JAL - (CMP/TP: Rs. 55/-) (Rating: Neutral) - 3QFY2014 expectations - Angel Broking

We expect Jaiprakash Associates (JAL) to post a top-line decline of 3.6% yoy to Rs. 3,309cr for the quarter. C&EPC revenue is expected to increase by 13.9% yoy to Rs. 1,453cr. On the cement business front, we expect JAL to post a revenue of Rs. 1,506cr on a volume of 3.4mt with realization of Rs. 4,303/tonne, for the quarter. We expect the company to post a blended EBITDA margin of 26.1%, registering a growth of 296bp yoy for the quarter. On the bottom-line front, we expect a PAT of Rs. 72cr, registering a yoy decline of 34.9% in 3QFY2014. This is mainly on account of a 13% yoy jump expected in the interest cost to Rs. 600cr.

Source : Equity Bulls

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