Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Ruchi Soya Industries :Benefits from enhanced capacity utilisation…
Ruchi Soya Industries Ltd (RSIL) reported a good set of Q3FY11
numbers. The topline increased 21% YoY and sequentially to | 4,628.4
crore. EBITDA margins stood at 4.1% (highest level in last nine
quarters), up 185 bps YoY and 27 bps sequentially on the back of
enhanced realisations (due to increased branded sales), reduced trading
and better capacity utilisation levels. Consequently, PAT increased
58.5% YoY. Sequentially, PAT remained flat at | 63.8 crore in Q3FY11 as
against | 63.6 crore in Q2FY11 mainly on account of increased interest
outgo (which was substantially higher due to increased working capital
requirements led by higher capacity utilisation).
ƒ Segmental analysis
The oil segment grew by a mere 8% in Q3FY11 but witnessed
healthy improvement in margins from 2.1% in Q3FY10 to 3.3% in
Q3FY11. The vanaspati segment witnessed a healthy revenue
growth of 37% and the margins also improved from 2.7% in Q3FY10
to 4.1% in Q3FY11. On the other hand, the seed extraction business
witnessed a dip in margins from 3.8% in Q3FY10 to 3.2% in
Q3FY11. Notably, the seed extraction business witnessed a healthy
revenue growth of 65% on the back of increased volumes (up
69.4%) from 4,30,963 MT in Q3FY10 to 7,30,116 MT in Q3FY11.
ƒ Increased capacity utilisation, branded sales Æ margin expansion
RSIL’s operating margin increased from 2.3% in Q3FY10 to 4.1% in
Q3FY11 led by increased capacity utilisation and a 30% increase in
branded sales from | 864.4 crore in Q3FY10 to | 1127.9 crore in
Q3FY11. The capacity utilisation levels of soya crushing grew from
47.3% to 72.4% while edible oil refining rose from 69.7% to 82.9%.
View
Owing to a strong performance in the current quarter, we maintain our
ADD rating on the stock.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Ruchi Soya Industries :Benefits from enhanced capacity utilisation…
Ruchi Soya Industries Ltd (RSIL) reported a good set of Q3FY11
numbers. The topline increased 21% YoY and sequentially to | 4,628.4
crore. EBITDA margins stood at 4.1% (highest level in last nine
quarters), up 185 bps YoY and 27 bps sequentially on the back of
enhanced realisations (due to increased branded sales), reduced trading
and better capacity utilisation levels. Consequently, PAT increased
58.5% YoY. Sequentially, PAT remained flat at | 63.8 crore in Q3FY11 as
against | 63.6 crore in Q2FY11 mainly on account of increased interest
outgo (which was substantially higher due to increased working capital
requirements led by higher capacity utilisation).
ƒ Segmental analysis
The oil segment grew by a mere 8% in Q3FY11 but witnessed
healthy improvement in margins from 2.1% in Q3FY10 to 3.3% in
Q3FY11. The vanaspati segment witnessed a healthy revenue
growth of 37% and the margins also improved from 2.7% in Q3FY10
to 4.1% in Q3FY11. On the other hand, the seed extraction business
witnessed a dip in margins from 3.8% in Q3FY10 to 3.2% in
Q3FY11. Notably, the seed extraction business witnessed a healthy
revenue growth of 65% on the back of increased volumes (up
69.4%) from 4,30,963 MT in Q3FY10 to 7,30,116 MT in Q3FY11.
ƒ Increased capacity utilisation, branded sales Æ margin expansion
RSIL’s operating margin increased from 2.3% in Q3FY10 to 4.1% in
Q3FY11 led by increased capacity utilisation and a 30% increase in
branded sales from | 864.4 crore in Q3FY10 to | 1127.9 crore in
Q3FY11. The capacity utilisation levels of soya crushing grew from
47.3% to 72.4% while edible oil refining rose from 69.7% to 82.9%.
View
Owing to a strong performance in the current quarter, we maintain our
ADD rating on the stock.
No comments:
Post a Comment