Suprajit Engineering Limited (SEL) missed consensus estimate at EBITDA and PAT level, while revenue was slightly above estimate. Consolidated revenue was up 16% yoy (8% qoq) at Rs391cr, above consensus estimate of Rs378cr. However, operating performance was below expectation due to higher raw material expenses. At Rs53cr, EBITDA was 5% yoy lower (4% qoq lower) and missed consensus expectation of Rs59cr. A higher tax rate led to considerable drop in consolidated PAT, which came in at Rs24cr, down 23% yoy (16% qoq). Consensus estimated PAT was higher at Rs31cr.
Tax rate for the quarter was 39% vs. 31% in Q2FY18 and 33% in Q1FY19.
Total debt on books of the company remained nearly unchanged at Rs350cr as on September 30, 2018. D/E ratio was 0.49x.
Company is currently undertaking capacity expansion worth Rs100cr for increasing cable manufacturing capacity from 25cr per annum to 30cr per annum.
Suprajit Engineering Ltd is currently trading at Rs. 224.35, down by 6.5 points or 2.82% from its previous closing of Rs. 230.85 on the BSE.
The scrip opened at Rs. 235.15 and has touched a high and low of Rs. 235.15 and Rs. 220.75 respectively. So far 49,286 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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