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BGR Energy: Construction and EPC drag topline - Views on News from Equitymaster
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BGR Energy: Construction and EPC drag topline
May 26, 2011

BGR Energy announced the fourth quarter results for financial year 2010-2011 (4QFY11). The company has reported a 12% YoY decline in the topline and a 9% YoY decline in the bottomline for the quarter.

Performance summary
  • The company registered a 12% YoY decline in the top line for the quarter. For FY11, the net sales were up 55% YoY.
  • The operating profits for the quarter were down 4.5% YoY while the margins were up 0.9% (YoY). For FY11, the operating profits surged by 58% YoY with a marginal improvement of 0.2% (YoY) in the margins.
  • Net profits were down 9% YoY during the quarter. For FY11, the bottomline grew by 61% YoY. The net profit margins for the quarter and full year improved by 0.2% (YoY) and 0.3% (YoY) respectively.
  • The board of directors has recommended a dividend per share of Rs 10. At the current stock price of Rs 462, it implies a dividend yield of 2.2%


Standalone performance summary
(Rs m) 4QFY10 4QFY11 Change FY10 FY11 Change
Sales 16,598 14,616 -11.9% 30,738 47,608 54.9%
Expenditure 14,846 12,943 -12.8% 27,257 42,101 54.5%
Operating profit (EBDITA) 1,752 1,674 -4.5% 3,480 5,507 58.2%
EBDITA margin (%) 10.6% 11.5%   11.3% 11.6%  
Other income 39 17 -55.6% 202 86 -57.3%
Interest (net) 118 183 54.6% 538 604.68 12.5%
Depreciation 31 70 129.2% 98 168 71.8%
Profit before tax 1,642 1,438 -12.4% 3,047 4,820 58.2%
Pretax margin (%) 9.9% 9.8%   9.9% 10.1%  
Tax 559 454 -18.7% 1,037 1,578 52.2%
Profit after tax/(loss) 1,083 984 -9.2% 2,010 3,242 61.3%
Net profit margin (%) 6.5% 6.7%   6.5% 6.8%  
No. of shares (m) 72 72 0.3% 72 72 0.2%
Diluted earnings per share (Rs)* 15.0 13.6 -9.4% 27.9 44.9 61.0%
Price to earnings ratio (x)**         10.3  
*On a trailing 12 months basis

What to expect?
The stock is currently trading at a stock price of Rs 462. This implies a trailing twelve months PE ratio of 10.3. On a consolidated basis, the results have beaten our estimates by 6% and 11% at the topline and bottomline level respectively. We will update our subscribers with further details as soon as we incorporate the results and conference call excerpts in our model

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