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UBS Investment Research
Reliance Infrastructure
Q 1 FY12: results below estimates
Q1 FY12 standalone recurring PAT declined 17% YoY
Reliance Infrastructure (RELI) reported Q1 FY12 standalone operating income of
Rs36.6bn, up 67% YoY. Its reported EBITDA was Rs6.96bn (up 175% YoY) and
reported PAT was Rs4.3bn (up 75% YoY). However, after adjusting for a
depreciation write-back of Rs2.27bn (related to FY10 and FY11), its recurring
standalone PAT declined 17% YoY to Rs2.03bn. Its results are below our and
consensus estimates.
Q1 FY12 consolidated recurring PAT declined 52% YoY
RELI also reported its consolidated results this quarter. For Q1 FY12, RELI
reported consolidated operating income of Rs51.9bn, up 38% YoY. Its reported
EBITDA was Rs7.91bn (up 94% YoY) and reported PAT was Rs4.05bn (up 8%
YoY). However, after adjusting for a depreciation write-back of Rs2.27bn (related
to FY10 and FY11), its recurring consolidated PAT declined 52% YoY to
Rs1.79bn.
Conference call on Friday, 12 August 2011 at 11:30am IST
We expect to get more details during its conference call, which is scheduled for
Friday, 12 August 2011 at 11:30am IST. We believe RELI has expanded its
presence in the infrastructure space and that its infrastructure portfolio is fairly
diversified with road projects, airports, transmission projects, metro rail projects
and a sea-link.
Valuation: maintain Buy rating
We base our Rs1,100.00 price target on a sum-of-the-parts valuation. We value
Reliance Power (RELI has a 38% stake) at a 10% discount to our price target of
Rs120/share (effectively Rs108/share).
Reliance Infrastructure
Reliance Infrastructure is the electricity distributor for North Mumbai and East
and Central Delhi. It owns 941MW of generating capacity, including a 500MW
coal-fired plant in Dahanu near Mumbai. The company has diversified into
infrastructure assets and the engineering procurement and contracts business.
Reliance Infrastructure owns 44.9% of Reliance Power.
Statement of Risk
We believe its key risks are regulatory risks, execution risk, and risks involving
the progress of Reliance Power projects.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
Reliance Infrastructure
Q 1 FY12: results below estimates
Q1 FY12 standalone recurring PAT declined 17% YoY
Reliance Infrastructure (RELI) reported Q1 FY12 standalone operating income of
Rs36.6bn, up 67% YoY. Its reported EBITDA was Rs6.96bn (up 175% YoY) and
reported PAT was Rs4.3bn (up 75% YoY). However, after adjusting for a
depreciation write-back of Rs2.27bn (related to FY10 and FY11), its recurring
standalone PAT declined 17% YoY to Rs2.03bn. Its results are below our and
consensus estimates.
Q1 FY12 consolidated recurring PAT declined 52% YoY
RELI also reported its consolidated results this quarter. For Q1 FY12, RELI
reported consolidated operating income of Rs51.9bn, up 38% YoY. Its reported
EBITDA was Rs7.91bn (up 94% YoY) and reported PAT was Rs4.05bn (up 8%
YoY). However, after adjusting for a depreciation write-back of Rs2.27bn (related
to FY10 and FY11), its recurring consolidated PAT declined 52% YoY to
Rs1.79bn.
Conference call on Friday, 12 August 2011 at 11:30am IST
We expect to get more details during its conference call, which is scheduled for
Friday, 12 August 2011 at 11:30am IST. We believe RELI has expanded its
presence in the infrastructure space and that its infrastructure portfolio is fairly
diversified with road projects, airports, transmission projects, metro rail projects
and a sea-link.
Valuation: maintain Buy rating
We base our Rs1,100.00 price target on a sum-of-the-parts valuation. We value
Reliance Power (RELI has a 38% stake) at a 10% discount to our price target of
Rs120/share (effectively Rs108/share).
Reliance Infrastructure
Reliance Infrastructure is the electricity distributor for North Mumbai and East
and Central Delhi. It owns 941MW of generating capacity, including a 500MW
coal-fired plant in Dahanu near Mumbai. The company has diversified into
infrastructure assets and the engineering procurement and contracts business.
Reliance Infrastructure owns 44.9% of Reliance Power.
Statement of Risk
We believe its key risks are regulatory risks, execution risk, and risks involving
the progress of Reliance Power projects.
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