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Jyoti Structures
For 1QFY2012, Jyoti Structures reported 13% yoy growth in its top line to `638cr, which
was lower by 8.9% from our expectation of `700cr. EBITDA margin reported a contraction
of 30bp yoy to 11%, (est. 11.2%). In tandem with modest revenue growth and margin
contraction, EBITDA posted sedate growth of 9.7%. Higher interest and depreciation
expense, partly offset by higher other income and lower tax incidence, resulted in flat yoy
PAT figure of `26cr. Overall, results were below our estimates. We will revisit our estimates
post the conference call. Currently, we maintain our Buy recommendation on the stock
with a target price of `104.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Jyoti Structures
For 1QFY2012, Jyoti Structures reported 13% yoy growth in its top line to `638cr, which
was lower by 8.9% from our expectation of `700cr. EBITDA margin reported a contraction
of 30bp yoy to 11%, (est. 11.2%). In tandem with modest revenue growth and margin
contraction, EBITDA posted sedate growth of 9.7%. Higher interest and depreciation
expense, partly offset by higher other income and lower tax incidence, resulted in flat yoy
PAT figure of `26cr. Overall, results were below our estimates. We will revisit our estimates
post the conference call. Currently, we maintain our Buy recommendation on the stock
with a target price of `104.
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