Sarda Energy and Minerals - 4QFY2013 Result Review - Angel Broking

Sarda Energy and Minerals (SEML) reported healthy 4QFY2013 numbers. The net sales grew by 5.8% yoy to Rs. 315cr mainly driven by healthy performance from steel business. The EBITDA however declined by 3.9% yoy to Rs. 71cr due to higher staff costs and other expenses. The interest costs decreased by 77.4% yoy to Rs. 8cr and the other income declined by 95.5% yoy to Rs. 2cr. The company got a tax benefit of Rs. 1cr compared to a tax expense of Rs. 24cr in 4QFY2012 and as a result the net profit of the company increased by 34.0% yoy to Rs. 50cr.

We maintain our Buy rating on the stock with a target price of Rs. 153.

Source : Equity Bulls

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