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Aksharchem India Ltd - REDUCE - TP Rs.680 - Result Update - Kotak

Posted On: 2017-11-18 22:14:54

- AksharChem Q2FY18 PAT was above our estimates, supported by higher than expected other income, operationally numbers were weak. Net sales during the quarter was up 3.7% QoQ to Rs656 mn (down 21.9% YoY), due to higher volume, but the benefit of the same was partially offset by decline in blended realisation (rupee appreciation). EBITDA during the quarter declined 64.6%/6.7% YoY/QoQ to Rs112 mn (includes one-off expenses of Rs15mn), with an EBITDA margin of 17% (down 190bps QoQ). PAT came in at Rs103mn, up 42.9% QoQ. The company has undertaken aggressive capex plan, which provides long term earnings visibility. But in the near term, due to increase in raw material prices, we expect margins to remain under pressure. With the increase in contribution from pigment business, margin should improve from FY19 onwards, due to change in earnings from cyclical to stable. Factoring in 1HFY18 performance, we have lowered our estimates to Rs36.9 (earlier Rs50.7) and Rs52.2 (earlier Rs63.7) for FY18E and FY19E respectively. We recommend REDUCE rating, with a revised target price of Rs680 (earlier Rs800). At CMP, stock is trading at 18.2x/12.8x FY18E/FY19E earnings

Shares of AKSHARCHEM (INDIA) LTD. was last trading in BSE at Rs.687.2 as compared to the previous close of Rs. 690.45. The total number of shares traded during the day was 3183 in over 222 trades.

The stock hit an intraday high of Rs. 698 and intraday low of 685. The net turnover during the day was Rs. 2201596.

Source: Equity Bulls

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