La Opala - First cut.........
Rajesh Desai
Dear Sir/Madam,
La Opala Net Sales increased by 72% YOY to IN50.2 crore YOY and it’s EBITDA increased by 81% YOY to INR14.5 crore. EBITDA Margin of the company increased from 27.5% to 29.0% YOY. PAT increased by 151% YOY to INR9.3 crore. At the CMP of INR255, the Stock discounts its FY13E EPS Of INR19.8 by 12.9x. The stock has given more than ~102% in 4 months time since our recommendation in Small & Midcap Picks Research Report.
DESCRIPTION |
Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
50.2 |
37.1 |
29.2 |
35% |
72% |
Total Expenditure | 35.6 |
27.6 |
21.2 |
|
|
|
PBIDT (Excl OI) |
14.5 |
9.5 |
8.0 |
53% |
81% |
EBITDA (%) | 29.0% |
25.6% |
27.5% |
|
|
|
Other Income |
0.3 |
0.2 |
0.0 |
|
|
|
Operating Profit |
14.9 |
9.7 |
8.1 |
|
|
|
Interest |
1.1 |
1.2 |
0.8 |
|
|
|
Exceptional Items |
0.0 |
0.0 |
-0.7 |
|
|
|
PBDT |
13.7 |
8.5 |
6.6 |
|
|
|
Depreciation |
1.5 |
1.5 |
1.2 |
|
|
|
PBT |
12.2 |
7.0 |
5.4 |
74% |
127% |
Tax | 3.0 |
2.6 |
1.7 |
|
|
|
Profit After Tax |
9.3 |
4.5 |
3.7 |
107% |
151% |
PAT (%) | 18.5% |
12.0% |
12.6% |
|
|
|
Equity Capital |
10.6 |
10.60 |
10.60 |
|
|
|
Face Value (In Rs) |
10 |
10.00 |
10.00 |
|
|
|
No. of shares |
1.06 |
1.06 |
1.06 |
|
|
|
|
|
|
|
|
|
|
EPS |
8.75 |
4.22 |
3.48 |
108% |
151% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai