May 04, 2012, 01.10 PM IST | Source: CNBC-TV18

Q4 earnings: Fairwealth Sec reviews Titan, Punj Lloyd nos

In an interview to CNBC-TV18, Sharmila Joshi, head of equities at Fairwealth Securities reviews Q4 earnings of Titan Industries, Punj Lloyd and United Phosphorus.

Sharmila Joshi, Head of Equities, Fairwealth Sec

Q: United Phosphorous is a miss on your list. You didn’t like the numbers or you didn’t also like the news that came preceding that about the kind of CCI penalty that was being talked about.

A: I think it’s a combination of things. If you were to look at pure numbers then they were reasonable because you did see about 17% year-on-year revenue growth. But the domestic business has not done well. So, for me that was a disappointment because the rest of the world, the other geographies that United Phosphorous is in that did reasonably, but domestic business did very badly.

CCI penalty is substantial. The management has been saying that they will present their case and hopefully it will get reduced. Ofcourse they have been smart enough to announce a buyback. That was a good move on their part. But for me it’s the domestic business because at the end of it we saw it even in Rallies, it’s the domestic business that has disappointed.

Somewhere you get a sense that perhaps the slowdown that whatever you been talking of you have seen the pinch coming in from there where farmers haven’t gone ahead and spent as much as they have done in the past. So, for me, that will remain a concern. That’s the reason why I didn’t like United Phosphorous’ numbers.

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