Jaiprakash Associates Ltd.|Q2FY15 First Cut Analysis :: India Nivesh

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JP Associates Q2FY15 results were below street expectation on topline and EBITDA
front while bottomline was inline with street expectation. The company has
reported Net income from operation of Rs 26.6 bn, down 15% yoy and 11% qoq as
against street expectation of Rs 31.3 bn. EBITDA was down 7% yoy (down 6%
qoq) to Rs 7.1 bn (vs Rs 7.3 bn street expectation) due to lower operating expense
(down 18% yoy and 13% qoq). The company has reported Net loss of Rs 1.07 bn
led by 21% yoy increase in interest expense and lower other income (down 52%
yoy).

The company has reported Net income from operation of Rs 26.6 bn, down 15%
yoy and 11% qoq as against street expectation of Rs 31.3 bn. Cement business
reported sales of Rs 14 bn (up 4% yoy and 16% qoq), Construction business Rs 10.8
bn (25% yoy and 9% qoq), Power Rs 377 mn (up 136% yoy and 39% qoq), Hotel/
Hospitality & Golf Course Rs 524 mn (20% yoy and 7% qoq), Real Estate Rs 905 mn
(69% yoy and 22% qoq).

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