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Shree Renuka Sugars (Q2 F9/10) – MP (Target Rs69, Upside 9.7%)
India Infoline Research Team / 17:30 , Apr 28, 2010

  • Net revenues up 4.2x yoy due to surge in sugar volumes (+97% yoy) and realizations (+78% yoy to Rs33.6/kg)
  • Q2 topline includes Rs6.8bn in trading revenues, ~40% of the total
  • Increased cane prices lead to higher RM costs yoy but lower staff and other overheads help expand OPM by 135bps
  • Lower interest expense supports a 6.8x jump in reported PAT despite rise in tax burden
  • Sugar prices unlikely to attain levels anywhere close to Jan’ 10 peak on looming bumper harvest in SS2011; retain MP but cut TP to Rs69
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