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Q4 and FY11 Performance
During Q4 FY11, Bilcare Limited (BL) has posted 20.0% y‐o‐y growth in topline and 31.3%
EBITDA margins on standalone basis. During FY11, it has presented Consolidated numbers
including contribution from recently acquired films division of Ineos which has been
Consolidated for 7 months starting from Sept 2010. The Consolidated numbers are
therefore not directly comparable to prior year period.
Standalone Analysis
• Standalone Net sales for Q4 FY11 grew 20.0% y‐o‐y to ` 1,748.6 mn.
• Standalone EBITDA for Q4 FY11 grew 16.6% y‐o‐y to ` 547.8 mn and EBITDA margin
declined 93 bps to 31.3%.
• Interest costs increased by 82.6% in Q4 FY11 to ` 152.3 mn. Depreciation costs for
Q4 FY11 increased by 15.9% y‐o‐y to ` 70.8 mn.
• EPS for the quarter stood at ` 10.6 as against ` 9.4 achieved during Q4 FY10.
• For FY11, Standalone Revenue grew by 19.8% y‐o‐y to ` 6,585.8 mn. EBITDA grew
by 20.7% y‐o‐y to ` 1,999.8 mn with EBITDA margin at 30.4% almost flat when
compared on y‐o‐y basis. The Net Profit for FY11 grew by 14.8% y‐o‐y to ` 866.6 mn
with PAT margin marginally down by 57 bps to 13.2%.
Consolidated Analysis
• Q4 FY11 Consolidated Net sales stood at ` 8,505.2 mn. BL has consolidated the
recently acquired Ineos films business with its existing consolidated numbers.
• Consolidated EBITDA for Q4 FY11 stood at ` 1,057.6 mn with EBITDA margins close
to 12.4%. BL’s Consolidated EPS stood at ` 14.5 during Q4 FY11.
• For FY11, Consolidated Revenue stood at ` 23,285.1 mn. EBITDA stood at ` 3,762.6
mn with EBITDA margin at 16.2%. The Net Profit for FY11 stood at ` 1,466.5 mn
with PAT margin at 6.3%. FY11 data consists of 7 months (Sept 10 to March 11)
Revenues from Ineos business.
Note: Consolidated results for Q4 FY11 and FY11 are not comparable on y‐o‐y basis as BL
has consolidated its numbers from Sept 2010 for recently acquired Ineos business.
OUTLOOK & VALUATION
During FY11, BL has grown at 19.8% on a Standalone basis with EBITDA margin of 30.4%. It
started consolidating its recently acquired films division of Ineos from 1st Sept 2010
onwards. During Q4 FY11, Consolidated numbers include the contribution from the Ineos
business and is not comparable on y‐o‐y basis. Margins at Consolidated level have been
under pressure due to sharp rise in crude prices which increased price of raw materials for
BiIcare Ltd.
We have broadly maintained our topline estimates however we have reduced our
bottomline estimates owing to higher crude prices which is expected to affect margins. We
have also introduced FY13 estimates. We expect its Revenues to grow by 34.3% in FY12E &
by 7.5% in FY13E and its APAT to grow by 8.0% & 23.5% in FY12E & FY13E respectively. The
Consolidated EBITDA margins after incorporating Ineos business is expected to be at
approximately 14.2% levels. At CMP of ` 388, the stock is available at an attractive valuation
of 4.7x its FY13E earnings of ` 83.1. We maintain our BUY rating on the stock with revised
target price of ` 831 (10.0x FY13E EPS).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Q4 and FY11 Performance
During Q4 FY11, Bilcare Limited (BL) has posted 20.0% y‐o‐y growth in topline and 31.3%
EBITDA margins on standalone basis. During FY11, it has presented Consolidated numbers
including contribution from recently acquired films division of Ineos which has been
Consolidated for 7 months starting from Sept 2010. The Consolidated numbers are
therefore not directly comparable to prior year period.
Standalone Analysis
• Standalone Net sales for Q4 FY11 grew 20.0% y‐o‐y to ` 1,748.6 mn.
• Standalone EBITDA for Q4 FY11 grew 16.6% y‐o‐y to ` 547.8 mn and EBITDA margin
declined 93 bps to 31.3%.
• Interest costs increased by 82.6% in Q4 FY11 to ` 152.3 mn. Depreciation costs for
Q4 FY11 increased by 15.9% y‐o‐y to ` 70.8 mn.
• EPS for the quarter stood at ` 10.6 as against ` 9.4 achieved during Q4 FY10.
• For FY11, Standalone Revenue grew by 19.8% y‐o‐y to ` 6,585.8 mn. EBITDA grew
by 20.7% y‐o‐y to ` 1,999.8 mn with EBITDA margin at 30.4% almost flat when
compared on y‐o‐y basis. The Net Profit for FY11 grew by 14.8% y‐o‐y to ` 866.6 mn
with PAT margin marginally down by 57 bps to 13.2%.
Consolidated Analysis
• Q4 FY11 Consolidated Net sales stood at ` 8,505.2 mn. BL has consolidated the
recently acquired Ineos films business with its existing consolidated numbers.
• Consolidated EBITDA for Q4 FY11 stood at ` 1,057.6 mn with EBITDA margins close
to 12.4%. BL’s Consolidated EPS stood at ` 14.5 during Q4 FY11.
• For FY11, Consolidated Revenue stood at ` 23,285.1 mn. EBITDA stood at ` 3,762.6
mn with EBITDA margin at 16.2%. The Net Profit for FY11 stood at ` 1,466.5 mn
with PAT margin at 6.3%. FY11 data consists of 7 months (Sept 10 to March 11)
Revenues from Ineos business.
Note: Consolidated results for Q4 FY11 and FY11 are not comparable on y‐o‐y basis as BL
has consolidated its numbers from Sept 2010 for recently acquired Ineos business.
OUTLOOK & VALUATION
During FY11, BL has grown at 19.8% on a Standalone basis with EBITDA margin of 30.4%. It
started consolidating its recently acquired films division of Ineos from 1st Sept 2010
onwards. During Q4 FY11, Consolidated numbers include the contribution from the Ineos
business and is not comparable on y‐o‐y basis. Margins at Consolidated level have been
under pressure due to sharp rise in crude prices which increased price of raw materials for
BiIcare Ltd.
We have broadly maintained our topline estimates however we have reduced our
bottomline estimates owing to higher crude prices which is expected to affect margins. We
have also introduced FY13 estimates. We expect its Revenues to grow by 34.3% in FY12E &
by 7.5% in FY13E and its APAT to grow by 8.0% & 23.5% in FY12E & FY13E respectively. The
Consolidated EBITDA margins after incorporating Ineos business is expected to be at
approximately 14.2% levels. At CMP of ` 388, the stock is available at an attractive valuation
of 4.7x its FY13E earnings of ` 83.1. We maintain our BUY rating on the stock with revised
target price of ` 831 (10.0x FY13E EPS).
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