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Graphite India Ltd.
Graphite India Ltd. reported strong top-line growth in 2QFY2012. The company’s
net sales grew by 42.5% yoy to `462cr (`324cr) mainly on the back of the graphite
and carbon segment, which grew by 45% yoy to `398cr. The segment contributed
83.8% to the top line in 2QFY2012. OPM registered a sharp decline of 970bp yoy
to 16.4% (26.1%), largely on the back of higher raw-material consumption, which
increased to 44.3% of sales vs. 38.6% in 2QFY2011. Consequently, operating
profit declined by 10.5% yoy to `76cr (`84cr) on the back of OPM contraction
during the quarter. PAT also declined by 14.9%% yoy to `42cr (`49cr), while
margin increased by just 612bp yoy to 9.1% (15.2%). We continue to maintain our
Buy recommendation on the stock. We will be coming with a detailed report post
management interaction.
Simplex Infra
For 2QFY2012, Simplex Infrastructure (SI) reported better-than-expected numbers.
On the top-line front, the company’s revenue increased by 25.7% on a yoy basis to
`1,322cr (`1,052cr), which was well above our estimate of `1,052cr. EBITDA
margin came in at 9.0% (10.1%), a decline of 110bp on a yoy basis and below
our expectation. Interest cost stood at `51.2cr (`29.5cr), a jump of 73.2%
yoy/2.0% qoq and in-line with our estimate. Depreciation cost also came in-line at
`44.2cr, a jump of 10.4% yoy/3.5% qoq and in-line with our estimate. The bottom
line came at `17.9cr (`26.9cr), a decline of 33.5% vs. our estimate of a 64.3%
decline mainly due to stellar performance on the top-line front. We wait for further
details about the result from the concall scheduled today and maintain our Buy
rating on the stock with target price of `299.
Patel Engineering
For 2QFY2012, Patel Engineering (PEL) reported decent numbers. On the
consolidated top-line front, the company’s revenue increased by decent 23.8% on
a yoy basis to `948.5cr (`765.9cr), which was mainly on account of strong
performance from its international subsidiaries. EBITDA margin came in at 11.8%
(15.2%), a decline of 340bp yoy and in-line with the pressure faced by the
company on the operating front. Interest cost stood at `51.9cr, a surprising qoq
dip of 18.2%, on which we are waiting for management’s clarification, given the
increasing interest rate scenario. Consolidated bottom line came at `30.1cr
(`43.6cr), a decline of 30.9% yoy. We wait for further details about the result from
the management and maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Graphite India Ltd.
Graphite India Ltd. reported strong top-line growth in 2QFY2012. The company’s
net sales grew by 42.5% yoy to `462cr (`324cr) mainly on the back of the graphite
and carbon segment, which grew by 45% yoy to `398cr. The segment contributed
83.8% to the top line in 2QFY2012. OPM registered a sharp decline of 970bp yoy
to 16.4% (26.1%), largely on the back of higher raw-material consumption, which
increased to 44.3% of sales vs. 38.6% in 2QFY2011. Consequently, operating
profit declined by 10.5% yoy to `76cr (`84cr) on the back of OPM contraction
during the quarter. PAT also declined by 14.9%% yoy to `42cr (`49cr), while
margin increased by just 612bp yoy to 9.1% (15.2%). We continue to maintain our
Buy recommendation on the stock. We will be coming with a detailed report post
management interaction.
Simplex Infra
For 2QFY2012, Simplex Infrastructure (SI) reported better-than-expected numbers.
On the top-line front, the company’s revenue increased by 25.7% on a yoy basis to
`1,322cr (`1,052cr), which was well above our estimate of `1,052cr. EBITDA
margin came in at 9.0% (10.1%), a decline of 110bp on a yoy basis and below
our expectation. Interest cost stood at `51.2cr (`29.5cr), a jump of 73.2%
yoy/2.0% qoq and in-line with our estimate. Depreciation cost also came in-line at
`44.2cr, a jump of 10.4% yoy/3.5% qoq and in-line with our estimate. The bottom
line came at `17.9cr (`26.9cr), a decline of 33.5% vs. our estimate of a 64.3%
decline mainly due to stellar performance on the top-line front. We wait for further
details about the result from the concall scheduled today and maintain our Buy
rating on the stock with target price of `299.
Patel Engineering
For 2QFY2012, Patel Engineering (PEL) reported decent numbers. On the
consolidated top-line front, the company’s revenue increased by decent 23.8% on
a yoy basis to `948.5cr (`765.9cr), which was mainly on account of strong
performance from its international subsidiaries. EBITDA margin came in at 11.8%
(15.2%), a decline of 340bp yoy and in-line with the pressure faced by the
company on the operating front. Interest cost stood at `51.9cr, a surprising qoq
dip of 18.2%, on which we are waiting for management’s clarification, given the
increasing interest rate scenario. Consolidated bottom line came at `30.1cr
(`43.6cr), a decline of 30.9% yoy. We wait for further details about the result from
the management and maintain our Neutral view on the stock.
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