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EPC revenues throw a positive surprise, PAT flat YoY: Reliance Infrastructure
(RInfra), in Q2FY12, has reported revenue growth of 33.9% YoY at Rs56bn. EPC
division revenue is on a growth trajectory which grew by Rs15bn YoY, while the
Electricity revenues were almost flat YoY. Volumes in Mumbai Distribution
declined by 14.9% YoY. Overall volumes also came down by 14.6% YoY.
However, the company added 19,837 customers in Q2FY12. The company had
higher oher income in Q2FY12 of Rs3.1bn which has led to a flat YoY PATAMI of
Rs3.6bn.
Performance of subsidiaries: Delhi Distribution clocked sales of Rs2.1bn, growth
of 20% YoY and number of units stood at 4.3bn units. Pax traffic at Delhi Metro
increased to 18,000 from 12000 in Q1FY12 but has incurred a loss at EBITDA
level for the quarter. No. of units traded in the trading arm stands at 1bn units,
down by 33% YoY.
Updates: EPC order book stands at Rs240bn, declining from Rs280bn in Q2FY12.
The company has completed major work in the WRSS project and the balance is
expected to be completed by FY13E. Delhi Discom has been given an approval
for a tariff hike to the extent of 22% and has also approved receivables of
Rs67bn of regulated assets.
Valuation: With new assets getting operational in the next 12-15 months, the
revenues on a consolidated basis are likely to be benefited. We have, however,
downgraded our FY13E PAT on account of lower Infrastructure business growth
and higher tax rate. At CMP, the stock trades at 0.6x P/BV FY13E on account of
non-operational reasons. We expect commissioning of Butibori Power Plant of
RPower and Mumbai Metro to be the game changers for the company, going
ahead. Hence, we maintain ‘Accumulate’ on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
EPC revenues throw a positive surprise, PAT flat YoY: Reliance Infrastructure
(RInfra), in Q2FY12, has reported revenue growth of 33.9% YoY at Rs56bn. EPC
division revenue is on a growth trajectory which grew by Rs15bn YoY, while the
Electricity revenues were almost flat YoY. Volumes in Mumbai Distribution
declined by 14.9% YoY. Overall volumes also came down by 14.6% YoY.
However, the company added 19,837 customers in Q2FY12. The company had
higher oher income in Q2FY12 of Rs3.1bn which has led to a flat YoY PATAMI of
Rs3.6bn.
Performance of subsidiaries: Delhi Distribution clocked sales of Rs2.1bn, growth
of 20% YoY and number of units stood at 4.3bn units. Pax traffic at Delhi Metro
increased to 18,000 from 12000 in Q1FY12 but has incurred a loss at EBITDA
level for the quarter. No. of units traded in the trading arm stands at 1bn units,
down by 33% YoY.
Updates: EPC order book stands at Rs240bn, declining from Rs280bn in Q2FY12.
The company has completed major work in the WRSS project and the balance is
expected to be completed by FY13E. Delhi Discom has been given an approval
for a tariff hike to the extent of 22% and has also approved receivables of
Rs67bn of regulated assets.
Valuation: With new assets getting operational in the next 12-15 months, the
revenues on a consolidated basis are likely to be benefited. We have, however,
downgraded our FY13E PAT on account of lower Infrastructure business growth
and higher tax rate. At CMP, the stock trades at 0.6x P/BV FY13E on account of
non-operational reasons. We expect commissioning of Butibori Power Plant of
RPower and Mumbai Metro to be the game changers for the company, going
ahead. Hence, we maintain ‘Accumulate’ on the stock.
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