IL&FS Transportation Networks Ltd Q4FY2012 result – ahead of estimates led by robust revenue growth
The consolidated revenues for the quarter grew by robust 20% yoy and 56% qoq to Rs. 1988.7 crore (much ahead of estimates) led by strong execution & consistent toll collection across projects.
The OPM contracted to 23% (below expectation) vs 24.9% in Q4FY2011 & 25.3% in Q3FY12 on account of higher contribution of revenue from the low margin construction income vis-a-vis the BOT income. Conversely though due to good top line growth EBITDA was up 10.5% yoy and 42.6% qoq.
The net profit was up 11% yoy and 102% qoq to Rs.177.3 crore led by strong top line growth and lower than expected tax outgo. However surge in interest cost by ~29% yoy & 24% qoq and higher depreciation did limit PAT growth to a certain extent.
The company has declared a dividend of Rs4 per share as against Rs3.5/share in FY11
We will come out with detail note post the concall.
We maintain our Buy recommendation on stock with a target price of Rs.330.
....more info
The consolidated revenues for the quarter grew by robust 20% yoy and 56% qoq to Rs. 1988.7 crore (much ahead of estimates) led by strong execution & consistent toll collection across projects.
The OPM contracted to 23% (below expectation) vs 24.9% in Q4FY2011 & 25.3% in Q3FY12 on account of higher contribution of revenue from the low margin construction income vis-a-vis the BOT income. Conversely though due to good top line growth EBITDA was up 10.5% yoy and 42.6% qoq.
The net profit was up 11% yoy and 102% qoq to Rs.177.3 crore led by strong top line growth and lower than expected tax outgo. However surge in interest cost by ~29% yoy & 24% qoq and higher depreciation did limit PAT growth to a certain extent.
The company has declared a dividend of Rs4 per share as against Rs3.5/share in FY11
We will come out with detail note post the concall.
We maintain our Buy recommendation on stock with a target price of Rs.330.
| Consolidated (Rs cr) | Q4FY12 | Q4FY11 | YOY % | Q3FY12 | QOQ% |
| Net sales | 1988.7 | 1658.1 | 19.90% | 1268.4 | 56.80% |
| other income | 45.2 | 23 | 96.70% | 29.8 | 51.80% |
| Total income | 2033.9 | 1681.1 | 21.00% | 1298.2 | 56.70% |
| Total expenses | 1531.6 | 1244.6 | 23.10% | 947.7 | 61.60% |
| Operating profit | 457.1 | 413.6 | 10.50% | 320.7 | 42.60% |
| Depreciation | 27.5 | 18.4 | 49.90% | 16.9 | 62.80% |
| Interest | 230.8 | 179 | 28.90% | 185.5 | 24.50% |
| Profit Before Tax | 244 | 239.2 | 2.00% | 148.1 | 64.80% |
| Taxes | 57.1 | 68.9 | -17.00% | 46.9 | 21.90% |
| PAT | 186.9 | 170.3 | 9.70% | 101.2 | 84.60% |
| Share of profit transferred to Minority Interest | 17.7 | 6.9 | 156.20% | 12.3 | 43.60% |
| Profit/(loss) of associates | 8.1 | -4.2 | -292.60% | -1.1 | -824.10% |
| Consolidated PAT | 177.3 | 159.2 | 11.40% | 87.8 | 102.00% |
| No of equity shares | 19.4 | 19.4 | 0.00% | 19.4 | 0.00% |
| EPS | 9.1 | 8.2 | 11.40% | 4.5 | 102.00% |
| OPM(%) | 23.00% | 24.90% | 25.30% | ||
| NPM(%) | 8.90% | 9.60% | 6.90% | ||
| Tax rate (%) | 23.40% | 28.80% | 31.60% |
....more info