Suprajit Engineering Limited (SEL) reported lower than expected numbers for Q4FY18. Consolidated revenue was up 13% yoy at Rs406cr, lower than the consensus estimate of Rs437cr. EBITDA was up 13% yoy at Rs73cr, while EBITDA margin remained steady at 18.1%. The company managed to keep raw material and employs expenses in check; however, operating expenses were up 41% yoy. Consequently, EBITDA was lower than the consensus estimate of Rs79cr. Depreciation and interest expenses declined 1% yoy and 15% yoy, while other income was up 39% yoy. Tax was 37% yoy lower due to a deferred tax credit of Rs14.5cr, resulting from a reduction in income tax liability of Wescon Controls LLC, SEL’s USA-based subsidiary. Hence, consolidated PAT was up 39% yoy at Rs56cr. PAT beat the consensus estimate of Rs44cr.
The Board of directors declared a dividend of Re0.80 per share, taking a total dividend for FY18 to Rs1.40 per share.
Total debt on books declined 9% yoy to Rs377cr.
The company is set to undertake capacity expansion in cables over the next two years. It will spend Rs100cr to ramp up capacity from 25cr cables per annum to 30cr cable per annum. This will include a new green-field manufacturing plant for Suprajit Automotive Limited at Doddaballapur Industrial Area, Bengaluru and a support unit at Narsapura, Bengaluru.
Suprajit Engineering Ltd is currently trading at Rs278.80, down by 0.5 points or 0.18% from its previous closing of Rs279.30 on the BSE. The scrip opened at Rs278.35 and has touched a high and low of Rs283 and Rs270 respectively. So far 71,274 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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