FIRST CUT- TTK PRESTIGE
RAJESH DESAI
Dear Sir/Madam,
TTK Prestige announced its Q1 FY13 results on 08 July 2012. The company’s Net Sales increased by 30% YOY to INR303 crore and EBITDA increased by 29% to INR48 crore . EBITDA Margin of the company decreased marginally from 15.9% to 15.8% YOY. EBITDA margin declined because of the rupee depreciation as TTK Prestige imports 25% of its sales. PAT of the company increased by 21% YOY to INR31 crore. At the CMP of INR3315 the stock discounts its FY13E EPS of INR125 by 26.5x. We maintain ‘Hold’ at the current level of INR3315.
|
DESCRIPTION |
Jun-12 |
Mar-12 |
Jun-11 |
QOQ |
YOY |
|
Net Sales |
303 |
232 |
233 |
30% |
30% |
|
Total Expenditure |
255 |
201 |
196 |
|
|
|
PBIDT (Excl OI) |
48 |
32 |
37 |
51% |
29% |
|
EBITDA (%) |
15.8% |
13.6% |
15.9% |
|
|
|
Other Income |
1 |
1 |
1 |
|
|
|
Operating Profit |
49 |
32 |
38 |
|
|
|
Interest |
3 |
1 |
0 |
|
|
|
PBDT |
46 |
31 |
37 |
|
|
|
Depreciation |
2 |
2 |
1 |
|
|
|
PBT |
44 |
29 |
36 |
|
|
|
Tax |
13 |
9 |
11 |
|
|
|
Profit After Tax |
31 |
20 |
25 |
55% |
21% |
|
PAT (%) |
10.1% |
8.5% |
10.9% |
|
|
|
|
|
|
|
|
|
|
Equity Capital |
11.32 |
11.32 |
11.32 |
|
|
|
Face Value (In Rs) |
10 |
10.00 |
10.00 |
|
|
|
No. of shares |
1.132 |
1.132 |
1.132 |
|
|
|
|
|
|
|
|
|
|
EPS |
27.1 |
17.4 |
22.4 |
55% |
21% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai