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Research
United Phosphorus - 2QFY2016 Result Update - Angel Broking
Posted On : 2015-11-04 21:07:41( TIMEZONE : IST )
For 2QFY2016, United Phosphorous (UPL) posted a 4.2% yoy growth in sales to Rs. 2,729cr. The volume growth during the period was of 13% yoy, while price increases contributed around 2% yoy. The exchange rate on the other hand, impacted adversely by 11% yoy. On the operating front, the gross margins came in at 49.9% V/s 50.5% in 2QFY2015, which led the OPM to come in at 16.5% V/s 16.7% in 2QFY2015. The company posted a 12.3% yoy dip in its PAT for the quarter excluding the extra-ordinaries and profits from associates and subsidiaries. However, a higher share of profitability from associates and subsidiaries has enabled the company posted to post an Adj. PAT of Rs. 190cr V/s Rs. 180cr in 2QFY2015, a yoy growth of 5.5%. We maintain our Accumulate rating on the stock with a price target of Rs. 510.
Quarterly highlights: For 2QFY2016, the company posted a 4.2% yoy growth in sales to Rs. 2,729cr. Its key markets - India and Latin America, posted a 5% and 8% yoy growth, respectively. ROW and USA posted a yoy growth of 12% and 10%, respectively. The only market to decline was Europe, which posted a 10% yoy dip in sales. The volume growth during the period was 13% yoy, while price increases contributed around 2% yoy. The exchange rate on the other hand impacted adversely by 11% yoy. On the operating front, the gross margin came in at 49.9% V/s 50.5% in 2QFY2015, which led the OPM to come in at 16.5% V/s 16.7% in 2QFY2015. The company posted an Adj. PAT of Rs. 190cr V/s Rs. 180cr in 2QFY2015, a yoy growth of 5.5%.
Outlook and valuation: We expect UPL to post a CAGR of 15.0% and 20.0% in its sales and PAT respectively, over FY2015-17E. At the current market price, we recommend an Accumulate on the stock with a price target of Rs. 510.
Shares of UPL Limited was last trading in BSE at Rs.454.8 as compared to the previous close of Rs. 451.4. The total number of shares traded during the day was 134296 in over 7445 trades.
The stock hit an intraday high of Rs. 456.9 and intraday low of 443.2. The net turnover during the day was Rs. 60619833.
