Visit http://indiaer.blogspot.com/ for complete details Emco Q2FY11 Results First Cut: Problem continues…
Revenues increased by 44% yoy to Rs2.9bn versus expectations of Rs2.7bn.
EBITDA loss stood at Rs274mn versus expectations of positive Rs214mn.
EBITDA margins stood at negative 9.4%.
Loss after tax reported was Rs286mn.
Though the volume details and business wise break up is not available as of now
but we believe that these losses are an impact of huge cost overruns.
EPS for the quarter stands at (-) Rs4.6/Share. Our FY11E/FY12E estimate is
Rs0.2/Rs4.7which would be revised significantly post concall (scheduled for
Monday 25th October 2010).
We maintain our Negative (REDUCE rating) view on the stock. We will come out
with a detailed note…
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