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Institutional Equities
Exhibit 14: Company structure
Source: Company, Nirmal Bang Institutional Equities Research
Quarterly performance (1QFY12)
Net sales rose 6.3% YoY to Rs10.5bn whereas profit slipped 89.7% YoY to Rs29mn due to fall in other
income and lower revenue growth.
EBITDA increased 9.5% to Rs1.37bn and EBITDA margin improved by 40 bps YoY.
Order book as on 1QFY12 stands at Rs170bn, excluding orders worth Rs19.4bn which the company has
received through its joint venture.
During the quarter, the company diluted its 14.5% stake in HCC Concessions to the Xander Group for Rs
2.4bn, which valued HCC Concessions at Rs16.5bn (equivalent to market capitalisation of the parent
company).
Exhibit 15: Quarterly performance
Y/E March (Rsmn) Q1FY11 Q4FY11 Q1FY12 YoY (%) QoQ (%)
Net sales 9,954 12,026 10,577 6.3 (12.0)
Total expenses 8,696 10,359 9,200 5.8 (11.0)
EBITDA 1,258 1,667 1,377 9.5 (17.0)
EBITDA margin (%) 12.6 13.9 13 3.0 (6.0)
Other income 31 134 7 (76.6) (95.0)
Interest costs 577 903 933 61.5 3.0
Depreciation 349 440 392 12.4 (11.0)
PBT 362 459 60 (83.6) (87.0)
Tax 81 228 33 (59.5) (86.0)
Adjusted PAT 281 231 27 (90.5) (88.0)
Reported PAT 281 231 29 (89.7) (87.0)
Source: Company, Nirmal Bang Institutional Equities Research
74 HCC