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Praj Industries declared its Q2FY12 results which remained much above our
estimates. Net sales reported a robust growth of 110.4% at Rs 2289.0 mn on
stand alone basis. EBITDA & PAT too reported a strong double digit growth of
269.5% and 130.9% at Rs 245.8 mn and Rs 205.3 mn respectively with an
improvement of 460 bps in EBITDA margins. PAT margins improved by 80 bps
to 9.0%
Key Highlights
Q2FY12 performance places Praj on a high growth trajectory: Net sales
reported a robust growth of 110.4% at Rs 2289.0 mn on stand alone basis.
EBITDA & PAT too reported a strong growth of 269.5% and 130.9% at Rs
245.8 mn and Rs 205.3 mn with an improvement of 460 bps in EBITDA
margins. PAT margins improved by 80 bps to 9.0%. Exports contributed
around 48% to the total revenues for Q2FY12. The non ‐ ethanol business is
also witnessing a huge traction wherein it has also received a major order
during the quarter.
Order inflows and order book witness substantial improvement: Praj received
orders worth Rs 2,800 mn during Q2FY12 of which 52% remained from the
domestic markets and the rest 48% came from international geographies.
The order backlog as on 30th September 2011 stood at Rs 9000 mn
reporting a growth of 50% on y‐o‐y basis. Order execution period for the
domestic order stands in the range of 12‐15 months and 15‐18 months for
the international order book. During the quarter the company received a
major order from a sugar company in South Africa. It also received a major
order from Tirupur Industrial belt for textile common effluent. Ethanol
business contributed around 78% to the order book with the balance 22%
being contributed by the non ethanol business.
Kandla & Jejuri plants get operational: Praj inaugurated the second unit of
the Kandla SEZ which has the potential to contribute around Rs 600‐Rs
1200 mn in next 2‐5 yrs time frame. Praj also inaugurated its Jejuri plant
which will manufacture specialized high margin products and is likely to
add Rs 600 – Rs 1000 mn to the revenues during next 2‐5 yrs.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Praj Industries declared its Q2FY12 results which remained much above our
estimates. Net sales reported a robust growth of 110.4% at Rs 2289.0 mn on
stand alone basis. EBITDA & PAT too reported a strong double digit growth of
269.5% and 130.9% at Rs 245.8 mn and Rs 205.3 mn respectively with an
improvement of 460 bps in EBITDA margins. PAT margins improved by 80 bps
to 9.0%
Key Highlights
Q2FY12 performance places Praj on a high growth trajectory: Net sales
reported a robust growth of 110.4% at Rs 2289.0 mn on stand alone basis.
EBITDA & PAT too reported a strong growth of 269.5% and 130.9% at Rs
245.8 mn and Rs 205.3 mn with an improvement of 460 bps in EBITDA
margins. PAT margins improved by 80 bps to 9.0%. Exports contributed
around 48% to the total revenues for Q2FY12. The non ‐ ethanol business is
also witnessing a huge traction wherein it has also received a major order
during the quarter.
Order inflows and order book witness substantial improvement: Praj received
orders worth Rs 2,800 mn during Q2FY12 of which 52% remained from the
domestic markets and the rest 48% came from international geographies.
The order backlog as on 30th September 2011 stood at Rs 9000 mn
reporting a growth of 50% on y‐o‐y basis. Order execution period for the
domestic order stands in the range of 12‐15 months and 15‐18 months for
the international order book. During the quarter the company received a
major order from a sugar company in South Africa. It also received a major
order from Tirupur Industrial belt for textile common effluent. Ethanol
business contributed around 78% to the order book with the balance 22%
being contributed by the non ethanol business.
Kandla & Jejuri plants get operational: Praj inaugurated the second unit of
the Kandla SEZ which has the potential to contribute around Rs 600‐Rs
1200 mn in next 2‐5 yrs time frame. Praj also inaugurated its Jejuri plant
which will manufacture specialized high margin products and is likely to
add Rs 600 – Rs 1000 mn to the revenues during next 2‐5 yrs.
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