Simplex Infrastructures - 4QFY2013 Result Review - Angel Broking

Simplex Infrastructures (SINF) reported slow execution and lower profitability in 4QFY2013 due to stagnant order book and delayed payments from clients. On the top-line front, the company reported a decline of 17.2% yoy to Rs. 1,486cr, which was 12.1% lower than our estimate. EBITDAM came in at 9.8% showing an improvement of 107bp/ 16bp on a yoy/qoq basis and was above our estimate of 8.8%. Interest cost grew by 12.8% yoy to Rs. 77cr for the quarter. The company reported adjusted PAT of Rs. 18cr in 4QFY2013, a decline of 38.5% yoy which was below our estimate of Rs. 21cr respectively. The company's has a order book of Rs. 15,463cr (2.7x trailing revenue) in 4QFY2013. SINF had secured order worth Rs. 2,052cr and Rs. 6,306cr in 4QFY2013 and FY2013 respectively.

The stock rating and target price is currently under review. We shall revise our estimates post earnings conference call with the management which is scheduled on 31st May 2013 at 2pm.

Source : Equity Bulls

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