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Amtek Auto Good show
Standalone earnings grew 66% yoy to Rs583m driven
by 130bps margin improvement to 27.9%.
Subsidiary performance also improved, combined
earnings up 61% yoy to Rs485m.
Consolidated earnings were up 60% yoy to Rs932m led
by 150bps yoy margin expansion to 23.1%.
Utilisation levels for India operations stood at 60% while
that for international operations improved to 72%.
Appears attractive at current valuations. Maintain
OUTPERFORM .
Standalone performance – Standalone revenue for the
quarter was up 43% yoy (up 6% qoq) to Rs4.3bn, driven by
sustained strong automobile volume in the quarter.
Operating margin improved 130bps yoy (flat qoq) to 27.9%.
Absolute EBITDA for the quarter was up 50% yoy (up 5%
qoq) to Rs1.2bn. Earnings for the quarter increased 66%
yoy (up 7% qoq) to Rs583m.
Subsidiary performance – Combined subsidiary operating
margin was up 250bps yoy (down 60bps qoq) at 20%.
Combined subsidiary earnings grew 61% yoy to Rs485m.
Consolidated performance – Consolidated revenue grew
28% yoy (up 7% qoq) to Rs11.1bn driven by robust growth
from its India andUK operations. Operating margin for the
quarter was up 150bps yoy (down 50bps qoq) at 23.1%.
Led by strong performance from the standalone entity as
well as its subsidiaries, net profit for the quarter was up 60%
yoy (+2% qoq) to Rs932m.
Amtek India performance – Revenue grew 35% yoy to
Rs3.3bn driven by robust demand from tractors,
earthmoving, and construction equipment segments. Led by
strong topline growth, operating margin for the quarter
improved 110bps yoy to 25.4%. As a result, adjusted net
profit grew 40% yoy to Rs285m. Amtek Auto had tendered
an open offer to shareholders of Amtek India (price of Rs68
per share) in 3Q FY11. Post the open offer, Amtek Auto
shareholding in Amtek India would increase to ~57% and
the process is likely to be completed in 30-35 days.
Valuation and Outlook – The impact of its restructuring
initiatives is already visible in an improved earnings
trajectory over the past few quarters. At 4.8x FY12E
earnings and at 4x EV/EBITDA, the stock looks attractively
valued. Maintain OUTPERFORM.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Amtek Auto Good show
Standalone earnings grew 66% yoy to Rs583m driven
by 130bps margin improvement to 27.9%.
Subsidiary performance also improved, combined
earnings up 61% yoy to Rs485m.
Consolidated earnings were up 60% yoy to Rs932m led
by 150bps yoy margin expansion to 23.1%.
Utilisation levels for India operations stood at 60% while
that for international operations improved to 72%.
Appears attractive at current valuations. Maintain
OUTPERFORM .
Standalone performance – Standalone revenue for the
quarter was up 43% yoy (up 6% qoq) to Rs4.3bn, driven by
sustained strong automobile volume in the quarter.
Operating margin improved 130bps yoy (flat qoq) to 27.9%.
Absolute EBITDA for the quarter was up 50% yoy (up 5%
qoq) to Rs1.2bn. Earnings for the quarter increased 66%
yoy (up 7% qoq) to Rs583m.
Subsidiary performance – Combined subsidiary operating
margin was up 250bps yoy (down 60bps qoq) at 20%.
Combined subsidiary earnings grew 61% yoy to Rs485m.
Consolidated performance – Consolidated revenue grew
28% yoy (up 7% qoq) to Rs11.1bn driven by robust growth
from its India andUK operations. Operating margin for the
quarter was up 150bps yoy (down 50bps qoq) at 23.1%.
Led by strong performance from the standalone entity as
well as its subsidiaries, net profit for the quarter was up 60%
yoy (+2% qoq) to Rs932m.
Amtek India performance – Revenue grew 35% yoy to
Rs3.3bn driven by robust demand from tractors,
earthmoving, and construction equipment segments. Led by
strong topline growth, operating margin for the quarter
improved 110bps yoy to 25.4%. As a result, adjusted net
profit grew 40% yoy to Rs285m. Amtek Auto had tendered
an open offer to shareholders of Amtek India (price of Rs68
per share) in 3Q FY11. Post the open offer, Amtek Auto
shareholding in Amtek India would increase to ~57% and
the process is likely to be completed in 30-35 days.
Valuation and Outlook – The impact of its restructuring
initiatives is already visible in an improved earnings
trajectory over the past few quarters. At 4.8x FY12E
earnings and at 4x EV/EBITDA, the stock looks attractively
valued. Maintain OUTPERFORM.
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