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EKC Everest Canto Cylinders -Q4 results . EKC has come out with good set of Q4 results.The demand for CNG cylinders in India is picking up due to increasing focus on reducing the environmental pollution and also due to the fact that even after reduction in global oil prices, CNG is still ~55% cheaper then petrol. The Supreme Court has also mandated the public transport system of the 28 cities to be converted to CNG to reduce emissions over next few years. Also with the recent gas finds of Reliance and GSPC we expect good amount of gas to be available for the automobiles. Revenues of Q4FY09 were impacted due to lower domestic sales on account of slowdown in off take of CNG cylinders by OEMs. However the drop in CNG sales in India was partly compensated by robust growth in sale of industrial cylinders. In Q4FY09 the company recorded lower EBIDTA margin on account of higher sale of industrial cylinders which typically have lower operating margins then CNG cylinders. in India, Dubai ...

Areva T&D Q4 Results Update. Revenues for the quarter has grown 68% yoy in Q1 CY09 driven by robust demand from the power T&D utilities (60% of the orders) as well as the industrial sector. Margins declined 280 bps to 12.9%. Areva's product portfolio is mainly oriented towards the higher end of T&D equipment, thus earnings higher margins. However, during the quarter, EBITDA margins declined 280bps to 12.9%. We believe decline in operating margins is mainly due to higher share of subcontracting expenses in the revenues. Margins can fluctuate in a quarter depending upon the share of projects revenue (lower margins). Areva inaugurated eight manufacturing facilities in April. The actual capex incurred was Rs 9.5 bn higher than Rs 7.0 bn envisaged. This capex has been financed through a mix of internal accruals and debt. Outstanding debt at the end of the year has increased to Rs 4.7 bn as compared to Rs 1.0 bn in CY07. Capacity addition in April 2009 The company has setti...

Punj Lloyd - Key highlights. Progress on adjudication proceedings against SABIC. Post termination of the contract by SABIC Petrochemicals , Simon Carves had commenced adjudication proceedings against SABIC. Earlier SABIC Petrochemicals had argued that adjudication doesn't have the jurisdiction to decide the case. But the court has overruled this and final hearing is expected by third week of April, with likely decision expected to be announced within 2-3 days after the final hearing. Since client has also revoked the performance and advance bank guarantee to the tune of Rs 2.14bn, we have written off this amount as an exceptional item in the current fiscal financials on the basis of conservative accounting policy. Certain orders of Punj Lloyd have been facing delays since Q3FY09 due to the credit crunch. Project worth Rs 18bn related to Integrated Condensate Splitter Aromatics Complex at Jurong Island, Singapore has still not achieved financial closure and is likely to be canc...

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electromechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals. The Company's strengths lie principally in the design and manufacture of industrial equipment, management and execution of air conditioning and public works projects, sourcing. Key Points. Engineering services and consumer durables segments have slowed down but visibility remains strong in the major revenue segment of Central Airconditioning projects. Inventory liquidation in consumer durables in progress likely to reduce capital employed. Order book growth has remained fairly stable on a sequential basis. Order backlog is up 53% yoy to Rs 53 bn providing 27 months of revenue visibility for the projects segment. Debt free and cash on h...

Thermax - Result highlights. Thermax’ Q3FY2009 results were below expectations on revenue front, however owing to better-than-expected operating performance and lower tax the adjusted net profit came in line with estimate. The stand-alone total income from operations reported a decline of 6% to Rs795.1 crore. Revenue from energy division continued to be disappointing as it declined by 9% to Rs628.3 crore, while the revenue from environment division grew by a decent 14.1% year on year (yoy) to Rs185.3 crore. During the quarter the company provided for marked-to-market (MTM) losses of Rs10.6 crore as against a net gain of Rs2.4 crore in Q3FY2008. Adjusting for the same the operating profit of the company rose by 2.35% to Rs107.4 crore. The operating profit margin (OPM) improved by 110 basis points yoy to 13.5% on account of decline in raw material cost as percentage of sales by 510 basis points yoy to 65.6%. The adjusted net profit of the company was up 8% to Rs79.3 crore.Accounting for...

Results Update:Cummins reported stellar earnings growth for Q3 FY09 mainly aided by strong export volumes and margin expansion as a result of rupee depreciation and softer metal prices. However, during the third quarter, the company witnessed a degrowth of 12% in the domestic sales. Given the lackluster scenario in the domestic market coupled with lower export demand, the management has indicated that order book for the current quarter indicates likely degrowth of 20 - 30% on a sequential basis. Management guidance of 15-20% decline in FY10 revenues. In 9M FY09, revenues grew 35% yoy mainly led by strong export volumes. During the period, export revenues likely grew 91% yoy to approximately Rs 10.1 bn. Sharp hike in export volumes was a result of new low HP engine facility at Pirangute and the High HP KVA facility in Kothrud. Share of exports in revenue mix increased to 47% from 31% in FY08. On the other hand, domestic market growth has been modest during the nine-month period. The out...

Crompton Greaves : Crompton Greaves' (CGL) third quarter numbers are largely in line with expectations. The company has been guiding towards a 20% plus growth on domestic as well as international front. The power segment revenues rose 20% yoy to Rs 5.7 bn. The main client segment for this division is the utilities sector including PGCIL. PGCIL has plans to spend Rs80 bn in FY09 up from Rs 65 bn in FY08. We expect healthy growth to sustain in Power division. Consolidated profits up 49% yoy but flat sequentially.EBITDA margins stable for CGL as well as its overseas subsidiaries.Maintain earnings in view of in-line results. Industrial growth has slackened further since the third quarter raising downside risk to FY10 earnings. Maintain Accumulate given slowdown in domestic industrial production.Overseas subsidiaries also face pressure as the Euro Zone has been slowing down. ACCUMULATE with a price target of Rs 187 based on DCF.