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Pratibha Industries Ltd (PIL) reported better than expected Q4FY12 results
on strong execution of order book. The consolidated net revenue grew at
33.2% on yoy to Rs 5.17 bn but high interest and depreciation on yoy basis
resulted into a flattish PAT at Rs 270.4 mn. The consolidated EBITDA margin
for the quarter grew by 95 bps to 13.6%. In FY12, the company has added Rs
33.5 bn of new orders. The order book stood firm at Rs 56.4 bn which
excludes Rs 6 bn of orders where it is L1 or preferred bidder. Based on strong
order book, the management has given a revenue growth guidance of 20-25%
with 13-13.5% of EBITDA margins in the next two years. The company has
targeted to achieve an order backlog of Rs 70 bn by the end of FY13.
Key Highlights
Execution remained strong in Q4FY12: The Company reported better than
expected consolidated net revenue of Rs 51.7bn with 33.2% yoy growth in
Q4FY12. The revenue growth was on the back of strong execution of orders.
50% of the revenue was from water segment, 38% from building segment and
balance from Urban Infrastructure project and pipes manufacturing. The
management has maintained revenue growth guidance of 20-25% in the next
two years.
Maintained margin guidance of 13-13.5% on existing order book: In Q4FY12 the
consolidated EBITDA margin improved by 95 bps on yoy to 13.6%. The
management has maintained margin guidance of 13-13.5% on the existing
orders. The EBITDA for the quarter grew at 43.2% yoy to Rs 702.1 mn
whereas PAT fell marginally by 1.3% yoy. The consolidated net debt at the
end of the quarter grew from Rs 7.64 bn to Rs 8.85 bn on qoq on account of
increased borrowing against funding higher capex and investment in
projects. In FY12 the company incurred a capex of ~Rs 4 bn for purchasing
equipment and for funding Delhi car parking project.
Targets to achieve Rs 70bn of order backlog by FY13 end: The order backlog of the
company remained strong at Rs 56.4 bn (3.4x FY12 consolidated net sales).
52% of orders are from water space, 11% from urban infra and 37% are from
building. The order book excludes Rs 6 bn of orders where PIL is
L1/preferred bidder. In FY12, the company added Rs 33.5 bn of new orders.
The company targets to achieve an order backlog of Rs 70 bn by the end of
FY13. Currently it is bidding for Rs 70 bn of new projects related to DMRC
phase 3 project in JV. These orders are of larger ticket size of Rs 10-15 bn.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Pratibha Industries Ltd (PIL) reported better than expected Q4FY12 results
on strong execution of order book. The consolidated net revenue grew at
33.2% on yoy to Rs 5.17 bn but high interest and depreciation on yoy basis
resulted into a flattish PAT at Rs 270.4 mn. The consolidated EBITDA margin
for the quarter grew by 95 bps to 13.6%. In FY12, the company has added Rs
33.5 bn of new orders. The order book stood firm at Rs 56.4 bn which
excludes Rs 6 bn of orders where it is L1 or preferred bidder. Based on strong
order book, the management has given a revenue growth guidance of 20-25%
with 13-13.5% of EBITDA margins in the next two years. The company has
targeted to achieve an order backlog of Rs 70 bn by the end of FY13.
Key Highlights
Execution remained strong in Q4FY12: The Company reported better than
expected consolidated net revenue of Rs 51.7bn with 33.2% yoy growth in
Q4FY12. The revenue growth was on the back of strong execution of orders.
50% of the revenue was from water segment, 38% from building segment and
balance from Urban Infrastructure project and pipes manufacturing. The
management has maintained revenue growth guidance of 20-25% in the next
two years.
Maintained margin guidance of 13-13.5% on existing order book: In Q4FY12 the
consolidated EBITDA margin improved by 95 bps on yoy to 13.6%. The
management has maintained margin guidance of 13-13.5% on the existing
orders. The EBITDA for the quarter grew at 43.2% yoy to Rs 702.1 mn
whereas PAT fell marginally by 1.3% yoy. The consolidated net debt at the
end of the quarter grew from Rs 7.64 bn to Rs 8.85 bn on qoq on account of
increased borrowing against funding higher capex and investment in
projects. In FY12 the company incurred a capex of ~Rs 4 bn for purchasing
equipment and for funding Delhi car parking project.
Targets to achieve Rs 70bn of order backlog by FY13 end: The order backlog of the
company remained strong at Rs 56.4 bn (3.4x FY12 consolidated net sales).
52% of orders are from water space, 11% from urban infra and 37% are from
building. The order book excludes Rs 6 bn of orders where PIL is
L1/preferred bidder. In FY12, the company added Rs 33.5 bn of new orders.
The company targets to achieve an order backlog of Rs 70 bn by the end of
FY13. Currently it is bidding for Rs 70 bn of new projects related to DMRC
phase 3 project in JV. These orders are of larger ticket size of Rs 10-15 bn.
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