Fwd: Essel Propack Q2FY12 Result Update; Margins continue to disappoint, Maintain BUY; Target: Rs 54

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Deepak Vaishnav

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Oct 30, 2011, 8:50:30 AM10/30/11
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Essel Propack

Margins continue to disappoint, Maintain BUY

 

BUY

 

CMP: Rs 37                                       Target Price: Rs 54

n     Essel Propack (EPL) Q2FY12 was below expectations - Revenues up 7.5% yoy at Rs 4.0bn, EBIDTA down 7.6% at Rs 631mn and APAT down 32% at Rs 91mn

n     All regions report steady growth led by AMESA and Europe, except EAP, which countered short term volume impact with lower offtake from a large client

n     Ebidta margins continues to decline, down 260 bps yoy to 15.9% - impacted by input cost pressure and delayed price pass through

n     Regaining CY06 profits postponed to FY13E. Revised earnings downwards by 19% and 15% to Rs 3.4/Share in FY12E and Rs 5.3/Share in FY13E

 

Regards,

Pritesh Chheda

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email: pritesh...@emkayglobal.com 

Board No. : +91- 22- 6612 1212 | Extn. : 273 | DID : +91-22- 6612 1273 | Mob : +91 98208 07241

 

 

Prashant Kutty

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : prashan...@emkayglobal.com  

Board No. : +91-22-6612 1212 | Extn. : 341 | DID : 6612 1341 | Mob : +919819081715

 


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Essel Propack Q2FY12 Result Update.pdf
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