United Phosphorus- Revenue guidance revised upward BUY: Emkay

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United Phosphorus

Revenue guidance revised upward

BUY

CMP: Rs 143                                       Target Price: Rs 215

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n     Q2FY12 results were above est driven by strong revenue growth of 41% to Rs 17.8 bn. APAT at Rs 1.6bn, +22% yoy were ahead of our est

n     RoW (revenue growth of 105%yoy) & India (25% yoy) supported strong sales. Overall volume growth of 32% was a positive surprise

n     Management upped revenue guidance to 30-35% (previous 25-30%) while EBITDA margins to come at 19-20% (from 20-21%)

n     We have adjusted revenue est however maintain FY12/FY13 EPS est at Rs 17.8 / 21.4 and reiterate our BUY recommendation on the stock with price target of Rs 215