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INEOS Styrolution India Q2FY17: Fundamental Analysis - Firstcall India Equity

Firstcall India Equity | 18 Jan, 2017  | Follow Author | Add to my Favourites 
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  • INEOS Styrolution India Ltd is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS standard and styrenics specialties.
  • During Q2 FY17, the company’s net profit increased by 29.24% to Rs. 191.97 million as against Rs. 148.54 million in the corresponding quarter ending of previous year.
  • Revenue for the 2nd quarter stood at Rs. 4402.36 million as compared to Rs. 4511.84 million during corresponding quarter of previous year.
  • For Q2 FY17, EBITDA stood at Rs. 370.65 million as against Rs. 98.84 million in the corresponding period of the previous year, up by 274.99%.
  • During the quarter, PBT stood at Rs. 295.18 million from Rs. 1.92 million in the corresponding period of the previous year.
  • EPS of the company stood at Rs. 10.92 a share during the quarter, as against Rs. 8.45 per share over previous year period.
  • In H1 FY17, Net sales stood at Rs. 8667.15 million as compared to Rs. 7647.30 million in H1 FY16.
  • For six month period of FY17, net profit stood at Rs. 341.75 million as compared to Rs. 329.32 million for the Six month ended of previous financial year.
  • Net Sales & PAT of the company are expected to grow at a CAGR of 9% and 29% over 2015 to 2018E, respectively.


  • At the current market price of Rs. 596.60, the stock P/E ratio is at 15.67 X FY17E and 14.06 X FY18E respectively.
  • Earning per share (EPS) of the company for the earnings for FY17E and FY18E is seen at Rs. 38.07 and Rs. 42.43 respectively.
  • Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 29% over 2015 to 2018E respectively.
  • On the basis of EV/EBITDA, the stock trades at 8.60 X for FY17E and 7.89 X for FY18E.
  • Price to Book Value of the stock is expected to be at 1.79 X and 1.59 X for FY17E and FY18E respectively.
  • Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.


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About Firstcall India Equity

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ,, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.