USHER AGRO Growth on track :Edelweiss,

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USHER AGRO
Growth on track


􀂄 Revenue slightly above estimate; PAT in line
Usher Agro (Usher) posted strong revenue growth of 60% Y-o-Y (19.4% Q-o-Q)
to INR 1,367 mn in Q2FY11, slightly ahead of our estimate. EBIDTA jumped
36.7% Y-o-Y. Strong revenue growth was owing to robust sales volume, coupled
with higher rice realisation. Export sales increased significantly to INR 196.9 mn,
Q-o-Q growth of ~110% (there were no export sales in Q2FY10). Net profit came
in line with estimate at INR 89 mn, up 32.3% Y-o-Y. EBIDTA margin during the
quarter was lower ~200bps Y-o-Y on account of higher raw material costs.

USHER AGRO Strong growth continues:Edelweiss

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􀂄 Revenue and PAT above estimates
Usher Agro (Usher) posted strong revenue growth of 63% Y-o-Y (19.3% Q-o-Q),
at INR 1,145 mn, ahead of our estimates. EBIDTA was up 58.1% Y-o-Y in
Q1FY11. Strong revenue growth was owing to robust sales volume, coupled with
higher realisation of rice. Rice accounted for ~80% of the revenue, at ~INR 950
mn in Q1FY11 (inclusive of INR 93.6 mn revenue from exports); wheat products
accounted for the remaining. Net profit was ahead of estimates, at INR 81 mn, up
47.2% Y-o-Y, predominantly due to the positive surprise on revenues. EBIDTA
margin in Q1FY11 was marginally lower at 13.6% vis-à-vis 14% in Q1FY10.