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