GNFC Operationally in line; PAT above estimates BUY: Emkay

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GNFC

Operationally in line; PAT above estimates

BUY

CMP: Rs 92                                       Target Price: Rs 135

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n     Results were in line at the EBITDA level however higher other income and lower interest costs boosted APAT. Revenues grew by 27% yoy to Rs 10.2bn; PAT of Rs 808mn, 27% yoy

n     Fertiliser segment reported revenues of Rs 6bn, 28% yoy higher than est driven by higher volumes of 263,000mt against est of 248,000mt. Margins were in line at 2.9%

n     Chemical reported revenues of Rs 4bn, 26% yoy higher than est. Margins came in at 24% (-510bps yoy/ 700bps qoq). WNA- II plant commenced operations in July

n     Maintain FY12E/FY13E estimates of Rs 19.3/Rs 25.7 with target price of Rs 135