Himatsingka Seide - Result Update - Nirmal Bang

- Himatsingka reported net sales of Rs 433.2 crore which grew by 9.5% YoY and down by 5.6% QoQ.

- EBITDA for the quarter grew by 4.3% YoY to Rs 43.5 crore and by 4% QoQ. EBITDA margin down by 50bps YoY to 10% in Q3FY13 on account of jump in raw-material expenses as a % of sales.

- PAT was Rs. 13 crore in Q3FY13, jump by 16.2% YoY and by 13.5% QoQ. The jump in other income supported the growth in profitability though it was restricted by the jump in tax rate of 27.6% Q3FY13 as against 24.3% Q3FY12.

- PAT margin stood at 3% in Q3FY13 as against 2.8% in Q3FY12 and 2.5% in Q2FY13.

- We maintain our BUY rating with a target price of Rs. 54 per share (10x PE FY14E).

Source : Equity Bulls

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