GNFC
Results in line with expectations
BUY
CMP: Rs 93 Target Price: Rs 111
Gujarat Narmada Fertiliser and Chemicals' (GNFC) Q2FY10 results were broadly in line with estimates. Net revenues of Rs 7.7 bn, -12% YoY were ahead of our est (Rs 6.7 bn). Company surprised positively with 140bps YoY / 1050bps QoQ improvement in chemical segment EBIT margins to 36.1% however fertiliser segment profitability remained muted. EBITDA margins also improved by 30bps YoY / 350bps QoQ to 17.5%. Company reported PAT of Rs 607 mn, -23.3% YoY, which was marginally short of our expectation of Rs 653 mn mainly due to higher tax provisioning. EPS for the quarter was Rs 3.9 as against Rs 5.1 in the previous year. We maintain our BUY recommendation on the stock with price target of Rs 111.
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