Fwd: Piramal Glass Q2FY12 Result Update; Mild quarter; Growth persists; Buy; Target: Rs 160

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Deepak Vaishnav

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Oct 30, 2011, 8:51:09 AM10/30/11

Piramal Glass

Mild quarter; Growth persists

BUY

CMP: Rs 123 Target Price: Rs 160

n Piramal Glass (PGL) Q2FY12 was below expectations – revenue growth at 7.4% yoy to Rs 3.2bn and APAT growth at 11% to Rs 229.5mn

n C&P grows 20% yoy, while contribution to revenues rises to 54%. Premium C&P saw strong traction growing by 41%, but mass C&P growth was tepid at 3%

n Capacity expansion to aid growth momentum – Greenfield capacity expansion well on track; 2 out of 4 realignments completed. Full impact to be visibile in FY13E.

n Fine-tuning of earnings, FY12E revised downwards by 21.9% to Rs 13.2 and FY13E by 24.8% to Rs 17.5. Retain BUY with revise target price of Rs160/Share

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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Piramal Glass Q2FY12 Result Update.pdf

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