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to LONGTERMINVESTORS, library-of-eq...@googlegroups.com, DAILY REPORTS
HEG
Ltd
Reco: HOLD
CMP: Rs 177
Target Price: Rs 171
Lower
utilizations offset by better product mix
·Topline
fell 31% on YoY but rose 28% on QoQ basis to Rs 3.02 bn (below our estimates)
due to lower utilizations at 58%. We had assumed a utilization of 64%
during the quarter
·EBITDA
declined 33% YoY but rose 22% QoQ to Rs 457 mn (in line with our
estimates). EBITDA margin declined 33 bps/79 bps YoY/QoQ to 15.1% on high
cost needle coke prices
·APAT at
Rs 143 mn, fell 56% YoY but gained 138% QoQ (our estimates Rs 131 mn). This
quarter the company reported a forex loss of Rs 92 mn. Reported PAT loss
came at Rs 51 mn
·Expect
utilizations to be better however improvement in realizations is unlikely
due to higher competition; Interest cost likely to remain high. Hold with a
revised TP of Rs 171