Dear All,
Forwarding you the Result Flash on GIPCL for 4QFY2011.
GIPCL’s 4QFY2011 top-line rose by 24.1%yoy to Rs315cr aided by higher volumes due to the commissioning of 250MW (Unit 3 & 4) of new capacity at Surat Lignite Power Plant. The company’s operating margins rose by a substantial 1,459bp yoy to 39% on account of lower fuel costs. The fuel costs for the quarter declined by 7.1% yoy to `154cr despite a 24.1% increase in top-line. Net Profit rose by a whopping 124.9% yoy to `81.2cr on account of surge in operating profits. The bottom-line was also bolstered by net tax gains of Rs21.4cr for the quarter due to tax adjustments of earlier years and deferred tax income. For FY2011 GIPCL’s top-line rose by 14.7% yoy to `1,089cr. The operating profits rose by 36.1% yoy to `312cr. The company’s net profit for the year rose by 52.6% yoy to `163cr. We maintain a Buy on the stock and the target price is under review.
Exhibit: 4QFY2011 Performance
| Y/E March (Rs cr) | 4QFY11 | 3QFY11 | % chg qoq | 4QFY10 | % chg yoy | FY11 | FY10 | % Chg |
| Net Sales | 315 | 308 | 2.4 | 254 | 24.1 | 1,089 | 950 | 14.7 |
| Fuel Cost | 154 | 187 | (17.5) | 166 | (7.1) | 634 | 611 | 3.7 |
| (% of Sales) | 49.0 | 60.8 | 65.4 | 58.2 | 64.3 | |||
| Staff Costs | 15 | 16 | (3.8) | 8 | 93.5 | 49 | 27 | 79.0 |
| (% of Sales) | 4.8 | 5.1 | 3.1 | 4.5 | 2.9 | |||
| Other Expenses | 23 | 23 | (0.5) | 18 | 26.5 | 94 | 82 | 14.7 |
| (% of Sales) | 7.2 | 7.4 | 7.1 | 8.6 | 8.6 | |||
| Total Expenditure | 192 | 226 | (14.8) | 192 | 0.2 | 777 | 720 | 7.9 |
| Operating Profit | 123 | 82 | 50.0 | 62 | 98.1 | 312 | 230 | 36.1 |
| OPM | 39.0 | 26.6 | 24.4 | 28.7 | 24.2 | |||
| Interest | 28 | 27 | 4.2 | 3 | 738.7 |
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