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Research
J Kumar Infraprojects Ltd - Q4FY12 Result Update - Kantilal Chhaganlal
Posted On : 2012-05-17 11:20:54( TIMEZONE : IST )
Q4FY12 Financial Results Highlight:
In Q4FY12, J Kumar Infraprojects Ltd (JKIL) reported a revenue of Rs.2900.1 mn, which has shown a substantial decline of 10.9% on Y-o-Y basis due to slower execution of project in the quarter compared to corresponding quarter previous year, however it has registered a revenue growth of15.7% Q-o-Q basis. For FY12, revenue stood at Rs.9315.9 mn which declined by 1.9% over last year.
JKIL's EBITDA margin during the quarter has declined by 60bps to 15.4% on Q-o-Q basis, whereas it has improved by 70 bps on Y-o-Y basis. The FY12 EBITDA margin has improved by 70bps to 15.8% compared to FY11.
In Q4FY12 JKIL reported a net 52Weeks 185.0/79.5 profit of Rs.227 7 mn registering a decline of 7.8% Y-o-Y basis, however it has grown by whopping 16.2% on Q-o-Q basis. JKIL's net profit margin in Q4FY12 stood at 7.9% with 30bps improvement on Y-o-Y basis and 10bps improvement on Q-o-Q basis. For FY12, JKIL's net profit margin stood at 7.5%, registering a decline of 30bps compared to last year.
JKIL's order book has nearly doubled to Rs.25125.3 mn as on 31st march 2012 compared to FY11 order book position of Rs.12603.6 mn providing a strong revenue visibility for next two years. The order book position of Rs.25125.3 mn as on FY12 includes 70.9% from transportation engineering (including flyover and roads), civil construction (24.5%), irrigation (3.8%) and piling (0.8%). During Q4FY12, the company has also managed to receive work order to the tune of Rs.950.0 mn from various private parties.
During FY12, JKIL has deliberately changed its order book mix by shifting more towards roads and civil construction segment and decreasing its excessive concentration on flyover segment, this bring the much needed diversification to JKIL's order book.
Valuation:
At CMP of Rs.167 the stock is trading at 5 5x its FY13E EPS of Rs.30 5 We maintain our target price of Rs.183/ share, which is at 6x P/E on FY13 EPS of Rs.30.5 and maintain our "Hold" rating on the stock.
