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By Haresh Soneji, CNBC-TV18:
Cash cows that you need to add to your portfolio
Cash flows are an important gauge for measuring earnings quality. Haresh Soneji looks at how India Inc has shored up for the FY08 as compared to FY07.
India Inc’s adjusted PAT growth at 18% excluding oil, trade and financials seems fine. The true story however lies in the quality of earnings, which have declined. About 70% of companies reported a drop in net cash flows from operating activities. Operating cash flow is the amount of money a company generates from its operations. Also, cash flow yield has declined about 20%.
| Largest Build up in Cash Flows | |||
| Mar ’08 | Mar ‘07 | % Change | |
| ACC | 1,935 | 1,415 |
37% |
| HUL | 1373 | 1203 | 14% |
| HCL Tech | 989 | 774 | 28% |
| Ranbaxy | 639 | 250 | 155% |
| Castrol | 337 | 79 | 324% |
| JK Tyres | 198 | 49 | 309% |
|
Biggest Drop in cash Flows | ||
|
|
Mar ‘08 |
Mar ‘07 |
|
Ambuja Cement |
1530 |
1804 |
|
Balrampur Chini |
63 |
558 |
|
Pfizer |
24 |
123 |
|
Oudh Sugar Mills |
38 |
124 |
|
Escorts |
46 |
113 |
|
The Turnaround Guys | ||
|
|
Mar ‘08 |
Mar ‘07 |
|
Amtek Auto |
190 |
-61 |
|
Shree Renuka Sugars |
45 |
-59 |
|
Media Video |
8 |
-41 |
|
LML |
-3 |
-95 |
|
Amar Remedies |
20 |
-7 |
|
The Bleeders |
|||
|
|
Mar ‘08 |
Mar ‘07 |
|
|
Siemens |
-396 |
771 |
|
|
Bajaj Hindusthan |
-511 |
-77 |
|
|
Deccan Aviation |
-553 |
-172 |
|
|
Pantaloon Retail |
-278 |
-81 |
|
|
Temptation Foods |
-83 |
-4 |
|
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641.76 4.81%