Dear All,
Forwarding you the Result Flash on PTC India for 4QFY2011 with a Buy recommendation.
PTC India's 4QFY2011 top-line rose by 67.2% yoy to Rs2,079cr. The growth in top-line was aided by a 62% yoy increase in trading volumes to 5,191MU. The company's OPM's too improved by 90bp yoy to 1.65% on account of higher trading margins on short term trade. The bottom line rose by 147.9% yoy to Rs33.5cr on account of superior operational performance. 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 | 2,079 | 1,758 | 18.2 | 1,243 | 67.2 | 9,065 | 7,772 | 16.6 |
| Power Purchases | 2,035 | 1,711 | 18.9 | 1,227 | 65.9 | 8,903 | 7,675 | 16.0 |
| (% of Sales) | 97.9 | 97.3 | 98.7 | 98.2 | 98.7 | |||
| Staff Costs | 5 | 2 | 107.1 | 4 | 31.1 | 7.0 | 18.4 | (62.3) |
| (% of Sales) | 0.2 | 0.1 | 0.3 | 0.1 | 0.2 | |||
| Other Expenses | 4 | 3 | 25.7 | 3 | 18.6 | 13 | 13 | 2.4 |
| (% of Sales) | 0.2 | 0.2 | 0.3 | 0.1 | 0.2 | |||
| Total Expenditure | 2,044 | 1,717 | 19.1 | 1,234 | 65.7 | 8,923 | 7,706 | 15.8 |
| Operating Profit | 34 | 41 | (16) | 9 | 264 | 141 | 66 | 114.1 |
| OPM | 1.7 | 2.3 | 68bp | 0.8 | 90bp | 1.6 | 0.9 | 71bp |
| Interest | 0 |
Subscribe to:
Post Comments (Atom)
|
No comments:
Post a Comment