ICICI BANK
Prabhudas Lilladher: “ICICI Bank has reported 35% growth in advances in the first quarter of 2007-8. Despite lower interest income growth, hefty fee income growth and high treasury gains have resulted in net profit going up by 25% to Rs 775.1 crore. At 2.4 times 2008-9 adjusted book value, the valuation is attractive.”
DLF LTD
Khandwala Securities: “DLF’s income in the first quarter was Rs 3,120.98 crore as against Rs 4,034.1 crore for the full year 2007. The current price is still attractive in view of lower average cost for its land bank, pan India presence, economies of scale and retail mall projects. Our price target is Rs 1,000 per share.”
LARSEN AND TOUBRO
Prabhudas Lilladher: “First quarter results are better than expected with net profit up 128% to Rs 376 crore largely on account other income of Rs 130 crore from forex gains. Order inflows in the quarter have been strong at Rs 9,900 crore. We expect a 30% CAGR in revenues and a 34% CAGR in earnings over 2006-9.”
TATA CONSULTANCY SERVICES
Edelweiss Securities: “First quarter results are in line with expectations. Revenue and net profit is up by 1% and 1.2% QoQ. We expect healthy growth in 2007-8. We retain our 2007-8 EPS estimate of Rs 53 while finetuning our 2008-9 marginally to Rs 65.80. We expect a return potential of 20% to the investor in 9-12 months.”
RELIANCE ENERGY
IDBI Capital: “Quarterly performance is not encouraging mainly due to significant rise in power purchase cost. Operating revenue is up 41% but the per unit cost of power purchased increased by 84%. Net profit rose 25% to Rs 220 crore. The order book is Rs 5,035 crore as compared to Rs 5,525 crore at the end of 2006-7.”
RANBAXY LABS
Enam Securities: “Quarterly results was in line with expectations. Net profit was up 118% YoY to Rs 260 crore, including a forex gain of Rs 200 crore. The rupee appreciation has helped Ranbaxy but it is risky to build expectations for future quarters. We remain concerned about pressure on margins in the US and Europe.”
