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Research
Force Motors - 4QFY2013 Result Review - Angel Broking
Posted On : 2013-05-26 20:22:16( TIMEZONE : IST )
Force Motors (FML) reported disappointing set of numbers for its 4QFY2013. Topline for the quarter dips by 13.8% yoy to Rs. 527cr, vis-Ã -vis our estimate of Rs. 582cr. The company reported EBITDA loss of Rs. 13cr against profit of Rs. 27cr for the same quarter previous year. EBITDA loss was mainly due to increased employee and other expenditure which rose by 646bp and 230bp yoy respectively. On the back of negative top-line growth and poor operating performance, net profit registered a loss of Rs. 23cr as compared to profit of Rs. 17cr in 4QFY2012.
On annual basis, top-line growth dips marginally by 5.4% to Rs. 1,973cr. EBITDA however fell by 55% to Rs. 54cr with margins at 2.8%, lower by 307bp. Net profit too came in lower by 58% to Rs. 15cr. On account of poor performance led by the slowdown in the economy we have revised our estimates downwards but maintain our Buy recommendation with revised target price of Rs. 437, based on 10x PE for FY2015E.
