Monnet Ispat & Energy - Q4FY13 Result Review - Angel Broking

Monnet Ispat reported disappointing 4QFY2013 results. The net sales declined by 9.2% yoy to Rs. 432cr mainly due to weak performance from steel business. EBITDA declined by 22.4% yoy to Rs. 107cr due to higher staff cost. Interest expenses and depreciation expenses grew by 25.0% and 21% yoy to Rs. 30cr and Rs. 23cr respectively on account of capitalization of various projects. Consequently, net profit decreased by 36.1% yoy to Rs. 53cr.

We maintain our Buy view on the stock with a target price of Rs. 291.

Source : Equity Bulls

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