 37

RoIC (%)
40.9 39.4

P/E (x)
9.7 9.5

P/BV (x)
1.7 1.5

EV/EBITDA (x)
4.8 4.3

EV/sales (x)
1.0 0.8

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Market Outlook
April 26, 2013

Cera Sanitaryware (CMP: `440, TP: `620, Upside: 40%)

Cera Sanitaryware (CSL) reported a strong set of numbers for 4QFY2013. The top-line surged by 57.6% yoy to `158cr, 21.5% higher than our expectation of `130cr. The EBITDA grew by 30.1% yoy to `20.8cr, in line with our estimate of `20.7cr. The EBITDA margin dipped by 278bp yoy and came in at 13.1%. The dip is attributable mainly to the rise in raw material cost. Despite relatively low growth in EBITDA compared to the revenue growth, net profit grew by 50.7% yoy to `14cr on account of higher other income during the quarter. Top line for FY2013 grew by 52.1% and came in at `488cr, higher than our expectation of `460cr. EBITDA for the year grew by 40.9% to `75.3cr, in line with our estimate of `75.2cr, while EBITDA margins dip by 124 basis points to 15.4%, owing to high raw material cost. The company reported net profit of `46.2cr, vis-vis our estimate of `44cr, while net profit margins stood at 9.5% lower by 44 basis points last year. As we rollover to FY2015E we maintain our Buy recommendation and have revised our target price to `620, based on a target PE of 11x for FY2015E.
Y/E Mar FY2014E FY2015E Sales (` cr) 488 664 OPM (%) 15.4 14.4 PAT (` cr) 46.2 57.8 EPS (`) 36.5 45.7 ROIC (%) 32.6 34.8 P/E (x) 12.4 9.9 P/BV (x) 3.2 2.5 EV/EBITDA (x) 7.8 5.7 EV/sales (x) 1.2 0.8

Result Preview
ICICI Bank (CMP: `1,177 / TP: `1,306 / Upside: 16.4%)
ICICI Bank is slated to announce its 4QFY2013 results today. We expect the bank to report a strong NII growth of 28.3% yoy to `13,767cr, primarily on anticipation of healthy advance growth of 16.5% yoy. Non-interest income is expected to grow by just 5.9% yoy to `8,497 cr. Operating expenses are expected to increase by 11.4% yoy to `2,474cr. Provisioning expenses are expected to be lower at 382cr as compared to corresponding base of `469cr in 4QFY2012. Hence, we expect the bank to report healthy PAT growth of 23.1% yoy at `2,340Cr. At the CMP, the stock is trading at 1.8x FY2014E ABV and 1.6x FY2015E ABV. We recommend a BUY rating on the stock with a target price of `1,306.
Y/E March FY2014E FY2015E Op. Inc (` cr) 26,371 31,618 NIM (%) 3.0 3.0 PAT (` cr) 9,693 EPS (`) 84.1 ABV (%) ROA (x) ROE (x) 15.8 16.5 P/E (x) 14.0 12.2 P/ABV (x) 1.9 1.7

626.4 1.5 688.5 1.4

11,152 96.7

Maruti Suzuki (CMP: `1,590/ TP: -/ Upside: -)

Maruti Suzuki (MSIL) is scheduled to announce its 4QFY2013 results today. We expect MSIL to post a strong operating performance for the quarter driven by better product mix, operating leverage benefits and favorable currency movement. We expect the top-line to register a growth of ~10% yoy (~15% qoq) to `12,930cr led primarily by 16% yoy (~2% qoq) growth in net average realization following

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Market Outlook
April 26, 2013

superior product-mix and price increases. However, volumes are expected to decline ~5% yoy led by weak demand for entry segment cars. We expect the EBITDA margin to improve by ~130bp yoy (~60bp qoq) to 8.6% driven by favorable currency movement and operating leverage benefits. As a result, the bottom-line is expected to register a strong growth of ~13% yoy to `722cr. At the CMP of `1,590, the stock is trading at 15.5x FY2015 earnings. The stock has rallied by ~25% in the month of April 2013 on the expectations of a strong earnings growth going ahead led by continued depreciation in JPY against the INR which is expected to boost the operating margins. Currently, we have a Neutral rating on the stock.
Y/E March FY2014E FY2015E Sales (` cr) 48,078 55,133 OPM (%) PAT (` cr) EPS (`) ROE (%) 14.1 14.6 P/E (x) 18.2 15.5 P/BV (x) 2.4 2.1 EV/EBITDA (x) 8.7 7.1 EV/Sales (x) 0.8 0.6

9.1 2,525 87.4 9.3 2,973102.9

Hero MotoCorp (CMP: `1,620/ TP: `1,824/ Upside: 11%)

Hero MotoCorp (HMCL) is slated to announce its 4QFY2013 results today. We expect the companys top-line to remain flat at `6,095cr owing to a ~3% yoy decline in total volumes as the demand environment for the two-wheeler industry deteriorated during the quarter. We expect operating margins (adjusted) to contract ~250bp yoy to 9.4% largely due to unfavorable currency movement and higher promotional exposes. Hence the bottom line (adjusted) is expected to decline ~18% yoy to `492cr. At `1,620, the stock is trading at 11.5x its FY2015E earnings. Currently, we have an Accumulate rating on the stock with a target price of `1,824.
Y/E March FY2014E FY2015E Sales (` cr) 25,351 28,047 OPM (%) PAT (` cr) EPS (`) ROE (%) 36.7 40.4 P/E (x) 15.6 11.5 P/BV EV/EBITDA EV/Sales (x) 5.3 4.2 (x) 7.5 6.5 (x) 1.0 0.9

13.9 2,075 104.1 13.8 2,765 140.3

LIC Housing (CMP: `232 / TP: `253 / Upside: 9%)

LIC Housing is expected to announce its 4QFY2013 results. NII is expected to increase by 16.0% yoy to `470cr, while non-interest income is expected to come in at `25cr, a decline of 5.5% yoy. Provisioning expenses are expected to come in at `32cr. PAT is expected to increase moderately by 7.8% yoy to `274cr. The stock is currently trading at a valuation of 1.6x FY2014E P/ABV and 1.4x FY2015E P/ABV. We recommend an Accumulate rating on the stock with a Target Price of `253.
Y/E March FY2014E FY2015E Op. Inc (` cr) 2,127 2,498 NIM (%) PAT (` cr) EPS (`) 25.1 28.2 ABV (%) 146.3 168.4 ROA (x) 1.4 1.3 ROE P/E (x) (x) 18.3 9.3 17.9 8.2 P/ABV (x) 1.6 1.4

2.2 1,266 2.2 1,426

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Market Outlook
April 26, 2013

Quarterly Bloomberg Brokers Consensus Estimate

Hero Moto Corp (26/04/2013)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 6,075 745 12.3 502 4QFY12 5,963 925 15.5 604 (17) y-o-y (%) 2 (19) 3QFY13 6,151 779 12.7 488 3 q-o-q (%) (1) (4)

ICICI Bank (26/04/2013)

Particulars (` cr) Net profit 4QFY13E 2,301 4QFY12 1,744 y-o-y (%) 32 3QFY13 2,250 q-o-q (%) 2

LIC Housing Finance (26/04/2013)

Particulars (` cr) Net profit 4QFY13E 236 4QFY12 219 y-o-y (%) 7 3QFY13 236 q-o-q (%) (0)

Maruti Suzuki (26/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 12,752 1,154 9.0 715 4QFY12 11,525 729 6.3 640 12 y-o-y (%) 11 58 3QFY13 10,957 891 8.1 501 43 q-o-q (%) 16 29

Siemens India (26/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QSY13E 3,601 293 8.1 169 2QSY12 3,760 494 13.1 304 (44) y-o-y (%) (4) (41) 1QSY13 2,451 162 6.6 73 132 q-o-q (%) 47 81

Federal Bank (27/04/2013)

Particulars (` cr) Net profit 4QFY13E 230 4QFY12 238 y-o-y (%) (3) 3QFY13 211 q-o-q (%) 9

Sesa Goa Consolidated (27/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 251 (100) (40) 407 4QFY12 2,791 997 35.7 1,162 (65) y-o-y (%) (91) (110) 3QFY13 228 (105) -46.3 497 (18) q-o-q (%) 10 (5)

Exide Industries (29/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 1,597 204 12.8 131 4QFY12 1,446 213 14.7 143 (8) y-o-y (%) 10 (4) 3QFY13 1,654 165 10.0 104 26 q-o-q (%) (3) 24

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Market Outlook
April 26, 2013

Sterlite Industries Consolidated (29/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 11,045 2,696 24.4 1,480 4QFY12 10,763 2,705 25.1 1,277 16 y-o-y (%) 3 (0) 3QFY13 10,692 2,327 21.8 1,191 24 q-o-q (%) 3 16

Dabur India Consolidated (30/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 1,564 261 16.7 199 4QFY12 1,364 224 16.5 171 17 y-o-y (%) 15 16 3QFY13 1,631 275 16.8 211 (6) q-o-q (%) (4) (5)

Godrej Consumer Products Consolidated (30/04/2013)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13E 1,695 309 18.2 206 4QFY12 1,323 250 18.9 193 7 y-o-y (%) 28 23 3QFY13 1,691 285 16.8 172 20 q-o-q (%) 0 8

Economic and Political News

Parliament panel says phase out STT Growth rate to return to 8%: Pranab Mukherjee Sluggish pace in road construction due to bottlenecks: Govt

Corporate News

HPCL approves joint venture for `37,320cr Barmer refinery Tata Power commissions 21 MW wind power project in Rajasthan Petronet signs first US deal; to import 4 mn tonnes of LNG Jindal Stainless plans to double Odisha plant capacity to 2 MT
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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