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PGCIL (Q4 FY10) – MP (Target Rs109, Upside 5.8%)
India Infoline Research Team / 18:18 , May 27, 2010

CMP Rs103, Target Rs109, Upside 5.8%

  • Adjusting for rebates and FERV, revenues in Q4 FY10 grew by 17.3% yoy to Rs22bn against Rs19bn last year
  • 40% jump in depreciation was partially offset by lower interest expense
  • Better operational efficiency and lower tax outgo translated into 46% yoy growth in adjusted PAT to Rs9.3bn
  • Re-iterate Market Performer and target price of Rs109
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