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R e s u l t s l a r g e l y i n l i n e w i t h e x p e c t a t i o n…
Jaiprakash Associates’ Q1FY12 results were largely in line with our
expectation. Cement division revenues grew 6% YoY to | 1527.2 crore
(volume grew 6.7% YoY to 4.2 MT and realisation/tonne was flattish at |
3659/tonne). Cement division EBIT/tonne also stood at | 465/tonne, which
was better than our expectation. In the construction & real estate division,
revenues were muted (de-grew 11% & 5%, respectively) while EBIT
margins were healthy at 19.6% & 53.4%, respectively. We maintain our
BUY recommendation on the stock with an SOTP based price target of |
88/share.
ƒ Q1FY12 operating performance better than expectation
JAL’s topline declined 1% YoY to | 3142 crore, marginally better than our
expectation. Cement division revenues grew 6% YoY to | 1527.2 crore
(volumes grew 6.7% YoY to 4.2 MT and realisation/tonne was flattish at |
3659/tonne). Construction division and real estate revenues declined
11.3% and 5.2% YoY to | 1274.8 crore and | 347.9 crore, respectively.
However, the EBIT margin was better than expectation. The EBIT margin
of the construction and real estate division stood at 19.6% and 53.4%,
respectively, in Q1FY12.
ƒ Consolidated adjusted PAT expands to | 1294 crore
JAL reported FY11 consolidated financials along with Q1FY12 results.
Consolidated revenues grew 72.5% YoY to | 11,259.3 crore driven by
strong revenues in Jaypee Infratech sales (grew over 3x) and real estate
sales (rose 1.6x YoY). The adjusted consolidated PAT grew 9.6x YoY to |
1294 crore. However, higher leverage (the net debt to equity of 3.6 in
FY11) remains a cause for concern.
V a l u a t i o n
At the CMP, the stock is trading at 12.3x FY13E EPS and 1.1x FY13 P/BV.
We maintain our BUY recommendation on the stock with an SOTP price
target of | 88 and time horizon of 24 months.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
R e s u l t s l a r g e l y i n l i n e w i t h e x p e c t a t i o n…
Jaiprakash Associates’ Q1FY12 results were largely in line with our
expectation. Cement division revenues grew 6% YoY to | 1527.2 crore
(volume grew 6.7% YoY to 4.2 MT and realisation/tonne was flattish at |
3659/tonne). Cement division EBIT/tonne also stood at | 465/tonne, which
was better than our expectation. In the construction & real estate division,
revenues were muted (de-grew 11% & 5%, respectively) while EBIT
margins were healthy at 19.6% & 53.4%, respectively. We maintain our
BUY recommendation on the stock with an SOTP based price target of |
88/share.
ƒ Q1FY12 operating performance better than expectation
JAL’s topline declined 1% YoY to | 3142 crore, marginally better than our
expectation. Cement division revenues grew 6% YoY to | 1527.2 crore
(volumes grew 6.7% YoY to 4.2 MT and realisation/tonne was flattish at |
3659/tonne). Construction division and real estate revenues declined
11.3% and 5.2% YoY to | 1274.8 crore and | 347.9 crore, respectively.
However, the EBIT margin was better than expectation. The EBIT margin
of the construction and real estate division stood at 19.6% and 53.4%,
respectively, in Q1FY12.
ƒ Consolidated adjusted PAT expands to | 1294 crore
JAL reported FY11 consolidated financials along with Q1FY12 results.
Consolidated revenues grew 72.5% YoY to | 11,259.3 crore driven by
strong revenues in Jaypee Infratech sales (grew over 3x) and real estate
sales (rose 1.6x YoY). The adjusted consolidated PAT grew 9.6x YoY to |
1294 crore. However, higher leverage (the net debt to equity of 3.6 in
FY11) remains a cause for concern.
V a l u a t i o n
At the CMP, the stock is trading at 12.3x FY13E EPS and 1.1x FY13 P/BV.
We maintain our BUY recommendation on the stock with an SOTP price
target of | 88 and time horizon of 24 months.
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