BSEIndia: All Stock Market News: DG

Thursday, February 07, 2008

DG - ICICI Stocks Picks

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Granules India Current Price : Rs.85, Target Price: Rs.150: PTC India Current Price : Rs.115.40,Target Price : Rs.178: Wipro Technologies Current Price : Rs.411, Target Price: Rs.633: JK Cememnt Current Price : Rs.176, Target Price: Rs.255: Cinemax India Current Price : Rs.109.70, Target Price: Rs.150: ACC Current Price : Rs.778.50, Target Price: Rs.1022.



Granules India	GRANUL	85	150	76.47%	12 - 15 months	OUTPERFORMER
PTC India	POWTRA	115.40	178	54.25%	12 months	OUTPERFORMER
Wipro Technologies	WIPRO	411	633	54.01%	12 - 18 months	OUTPERFORMER
J K Cement	JKCEME	176	255	44.89%	12 months	OUTPERFORMER
Cinemax India	CININD	109.70	150	36.74%	12 months	OUTPERFORMER
ACC	ACC	778.50	1022	31.28%	12 months	OUTPERFORMER


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Granules net profit in Q2FY08 (the company follows a June-year ending) was drastically hit by the rupee appreciation. However, top line registered a marginal growth rate of 5% to Rs 52.94 crore. Bottom line slipped 25% to Rs 2.28 crore (more than our expectations) on account of a 246 bps y-o-y decline in EBIDTA margin to 14.11%.



PTC India result for Q3FY08 was below expectations. During the quarter under review, revenues from operations declined 9.12% y-o-y to Rs 733.79 crore. Traded power units were down 9% to 2009 million units due to lower volumes from the Tala Hydroelectric Power Plant in Bhutan as well as a fall in surplus volumes from the Himachal Pradesh State Electricity Board.


Wipro results for the Q3FY08 were lower than our estimated 13.5% q-o-q growth with the global IT and products business recording an 11.4% q-o-q growth in rupee terms to Rs 3597 crore. Consolidated profit after tax was also lower than our estimates on account of lower than expected margins for Infocrossing (7.2% as compared to our estimates of 12%).


JK Cement net sales during Q3FY08 increased 22.24% to Rs 391.8 crore against Rs 320.5 crore in the corresponding quarter the previous year. PBIDT increased 31.51% to Rs 118.1 crore against Rs 89.8 crore in Q3FY07. Grey cement volumes were up 4.16% from 0.96 million tonnes in Q3FY07 to 1 million tonnes in Q3FY08.


Cinemax India results were below our expectations. Rollout delays and with lower occupancy levels (32%) resulted in a flat top line growth of only 4.9% q-o-q to Rs 27.6 crore. EBIDTA margins also declined 631 bps, impacted by higher entertainment taxes at the new properties, higher employee cost due to yearly bonus, and higher-than-expected lease rentals.



ACC sales for the quarter ended Dec 31, 2007 (Q4CY07) increased 10.8% to Rs 1763.73 crore against Rs 1592.33 in the corresponding quarter the previous year. The improvement was on account higher sales volumes and improved realizations.