Panasonic Energy India Company Q2FY17: Fundamental Analysis - Firstcall India Equity

Firstcall India Equity | May 17, 2016, midnight


SYNOPSIS

  • Panasonic Energy India Co. Ltd., was established in the year 1972 as Lakhanpal National Limited, is one of India's largest manufacturer & supplier of dry cell batteries and lighting products.
  • During Q2 FYl7, the company’s net profit increased by 2.17% to Rs. 37.60 million as against Rs. 36.80 million in the corresponding quarter ending of previous year.
  • Revenue for the 2nd quarter stood at Rs. 653.70 million as compared to Rs. 636.70 million during corresponding quarter of previous year.
  • For Q2 FYl7, EBITDA stood at Rs. 64.10 million as against Rs. 60.90 million in the corresponding period of the previous year, up by 5.25%.
  • During the quarter, PBT stood at Rs. 58.10 million from Rs. 55.40 million in the corresponding period of the previous year.
  • EPS of the company stood at Rs. 5.01 a share during the quarter, as against Rs. 4.91 per share over previous year period.
  • In H1 FYl7, Net sales stood at Rs. 1071.90 million as compared to Rs. 1191.70 million in H1 FY16.
  • For six month period of FY17, net profit stood at Rs. 37.40 million as compared to Rs. 78.80 million for the Six month ended of previous financial year.
  • Operating Profit & PAT of the company are expected to grow at a CAGR of 15% and 21% over 2015 to 2018E, respectively.


OUTLOOK AND CONCLUSION

  • At the current market price of Rs. 303.25, the stock P/E ratio is at 17.13 x FY17E and 14.23 x FY18E respectively.
  • Earning per share (EPS) of the company for the earnings for FY17E and FY18E is seen at Rs. 17.70 and Rs. 21.31 respectively.
  • Operating Profit & PAT of the company are expected to grow at a CAGR of 15% and 21% over 2015 to 2018E respectively.
  • On the basis of EV/EBITDA, the stock trades at 7.18 x for FY17E and 5.58 x for FY18E.
  • Price to Book Value of the stock is expected to be at 2.41 x and 2.08 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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