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FAG Bearings – 1QCY2011
FAG Bearings (FAG) recorded robust performance for 1QCY2011, with better-than-
expected net sales growth of 30.5% yoy and 16.3% qoq to `310cr against our expectations
of `276cr. The company’s performance was largely driven by strong momentum in the
automotive and industrial bearing segments. EBITDA margin expanded substantially by
521bp yoy and 58bp qoq to 20.5%, despite rising raw-material prices. This was basically
due to the decrease in purchase of traded goods during the quarter. As a result, FAG
registered an impressive 90.8% yoy and 27.1% qoq increase in the bottom line to `42.9cr.
Further, higher-than-expected other income helped the company to register robust growth
in net profit.
At `1,005, the stock is trading at 12.4x and 11.8x CY2011E and CY2012E earnings,
respectively. The stock rating is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
FAG Bearings – 1QCY2011
FAG Bearings (FAG) recorded robust performance for 1QCY2011, with better-than-
expected net sales growth of 30.5% yoy and 16.3% qoq to `310cr against our expectations
of `276cr. The company’s performance was largely driven by strong momentum in the
automotive and industrial bearing segments. EBITDA margin expanded substantially by
521bp yoy and 58bp qoq to 20.5%, despite rising raw-material prices. This was basically
due to the decrease in purchase of traded goods during the quarter. As a result, FAG
registered an impressive 90.8% yoy and 27.1% qoq increase in the bottom line to `42.9cr.
Further, higher-than-expected other income helped the company to register robust growth
in net profit.
At `1,005, the stock is trading at 12.4x and 11.8x CY2011E and CY2012E earnings,
respectively. The stock rating is currently under review.
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