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Monnet Ispat and Energy
Monnet Ispat and Energy (Monet Ispat) reported robust set of numbers for
2QFY2012. Net sales grew by 27.1% yoy to `459cr mainly due to increase in
sponge iron realization. However, raw-material cost as a percentage of sales
increased to 59.8% in 2QFY2012 compared to 56.1% in 2QFY2011. Hence,
EBITDA increased only by 14.1 % yoy to `119cr, while EBITDA margin contracted
by 298bp yoy to 26.1%. Interest expenses declined by 2.4% yoy to `12cr, while
other income decreased by 11.2% yoy to `7cr. Consequently, net profit grew by
17.3% yoy to `77cr. We maintain our Buy recommendation on the stock; our
target price is under review.
Finolex Cables
Finolex Cables reported flat top-line growth for 2QFY2012. The company’s net
sales grew by 1.7% yoy to `499cr (`491cr). The company reported a 48bp yoy
contraction in its OPM to 8.0% (8.5%), largely on the back of increased other
expenses as a percentage of sales (by 85bp yoy) to 10.9% (10.0%). Operating
profit declined by 4.0% yoy to `40cr (`42cr) on the back of OPM contraction
during the quarter. Despite a decline in OPM and operating profit, PAT increased
by 4.2% yoy to `20cr (`19cr), while margin increased by just 1bp yoy to 4.0%
(3.9%). The increase in PAT was largely on the back of higher other income and
lower tax rate, which was some what offset by higher forex loss during the quarter.
Other income increased by 12.7% yoy to `17cr (`15cr), while tax rate declined to
21.4% in 2QFY2012 from 35.9% in 2QFY2011. Exceptional items, which included
forex losses, increased by 36.2% yoy to `16cr (`12cr). We continue to maintain
our Buy view on the stock. We will be coming with a detailed report post
management interaction.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Monnet Ispat and Energy
Monnet Ispat and Energy (Monet Ispat) reported robust set of numbers for
2QFY2012. Net sales grew by 27.1% yoy to `459cr mainly due to increase in
sponge iron realization. However, raw-material cost as a percentage of sales
increased to 59.8% in 2QFY2012 compared to 56.1% in 2QFY2011. Hence,
EBITDA increased only by 14.1 % yoy to `119cr, while EBITDA margin contracted
by 298bp yoy to 26.1%. Interest expenses declined by 2.4% yoy to `12cr, while
other income decreased by 11.2% yoy to `7cr. Consequently, net profit grew by
17.3% yoy to `77cr. We maintain our Buy recommendation on the stock; our
target price is under review.
Finolex Cables
Finolex Cables reported flat top-line growth for 2QFY2012. The company’s net
sales grew by 1.7% yoy to `499cr (`491cr). The company reported a 48bp yoy
contraction in its OPM to 8.0% (8.5%), largely on the back of increased other
expenses as a percentage of sales (by 85bp yoy) to 10.9% (10.0%). Operating
profit declined by 4.0% yoy to `40cr (`42cr) on the back of OPM contraction
during the quarter. Despite a decline in OPM and operating profit, PAT increased
by 4.2% yoy to `20cr (`19cr), while margin increased by just 1bp yoy to 4.0%
(3.9%). The increase in PAT was largely on the back of higher other income and
lower tax rate, which was some what offset by higher forex loss during the quarter.
Other income increased by 12.7% yoy to `17cr (`15cr), while tax rate declined to
21.4% in 2QFY2012 from 35.9% in 2QFY2011. Exceptional items, which included
forex losses, increased by 36.2% yoy to `16cr (`12cr). We continue to maintain
our Buy view on the stock. We will be coming with a detailed report post
management interaction.
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