GIPCL: :: 2QFY2012, Result review: Angel Broking

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GIPCL
For 2QFY2012, GIPCL’s top line reported growth of 41.9% yoy to `304cr. Growth
was driven by higher capacity, even though generation rose marginally by 3% yoy
to 986MU. SLPP station II became commercial operational only in September
2010 and, hence, did not contribute to the top line in the first two months of
2QFY2011. All of the company’s plants, barring SLPP station II, had healthy plant
availability factor during the quarter. Vadodara stations I and II operated at PAF of
97.7% (95.4% in 2QFY2011) and 98.9% (90.7% in 2QFY2011), respectively. SLPP
I and II stations operated at PAFs of 78.4% (68.0% in 2QFY2011) and 61.6%

(53.2% in 2QFY2011). The company’s OPM stood at 31.2%, down 774bp yoy due
to higher gas prices. GIPCL’s 2QFY2012 bottom line rose by 77.5% yoy to `28cr
(in-line with our estimates), aided by higher PAF. We maintain our Buy rating on
the stock; the target price is under review.