First Cut :Yes Bank & India Cements Ltd

[RAJESH DESAI]

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Follow us on:     Yes bank Q4FY12 highlights - Traction in CASA ratio and flat margins to positively impact the stock  The bank reported growth of 33.6% Y-o-Y in PAT in Q4FY12 vs market expectation of        27% YoY .  Net Interest Income grew by 28.6% YoY in Q4FY12 vs expectation of 30% YoY.  NIM ha has remained stable sequentially at 2.8% in Q4FY12.  Non-interest income has grown by 42.6% YoY basis which is a positive indicator for the bank.   Advances have grown by 10.5% Y-o-Y in Q4FY12 vs expectation of 14%.  Deposits grew by 7% Y-o-Y in Q4FY12.  CASA ratio has grown to 15% in Q4FY12 vs 10.5% in Q4FY11. This is the positive catalyst for the bank.  Asset quality has remained flat YoY as well as sequentially. GNPA stood at 0.2% in Q4FY12 vs 0.2% in Q3FY12. We fell this should act as an positive catalyst for the stock.  click here to view first cut       India Cements Ltd.   Net sales for Q4FY12 grew by 11.8% on Y-o-Y basis to Rs 11,185 mn. This was mainly driven by higher realisation. However, owing to sluggish demend in Andhra Pradesh volumes remained flat at 2.53 mn MT in Q4FY12. EBIDTA margins for Q4FY12 stood at 19.5%, showing an increase of 136 bps on Y-o-Y basis, however, margins declined by 141bps Q-o-Q. At the same time EBIDTA grew by 20.3% Y-o-Y to Rs 2,176 mn.  Net profit for Q4FY12 increased by 17.6% on Y-o-Y basis to Rs 650 mn. click here to view first cut

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CA. Rajesh Desai