TTK Prestige announced its Q1 FY13 results on 08 July 2012. The company’s Net Sales increased by 30% YOY to INR303 crore and EBITDA increased by 29% to INR48 crore . EBITDA Margin of the company decreased marginally from 15.9% to 15.8% YOY.
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EBITDA margin declined because of the rupee depreciation as TTK Prestige imports 25% of its sales. PAT of the company increased by 21% YOY to INR31 crore. At the CMP of INR3315 the stock discounts its FY13E EPS of INR125 by 26.5x. We maintain ‘Hold’ at the current level of INR3315.
DESCRIPTION
|
Jun-12
|
Mar-12
|
Jun-11
|
QOQ
|
YOY
|
Net Sales
|
303
|
232
|
233
|
30%
|
30%
|
Total Expenditure
|
255
|
201
|
196
| ||
PBIDT (Excl OI)
|
48
|
32
|
37
|
51%
|
29%
|
EBITDA (%)
|
15.8%
|
13.6%
|
15.9%
| ||
Other Income
|
1
|
1
|
1
| ||
Operating Profit
|
49
|
32
|
38
| ||
Interest
|
3
|
1
|
0
| ||
PBDT
|
46
|
31
|
37
| ||
Depreciation
|
2
|
2
|
1
| ||
PBT
|
44
|
29
|
36
| ||
Tax
|
13
|
9
|
11
| ||
Profit After Tax
|
31
|
20
|
25
|
55%
|
21%
|
PAT (%)
|
10.1%
|
8.5%
|
10.9%
| ||
Equity Capital
|
11.32
|
11.32
|
11.32
| ||
Face Value (In Rs)
|
10
|
10.00
|
10.00
| ||
No. of shares
|
1.132
|
1.132
|
1.132
| ||
EPS
|
27.1
|
17.4
|
22.4
|
55%
|
21%
|
Regards,
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