Punj Lloyd - 4QFY2013 Result Review - Angel Broking

For 4QFY2013, Punj posted mixed set of numbers with subdued performance on revenue front, however owing to higher tax credit provision during the quarter led to a profit at earning levels. The company reported a top-line of Rs. 3,292cr in 4QFY2013 registering a growth of 8.4% yoy. EBITDA margins decline by 45bp/217bp on a yoy/qoq basis to 7.9% in 4QFY2013. Interest cost for the quarter came in at Rs. 195cr, a jump of 4.5% yoy while depreciation came at Rs. 79cr, an increase of 12.9% yoy. On the bottom-line front, PAT came in at Rs. 16cr (Rs. 9cr) in 4QFY2013, registering a growth of 75.8%. This was mainly due to higher tax credit provision of Rs. 11cr in 4QFY13 vs. Rs. 5cr in 4QFY2012.

We continue to maintain our Neutral rating on the stock.

Source : Equity Bulls

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