IVRCL reported a mixed set of numbers for 2Q FY 2012, with in-line performance
on the revenue front. However, better than expected performance at the EBITDAM
level and lower tax rate led to higher-than-expected earnings.
The company reported a decline of 2.7% yoy on the top-line front to Rs.1,046.1 cr (Rs.1,075.0 cr).
On the EBITDAM front, the company posted flat margin of 9.0% (8.9%) on a yoy basis, against our estimate of 8%. Interest cost came in at Rs.65.2 cr (Rs.48.0 cr), a jump of 35.8% yoy/3.9% qoq, in line with our
estimate.
IVRCL reported a 65.0% decline yoy in its earnings to Rs.8 cr (Rs.23.3 cr),
against our estimate of a 95.3% decline owing to better-than-expected EBITDAM
and lower tax rate (8.3%).
Maintain our Buy view on the stock with a target
price of Rs.60.
Review by Angel Broking
on the revenue front. However, better than expected performance at the EBITDAM
level and lower tax rate led to higher-than-expected earnings.
The company reported a decline of 2.7% yoy on the top-line front to Rs.1,046.1 cr (Rs.1,075.0 cr).
On the EBITDAM front, the company posted flat margin of 9.0% (8.9%) on a yoy basis, against our estimate of 8%. Interest cost came in at Rs.65.2 cr (Rs.48.0 cr), a jump of 35.8% yoy/3.9% qoq, in line with our
estimate.
IVRCL reported a 65.0% decline yoy in its earnings to Rs.8 cr (Rs.23.3 cr),
against our estimate of a 95.3% decline owing to better-than-expected EBITDAM
and lower tax rate (8.3%).
Maintain our Buy view on the stock with a target
price of Rs.60.
Review by Angel Broking
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