Sterlite Industries Q4FY11 Result Update; Stellar performance; Accumulate; Target: Rs 219:: Emkay

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Sterlite Industries

Stellar performance; Accumulate

ACCUMULATE

CMP: Rs 186                                       Target Price: Rs 219

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n     Sterlite industry reported stellar performance for Q4FY11 with revenue at Rs 100.6 bn, up 39% and 21%  on YoY and QoQ respectively backed by strong volume and realizations

n     EBITDA remained robust at Rs 30.6 bn, up 40% YoY and 55% QoQ, as the margin rose 18 bps and 667 bps on YoY and QoQ respectively on sharper rise in LME prices   

n     Strong operational performance backed by higher silver and power sales boosted the bottomline that rose 39% YoY and 75% on QoQ to Rs 19.3 bn

n     Factoring in higher base metals prices, ramp up in silver  and power production our EPS estimates stand at Rs 22.3 and   Rs 25.6 respectively for FY12E and FY13E