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“Godrej Consumer Products (GCPL) consolidated performance was marginally below expectation, adjusted net profit
of Rs 894 million versus expectation of Rs 959 million Standalone performance below expectation, reported revenue
decline of 5.4% yoy to Rs 3.2 billion and adjusted net profit decline of 9.2% yoy to Rs 548 million GCPL completed
QIP of 15.4 million shares at Rs 345 share and raised Rs 5.3 billion. Resultant debt-equity at 1.4X FY12E earnings
fine-tune
Net profit of Godrej Consumer Products rose 183.23% to Rs 170.76 crore in the quarter ended
June 2010 as against Rs 60.29 crore during the previous quarter ended June 2009. Sales
declined 6.60% to Rs 317.40 crore in the quarter ended June 2010 as against Rs 339.83 crore
during the previous quarter ended June 2009.
Particulars Quarter Ended
� Jun. 2010 Jun. 2009 % Var.
Sales 317.40 339.83 -7
OPM % 21.57 20.72 4
PBDT 187.91 76.90 144
PBT 184.35 72.99 153
Karnataka Bank (KBL) reported PAT of INR 741 mn (doubled Q-o-Q since Q3FY10) on
the back of strong growth in NII (up 60% Y-o-Y and 27% Q-o-Q) to INR 1,305 mn.
Asset quality improved, as gross and net NPAs declined 10% and 19%, Q-o-Q,
respectively. Business momentum picked up with advances growing 9% Q-o-Q and
22% Y-o-Y, to INR 144 bn.
Growth is back; momentum to sustain at 23% over FY11-12
After subdued growth in 9mFY10, the bank finally grew its loan book at 9.1% Qo-
Q and 22% Y-o-Y, to INR 144bn. Deposits grew 6.4% Q-o-Q and 16.7% Y-o-Y,
to INR 237 bn. CD ratio improved 150bps Q-o-Q, to 61%.
Stable core performance and impressive growth
South Indian Bank (SIB) reported stable core operating performance in Q1FY11,
led by 36% advance growth and improved margins at 2.83% (against 2.77% in
FY10). Asset quality also remained stable with gross NPAs at 1.3%; restructuring
during the quarter was negligible. Fee income, at INR 325 mn (7% Y-o-Y
growth), was below our estimates. Net interest income (NII) grew 10% Y-o-Y, to
INR 1,674 mn, in line with our estimates. PAT stood at INR 584 mn compared to
INR 463 mn after adjusting for extraordinary interest cost an
PATEL ENGG
HOTEL LEELA VENTURE
The committee of Hotel Leelaventure in its meeting on 30 August 2010 has allotted 1 crore equity shares
of Rs. 2 each, aggregating to Rs. 48.50 crore