Piramal Glass - Growth on track, Maintain BUY: Emkay

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Piramal Glass

Growth on track, Maintain BUY

BUY

CMP: Rs 139                                       Target Price: Rs 205

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n     Piramal Glass (PGL) Q1FY12 in line with expectations – revenue growth at 14% yoy to Rs 3.2bn and APAT growth at 75.7% to Rs 290.1mn

n     C&P continues with robust performance – grows 30% yoy and contributes 56% of revenues in Q1 FY12, highest till date

n     Capacity expansion to aid growth momentum - 160TPD Greenfield capacity for Mass C&P market and realignment of furnace adding 50-60 TPD capacity

n     Fine-tuning of earnings, FY12E revised downwards by 10% to Rs 16.9 and FY13E remains unchanged. Retain BUY with revise target price of Rs205/Share