ONGC Q3 FY 2011 - 2012 Result Analysis

Oil and Natural Gas Corporation (ONGC), India's largest oil and gas exploration company, reported a 4.8% decline in net profit at Rs 6,741 crore for the quarter ended December 2011 as against Rs 7,083 crore in December 2010.

Net sales too fell 2.5% to Rs 18,123 crore from Rs 18,586 crore in the same period a year ago. ONGC also reported a royalty reversal of Rs 3,142 crore as against an expectation of Rs 2,500 crore.

The company's stocks reacted negatively and fell 1.4% after the result announcement at Rs 282. However at current market price the stock is available at less than 10 time FY 13 expected EPS. For results press release use the following link:

Bharti Airtel Q3 FY 2011 - 2012 Result Analysis

Bharti Airtel, India's largest telecom service provider, grew its revenues by 7% to Rs 18,477 crore in Q3 of current fiscal over the September 2011 (Q2) quarter. Its earnings before interest, tax, depreciation and amortization grew 2.5% sequentially while net profit declined by 16.6% y-o-y and 1.5% q-o-q to Rs 1,011.3 crore. Bharti’s third quarter performance shows that while it has managed to grow revenues, maintaining profitability is increasingly becoming a challenge.

Bharti reported a higher than expected SG&A of Rs 3,465 crore compared to estimates of Rs 3,116.7 crore. The impact of this higher SG&A spend has hurt the bottom line by Rs 235 crore. The company’s EBITDA margins too have contracted sequentially from 33.6% in Q2 to 32.2% in Q3.

Bharti’s ARPM rose to Rs 0.446 compared with Rs 0.436 a quarter earlier. Consequently, the company’s ARPU (average revenue per user) improved by Rs 4 sequentially to Rs 187 during the quarter.

The stock rallied after the Supreme Court cancelled all 122 2G licences issued after 2008 as the market expected the competitive intensity to come off, but not all analysts are of this opinion. Many believe that telecom is a price-sensitive business and the competitive intensity will continue to prevail.

NHPC Q3 FY 2011 - 2012 Result Analysis

NHPC (National Hydro Power Corporation), India's largest hydro power company, reported 29% decline in net profit at Rs 212 crore for the quarter ended December 31, 2011.

The company had posted a net profit of Rs 301 crore in the corresponding quarter of the previous financial year.


Net sales of the company, however, grew 22% to Rs 862 crore compared to Rs 709 crore in the same period last fiscal.

NHPC expects to commission over 15,000 MW capacity in the 12th Plan period (2012-2017), which is under various stages of execution. Its current installed capacity is 4,502 MW.

At the Current Market Price of Rs. 20.50 the company has a market value of Rs. 25,277 crores. 52 week high low for the stock is 27.00 - 17.65

TCS Q3 2011 - 2012 Result and Valuation Analysis

Tata Consultancy Services (TCS), has reported a consolidated net profit of Rs 2,803 crores in Q3 of current fiscal vs. 2301 crores of Q2.

Revenue came in at Rs 13,204 crores for the third quarter ended Dec 31, 2011 vs. 11,633 crores for the second quarter ended 30th September 2011.

Q3 IFRS revenue was $2.6 billion up 2.4% QoQ while IFRS PAT was $588 up 7.6% QoQ.

Forex loss for Q3 was 300.8 crores

Q3 volume growth = 3.2% sequentially while attrition = 12.8%

At the current market price of RS. 1100 the stock is discounting FY12 EPS by 21 times.

Download the results press releases from the following link:

TCS Q3 Result Press Release IFRS | Indian GAAP