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United Phosphorus
For 2QFY2012, United Phosphorus reported net sales and net profit of `1,776cr
and `56.9cr, respectively. Top-line growth of 41.3% yoy was driven by India (25%
growth) and rest of the world (ROW, 105% growth). Growth in ROW was driven
mainly by acquisitions. The company's operating margin came in at 15.3%,
reporting a dip of 325bp from 18.5% in 2QFY2011. Overall, net profit came in at
`56.9cr, reporting a decline of 50.4% yoy, higher than the dip in operating profit
on the back of forex losses. Going forward, management has upped its guidance
for FY2012 to 30-35%, driven by strong volume growth. On the OPM front,
management expects OPM of 19-20%. At the CMP, the stock is trading at 9.3x
FY2012E and 8.6x FY2013E earnings, respectively. We maintain our Buy rating on
the stock with a target price of `180.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
United Phosphorus
For 2QFY2012, United Phosphorus reported net sales and net profit of `1,776cr
and `56.9cr, respectively. Top-line growth of 41.3% yoy was driven by India (25%
growth) and rest of the world (ROW, 105% growth). Growth in ROW was driven
mainly by acquisitions. The company's operating margin came in at 15.3%,
reporting a dip of 325bp from 18.5% in 2QFY2011. Overall, net profit came in at
`56.9cr, reporting a decline of 50.4% yoy, higher than the dip in operating profit
on the back of forex losses. Going forward, management has upped its guidance
for FY2012 to 30-35%, driven by strong volume growth. On the OPM front,
management expects OPM of 19-20%. At the CMP, the stock is trading at 9.3x
FY2012E and 8.6x FY2013E earnings, respectively. We maintain our Buy rating on
the stock with a target price of `180.
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