PTC India - March 2013 Results Preview - Motilal Oswal

- We expect PTC India (PTCIN) to report 4QFY13E revenue of INR20.6b (up 42.5% YoY) and PAT of INR442m (up 47.8% YoY), led by contribution from tolling projects.

- Over Jan/Feb-13, company's volume stood at ~3.8BUs (up 63% YoY). In 4QFY13E, we expect PTCIN's traded volume to be 6BUs (up 38.2% YoY). For FY13E, we expect PTC to trade 27.9BUs (up 15% YoY).

- We expect 4QFY13E average trading margin (adjusted for surcharge and rebates) of 3.9 paise per unit (v/s paise 4.7/unit YoY).

- In the tolling business, we expect PTC to post sales volume of 316MUs and PBT spread of INR0.81/unit, compared to INR0.62/unit in 3QFY13.

- We expect PTC to report consolidated PAT of INR2.1b in FY13E (4% YoY) and INR2.7b in FY14E (up 25% YoY). Stock trades at reported P/E of 5.3x FY15E.

Source : Equity Bulls

Keywords