[image: PPFAS] <http://www.ppfas.com/> *27th July 2009* *Inside this report...* The Perception of Uncertainty <#122bae4bcbeb723d_122bad63a32f50b3_pv> Certificate of Deposits (CD) / Commercial Paper (CP) / Treasury Bill (T Bill) <#122bae4bcbeb723d_122bad63a32f50b3_cds> ICRA Limited: Q1FY10 Result Update <#122bae4bcbeb723d_122bad63a32f50b3_icra> Aventis Pharma Limited: Q2CY09 Result Update<#122bae4bcbeb723d_122bad63a32f50b3_aventis> Sonata Software Limited: Q1FY10 Result Update<#122bae4bcbeb723d_122bad63a32f50b3_sonata> *The Perception of Uncertainty* Contributor: Abhir Pandit | [email protected] *“More than any time in history, mankind faces a crossroads. One path leads to total despair and utter hopelessness. The other, to total extinction. Let us pray we have the wisdom to choose correctly.”* - Woody Allen
*"When we think about the future of the world, we always have in mind its being at the place where it would be if it continued to move as we see it moving now. We do not realize that it moves not in a straight line ... and that its direction changes constantly."* - Wittgenstein The Woody Allen quote probably captures the mood after the crisis sparked by the bankruptcy of Lehman brothers in September. Though the conditions have certainly improved since March there is still enough fear and *“uncertainty” * in the markets. more...<http://www.ppfas.com/research/ereports/week/270709/index.php#pv> *Certificate of Deposits (CD) / Commercial Paper (CP) / Treasury Bill (T Bill)* Ashish Shah | [email protected] As an investors we often invest in various Debt schemes of Mutual funds. Most common of them are Liquid scheme, Income scheme, Short / Long Term Bond funds, Balanced funds, MIP, Short / Long Term Floating Rate funds, Gilt Plan etc. Mutual funds in turn invest your money into various debt instruments like CDs, CPs, T-Bills, Corporate bonds, Govt securities, PTCs etc. They are basically financial instruments. We have heard this time and again but do not know the difference amongst them. CDs are also called Certificates of Deposit. CD is money raised by the bank from the market to service an outstanding loan. A CD bears a maturity date, interest rate (CDs are issued at discount to face value and the difference between redemption value and issue price is the implied rate of interest) and can be issued in any denomination. CDs are generally issued by commercial banks. The term of a CD usually ranges from one month to five years. But what do CDs actually mean? Who issues them?? Who subscribes to them??? more...<http://www.ppfas.com/research/ereports/week/270709/index.php#cds> *ICRA Limited: Q1FY10 Result Update* Anuj Anandwala | [email protected] ICRA Limited has delivered excellent set of numbers for the quarter-ended Q1FY10. On Y-Y basis there is a robust 30.5% top line growth from Rs. 254Mn in Q109 to Rs. 332Mn in Q110. Earnings have also risen by a substantial 72% to Rs. 123.6Mn for Jun'09 from Rs. 71.8Mn for Jun'08. For Q110, OPM decreased by 323 bps to 27% v/s 30% for the quarter ended Q109, though margins at the EBITDA and PAT levels have increased considerably to 60% and 37% for Q110 as compared to 44% and 28% for Q109 respectively. Staff cost as proportion to sales for Jun'09 was substantially lower by 1082 bps at 37% as compared to 48% for the quarter ended Jun'08. Administrative expenses and other expenses as proportion to sales was also lower by 177 bps to 8.3% and 126 bps to 10% respectively. more...<http://www.ppfas.com/research/ereports/week/270709/index.php#icra> *Aventis Pharma Limited: Q2CY09 Result Update* Hiren Samani | [email protected] Aventis Pharma Ltd. (APL), the Indian arm of the global pharmaceutical giant – Sanofi-Aventis, reported decent set of numbers for the second quarter ended 30th June 2009. The MNC pharma reported a growth of more than 9% in its top-line to Rs. 2,499 Mn. in Q2CY09 from Rs. 2,289 Mn. in Q1CY09. This was in spite the loss of distribution rights of Rabipur vaccine. With a slight dip of 2% in Total Expenditure, the company registered more than 35% rise in Operating Income to Rs. 529 Mn. for the second quarter. APL was also able to improve its Operating Profit Margin by 413 bps from 17% in Q1CY09 to 21.2% in Q2CY09. However, Other Income for Q2CY09 dipped by more than 22% to Rs. 249 Mn. compared to Rs. 320 Mn. in the previous quarter. Aventis Pharma reported a PAT of Rs. 471 Mn. for Q2CY09 vis-à-vis Rs. 405 Mn. for Q1CY09, marking a growth of 16.3% Q-o-Q. The company declared an Interim Dividend of Rs. 3.5 per share for the half year ended 30th June 2009. more...<http://www.ppfas.com/research/ereports/week/270709/index.php#aventis> *Sonata Software Limited: Q1FY10 Result Update* Raunak Onkar | [email protected] The company added 4 new clients this quarter & hasn't managed to lose any of the earlier engagements. The flattish quarter was predominantly because of an overall volume decline of 11% owing to delayed decisions by clients, for discretionary spends. But as per the management's comment, new customers added have more than averagely compensated for the falling margins resulting from the volume decline. Commenting on the travel industry, one of Sonata's primary focus verticals, the outlook seems good since the impact of the crisis is drying out which has shown some new business coming in. Travel industry vertical remains to be an area of growth for Sonata. The management seemed optimistic about the FTO (First Time Offshorer) segment since most of these offshorers were previously apprehensive of the offshore model. But they seem to be more receptive to the idea of offshoring business now in times of cost over-runs. They have also seen good business from matured ISV's (Independent Software Vendors) who have been able to face the economic downturn better. SSL also enjoy some cross-selling opportunities from their packaged software implementation business (SITL). more...<http://www.ppfas.com/research/ereports/week/270709/index.php#sonata> Click here to view full report<http://www.ppfas.com/research/ereports/week/270709/index.php>| Download PDF <http://www.ppfas.com/pdf-docs/research/week-reports/2009/wr270709.pdf>| Download PPFAS Screensaver <http://www.ppfas.com/whats-new/index.php> If you have a query please email us at [email protected]. We would be glad to answer any queries with regard to this report. If for any reason you want to come out of our mailing list, click unsubscribe <[email protected]?subject=unsubscribe>. *Parag Parikh Financial Advisory Services Limited* 130/132, Great Western Building, 1st Floor, S.B.S. Marg, Near Lion Gate, Fort, Mumbai - 400 001 INDIA. Tel : 91 22 2284 6555 Fax : 91 22 2284 6553 -- Regards, Anuj Anandwala Analyst I Investment Research Parag Parikh Financial Advisory Services Ltd. 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