Dear Sir/Madam,
Bata India announced its Q1 FY13 results on 26 July 2012.
Q1 FY13 Result Analysis
The company’s Total Income increased by 17% YOY to INR507 crore YOY and its EBITDA increased by 23% YOY to INR86 crore. EBITDA Margin of the company increased from 16.10% to 16.95% YOY. Adjusted PAT increased by 28% YOY to INR53 crore. At the CMP of INR896, the stock is trading at a P/E of 31.5x its CY12E EPS of INR28.4. We maintain Hold at the current level.
DESCRIPTION |
Jun-12 |
Mar-12 |
Jun-11 |
QOQ |
YOY |
Net Sales |
507 |
408 |
433 |
24% |
17% |
Total Expenditure |
421 |
346 |
363 |
|
|
EBIDTA (Excl OI) |
86 |
62 |
70 |
39% |
23% |
EBITDA (%) |
16.95% |
15.16% |
16.10% |
|
|
Other Income |
4 |
4 |
3 |
|
|
Operating Profit |
90 |
66 |
72 |
|
|
Interest |
0 |
0 |
0 |
|
|
PBDT |
90 |
66 |
72 |
|
|
Depreciation |
12 |
12 |
10 |
|
|
PBT |
77 |
53 |
62 |
|
|
Tax |
25 |
17 |
21 |
|
|
Profit After Tax |
53 |
36 |
41 |
46% |
28% |
PAT (%) |
10.4% |
8.8% |
9.5% |
|
|
|
|
|
|
|
|
Equity Capital |
64.26 |
64.26 |
64.26 |
|
|
Face Value (In Rs) |
10 |
10.00 |
10.00 |
|
|
No. of shares |
6.426 |
6.43 |
6.43 |
|
|
|
|
|
|
|
|
EPS |
8.19 |
5.60 |
6.38 |
46% |
28% |
Regards,
Team Microsec Research