Unity Infraprojects - 4QFY2013 Result Review - Angel Broking

For 4QFY2013, Unity Infraprojects (UIP) posted disappointing set of numbers which were significantly below our estimates, both on the revenue and profitability fronts. On the top line front, company reported revenue of Rs. 692cr (our estimate was Rs. 833cr) in 4QFY2013, indicating a decline of 3.5%. On the EBITDAM front, the company's EBITDA margins stood at 10.6% (down 190bp on a yoy basis), which were above our estimate of 13.7%. Interest cost came in at Rs. 40cr in 4QFY2013, registering a growth of 15.5% yoy. On the bottom line level, UIP reported PAT of Rs. 30cr in 4QFY2013, a decline of 22.9% yoy and was below our estimate of Rs. 36cr owing to slower-than-expected execution and disappointing performance at operating level.

We continue to maintain Buy rating on the stock and would revise our target price post concall with the management.

Source : Equity Bulls

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