[image: PPFAS] <http://www.ppfas.com/> *25th May 2009* *Inside this
report...*
Great Expectations <#12176434997957b2_1217634d8599f8c7_pv>
Pension Funds <#12176434997957b2_1217634d8599f8c7_pf>
Solvay Pharma India Limited: Initiating
Coverage<#12176434997957b2_1217634d8599f8c7_sp>
Mphasis Limited: QE April 09 Result
Update<#12176434997957b2_1217634d8599f8c7_mphasis>
Exide Industries Limited: Q4FY09 Result
Update<#12176434997957b2_1217634d8599f8c7_exide>
*Great Expectations* Contributor: Arpit Ranka | [email protected]
Children like stories and so do investors. The latest story, which has
captured the imagination of investor community, is, *'a stable government
will unlock the growth potential of India.' *
This story has, in part, restored investors' faith, which was thrashed, when
the 'decoupled from developed nations' story failed to stand up to their
expectations.
What investor community doesn't realize, however, is that just as children
stories are fictitious; these stories can be fictitious, inspite of them
sounding realistic. And, as a famous philosopher, once observed, '“we're
never so vulnerable than when we trust someone,' investors' end up being a
vulnerable lot.
more...<http://www.ppfas.com/research/ereports/week/250509/index.php#pv>
*Pension Funds* Kavitha Menon | [email protected]
Pension plans (also referred to as retirement plans) are offered by
insurance companies to help individuals build a retirement corpus. On
maturity this corpus is invested for generating a regular income stream,
which is referred to as pension or annuity. Pension plans are distinct from
life insurance plans, which are taken to cover risk in case of an
unfortunate event. However most Pension schemes in the market do have a life
cover as well.
Conventional pension plans invest a major portion of the premium monies in
bonds and government securities (G-Secs). That is why the returns are on the
lower side. And if one were to factor into the equation an annual inflation
figure of approximately 5%-6% per annum, then the real return figures look
even more unimpressive.
more...<http://www.ppfas.com/research/ereports/week/250509/index.php#pf>
*Solvay Pharma India Limited: Initiating Coverage* Hiren Samani |
[email protected]
Solvay Pharma India Ltd (SPIL) is the subsidiary of Solvay Group of Belgium.
The parent is one of Europe's leading pharmaceutical and chemical companies,
holding 69% of the Indian company's equity of Rs 51 Mn. Solvay's commitment
to India has ensured the flow of product from its global stable to India, as
can be seen from the virtual overlap of the pharma portfolio of the parent
and SPIL.
SPIL's focus on niche therapeutic areas, mirroring the parent's portfolio
ensures limited competition and better margins, while new product launches
ensure sales growth higher than that of the domestic market. SPIL has
successfully launched number of products in the domestic market that have
been performing well for the company. Also, SPIL does not have any of its
current products falling under the DPCO net.
more...<http://www.ppfas.com/research/ereports/week/250509/index.php#sp>
*Mphasis Limited: QE April 09 result Update* Raunak Onkar |
[email protected]
The quarter ended April 2009, Mphasis showed revenue of Rs. 10485 Mn
crossing the Rs.1000 Crs revenue mark, showing a year on year growth of
52.3% & the bottom line at Rs 2245 Mn showed an year on year growth of
219.1%. The revenues for the 6 month period ending April 2009, clocked Rs.
20261.3 Mn showing a growth of 55.1% over the corresponding 6 month period
ending April 2008. The bottom line over this 6 month period grew by 242%
over the corresponding period ending April 2008. This quarter's results
reinforce the fact that there is scope for even greater improvement in the
company's performance. The margins have remained steady sequentially. As of
this quarter, revenues from Application Services grew by 52% whereas BPO &
ITO revenues by 18.4% & 105.4% respectively as compared to quarter ended
April 2008. Operating margins have showed an year on year improvement of 12%
on a year on year basis.
more...<http://www.ppfas.com/research/ereports/week/250509/index.php#mphasis>
*Exide Industries Limited: Q4FY09 Result Update* Anuj Anandwala |
[email protected]
*Tax Provision restrains bottom-line growth!*
Exide Industries Ltd. (EIL) has reported a flat top-line growth of 1% for
Q409. Net Revenues for the company stood at Rs. 7,983Mn v/s Rs. 7,913Mn for
Q408. However, the operating profit margins (OPM) for the quarter have
improved by 206 bps to 16.8% from 14.7% for the corresponding quarter last
year. This rise was mainly due to the lower lead prices on the London Metal
Exchange (LME). During the quarter average lead prices were at US$ 1,160 per
tonne, 60% lower Y-o-Y. Lead being the major raw material for EIL and most
of this is imported by the company, the softening of lead prices in the
international market, to some extent, has been neutralized by the sharp
depreciation of Rupee against the Dollar.
more...<http://www.ppfas.com/research/ereports/week/250509/index.php#exide>
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Analyst I Investment Research
Parag Parikh Financial Advisory Services Ltd.
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