United Phosphorus |
Revenue guidance revised upward |
BUY
CMP: Rs 143 Target Price: Rs 215
n Q2FY12 results were above est driven by strong revenue growth of 41% to Rs 17.8 bn. APAT at Rs 1.6bn, +22% yoy were ahead of our est
n RoW (revenue growth of 105%yoy) & India (25% yoy) supported strong sales. Overall volume growth of 32% was a positive surprise
n Management upped revenue guidance to 30-35% (previous 25-30%) while EBITDA margins to come at 19-20% (from 20-21%)
n We have adjusted revenue est however maintain FY12/FY13 EPS est at Rs 17.8 / 21.4 and reiterate our BUY recommendation on the stock with price target of Rs 215
Regards,
Rohan Gupta |
Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : rohan...@emkayglobal.com |
Board No. : +91-22-66121212 | Extn. : 248 | DID : 66121248 | Mob : +919619321479 | |
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