Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Union Budget
Budget 2011-2012 Home
Industry Expectations - Budget 2011-2012
Industry Reactions - Budget 2011-2012
Budget 2010-2011
Budget 2010-2011 Home
Industry Expectations - Budget 2010-2011
Industry Reactions - Budget 2010-2011
Contributor's Corner
Bonanza Portfolio
Hemant K Gupta
Krish Bhatt
S A A R T H I
Trinity Investments
Exchange Information
BSE 2009 Holidays
NSE 2009 Holidays
Investor Guide
Depository & Dematerialisation
Grievance Redressal
Investor Guide
SEBI
Trading of Securities
Transfer of Securities
Your Rights
Budget 2009-2010
Budget 2009-2010 Home
Industry Expectations - Budget 2009-2010
Industry Reactions - Budget 2009-2010
Interim Budget 2009-2010 Home
Industry Expectations - Interim Budget 2009
Budget 2008-2009
Railway Budget 2008-2009
Industry Expectations - Budget 2008
Union Budget 2008-2009
Highlights of Budget 2008-2009
Summary of Budget 2008-2009
Industry Reactions - Budget 2008
IPOs
Current IPOs
Past IPOs
IPO Subscription
Mutual Funds
Gold Exchange Traded Fund
MF Unique Holding
Forthcoming Dividends
ELSS Schemes Comparison
Tax Plans
New Fund Offers
Research
Arbitrages
Equity
Market Whispers
Tax Planning
Home
Equity Linked Savings Scheme
Post Office MIS
9% GOI Senior Citizens Savings Scheme
8% Savings (Taxable) Bonds
Kisan Vikas Patra
National Savings Certificate
Public Provident Fund
Research

| More
SJVN - A miss on the generation front - Prabhudas Lilladher

Q3FY13 generation down by 16.1% YoY, flattish PAT: SJVN's reported revenue de-grew by 3.3% YoY, as the generation dipped by 16.1% on the back of a 20.5% YoY dip in water discharge. However, realisation per unit was up by 15.1% YoY, leading to a lower sales de-growth at Rs3.6bn. PAT came in at Rs1.9bn which was flat YoY on account of lower interest charges. PAF for the quarter stood at 105% (approx) and for 9MFY13 was at 108%. Incentives for 9MFY13E were Rs1.2bn, mainly on account of higher-than-expected UI charges.

FY13E - a lower generation year: The river discharge in October has been lower on account of snow and thus, in FY13E, the generation will not surpass the MOU target of 6612MUs in a big way. Also, the incentives on secondary charges will be lower to that extent. This is as per our expectation (at the beginning of the year) and hence, there will be no impact on our PAT estimates.

Updates: SJVN has Rs4bn outstanding from Delhi, UP and HP SEBs. The company has chalked out plan for adding 47.6MWs of wind power for which the orders are being placed and COD is expected in Q2FY14E. Capital expenditure outlay for FY14E is Rs9bn and CWI is at Rs26bn. Additional ROE of 1% is not applicable to NJHEP. Cash stands at Rs24bn.

Valuation and Recommendation: Rampur HEP in FY14E will aid FY15E and to some extent, FY14E earnings as well. The generation this year will be a dampener on the earnings; however, the impact on the stock price would not be material as it provides a steady state dividend yield play. The stock is trading at 1x FY14E. We maintain 'Accumulate' on the stock.

Source: Equity Bulls

Posted On: 2013-01-31 21:09:25

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

CAN FIN HOMES LTD- Initiating Coverage, CMP Rs.201, BUY, Target Rs.270 - Sushil Finance
Angel Broking recommends Buy on Sun Pharmaceuticals with a 12 months Target Price of Rs 661
MOIL raises price of manganese ore - Angel Broking
BHEL announces provisional FY14 figures - Angel Broking
Kotak Mahindra Bank - In a right direction - ICICI Securities
Sell BHEL - Insufficient inflows, weakness in revenue and margin trajectory to continue - Kotak
Angel Broking recommends Buy on Tata Motors DVR with a Target Price of Rs 365 (12 months)
Sun Pharmaceuticals & Ranbaxy announce merger - Angel Broking
CAN FIN HOMES LTD - Initiating Coverage, CMP Rs.201, BUY, Target Rs.270 - Sushil Finance
Initiating Coverage - Mangalore Refinery & Petrochemicals (Buy): At the crack of dawn... - ICICIDirect
Havells India Ltd - Well on Track; Retain BUY - Emkay
SRF - On the cusp of high growth trajectory - Emkay
Info Edge - Rating Revision - Valuations still attractive - Centrum
Nestle India - Slow and Steady; Retain Accumulate - Emkay
IDFC - In-principle approval for banking license a positive - Emkay
Building Materials - Q4FY14 Results Preview - Cement and paints to be stagnant, tiles to look up - Centrum
IDFC - Banking licence - a long term story... - ICICIDirect
Power and Oil & Gas Utilities - Q4FY14 Results Preview - Strong earnings quarter - Centrum
Media - Q4FY14 Results Preview - Most segments set to soar
Ashok Leyland receives orders for vehicles from Government of Zimbabwe - Angel Broking
Bajaj Auto registers lower-than-expected sales in March 2014 - Angel Broking
RBI grants in principle approval for bank license to IDFC and Bandhan Financial services - Angel Broking
JSW Steel cuts steel prices for April 2014 - Angel Broking
Larsen and Toubro wins new orders worth Rs. 1,009cr - Angel Broking
Angel Broking recommends Buy on Heritage Foods with a Target Price of Rs 275 (12 months)
Sun TV Network - Brightness to intensify! - LKP Research
MphasiS Limited - Well geared for growth: BUY - Antique
SBI - Well-positioned; recovery in macro is another positive factor - Kotak
PI INDUSTRIES - Expansion, robust R&D to drive growth - Edelweiss
TV18 Broadcast - Digitization boost - Prabhudas Lilladher
Hindustan Unilever - Management meeting notes - market weakness persists - Kotak
Mindtree - Earnings upgrade nearing fag end, cut to HOLD - Emkay
Tesco Trent JV - A Step Closer - PhillipCapital
MRPL - Initiating Coverage - Phase III delay set to end; initiate with a BUY - Centrum
Sell Jubilant Foodworks - Putting the cart before the horse? - Ambit
Mahindra Finance - Strong parentage, diversified product - Anand Rathi
Voltas - Hopeful EMP recovery priced in - Ambit
Buy Bata India - Management Meet Update - Nirmal Bang
Sell Arvind - Nirmal Bang - Arvind Arm Buys 49% Stake in Calvin Klein Licensee In India
Shriram City Union Finance - Rurally entrenched, multi-product play - Anand Rathi
Sintex Industries - Moulding a better future - IDFC
Hindustan Unilever - Dull season continues - IDFC
Bajaj Finance - Rural foray, high NIM, stable asset quality - Anand Rathi
Reduce Nestle India - Kotak
Shriram Transport - Structural issues; Downgrade to sell - Anand Rathi
Oberoi Realty - Land acquisition adds visibility... - ICICIdirect
Chola Finance - Multi product, high operating leverage - Anand Rathi
Dabur India - Building blocks in place; project CORE a catalyst - Motilal Oswal
Magma Finance - Diversifying product, inexpensive valuations - Anand Rathi
Jaiprakash Associates - Focus on de-leveraging continues - Motilal Oswal




  

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2014