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While raw material volatility is something that Tyre companies have to live with, the end market looks exciting and offers secular growth opportunity. We attempt to find an answer to the key question as to which tyre stock to bet on to ride on smoothly on the bumpy terrain?
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Net Sales are expected to increase by 17 percent Y-o-Y (down 3.9 percent Q-o-Q) to Rs. 3,890.1 crore, according to ICICI Direct.
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The operating profit (EBIDTA) is expected to come down by 8 percent at Rs 402 corer and margins may slip to 11.6 percent, according to average of estimates of analysts polled by CNBC-TV18.
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Net Sales are expected to increase by 1.1 percent Q-o-Q (up 11.4 percent Y-o-Y) to Rs 3338.9 crore, according to Kotak Securities.
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During the period, EBITDA is seen down 5 percent at Rs 478 crore against Rs 502.2 crore while operating profit margin may stand at 16 percent versus 17.6 percent year-on-year.
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Mayur Milak, Research Analyst - Institutional Equity, Anand Rathi is still upbeat on the stock and has a buy on it, while Prakash Diwan, Investment Evangelist is bearish on the company.
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In the fourth quarter, operting profit margin is seen at 16.7 percent against 16.6 percent while EBITDA may fall 2.3 percent at Rs 506 crore versus Rs 518 crore year-on-year.
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Neeraj Kanwar, MD of Apollo Tyres, says the company is focussing on 'all-season' tyres, which he expects will aid volumes and boost market share
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Operating profit (earnings before interest, tax, depreciation and amortisation) in Q3 is seen rising 2.9 percent YoY to Rs 505 crore and margin may expand 120 basis points to 16.9 percent due to falling rubber prices.
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Speaking to CNBC-TV18, Neeraj Kanwar, VC & MD of Apollo Tyres said that the company is focusing on its marketing initiatives and has upped its spending in branding.
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Revenue is seen falling 7 percent to Rs 3,090 crore from Rs 3,315.2 crore during same period, impacted by domestic as well as international business.
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Revenue in June quarter is expected to decline 4 percent to Rs 3,112 crore year-on-year due to lower demand in domestic and export markets.
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Apollo Tyres' third quarter consolidated profit after tax is expected to fall 7 percent year-on-year to Rs 315 crore, according to the average of estimates of analysts polled by CNBC-TV18.
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Prakash Diwan is bullish on Escorts despite lower-than-expected Q2 earnings due to possibility of increase in sales from its constriction equipment segment which is a huge area of margin growth for the company.
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Sales are seen going down 1.3 percent to Rs 3,389.2 crore in July-September quarter from Rs 3,433.5 crore in corresponding quarter of last fiscal.
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Despite muted topline growth, operational performance will improve due to lower input cost pressure. Average rubber prices have fallen 9 percent sequentially to Rs 160 per kg in December quarter as against Rs 176/kg in September quarter.
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Apollo Tyres' revenues may drop 8 percent year-on-year to Rs 2,910 crore due to weak demand. Demand slowdown is mainly on account of a 10.1 percent Y-o-Y degrowth in domestic revenues, reflecting the slowdown in the commercial vehicle (CV) segment.
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Kotak Securities expects Apollo Tyres to report a 14.2 percent degrowth quarter-on-quarter (decline of 11.9 percent year-on-year) in net profit at Rs 121.6 crore.
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Prabhudas Lilladher expects Apollo Tyres to report a 8.2 percent degrowth quarter-on-quarter (decline of 17.9 percent year-on-year) in net profit at Rs 114 crore.
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Balrampur Chini, Reliance Communication are a miss whereas Apollo Tyres, Central Bank, Essar OIl are a hit for SP Tulsian.
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Kotak Securities has come with its March`13 quarterly earning estimates for auto sector. According to the research firm, M&HCV segment continues to bore the maximum brunt of the current economic slowdown.
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Angel Broking has come with its March`13 quarterly earning estimates for auto and auto ancillary sector. The research firm continues to prefer stocks that have strong fundamentals, high exposure to rural and export markets and command superior pricing power.
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Apollo Tyres, one of the leading tyre manufacturers in India, is going to declare its third quarter results on Wednesday. Analysts on an average expect pick up in operational performance of the company in December quarter although topline growth will be muted, according to CNBC-TV18 poll.
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Nirmal Bang has come with its December`12 quarterly earning estimates for auto and auto ancillary sector. The research firm expects the EBITDA margins of companies to remain under pressure YoY.
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Dolat Capital has come with its December`12 quarterly earning estimates for auto sector. According to research firm, demand for petrol vehicles continues to be under pressure despite heavy discounts.
