Himadri Chemicals & Industries' (Himadri) reported Q4FY09 results (1) 15.6% yoy decline in revenue to Rs966 mn- below estimates (2) 9.0% yoy decline in operating profit to Rs324 mn – in line with estimates and (3) 21.1% yoy growth in adjusted net profit to Rs275 mn – above estimates. But, accounting for exceptional of Rs478 mn, Himadri reported net loss of Rs203 mn - below our estimates. For FY09, adjusted net profit at Rs945 mn was above estimates - thanks to lower tax outgo owing to inventory write-down and FX loss. Himadri has completed the construction of Carbon Black and Power plant at an outlay of Rs2.25 bn. The 50,000 MT Carbon Black plant and 12 MW Power plant will commence commercial production in Q2FY10. The facility is expected to be operational for 9 months at 75% utilization level. Himadri has firm commitment to add 231,000 MTPA distillation capacity i.e. expansion from 169,000 MTPA in FY09 to 400,000 MTPA in FY12E. We have fine tuned our FY10E earning estimates to factor (1) delays in commencement of Carbon Black and Power plant and (2) recent equity dilution through issue of US$ 12.5 Mn FCCB to IFC. We have revised our FY10E EPS estimates downwards from Rs31.5/Share to Rs30.1/Share. We have introduced our FY11E and FY12E estimates of Rs42.1/Share and Rs59.3/Share respectively. Himadri is available at attractive valuations of PER 9.0X FY10E and 6.5X FY11E with strong growth drivers. We continue to hold positive bias.
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