Sunday, May 1, 2011

Result Flash - 4QFY2011 - Madhucon Projects

Dear All,

 

Forwarding you the Result Flash on Madhucon Projects for 4QFY2011. (Maintain Buy - TP under review)

 

Key highlights from the results

MPL reported decent top-line yoy growth of 22.0% to `593.4cr, marginally above our expectations of `578.8cr and OPM stood at 10.6% (6.4%) posting a whopping jump of 420bps against our expectations of 265bps jump mainly on account of change in revenues mix which led to lower subcontracting. On the earnings front the company posted a robust growth of 180.0% at `19.3cr against our expectations of 121.7% jump. The earnings were above our estimates owing to higher margin recovery than anticipated. MPL’s order book stands at `6,200cr (3.6x FY2011 revenues), which lends revenue visibility for at least next couple of years.

4QFY2011 Actual vs. Estimates

 

Particulars (` cr)

Estimates

Actual

Variation (%)

Net Sales

578.8

593.4

2.5

OPM (%)

9.0

10.6

160bp

PAT

15.3

19.3

26.1

NPM

2.6

3.3

700bp

Quarterly performance (Standalone)

 

Y/E March (` cr)

4QFY11

4QFY10

3QFY11

% Chg (yoy)

% Chg (qoq)

FY2011

FY2010

% Chg

Net Sales

593.4

486.4

352.1

22.0

68.5

1704.6

1388.3

22.8

Total Expenditure

530.8

455.5

307.3

16.5

72.7

1519.6

1252.9

21.3

Operating Profit

62.6

30.9

44.8

102.6

39.7

185.0

135.4

36.6

OPM (%)

10.6

6.4

12.7

420bp

(210)bp

10.9

9.8

110bp

Interest

24.5

7.8

15.4

212.9

59.7

61.8

25.1

145.9

Depreciation

11.8

11.8

11.9

0.1

(0.8)

47.5

46.4

2.2

Non Operating Income

3.4

0.2

0.9

1369.6

259.1

5.3

5.6

(4.9)

Nonrecurring items

0.0

0.0

0.0

-

-

0.0

0.0

-

Profit Before tax

29.7

11.5

18.5

158.2

60.5

81.1




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