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Kiri Industries Q3FY18: Performance set to strengthen next quarter; Overweight

Firstcall India Equity | 13 Mar, 2018  | Follow Author | Add to my Favourites 
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The Consolidated EBIDTA for Q3 FY18 stood at Rs. 416.74 as against Rs. 335.33 mn in the corresponding period of last year, an increase of 24.28%.

During Q3 FY18, consolidated PBT increased by 36.68% to Rs. 333.48 mn from Rs. 243.99 mn in Q3 FY17.

In Q3 FY18, net profit stood at Rs. 417.23 mn from Rs. 438.06 mn in Q3 FY17.

The company has reported an EPS of Rs. 13.80 for the December quarter as against an EPS of Rs. 15.73 in the corresponding quarter of the previous year.

The overall finance costs have reduced by around 67% in the current 9Months in comparison to corresponding period of FY16-17.

During 9M FY18, consolidated revenue stood at Rs. 8633.63 mn as compared to Rs. 8665.59 mn in 9M FY17.

The Consolidated Net Profit of KIL for 9Months period ending on December 31, 2017 amounts to Rs.2380.06 mn, 12% higher Y-O-Y basis.

DyStar’s contribution to the Net Profit during the 9Months of FY17-18 has been Rs.1409.3 mn.

Similarly, the JV, Lonsen Kiri Chemical Industries Ltd (LKCIL) has contributed Rs.179.8 mn during the same period.

Net Sales and Operating Profit of the company are expected to grow at a CAGR of 9% and 19% over 2016 to 2019E, respectively.


At the current market price of Rs. 459.50, the stock P/E ratio is at. 4.78 x FY18E and 4.26 x FY19E respectively.

Earning per share (EPS) of the company for the earnings for FY18E and FY19E is seen at Rs. 96.23 and Rs. 107.83 respectively.

Net Sales and Operating Profit of the company are expected to grow at a CAGR of 9% and 19% over 2016 to 2019E, respectively

On the basis of EV/EBITDA, the stock trades at 8.26 x for FY18E and 7.38 x for FY19E.

Price to Book Value of the stock is expected to be at 1.16 x and 0.94 x for FY18E and FY19E, respectively.

During Q4 the company expects to improve strengthen its performance in comparison to Q3 since the global markets demands shall open up during January-March.

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.

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