Aditya Birla Nuvo - First Cut
Rajesh Desai
Dear Sir/Madam,
Aditya Birla Nuvo Ltd announced its Q3 FY13 results on 14 Feb 2013. The company’s consolidated Net Sales increased by 10% YOY to INR6305 crore and EBITDA increased by 25% YOY to INR999 crore. EBITDA Margin of the company increased from 13.9% to 15.8% YOY. PAT of the company increased by 28% YOY to INR323 crore. At the CMP of INR1050, the stock discounts its FY13E EPS of INR107 by 9.8x.
DESCRIPTION |
Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
6305 |
5992 |
5715 |
5% |
10% |
Total Expenditure | 5306 |
5078 |
4918 |
|
|
|
PBIDT (Excl OI) |
999 |
913 |
797 |
9% |
25% |
EBITDA(%) | 15.8% |
15.2% |
13.9% |
|
|
|
Other Income |
91 |
93 |
51 |
|
|
|
Operating Profit |
1090 |
1006 |
847 |
|
|
|
Interest |
316 |
279 |
214 |
|
|
|
PBDT |
775 |
727 |
633 |
|
|
|
Depreciation |
316 |
303 |
277 |
|
|
|
PBT |
459 |
424 |
357 |
|
|
|
Tax |
84 |
82 |
78 |
|
|
|
Profit After Tax |
375 |
342 |
278 |
|
|
|
Minority Interest |
-52 |
-38 |
-26 |
|
|
|
Consolidated Net Profit |
323 |
304 |
252 |
6% |
28% |
PAT(%) | 5.1% |
5.1% |
4.4% |
|
|
|
EO |
0 |
0 |
0 |
|
|
|
PAT incl EO |
323 |
304 |
252 |
6% |
28% |
|
|
|
|
|
|
|
Equity Capital |
113.53 |
113.53 |
113.51 |
|
|
|
Face Value (In Rs) |
10 |
10.00 |
10.00 |
|
|
|
No. of shares |
11.35 |
11.35 |
11.35 |
|
|
|
|
|
|
|
|
|
|
EPS |
28.47 |
26.79 |
22.24 |
6% |
28% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai