Bata India- First Cut
Rajesh Desai
Dear Sir/Madam,
Bata India announced its Q4 CY12 results on 26Feb 2013
Q4 CY12 Result Analysis
The company’s Total Income increased by 18% YOY to INR509 crore YOY and its EBITDA increased by 12% YOY to INR80 crore. EBITDA Margin of the company decreased from 16.6% to 15.8% YOY. Adjusted PAT increased by 13% YOY to INR51 crore. For the year ending CY12, Net sales increased by 19% to INR1841 crore and adjusted PAT increased by 20% to INR172 crore. Bata India has added 189 new stores in the current year. We maintain our Target Price of INR966 for the stock.
|
DESCRIPTION |
Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
509 |
424 |
431 |
20% |
18% |
Total Expenditure | 429 |
373 |
360 |
|
|
|
PBIDT (Excl OI) |
80 |
51 |
72 |
58% |
12% |
EBITDA (%) | 15.8% |
12.0% |
16.6% |
|
|
|
Other Income |
8 |
10 |
5 |
|
|
|
Operating Profit |
88 |
61 |
77 |
|
|
|
Interest |
1 |
0 |
0 |
|
|
|
PBDT |
87 |
60 |
76 |
|
|
|
Depreciation |
14 |
13 |
11 |
|
|
|
PBT |
73 |
48 |
65 |
|
|
|
Tax |
23 |
16 |
20 |
|
|
|
Profit After Tax |
51 |
32 |
45 |
59% |
13% |
|
PAT (%) |
10.0% |
7.6% |
10.4% |
|
|
|
|
|
|
|
|
|
|
Equity Capital |
64.26 |
64.26 |
64.26 |
|
|
|
Face Value (In Rs) |
10 |
10 |
10.00 |
|
|
|
No. of shares |
6.426 |
6.4 |
6.43 |
|
|
|
|
|
|
|
|
|
|
EPS |
7.93 |
4.98 |
7.01 |
59% |
13% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai