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BGR Energy: De-growth all over

Jul 28, 2011

BGR Energy has announced the first quarter results of financial year 2011-2012 (1QFY12). Both topline and bottomline have declined by around 19.0% YoY and 17.0% YoY respectively. Here is our analysis of the results.

Performance summary
  • Sales decline 19.0% YoY in 1QFY12.
  • Operating profits decline 7.4% YoY during the quarter.
  • Net profits decline 17.0% YoY during the quarter.

Standalone performance snapshot
(Rs m) 1QFY11 1QFY12 Change
Income from operations 9,067 7,342 -19.0%
Expenditure 8,029 6,381 -20.5%
Operating profit (EBDITA) 1,038 961 -7.4%
Operating profit margin (%) 11.4% 13.1%  
Other income 26    
Interest 116 180 55.3%
Depreciation 31 37 20.6%
Profit before tax 917 743 -18.9%
Tax 312 241 -22.7%
Profit after tax/(loss) 605 502 -17.0%
Net profit margin (%) 6.7% 6.8%  
No. of shares (m)   72.2  
Basic earnings per share (Rs)   6.96  
P/E ratio (x) *   10  
*On a trailing 12 month basis

What to expect?
At the current price of Rs 416, the company is trading at a multiple of 8.1x our estimated FY14 earnings. We will update our subscribers with a revised view on the company soon.

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