Essel Propack Q4FY11 Result Update; Subdued Quarter, Retain BUY; Emkay

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Essel Propack Q4FY11 Result Update; Subdued Quarter, Retain BUY; Target: Rs 72

n    Essel Propack (EPL) Q4 FY11 was below expectations on all counts - Revenues up 16.1% yoy at Rs 3.5bn, EBIDTA up 15.9% at Rs 562 mn and APAT up 3.8% at Rs 97 mn

n    Revenues in FY11 grew 17% - led by 13% volume growth -  Performance in EAP and AMESA was below expectation

n    Management guides (1) 14% revenue growth led by recovery in Europe and Americas (2) 200 bps expansion in Ebidta margin

n    Revise earnings by -8.3% for FY12E to Rs5.5/Share; Introduce FY13E earnings of Rs7.5/Shar, Retain BUY with target price of Rs72/Share