Century Plyboards (India) Ltd P&L division drives better operational performance BUY ::Emkay,

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Century Plyboards (India) Ltd

P&L division drives better operational performance

BUY

CMP: Rs59                                        Target Price: Rs82

---

n     EBITDA at Rs595mn, above est led by better profitability of Plywood & Laminates (P& L) division. Net profit at Rs141mn, -66.4%, below est due to MTM forex losses of Rs267mn

n     Robust topline growth (+33.6% yoy) continues driven by P&L revenue growth of 23.7% while cement segment registered +16.5% revenue growth

n     Delay in commissioning of Cement Grinding unit project at Kahalgaon by 3 mnths has led to volume downgrades and revision in earnings for FY12E/13E by -5.4%/-2.9%

n     3X expansion in cement capacity & full scale operations of CFS business to fuel growth in FY13 (44% topline growth).  De-merger remains potential value un-locking trigger-BUY with revised price target of Rs82