Lakshmi Machine Works Strong quarter, Reiterate Accumulate ::Emkay,

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Lakshmi Machine Works

Strong quarter, Reiterate Accumulate

ACCUMULATE

CMP: Rs1,935                                        Target Price: Rs2,466

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n     Strong revenue growth of 31.2% yoy to Rs5814mn (our est. of Rs5247mn), driven by robust performance in both Textile and machine tools division

n     EBITDA at Rs889mn grew 14.3% yoy with margin at 15.3% (our est. of 13.9%) down 226bps yoy but improved 142bps qoq. PAT at Rs492mn was better than our est. of Rs429mn

n     Order inflow moderates to Rs2.2bn v/s Rs5.9bn in Q1FY12 and total order book stands at Rs47bn v/s Rs49bn in Q1FY12

n     Maintain ACCUMULATE with revised TP of Rs2466 (earlier Rs2535). Valuations at 11.4x /9.4x EPS of Rs169.5 /206.6 for FY12/13E