Dear All,
Forwarding you the Result Flash on Orchid Chemicals for 4QFY2011.
4QFY2011 Financials Snapshot:
| Y/E March. (Rs cr) | 4QFY2011 | 3QFY2011 | %chg (qoq) | 4QFY2010 | %chg (yoy) |
| Net Sales | 528 | 462 | 14.1 | 305 | 73.0 |
| Other Income | 9 | 16 | (41.2) | 9 | 5.3 |
| Operating Profit | 121 | 111 | 9.1 | (397) | (130.5) |
| Adj Net Profit | 64 | 49 | 30.7 | (500) | (112.7) |
| Net Profit | 59 | 57 | 3.7 | 398 | (85.2) |
4QFY2011 Financials Actuals v/s Estimates
| (`cr) | Actual | Estimates | Variation |
| Net Sales | 528 | 369 | 42.9 |
| Other Income | 9 | 22 | -57.5 |
| Operating Profit | 121 | 111 | 9.0 |
| Tax | -10 | 15 | -169.7 |
| Adj Net Profit | 64 | 62 | 3.5 |
4QFY2011 Consolidated Financial Result Highlights-
· The company has reported a strong growth in the net sales for the quarter at `528cr (`305cr) an increase of 73.0% yoy.
· The gross margins have come in at 46.3% for 4QFY2011. This translated into OPM of 22.9% in comparison to an operating loss in the same quarter last year.
· There has been a drop in the interest cost as well as the depreciation in this quarter to `41.4cr (`80cr) and `35.9cr (`38cr), that boosted the bottom-line. The Net Profit during the period was `58.7cr (`398cr) due to the extra-ordinary items of `897cr in 4QFY2010. The adjusted net profit came in at `63.7cr compared to loss of `500cr in the same period last year.
The stock is currently trading at 10.6x FY2012E and 8.0x FY2013E earnings. We currently have Buy rating on the stock with a target price of `369. We may revise our estimates post the management interaction.
4QFY2011 Consolidated Financial Performance:
| Exhibit 1: 4QFY2011 Performance (Consolidated) | ||||||||
| Y/E March (`cr) | 4QFY2011 | 3QFY2011 | %chg (qoq) | 4QFY2010 | %chg (yoy) | FY2011 | FY2010 | %chg (yoy) |
| Net Sales | 528 | 462 | 14.1 | 305 | 73.0 | 1717 | 1299 | 32.2 |
| Other Income | 9 | 16 | (41.2) | 9 | 5.3 | 69 | 45 | 53.1 |
| Total Income | 537 | 479 | 12.3 | 314 | 71.0 | 1786 | 1344 | 32.9 |
| Gross Profit | 244 | 238 | 2.4 | (145) | (268.0) | |||
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