Revenues for South African operations decelerated by 4% yoy, on account of plant shut down in Q4 FY12. On consolidated level net sales grew by 18.4% yoy to Rs32.3bn.
CMP Rs82, Target price Rs95, Upside 15.9%
Result table (standalone)
(Rs m) |
Q4 FY12 |
Q4 FY11 |
% yoy |
Q3 FY12 |
% qoq |
Net sales |
22,590 |
17,618 |
28.2 |
20,932 |
7.9 |
Material costs |
(16,881) |
(13,091) |
29.0 |
(16,096) |
4.9 |
Personnel costs |
(946) |
(747) |
26.8 |
(957) |
(1.1) |
Other overheads |
(2,593) |
(2,317) |
11.9 |
(2,203) |
17.7 |
Operating profit |
2,170 |
1,463 |
48.3 |
1,676 |
29.5 |
OPM (%) |
9.6 |
8.3 |
130 bps |
8.0 |
160 bps |
Depreciation |
(521) |
(388) |
34.4 |
(469) |
11.1 |
Interest |
(749) |
(438) |
71.2 |
(614) |
22.1 |
Other income |
156 |
169 |
(8.0) |
5 |
3,045.5 |
PBT |
1,055 |
807 |
30.8 |
598 |
76.5 |
Tax |
(333) |
(145) |
129.9 |
(172) |
93.5 |
Effective tax rate (%) |
31.5 |
17.9 |
- |
28.8 |
- |
Reported PAT |
723 |
662 |
9.2 |
426 |
69.7 |
PAT margin (%) |
3.2 |
3.8 |
(56) bps |
2.0 |
116 bps |
Ann. EPS (Rs) |
5.7 |
5.3 |
9.2 |
3.4 |
69.7 |
Source: Company, India Infoline Research
Result table (Consolidated)