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Hot Chips - Gandhimathi Appliances & Axis Bank

By Saikat Mitra | 11/7/2011 10:24 AM Monday

GANDHIMATHI APPLIANCES BSE Code: 517421 Volume: 1342 CMP: Rs 299

Gandhimathi Appliances sells a comprehensive range of kitchen appliances, including LPG stoves, pressure cookers and tabletop grinders under the brand name ‘Butterfly’. It has reported a healthy compounded annual growth rate of 47 per cent and 41 per cent in the topline and bottomline respectively, for the last three years.

The company, in the recent past, has bagged orders worth Rs 280 crore from the Government of Tamil Nadu for the supply of mixer grinders and tabletop wet grinders, which is likely to significantly boost revenues in FY12. It has a strong network of 162 dealers serving 16000 outlets.

The rise in the disposable incomes of consumers will benefit the industry, and therefore the company, which has a wide product portfolio. The higher interest rates would not have much of an impact on the sales of small kitchen appliances, as these products are small ticket items for which financing is not required. We believe that one can look at the stock from a medium to long-term perspective.

AXIS BANK BSE Code: 532215 Volume: 155000 CMP: Rs 1127


For Q2 FY12, Axis Bank reported NII of Rs 2000 crore and a Net Profit of Rs 920 crore. Its NIM has witnessed a sharp bounce-back of 50 bps QoQ, with the help of better yields and higher CASA. The sharp 50 bps expansion in margins was driven by an increase in lending rates, which contributed more than 20 bps to the expansion, and higher investment yields, which contributed 15 bps to the NIMs.

The cost of funds remained almost stable at 6.2 per cent. The management expects strong credit growth of around 22 per cent for the full year. With total CAR of 12.2 per cent and Tier I CAR of 9.3 per cent, the bank looks well capitalised for growth going forward. A growth of 13 per cent on a QoQ basis in corporate and 8.5 per cent in retail loans drove loan growth during the quarter. Within retail, the sharp growth was driven by all the segments. One can look at the stock from a medium to long term-perspective.

 

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