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You are here : IndiaNotes >> Research & Analysis >> Companies >> Premier Explosives Ltd. >> Research

Premier Explosives Q2FY17: Fundamental Analysis - Firstcall India Equity

Firstcall India Equity | 17 Nov, 2016  | Follow Author | Add to my Favourites 
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SYNOPSIS

  • Premier Explosives Limited (PEL) is an India-based Company is engaged in the manufacture and sale of industrial explosives, defense products.
  • During the quarter, the company achieved a turnover of Rs. 549.24 mn as against Rs. 404.42 mn in the Q2 FY16, up by 35.81%.
  • During Q2 FY17, Net profit jumps to Rs. 23.96 mn from Rs. 18.90 mn in the corresponding quarter ending of previous year, an increase of 26.79%.
  • During the quarter, EBIDTA is Rs. 53.47 mn as against Rs. 38.42 mn in the corresponding period of the previous year, up by 39.17%.
  • During Q2 FY17, PBT increased by 60.41% to Rs. 36.09 mn from Rs. 22.50 mn in Q2 FY16.
  • EPS of the company stood at Rs. 2.71 during the quarter, registering 26.80% increased over previous year period.
  • Total Order book as on 3oth September 2016 stands at Rs 2,730 mn; Explosives - Rs 1,610 mn; Defence Rs 870 mn; Services - Rs 250 mn.
  • On 05 Oct 2016, Premier Explosives Ltd has bagged order worth of Rs. 277.9 mn for supply of Booster grains from Bharat Dynamics Limited.
  • Revenues for H1 FY17 stood at Rs. 1022.22 mn as compared to Rs. 780.92 mn in H1 FY16, up by 30.90%.
  • During the half year ended 2016-17, Net Profit stood at Rs. 41.56 mn as compared to Rs. 4.23 mn in the previous year same period.
  • Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 6% over 2015 to 2018E respectively.


OUTLOOK AND CONCLUSION

  • At the current market price of Rs.326.80, the stock P/E ratio is at 30.57 x FY17E and 25.32 x FY18E respectively.
  • Earning per share (EPS) of the company for the earnings for FY17E and FY18E is seen at Rs. 10.69 and Rs. 12.91 respectively.
  • Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 6% over 2015 to 2018E respectively.
  • On the basis of EV/EBITDA, the stock trades at 14.02 X for FY17E and 12.03 X for FY18E.
  • Price to Book Value of the stock is expected to be at 3.86 x and 3.35 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, Themarkets.com, 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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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