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http://content.icicidirect.com/mailimages/ICICIdirect_BombayRayon_Q3FY12.pdf
F a b r i c s e g m e n t c o n t i n u e s t o g r o w …
Bombay Rayon Fashions’ (BRFL) Q3FY12 results were broadly in line with
our estimates. The company reported a topline of | 700.9 crore, up 28.8%
YoY as against our estimate of | 646.5 crore. The EBITDA margin at
26.5% was in line with our estimates. Despite a good operational
performance, PAT remained flat at | 53.7 crore (I-direct estimate: | 55.1
crore) mainly due to higher fixed costs. During the quarter under review
and nine months ended December 2011, the topline growth was led by
strong growth in the fabric segment, which came in on the back of
capacity expansion (from 220 million metre to 235 million metre). We
have revised our FY12E estimates downwards due to higher fixed costs.
ƒ Segmental analysis
Garment: In Q3FY12, the garment segment revenues grew
marginally to | 287.5 crore, up 3.3% YoY. Realisations remained at
| 271 per piece (| 269 per piece in Q3FY11) and volumes increased
by 2.6% to 10.6 million pieces. During 9MFY12, the garment
segment reported revenues of | 837.3 crore, up 1.6% YoY. While
volumes increased by 3.2% to 31.2 million pieces, realisation dipped
1.5% YoY to | 268 per piece.
Fabric: In Q3FY12, the fabric segment posted revenue growth of
48.7% YoY to | 395.3 crore. While realisations increased by 14.6%
YoY to | 132 per metre, volumes posted a robust growth of 29.8%
YoY to 30.0 million metres. For the nine months ended December
2011, the fabric segment revenues grew 41.4% YoY to | 1,056.4
crore. The segment volumes increased by 25.5% YoY to 82.4 million
metres and realisations increased by 12.7% YoY to | 128 per metre.
V a l u a t i o n
The stock is trading at 16.4x and 10.2x its FY12E and FY13E EPS of | 15.9
and | 25.7, respectively. We have valued the stock at 9.5x FY13E EPS to
arrive at a target price of | 244. We have a HOLD rating on the stock
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://content.icicidirect.com/mailimages/ICICIdirect_BombayRayon_Q3FY12.pdf
F a b r i c s e g m e n t c o n t i n u e s t o g r o w …
Bombay Rayon Fashions’ (BRFL) Q3FY12 results were broadly in line with
our estimates. The company reported a topline of | 700.9 crore, up 28.8%
YoY as against our estimate of | 646.5 crore. The EBITDA margin at
26.5% was in line with our estimates. Despite a good operational
performance, PAT remained flat at | 53.7 crore (I-direct estimate: | 55.1
crore) mainly due to higher fixed costs. During the quarter under review
and nine months ended December 2011, the topline growth was led by
strong growth in the fabric segment, which came in on the back of
capacity expansion (from 220 million metre to 235 million metre). We
have revised our FY12E estimates downwards due to higher fixed costs.
ƒ Segmental analysis
Garment: In Q3FY12, the garment segment revenues grew
marginally to | 287.5 crore, up 3.3% YoY. Realisations remained at
| 271 per piece (| 269 per piece in Q3FY11) and volumes increased
by 2.6% to 10.6 million pieces. During 9MFY12, the garment
segment reported revenues of | 837.3 crore, up 1.6% YoY. While
volumes increased by 3.2% to 31.2 million pieces, realisation dipped
1.5% YoY to | 268 per piece.
Fabric: In Q3FY12, the fabric segment posted revenue growth of
48.7% YoY to | 395.3 crore. While realisations increased by 14.6%
YoY to | 132 per metre, volumes posted a robust growth of 29.8%
YoY to 30.0 million metres. For the nine months ended December
2011, the fabric segment revenues grew 41.4% YoY to | 1,056.4
crore. The segment volumes increased by 25.5% YoY to 82.4 million
metres and realisations increased by 12.7% YoY to | 128 per metre.
V a l u a t i o n
The stock is trading at 16.4x and 10.2x its FY12E and FY13E EPS of | 15.9
and | 25.7, respectively. We have valued the stock at 9.5x FY13E EPS to
arrive at a target price of | 244. We have a HOLD rating on the stock
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