Sunday, February 1, 2009


# Voltas reported Q3FY09 revenues growth of 29.8% YoY at Rs 862.54 crores primarily on back of robust growth in Projects business. Project business growth was driven by strong execution with a order backlog of rs 5300 crores. However, Engineering Products and Services (EPS) and Unitary Cooling Products (UCP) segment showed YoY decline in revenue by 31.3% and 5% respectively.

# Margins fell sharply in all three segments by 280 bps to 5,5% Project division margins fell on account on Forex loss and liability towards staff cost. Margins in this segment were at 6.8% compared to 7.4% during Q3FY08.

# EPS divison witnessed sharp fall in margin as well. The key reason being the shift from commission based business to own manufacturing which impacts overall margin in segment. Moreover, high material costs coupled with sluggish outlook have adverse impact. Margins stood at 9.7% against 21.4% during Q3FY08.

To see full report : VOLTAS


# Net sales up by 21% at Rs 11277 cr due higher PLF of gas based plants and capacities commissioned in previous quarters.

# 500 MW capacity at Sipat-II commercialised from jan 1 2009 and 500 MW Kahalgaon capacity considered commercial as on Dec 30,2008.

# EBITDA margins mainly impacted by wage revision due to sixth pay commision. Rise in proces of coal and gas are passthrough.

# The company formed JV with SAIL, NMDC, CIL and RINL for securing metallurgical coal and thermal coal assets from overseas and to leverage their domain knowledge and human capital for international mining business development.

# Net Profit (adjusted for previous year sales, FERV adjustments, wage revisions) down by 1% YoY at Rs 1967 cr, in line with our expectation of Rs 1912 cr.

To see full report : NTPC

>Pantaloon Retail Ltd. (ANAGRAM)

# Pantaloon Retail posted Q2 Net Revenues growth of 24.4% YoY undermined by the sluggish economic growth and fading consumer confidence. Same Store Sales growth for the quarter declined to 6.5% for value retailing and 0.47% for Lifestyle retailing. December SSS showed degrowth of 3.5% in case of value retailing and - 14.0% in case of lifestyle retailing.

# Improved operating margins by 137 bps due to realignment of cost structures. Restructuring employee compensation has resulted in drop in absolute costs. Even aggressive renegotiation of new/existing rental contracts have led to drop in overall rental costs even with increase in rental space.

To see full report : Pantaloon Ltd.