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KLRF Ltd

EPS to rise in line with revenues and PAT

CRISIL Equities

PAT margin to turn positive in FY10, to rise thereafter

12%

10%

8.8%

    • 9.9

      %

    • 9.2

      %

9.5%

8%

6%

4.9%

4%

2%

2.1%

    • 2.1

      %

    • 1.3

      %

2.2%

0%

FY09

FY09

FY10E

FY11F

FY12F

  • -

    2%

  • -

    4%

  • -

    3.1%

EBITDA margin

PAT margin

Source: Company, CRISIL Equities estimate

EPS to register a two-year CAGR of 39% to be Rs 17.9 in FY12 We expect KLRF to earn Rs 7.9 per share in FY12 from an estimated Rs 4.0 in FY10, registering a two-year CAGR of 39%. During the same time, we expect the company’s RoE to increase from an estimated 11.4% in FY10 to 16.1% in FY12.

10

17%

16%

20%

8

11%

7

15%

10%

5%

0%

  • -

    5%

  • -

    10%

  • -

    15%

  • -

    20%

  • -

    25%

  • -

    30%

Source: Company, CRISIL Equities estimate

EPS and ROE to be higher

(Rs)

6

4

2

0

    • -

      2

    • -

      4

    • -

      6

    • -

      8

  • -

    10

4

8

FY12F

  • -

    9

Earnings per share (Rs) - LHS

Return on equity (RoE) - RHS

FY11F

10

9

  • -

    23%

8

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