Jaiprakash Associates
' first quarter numbers were higher than expectations while its
operational performance was in-line with estimates. Company has restated all
its results for the quarter ended June 2011 to incorporate the de-merger of its
two cement plants into a separate entity.
First quarter profit after tax declined lower than expected
by 25% year-on-year to Rs 139 crore. Analysts on an average had expected around
Rs 112 crore.
Lower bottomline performance was due to higher interest
costs during the quarter. Interest cost went up by around 21% YoY to Rs 465
crore.
Net sales rose by 2% to Rs 2,964 crore from Rs 2,902 crore
during the same period. Analysts had a forecast of Rs 3,335 crore.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) increased 9% YoY to Rs 816 crore, which was in-line with expectations
of Rs 819 crore.
EBITDA margin spiked 140 basis points at 27.1% in the first
quarter of FY13 as against 25.7% in a year ago period. The forecast was at
24.6%.
Depreciation during the quarter jumped by 25% to Rs 176
crore from Rs 141 crore YoY.
On quarter-on-quarter basis, net sales fell by 26% and
EBITDA went down by 17%. Profit after tax was down by 51%, but EBITDA margin
surged by 270 basis points.
Segments
Revenues from the cement business (largest segment for JP
Associates) improved at 22% YoY.
Revenues for construction, power and real estate declined
5%, 18% and 52% YoY, respectively.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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