Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
Institutional Equities - Online Share Trading
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<strong>Institutional</strong> <strong>Equities</strong><br />
1QFY12 performance<br />
Rise in the execution rate in construction segment and write-back of depreciation helped the company to<br />
register earnings growth in the standalone business.<br />
EPC income surged by 295% YoY and margin stood at 14.6%, up 220bps.<br />
Revenue from infrastructure projects jumped 121% sequentially on commencement of tolling by Hosur-<br />
Krishnagiri road project and full quarter contribution from Delhi metro rail project.<br />
Interest costs jumped on commissioning of Delhi metro rail project.<br />
Exhibit 22: 1QFY12 performance<br />
Y/E March (Rsmn) Q1FY11 Q4FY11 Q1FY12 YoY (%) QoQ (%)<br />
Net sales 38,256 37,980 51,910 35.7 36.7<br />
Total expenditure 34,157 34,646 44,022 28.9 27.1<br />
EBITDA 4,080 3,334 7,890 93.4 136.7<br />
EBITDAM (%) 10.7 8.8 15.2 - -<br />
Depreciation 1,196 1,115 1,024 (14.4) (8.2)<br />
EBIT 2,884 2,219 6,866 138.1 209.4<br />
Interest cost 1,372 1,893 2,168 58.0 14.5<br />
Other income 2,020 2,530 1,283 (36.5) (49.3)<br />
PBT 3,531 2,856 5,981 69.4 109.4<br />
Tax expense 664 (578) 2,713 308.6 -<br />
Net profit 2,867 3,434 3,268 14.0 (4.8)<br />
Net Profit (Post MI & Associates) 3,753 4,114 4,057 8.1 (1.4)<br />
Source: Company, Nirmal Bang <strong>Institutional</strong> <strong>Equities</strong> Research<br />
50 Reliance Infra