Granules India - Q4FY2013 Result Update - Nirmal Bang

- Results were good

- Q4FY13 sales grew by 8.7% yoy to Rs 204.4 cr

- Due to higher other expenses EBITDA margins declined marginally to 13.5% from 13.7% in Q4FY12 despite lower cost of sales

- PAT declined by 24% yoy as there was forex gain of Rs 8 cr last year. Adjusting for same PAT grew by 45%.

- Stock is trading at 6.6x on trailing FY13 EPS

Source : Equity Bulls

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