Bluestar Ltd, announced its Q4FY12 & FY12 results :: Microsec Research

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Bluestar Ltd, announced its Q4FY12 & FY12 results on 16^th May, 2012.

Quarterly Performance(Standalone):

The company arrived at Net sales of INR804.38 crore, which was down by 11.46% on YoY basis, but increased sharply by 37.90% on QoQ basis. The EBITDA for the quarter was INR37.40 crore, which was down sharply by 63.56% on YoY basis and 1094.88% on QoQ basis. The EBITDA Margin fell by 665bps on YoY basis, but however, increased by 519bps on QoQ basis. The company posted a net loss of INR45.37 crore, which was down by 179.81% on YoY basis.

Annual Performance (Consolidated):

The company arrived at consolidated net sales of INR2788.85 crore, which was down by 6.29% as compared to FY11. The EBITDA for FY12 was down by 107.98%, because of increase in company expenditure like raw materials consumed (continue trend of increased copper prices), employee cost and other expenses. The EBITDA Margin for FY12 was -0.81%. which was down by 1044bps as compared to FY11. The company posted a net loss of INR105.10 crore, which was down by 165.30%. The reason for the same was many projects had slowed down due to tight liquidity conditions leading to undue delay in collections from customers. This resulted in poor cash flow in the business, higher borrowings and increased interest cost. Due to inflationary conditions the Company reviewed the majority of projects under execution to assess actual costs incurred and expected costs to completion.

At current CMP of INR185, We recommend a “BUY” for the stock.

Particulars	Q4FY12A	Q4FY11A	Q3FY12A	YoY(%)	QoQ(%)	FY12(Con)	FY11(Con)	YoY Change (%)
Net Sales	804.38	908.48	583.3	-11.46%	37.90%	2788.85	2976.09	-6.29%
EBITDA	37.4	102.64	-3.13	-63.56%	1094.88%	-22.72	286.58	-107.93%
EBITDA Margin (%)	4.65%	11.30%	-0.54%	(665)bps	519bps	-0.81%	9.63%	(1044)bps
PAT	-45.37	56.85	-32.76	-179.81%	38.49%	-105.1	160.96	-165.30%
PAT Margin (%)	-5.64%	6.26%	-5.62%	(119)bps	(2)bps	-3.77%	5.41%	(918)bps
EPS	-9.91	6.32	-3.64	-56.80%	172.25%	-11.68	17.89	-165.31%
Source: Company Data, Microsec Research. All data in INR crores unless specified. EPS represents diluted EPS.

Particulars	Our Quarterly Estimates	Actual	Variance (%)
Net Sales	610	804.38	31.87%
EBITDA	11.5	37.4	225.22%
PAT	-24.7	-45.37	83.68%
EPS	-2.75	-9.91	260.36%

Particulars	Our Yearly Estimates	Actual	Variance (%)
Net Sales	2685.23	2788.85	3.86%
EBITDA	61.08	-22.72	62.80%
PAT	-57.49	-105.1	82.81%
EPS(adj.)	-6.39	-11.68	82.85%

Regards,

Team Microsec Research