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Madhucon Projects
For 2QFY2012, Madhucon Projects (MPL) reported better-than-expected numbers.
On the top-line front, the company’s revenue increased by decent 18.3% on a yoy
basis to `416.0cr (`351.6cr), which was well above our estimate of `356.9cr.
EBITDA margin came in at 13.0% (9.7%), a jump of 330bp yoy and above our
expectation. Interest cost stood at `31.8cr (`11.6cr), a staggering jump of 173.3%
yoy/53.8% qoq and much above our estimate. Depreciation cost also came in-line
at `12.7cr, an increase of 8.3% yoy/4.0% qoq and in-line with our estimate. The
bottom line came at `6.0cr (`6.7cr), a marginal decline of 10.2% vs. our estimate
of a 52.5% decline in spite of higher tax rate (41.9%), mainly owing to stellar
performance on the top-line and EBITDA front. We wait for further details about
the result from the management and maintain our Buy view on the stock with an
SOTP-based target price of `96.
JK Tyre
JK Tyre reported poor results for 2QFY2012, posting net loss on the bottomline
front because of weak operating performance, increased interest cost and
foreign exchange translation loss related to foreign currency borrowing.
For 2QFY2012, the company’s net sales grew moderately by 13.2% yoy (down
8.8% qoq) to `1,288cr. Net sales growth was impacted by disruption in
production on account of labor issues. Operating margin witnessed a 442bp
yoy (244bp qoq) contraction to 2.1%, largely due to raw-material price
increases. As a result, raw-material cost to sales ratio stood at 75.8%, posting
an increase of 440bp yoy. Thus, operating profit declined by 63.3% yoy
(57.6% qoq). The company posted net loss of `55cr on the bottom-line front,
mainly due to a substantial decline in operating margin, an 86% yoy increase
in interest expense and forex loss of `44cr due to translation loss related to
foreign currency borrowings. The stock rating is currently under review. We
shall release a detailed note shortly.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Madhucon Projects
For 2QFY2012, Madhucon Projects (MPL) reported better-than-expected numbers.
On the top-line front, the company’s revenue increased by decent 18.3% on a yoy
basis to `416.0cr (`351.6cr), which was well above our estimate of `356.9cr.
EBITDA margin came in at 13.0% (9.7%), a jump of 330bp yoy and above our
expectation. Interest cost stood at `31.8cr (`11.6cr), a staggering jump of 173.3%
yoy/53.8% qoq and much above our estimate. Depreciation cost also came in-line
at `12.7cr, an increase of 8.3% yoy/4.0% qoq and in-line with our estimate. The
bottom line came at `6.0cr (`6.7cr), a marginal decline of 10.2% vs. our estimate
of a 52.5% decline in spite of higher tax rate (41.9%), mainly owing to stellar
performance on the top-line and EBITDA front. We wait for further details about
the result from the management and maintain our Buy view on the stock with an
SOTP-based target price of `96.
JK Tyre
JK Tyre reported poor results for 2QFY2012, posting net loss on the bottomline
front because of weak operating performance, increased interest cost and
foreign exchange translation loss related to foreign currency borrowing.
For 2QFY2012, the company’s net sales grew moderately by 13.2% yoy (down
8.8% qoq) to `1,288cr. Net sales growth was impacted by disruption in
production on account of labor issues. Operating margin witnessed a 442bp
yoy (244bp qoq) contraction to 2.1%, largely due to raw-material price
increases. As a result, raw-material cost to sales ratio stood at 75.8%, posting
an increase of 440bp yoy. Thus, operating profit declined by 63.3% yoy
(57.6% qoq). The company posted net loss of `55cr on the bottom-line front,
mainly due to a substantial decline in operating margin, an 86% yoy increase
in interest expense and forex loss of `44cr due to translation loss related to
foreign currency borrowings. The stock rating is currently under review. We
shall release a detailed note shortly.
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