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Showing posts with label Earnings Preview. Show all posts
Showing posts with label Earnings Preview. Show all posts
Sunday, April 13, 2014
Thursday, July 12, 2012
Monday, May 14, 2012
Earnings Expectations - Q4FY12
Q4FY12 earnings, up 3.0% YoY (Edelweiss expectation: -4.0%), have neither been prolific nor despairing. However, what casts a shadow of disappointment is that a part of this earnings beat may have been driven by higher other income, implying a weakening core outlook. Even if the balance earnings season were to be on track, earnings growth for our coverage universe would be 3.0-3.5% YoY, implying yet another sub-10% quarter. Topline grew 17.4% YoY, ahead of our 15.0% expectation but was largely driven by few companies only. EBITDA margins, meanwhile, continues to remain depressed and have contracted ~320bps YoY. Worryingly, the Sensex earnings trajectory, which had shown signs of bottoming out, has been downgraded 1.1% since March. Results surpass expectations, but on other income crutch For companies within our coverage universe which have declared results so far, YoY earnings growth came in at 3.0% (Edelweiss expectation: -4.0%). The disappointment is on the core earnings front as some part of the earnings surge may have been driven by higher other income (e.g. PSU banks, RIL and Maruti Suzuki). For companies that have declared results so far, we estimate that other income as a proportion of sales is at 2.7%, which is a multi-quarter high. Meanwhile, revenues came in above expectation at 17.4% of 15.0%, YoY, but was largely driven by few companies only. Margins continued to disappoint, contracting 320bps YoY. Even if balance earnings were to come in line, earnings growth for our coverage universe would be 3.0-3.5% YoY, implying a fifth consecutive quarter of sub-10% earnings growth. Our Q4FY12 projection is for 0.8% YoY earnings growth.
Monday, April 09, 2012
Monday, January 16, 2012
Tuesday, October 11, 2011
Monday, August 29, 2011
Monday, July 11, 2011
Tuesday, July 05, 2011
Thursday, April 21, 2011
Sunday, April 10, 2011
Saturday, April 09, 2011
Thursday, April 07, 2011
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