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Bajaj Electricals
Bajaj Electricals (BEL) posted strong top-line growth of 19.2% yoy to `701cr
(`589cr) in 2QFY2012. The lighting segment reported 25.0% yoy growth in
revenue to `189cr, while the consumer durable segment witnessed 21.3% yoy
growth to `339cr. The engineering and projects segment reported modest 9.5%
yoy growth in the quarter to `171cr. OPM fell marginally by just 9bp to 7.5%
(7.6%). PAT margin declined by 39bp yoy to 3.6% (4.0%). Despite strong top-line
growth and flat OPM, PAT increased only by 7.6% yoy to `25cr (`23cr) largely due
to higher interest cost, which increased by 68.7% yoy to `13cr vs. `8cr in
2QFY2011. We recommend Neutral on the stock. We may revise our estimates
post management’s interaction.
Orchid Chemicals
For 2QFY2012, Orchid Chemicals reported sales of `465.7cr, registering
15.6% yoy growth. On the other hand, the company’s operating profit came in
at `104.4cr. OPM stood at 22.4% in 2QFY2012 vs. 17.6% in 2QFY2011.
PBT (before exceptional/extraordinary items) for 2QFY2012 came in at
`27.4cr vs. `13.3cr in 2QFY2011. PAT for the quarter stood at `20.7cr
compared to `17.3cr in 2QFY2011. At the CMP, the stock trades at 6.4x
FY2012E and 4.8x FY2013E earnings. We maintain our Buy rating on the
stock with a target price of `270.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Bajaj Electricals
Bajaj Electricals (BEL) posted strong top-line growth of 19.2% yoy to `701cr
(`589cr) in 2QFY2012. The lighting segment reported 25.0% yoy growth in
revenue to `189cr, while the consumer durable segment witnessed 21.3% yoy
growth to `339cr. The engineering and projects segment reported modest 9.5%
yoy growth in the quarter to `171cr. OPM fell marginally by just 9bp to 7.5%
(7.6%). PAT margin declined by 39bp yoy to 3.6% (4.0%). Despite strong top-line
growth and flat OPM, PAT increased only by 7.6% yoy to `25cr (`23cr) largely due
to higher interest cost, which increased by 68.7% yoy to `13cr vs. `8cr in
2QFY2011. We recommend Neutral on the stock. We may revise our estimates
post management’s interaction.
Orchid Chemicals
For 2QFY2012, Orchid Chemicals reported sales of `465.7cr, registering
15.6% yoy growth. On the other hand, the company’s operating profit came in
at `104.4cr. OPM stood at 22.4% in 2QFY2012 vs. 17.6% in 2QFY2011.
PBT (before exceptional/extraordinary items) for 2QFY2012 came in at
`27.4cr vs. `13.3cr in 2QFY2011. PAT for the quarter stood at `20.7cr
compared to `17.3cr in 2QFY2011. At the CMP, the stock trades at 6.4x
FY2012E and 4.8x FY2013E earnings. We maintain our Buy rating on the
stock with a target price of `270.
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