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KLRF Ltd

Focus Charts

Shareholding pattern

Indian Public 53%

Promoters and associates 39%

Private corporate bodies 8%

Source: BSE

Top line growth to be fuelled by castings business

(Rs mn) 2,000

1,800 1,600

18.2%

1,403

1,423

1,553

1,694

1,802

20% 18% 16%

1,400 1,200 1,000 800 600

9.1%

9.1%

6.4%

14% 12% 10% 8% 6%

400 200 -

1.5%

4% 2% 0%

FY08

FY09

Revenues (LHS)

FY10E

FY11F FY12F YoY Growth (RHS)

Source: Company, CRISIL Equities estimate

EPS and ROE to be higher

(Rs

10 8 6 4 2 0

    • -

      2

    • -

      4

    • -

      6

    • -

      8

  • -

    10

9

  • -

    9

  • -

    23%

11%

4

10

17%

7

FY11F

8

16%

FY12F

20% 15% 10% 5% 0%

  • -

    5%

  • -

    10%

  • -

    15%

  • -

    20%

  • -

    25%

  • -

    30%

Earnings per share (Rs) - LHS

Return on equity (RoE) - RHS

Source: Company, CRISIL Equities estimate

CRISIL Equities

Share Price movement

300

250

200

150

100

50

0

Apr-06 Jun-06 Aug - 06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug - 07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug - 08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug - 09 Oct-09 Dec-09 Feb-10 Apr-10

KLRF

Nifty

Indexed to 100

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%

  • -

    2%

FY09

FY09

FY10E

FY11F

FY12F

  • -

    4%

  • -

    3.1%

EBITDA margin

PAT margin

Source: Company, CRISIL Equities estimate

Yarn segment to clock higher sales; EBIDTA margin for yarn to be constrained

604

504

463

404

17%

(Rsmn)

475

513

17%

552

16%

574

19%

16%

17%

15%

304

13%

204

11%

104

9%

4

8%

7%

FY08

FY09 Sales (LHS)

FY10E FY11F FY12F EBITDA margin (RHS)

Source: CRISIL Equities

17

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