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SPCF Q2FY18: PAT are expected to grow at a CAGR of 25%; Overweight - IndiaNotes.com
SPCF Q2FY18: PAT are expected to grow at a CAGR of 25%; Overweight
Firstcall India Equity | Published: 06 Dec, 2017  | Source : IndiaNotes.com
  • Shree Pushkar Chemicals & Fertilisers Limited is engaged in the business of manufacturing a range of dye intermediates, acid complexes, cattle feed supplement and fertilizers.

  • The company has achieved a turnover of Rs. 963.82 million for the 2nd quarter of the FY 2017-18 as against Rs. 789.50 million in the corresponding quarter of the previous year, an increase of 22.08%. During the quarter, EBIDTA stood at Rs. 178.78 million as against Rs. 158.32 million in the corresponding period of the previous year, up by 12.92%.

  • PBT stood at Rs. 156.89 million in Q2 F Y18 against Rs. 138.13 million in the corresponding quarter of the previous year, grew by 13.58%.

  • During the quarter, net profit increased by 15.23% to Rs. 103.91 million from Rs. 90.18 million in the corresponding quarter ending of previous year.

  • EPS of the company stood at Rs 3.44 in Q2 FY18 as against Rs. 2.98 in the corresponding quarter of the previous year.

  • The company has set up an additional capacity of 3000 MTA of the dyes plant at its unit no. 111 at B-97, MIDC Lote Parshuram.

  • During H1 FY18, Net sales increased by 22.73% to Rs. 1744.19 million from Rs. 1421.15 million in H1 F Y17.

  • During the half year ended 30 Sep, 2017, Net profit stood at Rs. 173.93 million as against Rs. 150.53 million in the half year ended 30 Sep, 2016.

  • During the quarter, EBIDTA and PAT margins are stood at 18.55% and 10.78% respectively.

  • Net Sales and PAT of the company are expected to grow at a CAGR of 22% and 25% over 2016 to 2019E, respectively.


          OUTLOOK AND CONCLUSION


  • At the current market price of Rs. 267.00, the stock P/E ratio is at 22.56 x FY18E and 18.68 X F Y19E respectively.

  • Earning per share (EPS) of the company for the earnings for F Y1 8B and FY19E is seen at Rs. 11.83 and Rs. 14.29 respectively.

  • Net Sales and PAT of the company are expected to grow at a CAGR of 22% and 25% over 2016 to 2019E respectively.

  • On the basis of EV/EBITDA, the stock trades at 12.48 x for F Y18E and 10.50 x for F Y19E.

  • Price to Book Value of the stock is expected to be at 3.52 X and 2.96 x for F Y18E and F Y19E respectively.

  • Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

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About Firstcall India Equity

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ, Themarkets.com, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.

 
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