Fwd: GNFC Q2FY12 Result Update; Operationally in line; PAT above estimates; Buy; Target: Rs 135

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Deepak Vaishnav

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Oct 29, 2011, 3:11:52 AM10/29/11
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GNFC

Operationally in line; PAT above estimates

 

BUY

 

CMP: Rs 92                                       Target Price: Rs 135

n     Results were in line at the EBITDA level however higher other income and lower interest costs boosted APAT. Revenues grew by 27% yoy to Rs 10.2bn; PAT of Rs 808mn, 27% yoy

n     Fertiliser segment reported revenues of Rs 6bn, 28% yoy higher than est driven by higher volumes of 263,000mt against est of 248,000mt. Margins were in line at 2.9%

n     Chemical reported revenues of Rs 4bn, 26% yoy higher than est. Margins came in at 24% (-510bps yoy/ 700bps qoq). WNA- II plant commenced operations in July

n     Maintain FY12E/FY13E estimates of Rs 19.3/Rs 25.7 with target price of Rs 135

 

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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GNFC Q2FY12 Result Update.pdf
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