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Revenue guidance pruned down…
On a consolidated basis, Bartronics reported its Q2FY11 results. On the
topline front, the results were in line with our estimates while it was
below our estimates on bottomline. The topline stood at | 224.1 crore
against our expectations of | 224.0 crore. Revenues improved 37.7%
QoQ and 28.2% YoY. The EBITDA was at | 48.6 crore, improving 13.6%
QoQ and declined 10.2% YoY. The EBITDA margin at 21.7% declined
461 bps QoQ and 930 bps YoY. A QoQ increase of 213% and 42.7% in
other cost and COGS, respectively, led to a decline in the EBITDA
margin. The company reported a PAT margin of 7.4% that declined as
compared to 13.8% in Q1FY11 primarily due to lower other income and
forex losses accounted during the quarter. PAT for the quarter stood at
| 16.5 crore as compared to | 22.5 crore in Q1FY11.
