Firstcall Research report
"Bata India announced 9 percent rise in Net Sales at Rs. 5544.08 mn against Rs. 5090.29 mn in the corresponding quarter of the previous year. Net Profit rose at an insignificant 3.62 percent and stood at Rs. 527.53 mn compared to Rs. 509.10 mn in Q4 CY12. Net Profit was impacted by exceptional item of Rs. 100.77 mn paid out for voluntary retirement scheme during the quarter. Before exceptional item and tax, Net Profit rose by 23 percent from Rs. 734.60 mn to Rs. 904.30 mn in current December quarter. EBDITA rose on similar lines in double digits at 22 percent from Rs. 880.20 mn to Rs. 1074.30 mn in Q4 CY13. As a result, though Net Profit margin declined by 49 basis points, EBDITA margin rose by 208 basis points indicating financial health of the company."
"In addition to that, Bata India has no long term and short term borrowings. Bata India has 1,358 Bata Shoe Stores located in over 500 cities across India and is the market leader in organized footwear industry. Bata has redesigned itself to successfully match up with the latest fashion trends and is launching 100 new stores in FY14. Operating over the last 80 years, Bata India has undoubtedly maintained its quality and credibility. In the present volatile scenario, Bata India Ltd is a safe bet and thus we recommend BUY for the scrip with the target price of Rs. 1060.00 for medium and long term investors." (full report)
"IRB Infra has declared a profit of Rs. 1085.22 mn on total income of Rs. 9059.10 mn for Q3 FYI4. Income from operations has seen marginal drop of 7 percent and 4 percent to Rs. 8772.27 mn for Q3 FY14 from Rs. 9391.33 mn in Q2 FY14 and Rs. 9138.55 mn in Q3 FY13 respectively. IRB has declared a profit of Rs. 3498.98 mn on total income of Rs. 29352.70 mn for nine months ended FY14. Income from operations has gone up by 4 percent to Rs. 28490.16 mn for nine months ended FY14 from Rs. 27389.71 mn for nine months ended FY13."
"During the quarter, IRB has received a Letter of Award from for the project of Four Laning of Solapur to Yedeshi section of NH-211 in the state of Maharashtra to be executed as BOT (Toll) under NHDP Phase – IV. The estimated Project cost is approximately Rs. 15,000 mn. IRB's order book now stands at approximately Rs. 78,000 mn out of which Rs. 58,000 mn worth of order book is to be executed in the next two to three years. This order book gives IRB good visibility for the next three years. Over FY2012-15E, we expect the company to post a CAGR of 9 percent and 10 percent in its revenue and operating profit respectively. Hence, we recommend ‘HOLD’ for ‘IRB Infrastructure Developers Ltd’ with a target price of Rs. 85.00 on the stock," says Firstcall Research Report. (full report)
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