Institutional Equities - Online Share Trading

Institutional Equities
1QFY12 performance
Reported robust revenue growth of 57% (YoY) driven by the construction business. Construction revenue
rose by 81% due to pick-up in project execution.
EBITDA margin, at blended level, declined by 760bps to 41% due to higher revenue from the lower
margin segment (EPC).
Interest costs rose by 77.6% due to increased draw-down of debt for the Surat-Dahisar project.
Exhibit 26: Quarterly performance
Rsmn 1QFY11 4QFY11 1QFY12 (YoY %) (QoQ %)
Net sales 5,120 7,670 8,013 56.5 4.5
Total expenditure 2,627 4,523 4,719 79.6 4.3
EBITDA 2,493 3,147 3,295 32.2 4.7
EBITDA margin (%) 48.7 41.0 41.1 - -
Interest costs 661 1,398 1,174 77.6 (16.0)
PBDT 1,832 1,749 2,120 15.7 21.2
Depreciation 537 587 602 12.1 2.6
Other income 217 229 282 30.0 23.1
PBT 1,512 1,390 1,800 19.0 29.5
Tax 303 336 443 46.2 31.8
PAT(before minority interest) 1,209 1,055 1,358 (52.0) (41.0)
Minority interest 33 27 16 (51.5) (40.7)
PAT(after minority interest) 1,176 1,028 1,342 14.1 30.5
Source: Company, Nirmal Bang Institutional Equities Research
36 IRB