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You are here : IndiaNotes >> Research & Analysis >> Companies >> Rajesh Exports Ltd. >> Research

Rajesh Exports Q2FY17: Fundamental Analysis - Firstcall India Equity

Firstcall India Equity | 29 Nov, 2016  | Follow Author | Add to my Favourites 
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SYNOPSIS:

  • Rajesh Exports Ltd (REL) is a zero debt company on standalone basis, with its undivided focus and expertise, the company is currently the largest constituent of gold business in the world.

  • Consolidated revenue for the quarter rose by 45.44% to Rs. 644589.37 mn from Rs. 443196.50 mn, when compared with the prior year period.

  • During Q2 FY17, consolidated EBIDTA is Rs.4347.77 mn as against Rs. 4722.66 mn in the corresponding period of the previous year.

  • During Q2 FY17, consolidated Profit before tax grew 12.85% at Rs. 3220.34 mn against Rs. 2853.65 mn in Q2 FY16.

  • During the quarter, consolidated net profit jumps to Rs. 3097.15 mn from Rs. 2798.38 mn in the corresponding quarter ending of previous year, an increase of 10.68%.

  • EPS of the company stood at Rs. 10.49 during the quarter, as against Rs. 9.48 per share over previous year period.

  • On November 02, 2016, the company won an order worth Rs. 12 bn from the UAE to export designer range gold and diamond studded jewelry and medallions.

  • The company’s Net sales stood at Rs. 1233757.01 mn for six months end of FY17 as compared to Rs.594639.06 mn for six months end of F Y16.

  • For the end of 6M FY17, Net Profit grew by 12.11% at Rs. 5796.23 mn as compared to Rs. 5170.00 mn for the end of 6M FY16.

  • Net Sales and PAT of the company are expected to grow at a CAGR of 78% and 41% over 2015 to 2018E respectively.

 

OUTLOOK AND CONCLUSION:

  • At the current market price of Rs.457.15, the stock P/E ratio is at 11.23 x F Y17E and 9.59 X FY18E respectively.

  • Earning per share (EPS) of the company for the earnings for F Y17E and FY18E is seen at Rs. 40.72 and Rs. 47.69 respectively.

  • Net Sales and PAT of the company are expected to grow at a CAGR of 78% and 41% over 2015 to 2018E respectively.

  • On the basis of EV/EBITDA, the stock trades at 2.80 x for F Y17E and 1.83 X for F Y18E.

  • Price to Book Value of the stock is expected to be at 2.37 x and 1.90 x for F Y17E and F Y18E 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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