JAL - 1QFY2014 Result Preview - Angel Broking

We expect Jaiprakash Associates (JAL) to post a top-line growth of 9.3% yoy to Rs. 3,289cr for the quarter. C&EPC revenue is expected to increase by 9.1% yoy to Rs. 1,327cr. On the cement business front, we expect JAL to post a revenue of Rs. 1,463cr on a volume of 3.8mt with realization of Rs. 3,750/tonne, for the quarter. We expect the company to post a blended EBITDA margin of 26.2%, registering an expansion of 202bp yoy for the quarter. On the bottom-line front, we expect a PAT of Rs. 101cr, registering a yoy decline of 27.0% in 1QFY2014. This is mainly on account of a 20% yoy jump expected in the interest cost to Rs. 559cr. We continue to maintain Buy rating on the stock with a target price of Rs. 57.

Source : Equity Bulls

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